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

[GrammatonJP]

Nope, not true, i transfer in and out 3-4 times a month... 0 charges up to 100k

No Fees in or out

 

[ECartman]

Originally posted by: NICKel
Did I read the terms right on HSBC $3.00 to transfer money to other bank accounts?? ? That is going to add up to more than interest .... if u do it a few times a month

read the terms again. There is no outbound transfer fees for HSBC OnlineSavings accounts. There is a fee for other accounts....but the 5.05% account we are all talking about here is the OnlineSavings account.

 

[Kenji4861]

Updated to reflect the new HSBC rate. There was also a free $25 Bestbuy card. =)

 

[xSeongminx]

I'm looking into investing my money (it's just sitting in a bank account), and was wondering what you guys would do with $20K. I mean, I could go purchase bonds and CD's but the limit on CD's is 7K I believe, and bonds are kind of risky seeing that companies can go bankrupt. Thanks in advance.

 

[GrammatonJP]

there are some short term cd... 5.1% a bit over the hsbc.. 3-6 months available..

 

[dionx]

when opening an HSBC account, do they pull a hard inquiry from your credit reports?

 

[Svnla]

Presidential rate is 5.12%

http://www.presidential.com/PremierSavings.htm

 

[Vcize]

Originally posted by: Kenji4861
Updated to reflect the new HSBC rate. There was also a free $25 Bestbuy card. =)

Just a note, I just opened an HSBC account and to qualify for the $25 Bestbuy giftcard you have to be a Bestbuy credit card holder.

 

[saymyname]

Originally posted by: Svnla
Presidential rate is 5.12%

http://www.presidential.com/PremierSavings.htm

Why are balances above $35,000 only 3%?!

 

[Ionizer86]

Looking the USAToday bankrate.com list of high APY accounts, I noticed that some have a type listing as "Savings" and others as "Money Market". When I think of Savings, I usually think of paltry 0.5% rates from BoA etc.

Are there specific differences between "Savings" and "Money Market" if both are offering 5.0% APY, for instance?
Sorry, clumsy question, but I'm in college and I'm just starting to learn a lot about personal finance.

 

[Engineer]

Don't forget about Treasury Bills boys and girls. Last week, the 6 month T-bill was running at 5.39% APY and that's STATE TAX Free. For many in California and others in "high state tax" states, the tax equivalent percentage is over 6%!

Example of California at different federal tax rates...

Taxable equivalent required to bring in the same money as T-bills:

6 mo. bill equivalent APY (06/29/06 issues)

Unadjusted APY .................... 5.39%
Itemizers (deduct state tax) .... 5.94%
Non-itemizers @ 15% ............ 6.05%
Non-itemizers @ 25% ............ 6.15%
Non-itemizers @ 28% ............ 6.19%
Non-itemizers @ 33% ............ 6.26%
Non-itemizers @ 35% ............ 6.29%

 

[daveybrat]

I'm looking at GMACBANK.com to put my money for now. 4.80% with no fees seems to be the best deal out for me. And GMAC is a huge company, so shouldn't be any worries.

:thumbsup:

 

[saymyname]

Originally posted by: Engineer
Don't forget about Treasury Bills boys and girls. Last week, the 6 month T-bill was running at 5.39% APY and that's STATE TAX Free. For many in California and others in "high state tax" states, the tax equivalent percentage is over 6%!

Example of California at different federal tax rates...

Taxable equivalent required to bring in the same money as T-bills:

6 mo. bill equivalent APY (06/29/06 issues)

Unadjusted APY .................... 5.39%
Itemizers (deduct state tax) .... 5.94%
Non-itemizers @ 15% ............ 6.05%
Non-itemizers @ 25% ............ 6.15%
Non-itemizers @ 28% ............ 6.19%
Non-itemizers @ 33% ............ 6.26%
Non-itemizers @ 35% ............ 6.29%

How would I go about buying those? It might not be liquid, but 6 months I can handle for over a percent more. What are the odds of moneymarkets rising above 6% in 6 months?

 

[TomtheBum]

bump for usefull thread and a amazing 13,500 views!!!!!!!!

 

[Baked]

Just signed up w/ HSBC. The application went real smooth. Now to wait for my BB GC and Wells Fargo ATM card.

 

[Meritt]

Originally posted by: daveybrat
I'm looking at GMACBANK.com to put my money for now. 4.80% with no fees seems to be the best deal out for me. And GMAC is a huge company, so shouldn't be any worries.

:thumbsup:

I currently use GMAC and am happy. Unless the rate between them and HSBC jumps considerably, I'll keep my money with them. They have great CD rates as well.

 

[soccerballtux]

Crap I just put my money into HSBC. Didn't know about Umbrella. Thats a much cooler bank name.

 

[ottothecow]

What I really like about HSBC is that they give you the ATM card.

If you need it, you can get your money out of a machine without having to wait for a transfer or anything else.

 

[soccerballtux]

Do you have to apply for that?

 

[renaldoriggs]

www.scottrade.com

 

[sinucus]

Noticed it hasn't been updated but Emigrant is now up to 5.00% savings and 5.35% CD's.

 

[daveybrat]

GMAC BANK

Wow, GMAC just increased their savings account rates from 4.80% to 4.90% today. Great place to put your money and it's FDIC insured as well.

I'm transferring all of my savings which is currently earning a measly .051% into this at 4.90%....quite a difference!!

And they give you a check card that you can use to pull out your money from ATM's and purchases. :thumbsup:

 

[soccerballtux]

Aren't all banks FDIC insured?

 

[DVDBob]

Just recveived an email from ING, my account savings is now 5.25% Not sure if this is for new customers as well, but I'm pretty happy with them and their interface. Having an ATM card might be a nice addition, but I'm only making withdrawls about twice a year anyway and can wait the 2 days it normally takes.

 

[upnorth1]

Originally posted by: TomtheBum
bump for usefull thread and a amazing 13,500 views!!!!!!!!

aargh!

or is that AYE! :thumbsup: