Wants high interest rate

Q – I have a question in regards to savings accounts that I hope you can answer for me.  I am looking for an investment company that offers portfolios that are similar to a banks savings account which allow quick access to your funds but provide a better rate of interest than the measly rate a bank gives.  I know that the type of mutual fund I am looking for is in the money market category, but again I am looking for the ability to have fast access to the money.  I have heard that ING Direct has a good savings account, but am wondering if there are other companies out there that have better funds.  – H.P.

A – As far as savings accounts go, ING usually has the highest rate available or very close to it. For a survey of financial institution rates, go to the ROB section of the Globe and Mail web site and do a search for “interest rates”. They publish a new table each week.

 Money market funds provide access to your cash almost as quickly as a savings account (usually within 24 hos) so that should not be a deterrent to using them. Look for no-load funds with low MERs. For a slightly better return, with slightly more risk, consider a mortgage fund or a short-term bond fund.  – G.P.