Author Topic: best bank or cash options  (Read 7026 times)

Offline est

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best bank or cash options
« on: August 01, 2008, 08:06:46 AM »
whats the best interest rates I can get in a bank, or best other place to put it like great CD options... my money is now just sitting in the bank making no money!

Offline coralsnake

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Re: best bank or cash options
« Reply #1 on: August 01, 2008, 10:24:20 AM »
igobanking.com is a division of Flushing Savings Bank.
They have a high yield internet savings account currently at 3.28%.

ING is 3%, Emigrant Direct is 3%, HSBC has a teaser rate of 3.5% but then it will og donw significantly.

IGO Banking consistently is higher than any other bank Ive seen.
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Offline est

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Re: best bank or cash options
« Reply #2 on: August 03, 2008, 04:29:00 PM »
thanx for the infor - do you know anything about CD's? 3% is a little low, i wouldn't mind locking up my money if I could get a little more

Offline yehudahj

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Re: best bank or cash options
« Reply #3 on: August 03, 2008, 08:07:36 PM »
I know ameritrade is offering cds 3.80 for a 12 month, go to ameritrade.com and they have a number 2 call , you cant get the rates online

Offline yid

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Re: best bank or cash options
« Reply #4 on: August 04, 2008, 12:37:12 AM »
wamu has 3.30 in its online savings account. Any fine print?

Offline Dan

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Re: best bank or cash options
« Reply #5 on: August 04, 2008, 01:59:14 AM »
I know ameritrade is offering cds 3.80 for a 12 month, go to ameritrade.com and they have a number 2 call , you cant get the rates online
http://www.dansdeals.com/archives/4034
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Offline Smirk

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Re: best bank or cash options
« Reply #6 on: August 04, 2008, 02:29:27 AM »
whats the best interest rates I can get in a bank, or best other place to put it like great CD options... my money is now just sitting in the bank making no money!
not only arent ya making money, your losing. Most people dont realize but inflation is 3% a year so even if your gettin 3% from a savings or cd your just breaking even.

Offline Dan

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Re: best bank or cash options
« Reply #7 on: August 04, 2008, 10:17:30 AM »
not only arent ya making money, your losing. Most people dont realize but inflation is 3% a year so even if your gettin 3% from a savings or cd your just breaking even.
The June '08 CPI is 5% higher than June '07, so even the best CD will just stem your losses...
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Offline moish

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Re: best bank or cash options
« Reply #8 on: August 04, 2008, 02:54:34 PM »
go to http://www.wamu.com/personal/certificate_deposit/online_cd/default.asp where youll find 4.17% interest rate 4.25% APY for 8 or 12 month cds and 4.41% interest rate  4.5% APY for 60 months

Offline Dan

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Re: best bank or cash options
« Reply #9 on: August 04, 2008, 03:42:24 PM »
Cleveland based AmtrustDirect.com has 1 year for 4.3% APY or 18 month for 4.35% APY
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Offline est

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Re: best bank or cash options
« Reply #10 on: August 04, 2008, 04:28:01 PM »
The June '08 CPI is 5% higher than June '07, so even the best CD will just stem your losses...

How about you rewrite this in laymans terms? whats CPI and where does inflation come in?!?!

Offline Dan

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Re: best bank or cash options
« Reply #11 on: August 05, 2008, 12:43:35 AM »
How about you rewrite this in laymans terms? whats CPI and where does inflation come in?!?!
CPI=consumer price index.
The feds collect pricing information from across the country to determine the inflation on thousands of goods and services and weight each item accordingly.
The % change in CPI is the inflation rate.

For the 12 months ending in June '08 here are some sample CPI numbers:
Overall: 5%
Apparel: -.2%
Transportation: 12%
Energy: 24.7%
All items besides food and energy: 2.4%
« Last Edit: August 05, 2008, 12:47:18 AM by Dan »
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Offline mancunian

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Re: best bank or cash options
« Reply #12 on: August 17, 2008, 04:25:18 AM »
wamu has 3.75% from wamu http://www.wamufreechecking.com/FreeChecking/index.html?appType=FC&AffiliateID=cj&CreativeID=WFC (im personally getting 4% in england  ;D)

Offline Eli

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Re: best bank or cash options
« Reply #13 on: October 05, 2008, 01:07:21 AM »
go to http://www.wamu.com/personal/certificate_deposit/online_cd/default.asp where youll find 4.17% interest rate 4.25% APY for 8 or 12 month cds and 4.41% interest rate  4.5% APY for 60 months
WAMU is now at 4.89% Interest Rate and 5% APY for a 12 or 13 month CD. I don't know what the difference is but I thought I would mention that it seems considerably more than what was posted here last month.
« Last Edit: October 05, 2008, 01:31:06 AM by Eli »
-Eli

Offline est

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Re: best bank or cash options
« Reply #14 on: October 05, 2008, 01:22:15 AM »
that does sound much higher - anyone know how to make sense of this? all my money is now in sovereign bank - does it make sense to switch it?

Offline Eli

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Re: best bank or cash options
« Reply #15 on: October 05, 2008, 01:35:45 AM »
It seems Interest Rate is the amount you get per month, and APY is the amount you will get after 1 year X 12 which will always be slightly higher since interest is compounded monthly or maybe even daily.

Suppose you put $100 into the bank. At 5% interest you would assume after 12 months you will have $105 but really you will have $105.13, which gives you an APY of 5.1267%. So basically, since it's a CD and you can't take out the money before 12 months (at least without a fee), you're looking at a 5% interest rate. Put in 10K and when you take it out you'll have $10,500.
-Eli

Offline Eli

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Re: best bank or cash options
« Reply #16 on: October 05, 2008, 04:45:08 AM »
I'm having trouble sleeping thinking of why my life savings is in a CD at 1.98% when it could be making more than double that at a bank right across the street. I don't care if the bank almost went bankrupt last week....they're still paying more!
-Eli

Offline AsherO

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Re: best bank or cash options
« Reply #17 on: October 05, 2008, 01:19:49 PM »
I'm having trouble sleeping thinking of why my life savings is in a CD at 1.98% when it could be making more than double that at a bank right across the street. I don't care if the bank almost went bankrupt last week....they're still paying more!
Wamu was offering this great rates to try to quickly raise capital, their efforts failed and all accounts were taken over by Chase.

I'm not sure how long these rates will be honored by Chase.
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Offline est

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Re: best bank or cash options
« Reply #18 on: October 05, 2008, 01:22:33 PM »
thanx eli for making it clear - but asher do you that this rate is going to end soon or that they are lying and will change the rate after I put my money in?

as an aside it seems pretty silly to lock up 10k for a year for just $500 - is this the best safe option?

Offline Eli

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Re: best bank or cash options
« Reply #19 on: October 05, 2008, 08:26:45 PM »
I think that once the money is in and the document is signed they can't get out of it no matter what. That's the whole point. If the rates go up you are locked in as well.

5% for just leaving your money somewhere is not bad if you don't need the money for something else. A good investment will pay 10-15% but it's risky. Here it's pretty much a guarantee (although with banks shutting down every day and the FDIC unsure if they can afford to insure everyone's money, I'm not sure if I should be making that statement).
-Eli