How much interest is average for a savings account?

[FrontlineWarrior]

I have some money in my checking account but I want to transfer my money to a savings account so I can accumulate some interest. How much interest is average? Basic savings rate and if I lock it up for like 2 years. Grazi.

 

[FrontlineWarrior]

clue me in

 

[jeremy806]

Savings account will only pay like 1.5% interest. If you can maintain a balance of a few thousand dollars consider a money market account. They pay a little more. Or, if you really know that you won't need the money (any amount) for say, 6 months, consider a certified deposit.

jeremy806

 

[Daaavo]

The credit union I belong to pays 4.85APY on everything over $5.

 

[Pretender]

1.5%? I have a children's (under 18 qualifies as child, according to banks ) savings account and still get like 2.35% last time I checked. AFAIK, regular savings accounts with minimum balances around $1,000 have rates probably near 3 or higher percent, although CDs are probably your best bet if you want something in the 5-6% range. This isn't exactly going to make you rich, but if you want to lock away a few thousand bucks in a CD, you can probably earn a few hundred in total in 2 years.

 

[divinemartyr]

I'm getting over 5% with my money market account.

dm

 

Don't waste your time on a savings account. Get a money market account or a CD. With a savings account you are lucky to get over 1.5%. A prime money market account will get you around 6%.

 

[RossMAN]

I think the industry standard on the average checking account (under $2,500 balance) is a pathetic 1.75% my banks savings account rate is even more pathetic around 1.5% I think.

However you could earn 6.25% it's an awesome deal, check it out.

 

[ZeroCool420]

I get 1% from bank of america. It's a savings acct and the minimum balance is either 200 or 300.

 

[Dameon]

Etrade Bank Savings account - 5% APY

 

[FrontlineWarrior]

cool dudes. thanks a bunch!

 

[Emulex]

most online banks (ie netbank 5.5% money market checking, $100 min deposit, no fees ) are good deals. Look for fee's. I assume you intend to "save" your money, if so, i recommend you find an account that limits your ability to spend it, (ie no atm card, limited check writing). It help you curb you justification to remove the cash

 

[RossMAN]

most online banks (ie netbank 5.5% money market checking, $100 min deposit, no fees ) are good deals. Look for fee's. I assume you intend to "save" your money, if so, i recommend you find an account that limits your ability to spend it, (ie no atm card, limited check writing). It help you curb you justification to remove the cash

Also avoid the Hot Deals forum at all costs, even if you could get 200 CD-Rs for FREE (after rebate).