Kiplinger Magazine picked several banks when naming the best savings and checking accounts for 2008. Here is what they’ve chosen.
Best online savings account: FNBO Direct. I am a fan of FNBO Direct, and I’ve started moving more money into this account thanks to its high interest yield. It’s not currently the highest, but I have had good experiences with the bank since opening the account in September.
Best money market account: Flagstar Bank. A money market account is like a savings account, but will usually have check-writing privileges. Like a savings account, you’re limited to six withdrawals per month, so if you plan on writing lots of checks, use a checking account.
Best checking account: Schwab Bank High-Yield Investor Checking. This account offers free checks and debit card access.
Best money market mutual fund: Fidelity Cash Reserves. This account requires a minimum balance of $2,500. Money market mutual funds are slightly more risky that savings, money market, and checking accounts, and are not insured by the FDIC. Kiplinger points out that this fund has signed up for protection under the new law that guarantees money market mutual funds values, but that only applies to deposits before the rule was in place, not new money.
Updated February 6, 2012 and originally published November 17, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.