Savings account with high interest

[Blieb]

Originally posted by: kd2777

Originally posted by: CRXican.

Originally posted by: kd2777
Am I missing something? It seems to be the same 3.0 my local bank offers.

kd

liar

WTF you did not just call me a liar in my own post!!!! get out of here!!!!!

Now that he is gone My local bank. If this is as good as I can do, then the convenience of it being a mile from my house makes it a done deal.

Thanks Kevin

Regular Savings 0.55% APY

It's on the homepage ...

 

[Reel]

Check bankrate.com for the best rates. You might do better if you go for 3 month CDs if they are compounded daily. You lose some flexibility but a house takes you at least 1 month to close usually so it isn't like you need it for a next day emergency.

 

[ivol07]

Originally posted by: kd2777

Originally posted by: CRXican.

Originally posted by: kd2777
Am I missing something? It seems to be the same 3.0 my local bank offers.

kd

liar

WTF you did not just call me a liar in my own post!!!! get out of here!!!!!

Now that he is gone My local bank. If this is as good as I can do, then the convenience of it being a mile from my house makes it a done deal.

Thanks Kevin

You Go Girl!

 

[DaveSimmons]

Originally posted by: kd2777
Thanks for the input from the most of you.

For the ones that know what they are talking about. I have about 70k that I am wanting to put as a down payment on a new house in about a year. What is the best way to put it to work for that time? Realitive low risk and if I run into the house my wife and I want in six months with little penality.

kd

You really can't do much better. INGDirect does offer 3.6% on a 1-year CD ($420 more than the 3.0% account) but then you have to wait at least a year to buy, and you must transfer the money to savings after that year is up.

If you decide to buy in 11 months you pay stiff penalties, if you buy in 14 months you have extra work of transferring the CD to savings or money market or losing the interest for a couple of months.

It does seem like in your case the local money market account is a good choice since your time frame is relatively short. For just a year, mutual funds are not a good idea.

 

[777php]

CD Interest Calculator

Should help you run some numbers.

 

[Armitage]

First Internet Bank of Indiana (http://www.firstib.com) has some decent rates.

Money Market Savings: 2.63% ($100 to open account, $5/month fee for balances < $4k)
Checking: 1.26% ($10/month fee for balances < $500, $6/month ATM surcharge refund)
CD: 3 Month - 2.78%
6 Month - 3.30%
12 Month - 3.80%

Early withdrawal penalties don't look to bad - 30 days interest for the 3 month, 90 days for the 6 & 12 month CDs