Money Market Accounts

Dakota

Dakota

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I have a MM account with a local bank and was considering an online option for a chunk of it to something like GE which is paying .90 or Ally which is paying .84 - which is better than .15 I'm earning now.

I'm very new to this concept and really need to do some more research but I was wondering if anyone here has gone this route and could give me advice or input?
 
Baja28

Baja28

Obama destroyed America
I'm interested too. My Capital One 360 (formally ING) is only paying .20%. Eff that!
 
blacklabman

blacklabman

Well-Known Member
Baja28 said:
I'm interested too. My Capital One 360 (formally ING) is only paying .20%. Eff that!
Click to expand...

I don't know where you're getting that rate, but I just checked my account and they are stating 0.75%. Maybe it's tied to the account balance.
 
Baja28

Baja28

Obama destroyed America
blacklabman said:
I don't know where you're getting that rate, but I just checked my account and they are stating 0.75%. Maybe it's tied to the account balance.
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You're right. I was looking at their checking rate that I don't use. Savings is .75%
 
itsbob

itsbob

I bowl overhand
Get away from the banks?

What's the difference between .10 .25 and .7? That's about 300% less than inflation, you're actually losing money.
 
Dakota

Dakota

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Baja28 said:
Check this out...

Find the Best Savings Account Rates, and Money Market Rates
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I'm getting .15% at PNC :doh: I also have funds in a credit union which might be .20 or .25, I dunno... the closest branch is Annapolis which is a pain so I have to pay ATM fees on withdrawl :ohwell:

Online Banks Offer Best Savings Account Rates For 2013 - Forbes

Forbes says Ally is the best.

I was thinking yesterday that over the past say 10 years, I haven't been in the bank but to cash out some savings bonds and take care of some of my grandma's business... other than that... most of what I do is online, even my mortgage refi was online which Quicken beat PNC on a 15 year by a good 1/2 a point or more.

So... like you... I think I want to limit what I keep locally and invest some in an online savings or money market... it seems the money kept on the side for when you might need it should be doing a bit better for a customer than it is...
 
Baja28

Baja28

Obama destroyed America
Dakota said:
I'm getting .15% at PNC :doh: I also have funds in a credit union which might be .20 or .25, I dunno... the closest branch is Annapolis which is a pain so I have to pay ATM fees on withdrawl :ohwell:

Online Banks Offer Best Savings Account Rates For 2013 - Forbes

Forbes says Ally is the best.

I was thinking yesterday that over the past say 10 years, I haven't been in the bank but to cash out some savings bonds and take care of some of my grandma's business... other than that... most of what I do is online, even my mortgage refi was online which Quicken beat PNC on a 15 year by a good 1/2 a point or more.

So... like you... I think I want to limit what I keep locally and invest some in an online savings or money market... it seems the money kept on the side for when you might need it should be doing a bit better for a customer than it is...
Click to expand...
If I were you, I'd transfer your $$ to an online bank.

Fancybelle turned me on to ING in 2002 when the rate was 4.75% !!! WoW!

I dunno if I want to switch for an additional .15% though yanno?
 
Dakota

Dakota

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Baja28 said:
If I were you, I'd transfer your $$ to an online bank.

Fancybelle turned me on to ING in 2002 when the rate was 4.75% !!! WoW!

I dunno if I want to switch for an additional .15% though yanno?
Click to expand...


From their website...
Combined balances up to $250,000 per customer are guaranteed by the Australian Government.

:confused: I don't know how their government is working out but it has to be better than ours. :jet: PNC was telling me that people are cashing out savings bonds like crazy these days but I totally understand that... they earn next to nothing anymore.

I am 100 positive I want to move a good chunk into online savings to make the money work a little better and just need to decide which online banking system I want to work with. I don't need another money market - a plain jane savings account is just fine!
 
T

tommyjo

New Member
Dakota said:
I'm getting .15% at PNC :doh: I also have funds in a credit union which might be .20 or .25, I dunno... the closest branch is Annapolis which is a pain so I have to pay ATM fees on withdrawl :ohwell:

Online Banks Offer Best Savings Account Rates For 2013 - Forbes

Forbes says Ally is the best.

I was thinking yesterday that over the past say 10 years, I haven't been in the bank but to cash out some savings bonds and take care of some of my grandma's business... other than that... most of what I do is online, even my mortgage refi was online which Quicken beat PNC on a 15 year by a good 1/2 a point or more.

So... like you... I think I want to limit what I keep locally and invest some in an online savings or money market... it seems the money kept on the side for when you might need it should be doing a bit better for a customer than it is...
Click to expand...

Everything in this post confirms your first post, you do not know what you are doing.

Contact an actual local bank...move your money there. If you don't understand why local banks are important...watch "Its a Wonderful Life" this December. In today's environment the interest rate is irrelevant. (For every $1000 bucks, you will earn $7 more PER YEAR to put your money into GMAC...which blew up, was bailed out and renamed itself Ally.)

Go into the branch and talk to someone...actually talk with a professional. Don't email them. Don't text them. Talk to them. Have them explain how banking works...or take a class at your local community college on basic personal finance.

You are making many common mistakes (a 15 year mortgage is a prime example)....don't add onto that by following the advice of the other idiots on here.
 
Baja28

Baja28

Obama destroyed America
tommyjo said:
Everything in this post confirms your first post, you do not know what you are doing.

Contact an actual local bank...move your money there. If you don't understand why local banks are important...watch "Its a Wonderful Life" this December. In today's environment the interest rate is irrelevant. (For every $1000 bucks, you will earn $7 more PER YEAR to put your money into GMAC...which blew up, was bailed out and renamed itself Ally.)

Go into the branch and talk to someone...actually talk with a professional. Don't email them. Don't text them. Talk to them. Have them explain how banking works...or take a class at your local community college on basic personal finance.

You are making many common mistakes (a 15 year mortgage is a prime example)....don't add onto that by following the advice of the other idiots on here.
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Please keep posting so everyone can see what a moron you are. Please? :howdy:

1. I paid my home off in 15 years and have been debt free for awhile now.
2. I talked with my local PNC branch and he openly admitted that he could not come near, much less match the online interest rates. I did open a $225K equity line with him for my play money should I ever decide to use it.
 
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C

czygvtwkr

Guest
Ive had an Ally account since 2004, back then it was GMAC, when I opened it the going rate was over 5%! Wish I had in it then what I have now.
 
Dakota

Dakota

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Tommy,

Weren't you the one that said paying off your mortgage is a bad mistake??? :confused:

If so, you really can move along and save your useless advice for somebody else that buys into the whole "stay in debt all your life" concept because I don't.
 
Dakota

Dakota

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Baja28 said:
I talked with my local PNC branch and he openly admitted that he could not come near, much less match the online interest rates.
Click to expand...

That sounds like the same conversation I had yesterday (which was the 1st time I had stepped inside the branch in, I dunno... over 14 months).
 
A

abcxyz

New Member
Dakota said:
Weren't you the one that said paying off your mortgage is a bad mistake???
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It can be. The money I could have used to pay off my home has made me MUCH more than the interest I've paid to borrow it. Go try to get a business loan and you'll see what I am talking about. The last building I bought the rates were in the 4% range, twice the rate a HELOC was.

I have a LOT of monthly bills but having those bills allow me to have a LOT, LOT of monthly profits. Heck, I even leave $20 for the tooth fairy (sorry, carryover from another thread). Would it be nice to be debt free? Sure!! However, I wouldn't have ever started some of these businesses if I waited until I saved enough to be able to do it out of pocket. Debt can be a good thing, a GREAT thing!!

Lot being subjective of course, what is a lot to me may not be a lot to you.
 
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