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Mon 5 Feb, 2007 02:37 pm
I had some dough that was just sitting in a savings account gaining about 1% interest each year, so I decided to move it to a higher-yield account. I moved it into a money market account, which is currently yielding about 4.5%.
I talked to an investment guy at the bank, and he told me that if I wanted this money to be available to me if I need it for something else on short notice (which I do), then a money market account is the best way to go.
I know there are money market accounts that have higher yields than the one I now have, but I was wondering if anyone else had any ideas on accounts or investments with higher interest rates that I might look into. Either that or some kind of confirmation that the money market is the way to go in my situation would be greatly appreciated.
Thank you in advance for any wisdom, knowledge, or information that you might want to impart.
I would be very interested in having your money.
In fact, my proven , RELIABLE interest rate is close to 100%.
And once I have your money, you will never have to worry about me losing interest. EVER .
just thought you would want to know that.
The guy you talked to at the bank seems to be giving you the straight scoop. I don't know of any other investment vehicle that gives you the ability to "cash out" as quickly as a Money Market account.
Cool. Thanks, Fishin.
And shewolf, I'm sure you would be a great investment. Seriously. If I had any knowledge or interest at all in venture capital investing, I'd financially back any business you wanted to start in a heartbeat.
Here's a listing of Money Market rates in the metro NYC area.
Rates It looks like the 4.5% offered is in the mid-range for your area. You can sort the listing by 'Rate after intro' to see the highest offers. Look to see if you are offered check writing, if that's important to you.
I agree - a money market account will yield you more than a savings account and is quite safe as most invest in high grade short term commercial paper and other high grade short term securities. You can even write checks directly off them - however make sure you do read what is the minimum amount to write a check with - usually there is - my husband didn't know this and wrote out a small check. They did cash it and accept it, however, they do not have to. There can also be some restrictions to the amount of checks you write.
You can however, take out money whenever you like and it is usually available to you within 24 hours. Another option is an ING savings account which is currently yielding 4.5%. They can offer a much higher interest rate as they do not have any offices - it is all done over the phone or internet so low overhead.
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