savings account/MMA/Emergency Fund

I am in the process of trying to build some extra savings such as an emergency fund. I currently have all my money in my checking account. I cannot do a CD since I may need access to the funds.

I bank with bank of america and have been for years I love them and don't want to leave. However their savings and MMA accounts don't even pay 1%. I used to have a ING online savings account however the transfers took a little too long.

I have no problem using a different bank to get a decent rate, I just want to have access to the funds if need be, via atm or check.

I am going to start it with about 5,000 and hopefully build up from their but also don't want to get hit with fees if the balance goes below.

If anyone has any advice it would be greatley appreciated

It just all depends on how fast you need to transfer money in and out of the savings account. It can take anywhere from one day to a couple days. In order to check for decent rates, try going to www.bankrate.com This site lets you see what interest rates you can get on different accounts in your area. This site is very useful and I use it whenever I am looking for a better rate. After you have found a decent rate that you like, contact the bank to see how many days it takes to transfer funds. The site also shows you if the account has check writing features and ATM withdrawls. Again, a little research goes a long way and it will be very beneifical for you and your money.

-EJP-
www.rmicsi.com