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What type of bank account should i open when saving for a house?

bank account
girl-in-love asked:


I have a bank account at the moment but the interest rate i’m currently on is 0.03% (which is crap) and i was wondering what type of account should i be looking to open and what banks are good to look at? The money will be in this account for at least the next year if not longer and i put through monthly lodgments varying in amounts so i don’t want anything with a fixed amount.

Any help anyone could provide would be much appreciated!

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3 Responses to “What type of bank account should i open when saving for a house?”

  1. Credit unions are usually the best bang for your buck. I’d check your local credit unions to see who has the best services that meets your needs.

  2. make sure its a saings account not a checking account. A money market will be best, rate wise. Make sure they don’t charge fees. Check your credit unions.

    I use INGdirect.com for savings, because the interest rate is slightly higher than my money market. Plus, i’m not likely to touch it on the spur of the moment because the transfer back to your regular account takes 2 days (so if i want to buy a plasma tv today, without thinking about it, I can’t — i have to wait 2 days, by which time I will probably talk myself out of spending my money like that).

  3. Jack P says:

    I put my savings that is going to be used for a down payment in INGDirect

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