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post #1 of 26 (permalink) Old 03-17-2008, 12:23 PM Thread Starter
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Savings account questions

I just noticed the amount I get in interest in my savings account went down quite a bit this month even though the daily balance is more than it was last month.

Do banks change the interest they pay out on their savings accounts depending on certain interest rates the Fed sets?

What banks have good interest rates for savings accounts right now? I wouldn't mind taking my money out since my bank's rate is [email protected] right now.

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post #2 of 26 (permalink) Old 03-17-2008, 12:31 PM
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if you are looking for a higher interest rate why not put your money in a CD?
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post #3 of 26 (permalink) Old 03-17-2008, 12:33 PM Thread Starter
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Quote:
Originally Posted by Crazy Train View Post
if you are looking for a higher interest rate why not put your money in a CD?
I'm looking to do something with it. I wanted to invest but the market keeps going down.

So for now I'll keep it in a savings account.

EDIT: Just checked the CD rates and they are only a tiny fraction higher than savings.

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Last edited by Chills; 03-17-2008 at 12:35 PM.
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post #4 of 26 (permalink) Old 03-17-2008, 12:34 PM
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I think I get 4.5% in my Citibank E-Savings account. It is what they came up with to compete with the ING Direct high interest savings accounts.

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post #5 of 26 (permalink) Old 03-17-2008, 12:41 PM
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^^^ i'd check that number again. ING is down to 3.10% on their savings accts. I think Emigrant Direct has the best rates now @ 3.3 percent. and yes, they do change the interest rates.

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post #6 of 26 (permalink) Old 03-17-2008, 12:43 PM Thread Starter
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I checked ING's website and they are showing 3.10% which is higher than the 2.76% USAA is offering.

Citibank's best offer right now is 3.25%.

Ian, are you sure you're still getting 4.5%?

It looks like all rates have dropped in the past few months.

I was getting 4.64% in January with USAA.

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post #7 of 26 (permalink) Old 03-17-2008, 12:44 PM
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No I am not sure. I just checked and I am getting 3%.

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post #8 of 26 (permalink) Old 03-17-2008, 12:45 PM Thread Starter
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So I learned something today, savings interest rates change. Bummer.

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post #9 of 26 (permalink) Old 03-17-2008, 12:58 PM
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you read the shit about JP bank?

the market is fucked, but thats my observation and i dont know much about that shit.

thats an area of Crazy and Kruz to maybe get some helpfull info.



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post #10 of 26 (permalink) Old 03-17-2008, 01:10 PM
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Chills, I'd be happy to have a conversation in private if you have more questions. They'll be alot of opinions on what to do and what not to do now. Bottom line is any gain right now in investment is pretty good. Alot of people have lost near %20 of their portfolio's this year. Savings rates change and so do a lot of other rates. I've noticed that savings bonds are about to reset to a pretty attractive rate. In the past paypal has had pretty attractive savings rates and so did Etrade. Those are a couple worth looking into.

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post #11 of 26 (permalink) Old 03-17-2008, 01:13 PM Thread Starter
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Thanks Brian. I'll PM you.

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post #12 of 26 (permalink) Old 03-17-2008, 01:14 PM
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Originally Posted by Chills View Post
Thanks Brian. I'll PM you.
Or we could talk over a little forza

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post #13 of 26 (permalink) Old 03-17-2008, 01:18 PM
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Savings and Money Market rates are considered liquid and may change unless you're in a promotional period. The market is going nunts right now with the acquisition of Bear Sterns by JP. The fed is expected to cut rates another 50 bps later this week..

It seems like a ton of fear right now but we'll see. Savings and CD rates are obviously low when the fed cuts prime. The fed also cut the discount rate on Sunday, that was fricken strange. Never seen a move like that on a Sunday before.

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post #14 of 26 (permalink) Old 03-17-2008, 01:20 PM
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Savings and Money Market rates are considered liquid and may change unless you're in a promotional period. The market is going nunts right now with the acquisition of Bear Sterns by JP. The fed is expected to cut rates another 50 bps later this week..

fed funds future is actually pricing in 100bps

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post #15 of 26 (permalink) Old 03-17-2008, 01:21 PM
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Or we could talk over a little forza
things to note about talking on Xbox live.

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if you dont know what i mean? well i guess you dont deserve to. (generally speaking to no one in particular)



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post #16 of 26 (permalink) Old 03-17-2008, 01:21 PM Thread Starter
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So what do banks base their savings APY% off of?

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post #17 of 26 (permalink) Old 03-17-2008, 01:23 PM
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Quote:
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So what do banks base their savings APY% off of?
Their internal cost of funds. This varies from bank to bank and their needs for deposits. Some really need them and will pay more and some don't like BofA. Bank of America is actually close to the fed cap on total deposits in the U.S. so they could care less.

I would look for a promo fixed period on a money market. You better lock in before the fed lowers the fed funds rate again.
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post #18 of 26 (permalink) Old 03-17-2008, 01:25 PM
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things to note about talking on Xbox live.

24 hour recording on the 1 of the largest venture capitalist there is.

if you dont know what i mean? well i guess you dont deserve to. (generally speaking to no one in particular)


LOL....if they have the time to sift through all those conversations for the little they'd get out of a conversation for a 4-5% interest rate, they can be my guest.

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post #19 of 26 (permalink) Old 03-17-2008, 01:29 PM Thread Starter
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Quote:
Originally Posted by CHI1000RR View Post
Their internal cost of funds. This varies from bank to bank and their needs for deposits. Some really need them and will pay more and some don't like BofA. Bank of America is actually close to the fed cap on total deposits in the U.S. so they could care less.

I would look for a promo fixed period on a money market. You better lock in before the fed lowers the fed funds rate again.
That's good info to know. Thanks.

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post #20 of 26 (permalink) Old 03-17-2008, 01:36 PM
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Quote:
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LOL....if they have the time to sift through all those conversations for the little they'd get out of a conversation for a 4-5% interest rate, they can be my guest.
i am talking about other aspects.



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post #21 of 26 (permalink) Old 03-17-2008, 01:36 PM
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I think that Futurama put it best when the judge said:

Quote:
A bank is a place where people put money that isn't properly invested.
$3k in a savings account is fine for a very wet rainy day, everything else you have should be in some sort of interest accruing investment (2% is not interest accruing in my book).

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post #22 of 26 (permalink) Old 03-17-2008, 01:45 PM Thread Starter
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Quote:
Originally Posted by SmartDrug View Post
$3k in a savings account is fine for a very wet rainy day, everything else you have should be in some sort of interest accruing investment (2% is not interest accruing in my book).
That I don't agree with. I think you should have enough money to live on for 6 months in your savings account, the rest you can invest. The problem right now is the market is caca.

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post #23 of 26 (permalink) Old 03-17-2008, 01:45 PM
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i am talking about other aspects.

I know what your saying bro. It's not a big deal. What we are talking about isn't earthshattering information. thanks for lookin' out though

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post #24 of 26 (permalink) Old 03-17-2008, 01:48 PM
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Many of these Big banks are using the Fed rate as a benchmark....be prepared, tomorrow afternoon most savings rate will go down another 0.50 - 0.75% as the Fed squashes the rate.

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post #25 of 26 (permalink) Old 03-17-2008, 02:26 PM
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Quote:
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That I don't agree with. I think you should have enough money to live on for 6 months in your savings account, the rest you can invest. The problem right now is the market is caca.
I think having $20-40k in highly liquid assets is a good idea but there is a middle ground between having money in a bank and having money tied up in an IRA.

Even if the market is dying, if you have a smart FA, the futures market can yield some nice results and while not as liquid as money in a savings account, it's not far off.

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post #26 of 26 (permalink) Old 03-17-2008, 02:32 PM
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I agree with having six months liquid. You never know what is going to happen. Investments should be money that you will not need for at least five years.

Wow... banks stocks are getting hammered today. This Bear Sterns thing has everybody shitting bricks..
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