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crappy interest rates in savings account

OS

OS

Lifer
so i have several thousand sitting in a checking account doing nothing. I was thinking about putting it in a savings account, but then the current rates are .25%. So much for that idea. When I was a little kid, interest was like 3% on my savings account. 🙁
 
Originally posted by: OS
so i have several thousand sitting in a checking account doing nothing. I was thinking about putting it in a savings account, but then the current rates are .25%. So much for that idea. When I was a little kid, interest was like 3% on my savings account. 🙁
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I have some cash sitting in an ING Direct Orange account. It yields 2%, and should go up if interest rates go up. There aren't any minimums or restrictions. No fee. Also check out bankrate.com for the highest yields on CD's, checking and savings accounts, etc. 😀
 
I'd second ING Direct. I currently work for a bank and we don't even have that great interest rates. 2% with no minimums and what not is great. If you wanted to get 2% interest at my bank you'd have to put down like 10k in a CD for say 60 months. ING rocks!
 
Originally posted by: OS
Originally posted by: Zebo
Buy a house or another house.
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What do you think I'm putting the money away for? A month long orgy in Thailand?
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I did that once.🙂 The rates are about to go up. Greenspan is worried about inflation and the economy is picking up...Lock in ASAP.
 
I disagree with the ING Direct fanboi's.

If you have direct deposit for $200 or more once a month I would open an account with Presidential Bank which offers 2.75% APY Checking Account.

Yes, before anyone asks they are FDIC insured just like ING Direct is.
 
I'm amazed that a person with over 9000 posts can be unaware of the numerous threads on this exact same subject. :Q
 
Credit union. I just opened an account the other day at mine (company CU). Interest rate is 1.9% and they have excellent auto/home loans.
 
Actually, another alternative to all of this is to find a relatively stable stock that has a good yield. In my case, I invest in MO, or if you prefer Altria Group, or Philip Morris if you are old school🙂 Yes Yes Yes it faces litigation risk, but IMHO most of that is priced into the stock. It only has a 12ish PE!!! That is insane in this market for a company like MO. And it yields around 5%! Management is great, and earnings are growing.

I wouldn't recommend investing in anything without due diligence first.
 
Originally posted by: Taggart
Actually, another alternative to all of this is to find a relatively stable stock that has a good yield. In my case, I invest in MO, or if you prefer Altria Group, or Philip Morris if you are old school🙂 Yes Yes Yes it faces litigation risk, but IMHO most of that is priced into the stock. It only has a 12ish PE!!! That is insane in this market for a company like MO. And it yields around 5%! Management is great, and earnings are growing.

I wouldn't recommend investing in anything without due diligence first.
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but then you lose any type of insurance on your principle. At that point, you might as well buy bonds with the money.
 
Originally posted by: Zebo
Originally posted by: OS
Originally posted by: Zebo
Buy a house or another house.
Click to expand...

What do you think I'm putting the money away for? A month long orgy in Thailand?
Click to expand...

I did that once.🙂 The rates are about to go up. Greenspan is worried about inflation and the economy is picking up...Lock in ASAP.
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Thats the prime rate. Which does have an affect on mortgage rates, but not directly.

Bank will be "artifically" keeping their rates low clear through the end of this season.
If you don't get in by fall, then you might want to start sweating it.
 
Originally posted by: Hector13
Originally posted by: Taggart
Actually, another alternative to all of this is to find a relatively stable stock that has a good yield. In my case, I invest in MO, or if you prefer Altria Group, or Philip Morris if you are old school🙂 Yes Yes Yes it faces litigation risk, but IMHO most of that is priced into the stock. It only has a 12ish PE!!! That is insane in this market for a company like MO. And it yields around 5%! Management is great, and earnings are growing.

I wouldn't recommend investing in anything without due diligence first.
Click to expand...


but then you lose any type of insurance on your principle. At that point, you might as well buy bonds with the money.
Click to expand...

I would disagree on the point about bonds, simply because interest rates are going to go up from here, so bond prices are going to go down.
 
Originally posted by: Taggart
Originally posted by: Hector13
Originally posted by: Taggart
Actually, another alternative to all of this is to find a relatively stable stock that has a good yield. In my case, I invest in MO, or if you prefer Altria Group, or Philip Morris if you are old school🙂 Yes Yes Yes it faces litigation risk, but IMHO most of that is priced into the stock. It only has a 12ish PE!!! That is insane in this market for a company like MO. And it yields around 5%! Management is great, and earnings are growing.

I wouldn't recommend investing in anything without due diligence first.
Click to expand...


but then you lose any type of insurance on your principle. At that point, you might as well buy bonds with the money.
Click to expand...

I would disagree on the point about bonds, simply because interest rates are going to go up from here, so bond prices are going to go down.
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yet you think stock prices are more stable?
 
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