<p>i'm looking for a savings account to deposit 10% of every paycheck i get into. i won't ever take money out of this account, and this is going to be my retirement fund. i'm thinking of HSBC or Etrade. But i was concerned about leaving money in someplace for a long amount of time. what if they go bankrupt? will i lose all my money? also, i saved about two thousand dollars in cash. i always thought i could use this as emergency money in case something goes wrong with the bank. but the money is just sitting there, whereas i can get interest from the bank. but i don't know if it's safe enough to leave it in there forever. some one enlighten me please. thanks.</p>
<p>scratch that. i'm not considering etrade anymore after some research. considering emigrant direct instead. any insights?</p>
<p>Well, optimally you would put the money you intend to save into a Roth IRA and invest in some ETFs if you are truly planning on saving for retirement. Try to max your contribution each year if possible. This year it is 4k, but next year it increases a fair amount. Online Savings accounts will give you 5.00% APR maximum which is about half of the average return in the market.</p>
<p>An online savings account or online checking account is perfect for emergency money. In addition to looking at HSBC, I recommend that you look at ING online savings accounts. In my part of the world, ING has many more ATMs without fees. There are several other online accounts with high yields as well as local accounts with high yields. Do some research and determine which is best for you.</p>
<p>As for your money being safe, it is much safer in a bank than under your mattress (or the equivalent). Research "FDIC insured". You shouldn't have any worries about leaving it a bank.</p>
<p>I myself have ING and love it
The high interest rate is really nice
As I'm sure you know, you can transfer money from ING to say Bank of America, or any of your other bank accounts.
If you want I can refer you and you will get $25 free in the account</p>
<p>Get ETrade. I have ETrade and they seemed to pay higher than most other banks and be much less trigger-happy with reducing rates. The last time the fed cut rates, ETrade was the only bank that didn't cut rates for two weeks. Most banks cut rates within two days. Their interest rate is back up to 5.05% now, and plus the deposit is FDIC insured and all that other stuff. And their customer service is great. If you want a higher return though, consider index funds.</p>