Worth it to chase after highest yield MM accounts????

[redgtxdi]

Now, minus the $50K minimum folks..........looks like there area whole slew of good banks offering over 5%.

Worth it to go chasing after that extra .40% margin???


(shrug)

 

[FoBoT]

if you are bored and have nothing better to do, sure

 

[K1052]

I already have things set up with multiple accounts /recurring deposits over at ING and am too lazy to chase the extra .30-.40ish other banks offer.

 

[EKKC]

i actually moved some money from another source into my HSBC savings account to get their 6% rate on new money up till 4/30

 

[Dr. Detroit]

Fatwallet finance forum is very good for finding the highest yield MMA's and CD's

 

[austin316]

Originally posted by: redgtxdi
Now, minus the $50K minimum folks..........looks like there area whole slew of good banks offering over 5%.

Worth it to go chasing after that extra .40% margin???


(shrug)

no. you should never keep more than 2 months expenses in a checking or savings account, the rest should be invested. check out ING Electric Orange. Its a checking account that pays 4% interest.

Also, to continually change to gain a little more interest will cost you MORE money, since some will hurt your credit score because of a hard credit check and also because you will have to wait 7 days while the money is transferred and it will earn 0% during that time.

Put your money in ING (if you need checking) or HSBC if you just want a high return.

 

[erub]

Originally posted by: austin316

Originally posted by: redgtxdi
Now, minus the $50K minimum folks..........looks like there area whole slew of good banks offering over 5%.

Worth it to go chasing after that extra .40% margin???


(shrug)

no. you should never keep more than 2 months expenses in a checking or savings account, the rest should be invested. check out ING Electric Orange. Its a checking account that pays 4% interest.

Also, to continually change to gain a little more interest will cost you MORE money, since some will hurt your credit score because of a hard credit check and also because you will have to wait 7 days while the money is transferred and it will earn 0% during that time.

Put your money in ING (if you need checking) or HSBC if you just want a high return.

Everybody's different, but 2 months seems like way too little buffer. What if the market drops, like we just had? 6 months in liquid amounts, more in CDs/treasuries, then stocks. The ING Direct checking account probably isn't going to be at 4% forever.

 

[lozina]

Originally posted by: austin316
.

Put your money in ING (if you need checking) or HSBC if you just want a high return.

I like to keep everything in HSBC. Checking account + savings account.

I can transfer money to my checking whenever I need it using online transfer and it takes effect immediately. So my checking is almost always empty unless I am paying a bill.

 

[redgtxdi]

I agree..............2 months is waaaaaaaaaaaaay too little to have as liquid. :shocked:

6 months minimum for me. :thumbsup:

As for the MM funds, it's more about ratios, I think.

If you normally carry $4K in your checking account to carry your bills & that swings 75% or more, then there ain't a whole lotta point to bother with interest on something that drops as low as $1K just for the convenience.........(I like my local credit union being RIGHT around the corner w/ my money!).

And if you've got $30K sittin' in the MM account, then you probably want to earn as much interest as you can on it, plus the higher that value goes ($50K?) the higher interest becomes even more critical.


Plus, you could always migrate over.......and is probably a smart idea as these folks often compete w/ on another.

???

 

[redgtxdi]

I posted it over in hot deals, but relating to this old topic..........


FNBO now has 6% 'til the end of 9/28/07.


Worth it now??