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Started By
Message
Savings vs Money Market?
Posted on 3/17/14 at 3:16 pm
Posted on 3/17/14 at 3:16 pm
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?
Which would be better? A savings acct or money market?
And is there any banks offering good interest rates right now?
6
Posted on 3/17/14 at 3:18 pm to Modern
what is your attitude towards risk? How long do you plan on having an "account"?
Posted on 3/17/14 at 3:18 pm to Modern
quote:
any banks offering good interest rates right now?
Define good please.
Posted on 3/17/14 at 3:20 pm to deNYEd
Plan on having the acct to "at most" the end of the year.
Posted on 3/17/14 at 3:21 pm to VABuckeye
quote:
Define good please.
What would be considered good?
Posted on 3/17/14 at 3:22 pm to Modern
Right now it appears that 1% would be great.
Posted on 3/17/14 at 3:29 pm to Modern
quote:No.
And is there any banks offering good interest rates right now?
Posted on 3/17/14 at 3:34 pm to LSURussian
Alli money market. I get $30 a month with no risk and freedom to move it whenever.
Posted on 3/17/14 at 3:41 pm to jrowla2
quote:You should thank the taxpayers.
Alli money market. I get $30 a month with no risk and freedom to move it whenever.
ETA: I'm assuming you meant "Ally Bank."
This post was edited on 3/17/14 at 3:43 pm
Posted on 3/17/14 at 3:48 pm to LSURussian
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.
Posted on 3/17/14 at 3:51 pm to Teddy Ruxpin
quote: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.
But ya, they had a specific instance of bail out.
That is what I was mainly referring to.
Posted on 3/17/14 at 4:54 pm to LSURussian
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.
Barclay has some other services they can provide me that storing cash with them could help me out.
This post was edited on 3/17/14 at 4:55 pm
Posted on 3/17/14 at 9:42 pm to Teddy Ruxpin
Posted on 3/18/14 at 10:07 am to Modern
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 ..
Doing current savings promos were they are offering a 1% bonus based on avg yearly monthly balance ..
Posted on 3/18/14 at 10:13 am to Modern
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?
Are there risk involved in money market savings?
Posted on 3/18/14 at 10:57 am to jojothetireguy
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.
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.
Posted on 3/18/14 at 11:21 am to VABuckeye
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.
Posted on 3/18/14 at 11:33 am to slackster
quote:
Schwab checking account
Are you talking about their Investor Checking and High Yield savings accounts? I only receive .1% and .12% respectively.
Posted on 3/18/14 at 11:42 am to TheDiesel
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.
Posted on 3/19/14 at 2:09 am to slackster
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
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 3/19/14 at 2:27 am
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