High Interest Account

[beej]

I have some $ that i'd like to put into savings. I'm looking for Savings, CD, Money Market, or something similar with a high interest
rate. I heard ING has decent rates for savings  and CD's.
Does anyone know of anything better?

[Dan]

Bank Direct for tax-free AA miles worth much more than any taxable interest you can get now.

[beej]

Bank Direct for tax-free AA miles worth much more than any taxable interest you can get now.

ya but thats not straight cash for a non serial flyer
any non mileage ideas?

[Dan]

ya but thats not straight cash for a non serial flyer
any non mileage ideas?

You don't have to be a serial flyer to enjoy a free flight.
I personally value AA at about 1.8 cents per mile.  You get 1.2 miles per dollar per year, so that an interest rate of 2.16.  But it's tax free, so assuming a combined federal+state+local tax rate of 35% you would need 3.4% interest before a cash account would be more than earning miles.

If you can find anywhere in that ballpark on a liquid account I'd be shocked.

[Chaikel]

You don't have to be a serial flyer to enjoy a free flight.
I personally value AA at about 1.8 cents per mile.  You get 1.2 miles per dollar per year, so that an interest rate of 2.16.  But it's tax free, so assuming a combined federal+state+local tax rate of 35% you would need 3.4% interest before a cash account would be more than earning miles.

If you can find anywhere in that ballpark on a liquid account I'd be shocked.

I think his point is, that if he has, say, $5k and he's keeping it there for 12 months, he'll get 6k AA (looks familiar david?)
How much would you value a AA account with 6k miles? Wont be 1.8 that's for sure

[Dan]

I think his point is, that if he has, say, $5k and he's keeping it there for 12 months, he'll get 6k AA (looks familiar david?)
How much would you value a AA account with 6k miles? Wont be 1.8 that's for sure

Open a 75K credit card though and add the 6K miles and you can fly to Israel for free.  Or sell someone a ticket to go to Israel.

[beej]

You don't have to be a serial flyer to enjoy a free flight.
I personally value AA at about 1.8 cents per mile.  You get 1.2 miles per dollar per year, so that an interest rate of 2.16.  But it's tax free, so assuming a combined federal+state+local tax rate of 35% you would need 3.4% interest before a cash account would be more than earning miles.

If you can find anywhere in that ballpark on a liquid account I'd be shocked.

Still in Kollel with no income yet. I won't have to report interest (unearned income) under $950 and even after reported i won't have to pay taxes on anything under a few grand. The money i'm dealing with will earn less than a few grand yearly even at an amazing interest rate.

I do hear the AA cheshbon, although 1.8 is nearly impossible to sell at.

[Dan]

I do hear the AA cheshbon, although 1.8 is nearly impossible to sell at.

1.8 is just how I value them.
Feel free to use 1.5 if you'd like.  Multiply by 1.2=1.8.  Even without paying any tax, good luck finding 1.8% interest.

[AsherO]

1.8 is just how I value them.
Even without paying any tax, good luck finding 1.8% interest.

+1 even in a 1-year CD.

[Jay the PRESIDENT]

any CD worth putting into? bank promos?

[arie]

capital one has a 1% checking account, only for the first 12 months though

[bubkiz]

What about this? (Ally 5 year CD)