Highest Rate for Savings

[jjm]

Did a search for Emigrant and came up with nothing, so I think this has not been posted.

Emigrant Savings Bank is offering 3%. That's the best you will likely find for an insured bank savings account. Better than ING too.

Website: http://www.emigrant-direct.com/

 

[kamranziadar]

Damn Good, thanx

 

[ming2000]

anyone has any idea about this bank? how is their service?

 

[maximo]

looks good but thewebpage looks kinda too simple for a bank.

does anyone bank there? Is this open to everyone in the states or just to some states??

 

[jjm]

FYI, the link is from the 1/13/2005 Wall Street Journal, page D2.

 

[Davegod75]

hopefully ING gets wind of this and bumps their rates

 

[Cheapest]

To bad it is a paper bank(Means don't know where/who they are ) or family bank.

 

[jjm]

Emigrant is an old line NY city bank. I think this is an online subsidiary it started.

 

[lsman]

I thought "AmericanDream" was like endly credit (or credit card offers), saving?


Just kidding. Good rate.

 

[dayg]

Dang...I recently open an account with ING Direct....Oh well, let's hope ING will do something about it.

 

[jagec]

Too bad the inflation rate is usually around 4%.

 

[jjm]

The inflation rate has been lower than 3% for several years now. It might go higher as the economy improves.

 

[jasonja]

Originally posted by: jagec
Too bad the inflation rate is usually around 4%.

Well you're money's losing 3.99% in the average savings account... at least with this you're only losing 1% 🙂

 

[HardcoreRobot]

Originally posted by: jagec
Too bad the inflation rate is usually around 4%.

Well its much better than having it sit in a normal bank account, checking account or lying around the house so I dont know what you are crapping about.

 

[AnimEva]

well after taxes, the 3% is like 1%. haha

Still better than nothing.

 

[jjm]

Actually, even if you are in the very top tax bracket, the 3% is no worse than about 2% after taxes. For most, it's no worse than about 2.5% or so.

 

[SS21CA]

Um,
If you really have that much money to save, best bet is in real estate.. or bonds. Just trying to help fellow anandtechers... 3% is trash, i mean its good for what it is, but i mean if u really have a lot of spare cash (dont know who does, wish i did) it would be wise to invest in either, and just keep on adding to it, properties rarely go down in value, and in many cases if you are smart and buy dirt cheap stuff in the middle of nowhere which you know is being developed graduallly. You have a good chance of multiplying ur investment. Secured bonds are also good if you want 0 risk, and fair return.

 

[jjm]

I don't think people are looking at these accounts as long-term investment vehicles. They are simply places to park idle cash. The 3% rate is 2 to 3 times what local banks typically pay, but no one is going to get rich on this. And I would not suspect that large sums will be in these accounts anyway.