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

[xcheck]

How does one determine the solvency of these banks to make sure they are not going to go under in the current credit crisis? Is there a rating for their health status?

Check the bank's provision for loan loss. It should be at 10%.

If they are at 3 or maybe 4% or lower, run for the hills.

 

[jim6627]

Would someone please be able to tell me why ING is no longer listed on this list? Any ideas?

 

[shirleyuguest]

Compounding Time (e.g. daily? monthly?)

Thanks, for the Spoofee update of this topic. I was worried about the compounding rates/times, but found out that they basically don't matter; the APY is a true comparison.
http://www.mymoneyblog.com/archives/2005/09/interest_compou.html

 

[whttgr]

Anyone have any experience with Charles Schwab?

Just got a thing in the mail from them offering "High Yield Investor Checking" @ 3.0 % APY

-no minimum balance
-no service charge
-no ATM fees (refund other bank's fees "worldwide")
-free online bill pay

I think they require you to get an online brokerage account but they say it is also no minimum, no annual fee and no "requirement to fund" the account.

All sounds pretty good, but I'm a little skeptical. Anyone have any input?

 

[druvans]

I think the IR is 1.75 not 3.0

http://www.schwab.com/public/schwab/banking_lending/checking

Is this a fixed interest rate on the High Yield Investor Checking account or will it change?
Schwab Bank High Yield Investor Checking™ is a variable rate checking account so the rate will fluctuate with market conditions. This does not change the superior value that this account offers relative to other checking accounts in the market.

 

[elgrangus]

Anyone have any experience with Charles Schwab?

Just got a thing in the mail from them offering "High Yield Investor Checking" @ 3.0 % APY

-no minimum balance
-no service charge
-no ATM fees (refund other bank's fees "worldwide")
-free online bill pay

I think they require you to get an online brokerage account but they say it is also no minimum, no annual fee and no "requirement to fund" the account.

All sounds pretty good, but I'm a little skeptical. Anyone have any input?

I'm getting 3.75% at OneUnited.com

 

[captainjrl]

I'm getting 3.75% at OneUnited.com

This is where my money is at right now.

 

[whttgr]

OneUnited is just a savings account though. I'm looking for checking account like online bill pay and free ATM withdrawls but still have relatively good interest.

 

[SuperTightWad]

http://www.bloomberg.com/apps/news?pid=20601087&sid=axHG.5Dvl3P4&refer=home

Money-Market Fund Yields May Fall to Less Than Zero, Crane Says
By Christopher Condon

Dec. 10 (Bloomberg) -- Investors in money-market mutual funds that focus on U.S. Treasuries may lose money for the first time if the Federal Reserve cuts interest rates next week and yields become too small to cover expenses.

...