high yield savings account...

[Accipiter22]

can someone point me to a good place/link for high yield savings account...currently i just deposit all my money into checking and it basically rots at .005% interest or something

 

[WhoBeDaPlaya]

HSBC online. (~4.8% IIRC).
I'm in the process of opening one right now

 

[chambersc]

hsbc.com
emigrantdirect.com <--i personally use
ingdirect.com

 

[Schfifty Five]

Just search savings account and you'll find tons of threads.

 

[shortspanishguy]

Lookie here

 

[MSCoder610]

Emigrant Direct
HSBCDirect
ING Direct

 

[Blieb]

I use these two:

www.ingdirect.com 4%
www.emigrantdirect.com 4.5% - don't like interface

If you want to trade stocks though, and are putting more than 3k (I think) ... I'd recommend Fidelity, they have a high yield money market over 4% right now.

 

[Accipiter22]

thanks for the links! Are there general minimums for this stuff, or withdrawal fees or anything?

 

[Accipiter22]

real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

 

[GeneValgene]

Originally posted by: Accipiter22
real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

that's 200 across the whole year

no minimums at ING

 

[kranky]

Originally posted by: Accipiter22
real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

That would be for the year. But you get a month's worth of interest credited to your account at the end of each month.

 

[GeneValgene]

PM me if you need a referral, so you can get $25 bonus

 

[Accipiter22]

Originally posted by: GeneValgene
PM me if you need a referral, so you can get $25 bonus

cool, thanks

 

[Accipiter22]

Originally posted by: kranky

Originally posted by: Accipiter22
real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

That would be for the year. But you get a month's worth of interest credited to your account at the end of each month.

so the,say, 200 bucks would be divied up over 12 months

 

[crownjules]

Originally posted by: Accipiter22
can someone point me to a good place/link for high yield savings account...currently i just deposit all my money into checking and it basically rots at .005% interest or something

INGDirect currently gives 4% on savings. I believe it's HSBC? that's usually a quarter point higher but not quite as user friendly.

 

[DaWhim]

HSBC, my primary bank.

 

[GeneValgene]

Originally posted by: Accipiter22

Originally posted by: kranky

Originally posted by: Accipiter22
real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

That would be for the year. But you get a month's worth of interest credited to your account at the end of each month.

so the,say, 200 bucks would be divied up over 12 months

yes, but remember, your payments should grow each month, since each month there is more amount that is accruing interest

 

[Accipiter22]

Originally posted by: GeneValgene

Originally posted by: Accipiter22

Originally posted by: kranky

Originally posted by: Accipiter22
real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

That would be for the year. But you get a month's worth of interest credited to your account at the end of each month.

so the,say, 200 bucks would be divied up over 12 months

yes, but remember, your payments should grow each month, since each month there is more amount that is accruing interest

true...but that's barely worth it....say I had 5,000 now...I'd get about 2 bucks/month in interest from my checking account. if I had 5,000 in one of those savings accounts...that's roughly 16.50/month....I'll have to research this coming weekend I suppose

 

[GeneValgene]

Originally posted by: Accipiter22

Originally posted by: GeneValgene

Originally posted by: Accipiter22

Originally posted by: kranky

Originally posted by: Accipiter22
real stupid question: say I put 5,000 into a high yield account at like say 4% or something...so 4% of 5,000 is 200 bucks. Do I get the 200 bucks every single month, or is that on the year?

That would be for the year. But you get a month's worth of interest credited to your account at the end of each month.

so the,say, 200 bucks would be divied up over 12 months

yes, but remember, your payments should grow each month, since each month there is more amount that is accruing interest

true...but that's barely worth it....say I had 5,000 now...I'd get about 2 bucks/month in interest from my checking account. if I had 5,000 in one of those savings accounts...that's roughly 16.50/month....I'll have to research this coming weekend I suppose

yes, assuming you make no additional contributions, and the interest rate is constant, year year end balance is determined by:

FV = P(1+r/12)^12

so,

$5000(1+0.04/12)^12 = $5203.71

but the more you contribute during the year, the more you earn