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catmandu57 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:31 PM
Original message
.90% interest on a savings account at our bank, no wonder
that people don't save. Even a little, less than one percent, we just as well stuff our mattress. This must be why the stock market is so inflated, there's no way to make money by having a savings account.
i've been preaching to my wife for years we have to open a savings account for a rainy day, trouble is like most of America it takes every cent that comes in to cover what goes out, but, .90% damn i'm going to invest in mason jars and bury it out back.
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BlueEyedSon Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:31 PM
Response to Original message
1. Meanwhile they turn around and lend it out at 27%
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:34 PM
Response to Original message
2. try EmigrantDirect - paying 4% Money market
I've had an acct. here for awhile now. Right now they are paying 4% interest on a savings/money market account.

Can't beat it!

www.emigrantdirect.com ... :D

:kick:

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karlrschneider Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:41 PM
Response to Reply #2
5. I'll second that, I have an account there too.
;-)
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:50 PM
Response to Reply #5
14. yes it beats ING Direct and VirtualBank
EmigrantDirect has the best thing going right now. I got a nice chunk of interest last month on the money I have in this account. :D

:kick:
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ronnykmarshall Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:57 PM
Response to Reply #14
17. I have an ING account and I think I'll switch.
4%?? Damn!
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Thu Oct-13-05 02:37 PM
Response to Original message
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lcordero2 Donating Member (832 posts) Send PM | Profile | Ignore Thu Oct-13-05 02:38 PM
Response to Original message
4. check this out before you move your money anywhere
http://www.fdic.gov/consumers/consumer/information/fdiciorn.html
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dretceterini Donating Member (329 posts) Send PM | Profile | Ignore Thu Oct-13-05 02:42 PM
Response to Reply #4
6. ING Direct
has better rates than most banks on savings accunts and short term CDs
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lcordero2 Donating Member (832 posts) Send PM | Profile | Ignore Thu Oct-13-05 02:47 PM
Response to Reply #6
10. If I wanted to get a savings account I would open an account
overseas. I will try my very best not to support the corrupt machinery in this country.
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:49 PM
Response to Reply #10
12. I have an accout established overseas
and it is paying .06% (luckily just a few euros in it!). Not a great idea and how exactly do you get the money if you need it? :think: about it seriously.

:kick:
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lcordero2 Donating Member (832 posts) Send PM | Profile | Ignore Thu Oct-13-05 02:54 PM
Response to Reply #12
15. I rather have my money overseas rather than be enroned or
have something like the savings & loan scam happen to me. I want to preserve the value of my money and that is not possible if money is in US dollars.
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lcordero2 Donating Member (832 posts) Send PM | Profile | Ignore Thu Oct-13-05 02:49 PM
Response to Reply #6
13. actually, I found something that I'm looking into
http://www.offshore.hsbc.com/1/2/home

I have to ask their customer service reps to see if they can have accounts done in euro rather than dollars.
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RobertSeattle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:45 PM
Response to Reply #4
8. Yes - you must vote with your financial feet
Many Banks KNOW that people are very resistant to changing accounts to they intentionally keep interest rates low. Punish them by moving to a bank with better rates.
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Lex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:43 PM
Response to Original message
7. What about money markets or long-term CDs?
Some interest is better than not saving at all.
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catmandu57 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:46 PM
Response to Reply #7
9. They're not too good either
2% for cd's which is the way we will have to go.
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:48 PM
Response to Reply #9
11. that is simply not true
I have most of my investments in CDs. Some are paying 5.25%, others paying 5%, 4.75% and a few at 4%.

I plan on buying more CDs in January probably at the rate of hopefully 5.25% or more.

That works out to be a decent profit.

:kick:
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catmandu57 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 03:14 PM
Response to Reply #11
20. Not at our bank
maybe at yours but not here.
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LittleClarkie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 02:55 PM
Response to Original message
16. What about credit unions?
Are they any better right now?
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 03:03 PM
Response to Reply #16
18. Credit union is where I got the 5.25% CDs from
Edited on Thu Oct-13-05 03:03 PM by CountAllVotes
I have most of my money in credit unions. They tend to pay more that a regular bank. The money I have in the regular back is currently paying .37% if you can believe that. :puke: Luckily only $300. there - just enough to keep the acct. free from the monthly service charge. I must have this acct. where it is as I have a safety deposit box at this place. Makes me quite sick.

Greedy suckers!

:kick:

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AnnInLa Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 03:03 PM
Response to Original message
19. Try a combination of Ing Direct for money you would need on short
notice, then CDs (go to bankrate.com and buy directly from the company), and if you think inflation will increase, then buy a gov't I bond. I got disgusted with the stock market, sold everything, and am only using the money market now...altho, under the mattress, or a hole in the back yard is looking better and better nowadays.
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-13-05 03:17 PM
Response to Reply #19
21. ING Direct is paying 3.4%; EmigrantDirect 4.0%
<< Earn 3.40% Annual Percentage Yield on an FDIC-insured savings account with no fees, required minimums or service charges… no matter how much you have on deposit. >>

EmigrantDirect has no fees no miniumus either and they do pay more that ING does. Same story with virtualbank.com and they too sell CDs.

:kick:
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dretceterini Donating Member (329 posts) Send PM | Profile | Ignore Thu Oct-13-05 04:46 PM
Response to Reply #21
22. The accounts are slightly different
EmigrantDirect is a savings account with full access, at 4%.

A one year CD at ING with no minimum deposit is 4.2%.

A one year CD at Virtualbank is 4.35%, but they have a $10,000 minimum deposit.

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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-14-05 11:55 AM
Response to Reply #22
23. I'm not talking about CDs from these places
I'd never buy a CD from any of these places. Why would I when I can get at least 5%+ from my credit union? This thread is about savings accounts, not CDs.

:kick:

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