Savings Accounts - Money Market Highest Rate? CD?

there are some good cd rates listed at this site

 

There are other advantages of doing business with HSBC because it is an international bank you can have an account which you can access your account around the world. (Pretty cool if your into international travel)

 

CDs have slightly higher pay out... I think most of them are around 5.5%. You can set up few CD accounts with diiferent amount and different time period to avoid the penality for emergance use. But that's too much hasle for me.
With Money Market, you can withdraw your money anytime without penality. Usually the rates are 4.5%
So... it's really depend on you. I won't choose savings account though...

 

Why would you not use a savings account like emigrant? 5.05% apy.

 

FDIC insured up to 100,000.. does that mean you are at risk over that amount?

 

I would not do either. Paypal looks somewhat tempting, but I will not do it because it is not FDIC insured. I honestly don't think they are going to go under any time soon, but better safe then sorry.

You will get your best return if you invest your money in a good mutual fund. You can easily get 10-15% interest or more on them. You can search for some good mutual funds at kiplinger.com.

 

Are the larger banks FDIC insured for larger amounts for a single account?

 

Swordfish,

When looking for money market / savings rates, make sure you look for the "FDIC" logo on the bank's homepage. Most the time they are insured, yes.

Take care.

 

is there a bank insures more than $100k ?

 

Thats what I was asking...

 

i run a site with a list of the top certificate of deposit rates available.

 

I think it transfers to 100,000 per account....furthermore, you have to remember the FDIC insurance was put in place a long time ago...banks are generally more secure these days. Robberies are often less successful, and the value of the dollar is way more steady vs. other currencies than it was 50 years ago...I personally bank at a place that is insured, but I also know the majority of the people in the world will never have to worry about it either.

 

I have a question about money markets. So the interest earned is supposed to be taxed right? Because I earned money with PayPals money market but half of it was taken away for tax. I wanted to ask to make sure that it wasn't considered non-taxed.

 

Ya interest income is taxable.

 

FYI for all those savers out there.. Emigrants 5.05 account is working out well.. easy to setup.. monitor in quicken, etc.

 

Hmmm... even at 5% interest that just beats the rate of inflation (if you live in the US) then add taxes and it dwindles down to not much return.

I guess if you want something "safe and secure" it's an option.

-SS

 

Im not saying put all your money there, just a safety cushion.. usually about 3 months worth of expenses.