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

[w¡n9Nµ7 §£@¥€r 123]

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

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 )

Citibank e-Savings - 4.5% APY ( no minimum )

Emigrant Direct - 4.5% APY ( no minimum )

Umbrella Bank - 4.66% APY ( minimum of $1000 deposit )

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

HSBC - 4.25% APY + $25 Bonus ( no minimum ) - 4.80% UNTIL 04/30/06 | enter promo code start to get $25.

Certificate of Deposit CD - ( Have to Keep Money In For A Certain Period )

If you don't mind committing to keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate.

3 Month - State Bank of India 4.78% ( minimum of $50k )

3 Month - Umbrella Bank 4.80% ( minimum of $1k )

6 month - State Bank of India 4.89% ( minimum of $50k )

6 month - Meadows Credit Union 5.12% ( minimum of $1k, doesn't have FDIC Logo )

9 month - Nexity Bank 5.00% ( minimum of $1k )

1 Year - UmbrellaBank.com 5.15% ( minimum of $1k )

1 Year - State Bank of India 4.94% ( no minimum )

3 Years - Pentagon Federal Credit Union 5.50% ( minimum of $1k )

5 Years - Pentagon Federal Credit Union 5.67% ( minimum of $1k )

http://www.spoofee.com/forums/showthread.php?t=26285

[j&js 0]

Thanks for this post, we were actually just considering what the best thing to do with our money was as we save up to buy a house!

[Hilarious Clinton 452]

Paypal offers 4.51%

"Earn a Return on Your PayPal Balance Secure Transaction

When you sign up for the Fund, your PayPal balance will translate into shares of the Money Market Fund, though the function of your PayPal account will not change. You will be assigned shares of the PayPal Money Market Fund automatically, and you will begin to earn monthly dividends. In addition to dividends, you are entitled to participate in events such as shareholder proxy votes.

The current yield is 4.51%* "

https://www.paypal.com/us/cgi-bin/webscr?cm...arcom&outside=1

[scy 0]

Paypal offers 4.51%

"Earn a Return on Your PayPal Balance Secure Transaction

When you sign up for the Fund, your PayPal balance will translate into shares of the Money Market Fund, though the function of your PayPal account will not change. You will be assigned shares of the PayPal Money Market Fund automatically, and you will begin to earn monthly dividends. In addition to dividends, you are entitled to participate in events such as shareholder proxy votes.

The current yield is 4.51%* "

https://www.paypal.com/us/cgi-bin/webscr?cm...arcom&outside=1

Hell will freeze over before I deposit any money at Paypal. That company is the devil reincarnate. Their onerous terms and terrible customer service are the primary reasons. See the Paypalsucks site for Paypal horror stories.

http://www.paypalsucks.com/

As to the above offer. It's not very good since money market funds are not FDIC insured, so you might lose your principal if you use that money market fund. CDs and saving accounts are almost always FDIC insured. And Paypal's money market fund return sucks compare to CDs and saving accounts that offer full FDIC insurance.

[w¡n9Nµ7 §£@¥€r 123]

As to the above offer. It's not very good since money market funds are not FDIC insured, so you might lose your principal if you use that money market fund. CDs and saving accounts are almost always FDIC insured. And Paypal's money market fund return sucks compare to CDs and saving accounts that offer full FDIC insurance.

scy,

The original article refers to money market savings accounts, not money market mutual funds. The former are insured by FDIC while the latter are not. I suspect you are confusing the two.

What is Insured?

You are probably familiar with the traditional types of bank accounts--checking, savings, trust, and certificates of deposit (CDs)--that are insured by the FDIC. Banks also may offer what is called a money market deposit account, which earns interest at a rate set by the bank and usually limits the customer to a certain number of transactions within a stated time period. Except for certain trust accounts (where the assets of the account consist of securities rather than deposits), all of these types of accounts generally are insured by the FDIC up to the legal limit of $100,000 and sometimes even more for special kinds of accounts.

What is Not Insured?

... your funds may be invested in a money market mutual fund, which may invest in short-term CDs or securities such as Treasury bills and government or corporate bonds. Do not confuse a money market mutual fund with an FDIC-insured money market deposit account (described earlier), which earns interest in an amount determined by, and paid by, the financial institution where your funds are deposited.

http://www.fdic.gov/consumers/consumer/inf...n/fdiciorn.html

Edited April 9, 2006 by Agent Smith

[scy 0]

As to the above offer. It's not very good since money market funds are not FDIC insured, so you might lose your principal if you use that money market fund. CDs and saving accounts are almost always FDIC insured. And Paypal's money market fund return sucks compare to CDs and saving accounts that offer full FDIC insurance.

scy,

The original article refers to money market savings accounts, not money market mutual funds. The former are insured by FDIC while the latter are not. I suspect you are confusing the two.

I know the difference. I was refering to the link provided in the post that points to Paypal's money market funds.

Earn a Return on Your PayPal Balance Secure Transaction

When you sign up for the Fund, your PayPal balance will translate into shares of the Money Market Fund, though the function of your PayPal account will not change. You will be assigned shares of the PayPal Money Market Fund automatically, and you will begin to earn monthly dividends. In addition to dividends, you are entitled to participate in events such as shareholder proxy votes.

The current yield is 4.51%* "

https://www.paypal.com/us/cgi-bin/webscr?cm...outside=1"

Paypal does not offer a money market savings account. It's not a bank, and can not offer those services.

[Hilarious Clinton 452]

Hell will freeze over before I deposit any money at Paypal. That company is the devil reincarnate. Their onerous terms and terrible customer service are the primary reasons. See the Paypalsucks site for Paypal horror stories.

http://www.paypalsucks.com/

As to the above offer. It's not very good since money market funds are not FDIC insured, so you might lose your principal if you use that money market fund. CDs and saving accounts are almost always FDIC insured. And Paypal's money market fund return sucks compare to CDs and saving accounts that offer full FDIC insurance.

Just another option. It seems people either love or hate paypal. I've never had a problem with them.

[w¡n9Nµ7 §£@¥€r 123]

Hell will freeze over before I deposit any money at Paypal. That company is the devil reincarnate. Their onerous terms and terrible customer service are the primary reasons. See the Paypalsucks site for Paypal horror stories.

http://www.paypalsucks.com/

As to the above offer. It's not very good since money market funds are not FDIC insured, so you might lose your principal if you use that money market fund. CDs and saving accounts are almost always FDIC insured. And Paypal's money market fund return sucks compare to CDs and saving accounts that offer full FDIC insurance.

Just another option. It seems people either love or hate paypal. I've never had a problem with them.

rch99,

I guess you must be the Devil then.

Paypal does not offer a money market savings account. It's not a bank, and can not offer those services.

Ok, so your comment was not broad-brush and was directed specifically at PayPal? Sorry for the misunderstanding

[Hilarious Clinton 452]

Isn't Wal-mart getting/got into banking? Now we're talking.

[w¡n9Nµ7 §£@¥€r 123]

Isn't Wal-mart getting/got into banking? Now we're talking.

Wow it's true.

Wal-Mart takes banking pitch to FDIC

NEW YORK (CNNMoney.com) - Wal-Mart executives are expected to meet with federal bank regulators early next week in a bid to win approval to expand its footprint into banking, according to a report published Friday.

[...]

... proponents of Wal-Mart's banking bid say it's good for consumers because the company will lower prices in an industry historically known for poor customer service and little price competition.

[Mr. Big Dog 10,747]

Isn't Wal-mart getting/got into banking? Now we're talking.

Yo, there's a Wal-Mart in the banking business already (the institutional clearing side anyways). It's cheap, sucks ####### and is commonly known as BoNY.

Edited April 10, 2006 by ET-US2004

[w¡n9Nµ7 §£@¥€r 123]

Isn't Wal-mart getting/got into banking? Now we're talking.

Yo, there's already a Wal-Mart in the banking business already (the institutional clearing side anyways). It's cheap, sucks ####### and is commonly known as BoNY.

I can't wait for the real thing!

[Mr. Big Dog 10,747]

Isn't Wal-mart getting/got into banking? Now we're talking.

Yo, there's already a Wal-Mart in the banking business already (the institutional clearing side anyways). It's cheap, sucks ####### and is commonly known as BoNY.

I can't wait for the real thing!

The one for the everyday consumer? I'm sure there are banks out there already that are cheap and that suck. Whats the need for another one?

[w¡n9Nµ7 §£@¥€r 123]

Isn't Wal-mart getting/got into banking? Now we're talking.

Yo, there's already a Wal-Mart in the banking business already (the institutional clearing side anyways). It's cheap, sucks ####### and is commonly known as BoNY.

I can't wait for the real thing!

The one for the everyday consumer? I'm sure there are banks out there already that are cheap and that suck. Whats the need for another one?

If they can get me competitive rates on refi next year I'm all for it!