Savings vs Money Market? | TigerDroppings.com

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Modern
Florida State Fan
Parts Unknown
Member since May 2011
9994 posts

Savings vs Money Market?


I have about 5k I want to put in the bank and earn interest on it. At the same time I'll be direct depositing a percentage of my check into it. (Saving for a new vehicle).

Which would be better? A savings acct or money market?

And is there any banks offering good interest rates right now?







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deNYEd
Kentucky Fan
Houston
Member since Jul 2007
8534 posts

re: Savings vs Money Market?


what is your attitude towards risk? How long do you plan on having an "account"?





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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11102 posts
 Online 

re: Savings vs Money Market?


quote:

any banks offering good interest rates right now?


Define good please.






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Modern
Florida State Fan
Parts Unknown
Member since May 2011
9994 posts

re: Savings vs Money Market?


Plan on having the acct to "at most" the end of the year.





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Modern
Florida State Fan
Parts Unknown
Member since May 2011
9994 posts

re: Savings vs Money Market?


quote:

Define good please.


What would be considered good?






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11102 posts
 Online 

re: Savings vs Money Market?


Right now it appears that 1% would be great.





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81066 posts

re: Savings vs Money Market?


quote:

And is there any banks offering good interest rates right now?

No.






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jrowla2
LSU Fan
Member since Jan 2007
3162 posts

re: Savings vs Money Market?


Alli money market. I get $30 a month with no risk and freedom to move it whenever.





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81066 posts

re: Savings vs Money Market?


quote:

Alli money market. I get $30 a month with no risk and freedom to move it whenever.

You should thank the taxpayers.

ETA: I'm assuming you meant "Ally Bank."



This post was edited on 3/17 at 3:43 pm


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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18793 posts
 Online 

re: Savings vs Money Market?


quote:

You should thank the taxpayers.



I would think every one would have to thank the taxpayers since every bank's deposits are propped up by the taxpayers.

But ya, they had a specific instance of bail out.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81066 posts

re: Savings vs Money Market?


quote:

But ya, they had a specific instance of bail out.


Plus, they are one of the few banks which still has not repaid its TARP bailout money. It still owes a couple of billion dollars.

That is what I was mainly referring to.






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18793 posts
 Online 

re: Savings vs Money Market?


Ya, I'm using them right now due to convenience but am thinking about moving to Barclays.

Barclay has some other services they can provide me that storing cash with them could help me out.



This post was edited on 3/17 at 4:55 pm


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jtmiller02
Member since Jan 2013
110 posts

re: Savings vs Money Market?


American Express, quick and easy

https://personalsavings.americanexpress.com/






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sheek
LSU Fan
Austin Texas
Member since Sep 2007
36354 posts

re: Savings vs Money Market?


Rates are terrible .. Some of the better money market Rates I have seen were around the 1% but that was a tiered rate if you had 15k in it .. Some of the banks i e like Regions , Iberia are
Doing current savings promos were they are offering a 1% bonus based on avg yearly monthly balance ..






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jojothetireguy
New Orleans Saints Fan
Live out in Coconut Grove
Member since Jan 2009
9230 posts
 Online 

re: Savings vs Money Market?


I'm actually trying to compare regular saving vs money market savings right now using Pen Fed. Money market is a tiered dividends payout vs regular saving set rate.
Are there risk involved in money market savings?






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jtmiller02
Member since Jan 2013
110 posts

re: Savings vs Money Market?


Penfed is great for borrowing but the savings rates suck, all a fraction of 1%.

The Amex or Ally type accounts are handy just for automated deposits, no risk and .75-1% type rates. Not great but way better than most banks with no minimum and easy to setup automated deposits. You're not going to find any better than 1% really without investing and giving up FDIC protection etc.






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slackster
LSU Fan
Houston
Member since Mar 2009
6273 posts

re: Savings vs Money Market?


quote:

Define good please.


I think the preferred spin would be "competitive" rather than "good."

Personally, I'd open up a Charles Schwab money market checking account. Last I checked, the rate was 1% and they will reimburse you for any and all ATM fees, including the ridiculous fees at a casino. Only downside is the face to face interaction, but I find their customer service to be excellent, even over the phone. I have a local bank for my day-to-day checking, and I have a portion of my paycheck deposited into my Charles Schwab checking account for savings/brokerage capabilities.






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TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
2428 posts

re: Savings vs Money Market?


quote:

Schwab checking account


Are you talking about their Investor Checking and High Yield savings accounts? I only receive .1% and .12% respectively.







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slackster
LSU Fan
Houston
Member since Mar 2009
6273 posts

re: Savings vs Money Market?


quote:

Are you talking about their Investor Checking and High Yield savings accounts? I only receive .1% and .12% respectively


Damn. I guess the 1% was an introductory rate for the first year when I signed up. Might still have that for new customers though.






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brbowhunter
LSU Fan
baton rouge
Member since Apr 2013
823 posts

re: Savings vs Money Market?


why not just use that 5grand and make money with it. you turn 5k into 25k in a year pretty easy.

buying and selling cars is the easiest thing to do if your not a idiot.

i can take 5grand and make 1grand in profit a week almost every week. so i can make 5grand turn into 45k in one year low balling. btw tax free...

quit being lazy



This post was edited on 3/19 at 2:27 am


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