What company should I use for online savings, mutual funds?
July 23rd, 2010
This is kind of a two part question. First, what are the best places to open an online savings account? I know about INGdirect, but they only offer 4.5%, and I’ve heard there are places that offer more than that. Anyone know of any?
Secondly, what’s the best place to start with mutual funds. I’d like to start with those, and then work my way into stocks, but I’m looking for a place with a low minimum, and decent rates.
Thanks!
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Vanguard is a good funds company with very low rates.
Scottrade is a good online broker (which you can use to buy the vanguard fund shares with).
I have tried alot of the Mutual Fund companies. American Century, Invesco, etc. Right now the the one I am most impressed with is Vanguard. They make it easy to get in and they have some very low loaded funds. Like the S&P 500 Fund. Hard to beat the S&P 500 for any of these high paid fund managers. Long term that is. They also have a prime money market account that is paying 5.25% in October 06. You can write limited checks on it. So keep a local bank for your spending money. They also will do a brokerage service for you if you want. I have not used it. You can also set up your IRA’s and Roth IRA’s in it and if you have enough deposites at Vanguard there is no fee.
Me and a buddy used to get a newsletter that showed about 400 funds and to our surprise, the S&P index always beat a majority of them. Not a bad place to start.
Remember the only person guaranteed to make money when you buy or sell, is the broker. It is in his best interest to have you buy and sell. If you do not know what to do, do not take their advice, for sure!!!!
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