best bank for savings account or CD instead?

[warrior1]

I want to put 5K into a savings account. Which bank would you guys recommend? I live in Nyc. I currently have about 3K in a bank, its a savings bank but PAYS 0.025 percent interest.

Would citibank be good since it is 5 percent? I see igobanking.com has 5.3 percent but i am not really familiar with that name. Amtrust has 5.36 percent but it is a money market and I am not sure the difference between money market and savings.

I would like to put 5K in an account and would not mind not touching the money at all. Would that mean i should go for a CD rather than savings? Is the percent about the same?

Thanks.

 

[azanon]

Get a money market account from a mutual fund company with check writing privaledges. The rate of return is very respectable (CD like), its very safe (relatively speaking), and it won't lock your money up like a CD will. (not to be confused by money market accounts banks offer).

 

[Francisco d'Anconia]

www.citi.com

One of the best. But shop take into account the rules and your financial needs.

 

[Charm&Style]

azanon can you explain a little bit more on a money market account from a mutual fund company with check writing privileges


ty

 

[speakeasy]

emigrantdirect.com. I get around 5% on my savings account.

 

[Bible_Belt]

http://www.bankrate.com/brm/rate/mmmf_mmaratehome99.asp?params=NY,2&product=33