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Author Topic: savings account with high interest  (Read 2762 times)

Offline NI

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savings account with high interest
« on: July 20, 2011, 07:58:24 AM »
Hi, I was wondering if someone could help me. I'm an older single girl with over 10000 saved up. As of now, my savings account offers almost no interest. I don't want to freeze the money for an extended period of time, is there any other way to increase my interest? Thanks!
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Offline AsherO

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Re: savings account with high interest
« Reply #1 on: July 20, 2011, 08:54:51 AM »
Quote from: NI on July 20, 2011, 07:58:24 AM
Hi, I was wondering if someone could help me. I'm an older single girl with over 10000 saved up. As of now, my savings account offers almost no interest. I don't want to freeze the money for an extended period of time, is there any other way to increase my interest? Thanks!

Check out Ally No-Penalty CD and BankDirect account which earns you AAdvantage miles. PM Dan for a referral and you get some free miles.
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Offline gozalim

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Re: savings account with high interest
« Reply #2 on: July 20, 2011, 09:31:14 AM »
considering the demographics of this forum that post could solve your question in more ways than one
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Offline yaakov s

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Re: savings account with high interest
« Reply #3 on: July 20, 2011, 10:08:59 AM »
Quote from: gozalim on July 20, 2011, 09:31:14 AM
considering the demographics of this forum that post could solve your question in more ways than one
Maybe they are waiting for more $$
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Offline am32

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Re: savings account with high interest
« Reply #4 on: July 20, 2011, 10:22:12 AM »
Check out discover bank.  I'm currently getting 1.15% on a savings account.  I think it's a pretty good rate (although I was getting 4% about 2 years ago!)
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Offline i3ond

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Re: savings account with high interest
« Reply #5 on: July 20, 2011, 10:37:58 AM »
Check out your local small banks.  Many in my area give 3-5% on checking account if you use their debt card 10x a month as a credit purchase and pay a bill online.  When I first started It was 6%  and max was 50k per acct.
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Offline ash

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Re: savings account with high interest
« Reply #6 on: July 20, 2011, 10:43:45 AM »
Like AsherO says Ally bank is a good choice they have a no penalty cd
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Offline myb821

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Re: savings account with high interest
« Reply #7 on: July 20, 2011, 10:46:55 AM »
What rate is the ally bank cd

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Offline ash

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Re: savings account with high interest
« Reply #8 on: July 20, 2011, 10:54:29 AM »
Ally.com
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Offline am32

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Re: savings account with high interest
« Reply #9 on: July 20, 2011, 11:26:00 AM »
Also check out google advisor (google.com/advisor) to compare rates on CDs, savings accounts and more...
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Offline Smokey Joe Robinson

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Re: savings account with high interest
« Reply #10 on: July 20, 2011, 12:24:54 PM »
Quote from: i3ond on July 20, 2011, 10:37:58 AM
Check out your local small banks.  Many in my area give 3-5% on checking account if you use their debt card 10x a month as a credit purchase and pay a bill online.  When I first started It was 6%  and max was 50k per acct.
which area is this?

Quote from: NI on July 20, 2011, 07:58:24 AM
Hi, I was wondering if someone could help me. I'm an older single girl with over 10000 saved up. As of now, my savings account offers almost no interest. I don't want to freeze the money for an extended period of time, is there any other way to increase my interest? Thanks!
I personally have  the cap1 interest plus savings account, it offers 1.10 apy(on balances over 1K)  plus 10% bonus on interest earned every quarter. In order to get the bonus though, you have to have a cap1 credit card in good standing or a 10K avg balance in the savings account.
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Offline azhoopsfan

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Re: savings account with high interest
« Reply #11 on: July 20, 2011, 12:33:42 PM »
All this depends on your tax rate too.  If you live in a state with income tax and are in a higher tax bracket, getting hit with nearly 40% tax on your interest income makes the return extremely weak. 

AA miles through BankDirect are worth much more than the after-tax value of your interest income. 
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Offline AsherO

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Re: savings account with high interest
« Reply #12 on: July 20, 2011, 12:37:34 PM »
Quote from: i3ond on July 20, 2011, 10:37:58 AM
Check out your local small banks.  Many in my area give 3-5% on checking account if you use their debt card 10x a month as a credit purchase and pay a bill online.  When I first started It was 6%  and max was 50k per acct.

Oftentimes those are teaser rates and you have to monitor your rates closely to see if they drop.

Quote from: myb821 on July 20, 2011, 10:46:55 AM
What rate is the ally bank cd

Sucks ATM, 1.13%. IIRC I was getting >2% just a year ago.

Quote from: azhoopsfan on July 20, 2011, 12:33:42 PM
AA miles through BankDirect are worth much more than the after-tax value of your interest income. 

+1 This is probably the OPs best bet.
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Offline Chaikel

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Re: savings account with high interest
« Reply #13 on: July 20, 2011, 03:22:37 PM »
Quote from: azhoopsfan on July 20, 2011, 12:33:42 PM
All this depends on your tax rate too.  If you live in a state with income tax and are in a higher tax bracket, getting hit with nearly 40% tax on your interest income makes the return extremely weak. 

AA miles through BankDirect are worth much more than the after-tax value of your interest income. 
PM Dan for a referral.
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Offline AsherO

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Re: savings account with high interest
« Reply #14 on: July 20, 2011, 03:56:37 PM »
Quote from: Chaikel on July 20, 2011, 03:22:37 PM
PM Dan for a referral.

Repost :P

Quote from: AsherO on July 20, 2011, 08:54:51 AM
Check out Ally No-Penalty CD and BankDirect account which earns you AAdvantage miles. PM Dan for a referral and you get some free miles.
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Offline am32

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Re: savings account with high interest
« Reply #15 on: July 20, 2011, 04:28:58 PM »
Quote from: azhoopsfan on July 20, 2011, 12:33:42 PM
AA miles through BankDirect are worth much more than the after-tax value of your interest income.

Just checked this out... odd that the savings & checking accounts have the same interest rate but the checking one gets you 2x miles...
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Offline Chaikel

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Re: savings account with high interest
« Reply #16 on: July 20, 2011, 04:36:11 PM »
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