HOT MAMA! Where To Put Your Money If It's Just Sitting In a Checking Account

[Kenji4861]

Battle of the interest rates to let your money grow on it's own!

If you have money just sitting in your Checking account, let it grow here.

Savings Accounts ( Can Pull Out Money Anytime )
Emigrant Direct - 5.15% APY ( no minimum )
HSBC - 5.05% APY ( no minimum ) (Get $25 bestbuy gift card if you are BB card holder)
Citibank e-Savings - 5.00% APY ( no minimum )
ING Direct - 4.35% APY ( no minimum )

Certificate of Deposit CD - ( Have to Keep Money In For A Certain Period )
If you don't mind keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate.
3 Month - UFB Direct 5.38% ( minimum of $8000 )
3 Month - Umbrella Bank 5.35% ( minimum of $1000 )
6 month - Corus Bank 5.64% ( minimum of $10k )
6 Month - Umbrella Bank 5.57% ( minimum of $1000 )
6 month - Citibank 5.50% ( minimum of $500 )
9 Month - Umbrella Bank 5.60% ( minimum of $1000 )
1 Year - Imperial Capital Bank 5.75% ( minimum $2000 )
1 Year - Umbrella Bank 5.67% ( minimum of $1000 )
1 Year - Etrade 5.56% ( minimum $1000 )

 

[Rumpltzer]

You're REALLY into moms, huh?

I have an HSBC and an ING account. ING was easier to sign up, and the interface is simpler/nicer. Most of my money in in the HSBC account because they're giving me 4.8% on the balance.

 

[spacelord]

I agree, HSBC involved alot more info to get setup, compared to ING. Seems slower to transfer money in and out than ING also.

 

[whistleclient]

how does emigrant's UI compare?

 

[probzy]

Nice post OP!

 

[MechaSheeba]

ING Direct - 4.00% APY ( no minimum ) - 4.75% UNTIL 04/15/06

Does this mean if you get in before the 15th you're locked in at 4.75%, or does the promo end on 4/15 and the rate goes back to 4%? Same question with HSBC.

 

[ChewyTran]

how about paypal money market, i put small amount of money in there at 4.25%, easy transfer if you already have paypal.

 

[Rumpltzer]

Originally posted by: MechaSheeba
ING Direct - 4.00% APY ( no minimum ) - 4.75% UNTIL 04/15/06

Does this mean if you get in before the 15th you're locked in at 4.75%, or does the promo end on 4/15 and the rate goes back to 4%? Same question with HSBC.

No, ING has been running a promo where you get the 4.75% rate on new balances until 4/15.

HSBC then followed up with a 4.80% promotional rate on your entire balance until 4/30.

After the April dates, the rates go back to 4.00% and 4.25%.

 

[hondaf17]

Let me recommend E-trade.

6 month CD = 5.10%

Awesome website, easy to use with great research tools and it's very powerful. Can seemlessly transfer money from any account at any institution (not sure about paypal though).

It depends on how much cash you have in their banking account, but their APY is in the mid 4's.

 

[serialkiller]

never heard umbrella bank, how are they? They look like they have some great rates.. but their website looks.. ok..

 

[TheSlamma]

I never really understood how these CD's and rates worked.

If I put $10,000 into the 6mo CD at Meadows for %5.12 how much payout is that? is the %5.12 for a year so I get $256 on a 6mo CD?

Sorry for the n00b question

 

[darkxshade]

Originally posted by: TheSlamma
I never really understood how these CD's and rates worked.

If I put $10,000 into the 6mo CD at Meadows for %5.12 how much payout is that? is the %5.12 for a year so I get $256 on a 6mo CD?

Sorry for the n00b question

Depends on their payment frequency but I'm assuming a one time payout @ 6 months then you are correct, you'd get 256 + your 10,000 back but also keep in mind that you won't be able to touch that $10,000(without a significant penalty) as well until your cd matures.

 

[Schfifty Five]

For the citibank e-savings account, I think you need to have a regular checking account with them first before they give you a savings.

Checking accounts are free only if you do certain things like pay 2 bills/month or have DD.

 

[knightc2]

Yeah well, thanks to the Hot Deals forum I have no $$$ to put in savings.

 

[BlackPear1]

Pentagon CU CD's are hot, but not so hot that I'm willing to enlist to get one.

 

[apexi350z]

Originally posted by: knightc2
Yeah well, thanks to the Hot Deals forum I have no $$$ to put in savings.

LOL!! I know that's true

 

[jcuadrado]

for the Citibank e-savings fine print..


*Annual Percentage Yield (APY) is current for the Citibank e-Savings Account as of 03/28/06 and is subject to change. Rates may change after the account is opened and fees could reduce earnings.

dunno..

 

[knightc2]

Originally posted by: BlackPear1
Pentagon CU CD's are hot, but not so hot that I'm willing to enlist to get one.

I don't think you need to enlist to use them.

 

[zervun]

Anyone know what the easiest way is to transfer money from a checking account into say HSBC? I have both ING and HSBC account and went to wellsfargo to do a electronic transfer and they said it would cost like 30 bucks...

 

[zervun]

oops double post

 

[Snowice]

thx OP :thumbsup:

 

[tigerslicer]

Dont forget US savings bonds. I-bonds are at 6.73% right now. Noticed it while i was working yesterday (I work at a bank).
http://www.treasurydirect.gov/indiv/products/ibonds_glance.htm

EDIT: Information on redeeming.
* Minimum term of ownership: 1 year
* Interest-earning period: 30 years
* Early redemption penalties:
o Before 5 years, forfeit 3 most recent months'interest
o After 5 years, no penalty

 

[BlackPear1]

Yes, excellent rate and tax-deferred. The only catch is the $30K max investment per year.

 

[BadThad]

HOT!

I love ING!

 

[fire400]

good post