Savings Accounts - Money Market Highest Rate? CD?

I am starting to save up some cash and would like to yield the highest interest rate possible. My banks current money market account (Wachovia) is not all that, but I have seen some other banks advertise higher rates.

Or should I start looking into a convertible CD?

Any suggestions?

 

I've got a couple of ING Orange Savings accounts which are yielding about 4.5% right now. The paypal money market fund is also an option (currently over 5%) if you want to be risky (no FDIC insurance).

 

Is this a popular company.. thats a great rate! the cd rate is even better.

 

I would also check into a credit union...most of them are non-for-profit and can therefore offer higher rates...anything over 4.5% is good these days, I have done lots of research on these for my website.

 

Go here, they are awesome. Easy to use interface, 100% FDIC insured and 5.05%

http://www.emigrantdirect.com

 

A savings account is a pretty terrible place to do anything other than keep your money. With inflation at about 2% putting money in an account that pays out 5% yearly only really is making you 3%. You'd be better off reinvesting the money into a new website or some kind of business idea because you aren't making much if anything from a savings account.

 

HSBC have 5.05% online savings account which is more than ING DIRECT.

 

Easier said than done. Believe me I look around. But operating my business and keeping up more than a couple websites takes more than a full days work.

I just want to get what little I have saved into something that yields a bit more.

Anything over 5% is much more than what I'm getting now. So, I'll be happy with it...

Real estate investing is of no longer in my area and I'm too busy to leave the state right now...

Thanks for the replies...

 

A while ago www.citibank.com was offering 5.5% CDs for only a 6 month term. I'm not sure if they still are, though.

 

Emigrant Direct 5.05% They are awessomme

 

i'll check out emigrant.... seems like a good deal.

 

amtrustdirect has a 5.46% 6 month cd.... not bad...

 

I believe I seen an ad for 10% CD for 6 months at Flag Star bank when you open a new checking account with them. Not sure if that offer is good nation wide though.

 

I'm also a fan of ING Direct. I keep all my money there

 

You can keep up with current rates at money-rates.com and bankrate.com. Both websites run a current national list of the top rates locally and nationally. They list money market rates, cd rates, checking rates, and more. You can easily receive over 5% APY for a liquid money market account without committing to a CD.

 

HSBC and Emigrant direct are usually the highest rates. They and ING are the three most popular, but ING is about .5% below the other two. All three are FDIC insured so don't worry about losing your money.

 

Another vote for Emigrant. ING's only okay if you have lots of gullible friends to refer.

 

I preffer PayPal, they give 5.03% on the average monthly balance. I can keep almost all of my money in teh PayPal account and take it out whenever I need it. I also charge everything to credit cards and pay at end of month so that the average daily balance appears larger then the actual money I have available to me. It ends up being a better deal then a CD. Because I cannot invest 100% of my cash in a CD.

 

I use HSBC, 5.05%:

http://www.hsbcdirect.com/1/2/1/

 

I've decied to move some money over to emigrant. i am extremely busy and not on to of investing now, so this could be an extra income monthly as to my current banks horrible savings yield. Thanks all