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

just catching up to this thread, wow 60k sitting in cash? I thought I was bad with my stack of cash waiting to ship out to pay my taxes

Why don't u have ur money working for you better then ~5%, the stock market can do a lot better or find a business to invest in. A lot of investment companies could manage your money and do better then 5% without problem.

I've gotten fairly lucky but my father has done consistently over 10% annual return on the stock market for over 20 years.

I'm still old school I guess I prefer my money in my companies :P but now I have to manage what to do with the proceeds till the next great idea hits us.

Money management is a game of math, yes there was a point to it growing up that most americans miss out on.

My personal favorite solution is the average joe thats putting money into a savings account at say 3~5% interest at best meanwhile still paying minimum to small amounts on credit cards.

I personally hate debt so i still bother to pay off my car loans early even when they're only 6%. It's all a numbers and time gain, if you're going to go with a slow interest rate investment, look into something like triple exempt government bonds which make up for their rates with their tax savings.
 
wow so much info

Spoofee said:
HSBC is a member of FDIC and they are offering a savings account with 4.25% APY. There is no minimum and no monthly fees. Emmigrant Direct has raised their APY to 4.25% and ING Direct is fighting with the temporary 4.75%.

If you have money just sitting in your Checking account, let it grow here.

Savings Accounts ( Can Pull Out Money Anytime )
HSBC - 4.25% APY + $25 Bonus ( no minimum ) - 4.80% UNTIL 04/15/06 | enter promo code start to get $25.
ING Direct - 3.80% APY ( no minimum ) - 4.75% UNTIL 04/15/06
Emigrant Direct - 4.25% APY ( no minimum )
Umbrella Bank - 4.60% APY ( minimum of $1000 deposit )

Certificate of Deposit CD - ( Have to Keep Money In For A Certain Period )
If you don't mind committing to keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate.
3 Month - State Bank of India 4.89% ( minimum of $50k )
3 Month - Umbrella Bank 4.50% ( minimum of $1k )
6 month - State Bank of India 5.09% ( minimum of $50k )
6 month - Meadows Credit Union 5.01% ( minimum of $1k )
1 Year - State Bank of India 5.25% ( minimum of $50k )
1 Year - State Bank of India 5.15% ( no minimum )
3 Years - Pentagon Federal Credit Union 5.50% ( minimum of $1k )
5 Years - Pentagon Federal Credit Union 5.67% ( minimum of $1k )
Click to expand...
 
gutenberg said:
What about Capital One's Money Market and High Yield Money Market? They're never in the list, but seem to have competitive APYs with no minimums and no fees. Last I checked, they were at 4.25%
Click to expand...

I have a good amount in Capital One and love it! It's currently 4.25% as you've mentioned and it's growing rapidly. FDIC insured and it's a real (not internet only) bank. :bigok:
 
i love ING Direct.. just opened about a month..

i dont know why im just getting 4.0%, not 4.75%... :(
 
MrGovernator said:
i love ING Direct.. just opened about a month..

i dont know why im just getting 4.0%, not 4.75%... :(
Click to expand...

You should let them know about this.
But notice that in your statement, it will state

"monthly interest ... $$"
"Winter Save Up Sale Interest ... $$" (this shows the extra %)
 
does anyone know how to input the $25 code for HSBC? the link has no place to put it in.. =\
 
HSBC and PAYPAL

I signed up for HSBC back in January and have not been charged yet for any transfers out of my primary checking account at my local Credit Union. I signed up for the ATM card and have been able to take case out at any CIRRUS atm. I don't remember if there were charges for the transaction. I know my credit union does not charge me for using a foreign ATM card.

My paypal is how I manage my gas purchases. I get a cash back bonus on gas purchases. Every time I fill the tank for $31.50 I get .47 cents deposited. Currently the APR is 4.51% Transfers from my credit union to my paypal acct take 3 business days.
 
Be careful with Citibank and always read the small print:

"Citibank EZ Checking package is free of monthly maintenance fees and per-check fees with two or more qualifying electronic bill payments from, or a direct deposit to, a Regular checking account during the monthly statement period. Otherwise, when the $1,500 minimum combined balance requirement is not met, your package will be subject to a maintenance fee and a per-check fee. Qualifying electronic bill payments are individual or recurring bill payments that you make to a third party: by pre-authorized transfer; using Citibank Online; or using CitiPhone Banking® bill payment service. Staff-assisted bill payments are subject to a monthly maintenance charge of $4.95. Payments you make by check do not qualify. Charges for other account-related services apply."

Once again, for some odd reason, Spoofee has left out CapitalOne Money Market accout. Their rate is very competitive and it's a huge bank. "What's in your wallet?" :)
 
The promotion for the $25 for HSBC is not valid. I opened it recently and got crap. I called to see what happened and they said do not have that promotion going on this month. Damn-it. They couldn't do anything to credit me the money, so eh. I will just leave my money there for the month for the 4.8% and kick it back to my checking and just buy a 5+% CD with another bank.
 
I just called and they said the promotion ended Feb 3rd

I noticed the two small deposits into my linked account, looking forward of doing business with them.
 
Do you guys know what HSBC stands for?
it is the Hong Kong and Shanghai Banking Corporation

But can you guys guess which country it is actully based in? it's in the UK, more specifically London. Interesting huh?!

4.8% is fantastic!
 
i know that

and HSBC prints money too... interesting huh?!

22294206870041cq.jpg


22294206870077ys.jpg
 
Last edited:
Those rate are not that good.

I would put your money at Ford Interest Advantage.

You can find it here:

http://www.fordcredit.com/interestadvantage/index.jhtml

Code: 
For Week Beginning May 08, 2006
Amount Invested 	Ford Interest Advantage
                         Rate 	 Compound Yield
Up to $14,999 	         5.41%       5.55%
$15,000 to $49,999 	 5.56% 	     5.70%
$50,000 and Above 	 5.71% 	     5.86%
 
you are lucky that you still have that. it is the old money... you should keep it and it may worth alot in the future!!!:)
 
ford credit is not FDIC Insuranced. not good idea to invest your money.
 
Ford Interest Advantage

"Ford Interest Advantage is a program under which you can invest in unsecured senior debt obligations of Ford Motor Credit Company. It is not a money market mutual fund or a bank account and is not protected by the Federal Deposit Insurance Corporation or any other insurance. Since all funds are invested in the security of a single issuer (Ford Credit), investors will not have the diversification offered by money market mutual funds or the protection, including quality standards, provided by the Investment Company Act of 1940."
 
brianallen said:
Those rate are not that good.

I would put your money at Ford Interest Advantage.

You can find it here:

http://www.fordcredit.com/interestadvantage/index.jhtml
Click to expand...

First, the rates on these can float. They're only guaranteed to be at least the 7-day All-taxable average http://www.imoneynet.com/ plus .25%, so right now they only guarantee a rate of 4.49% (they have the option of raising the rate above that minimum, but that is all they guarantee).

Second, not only are these not FDIC-insured, these were rated by Moody as Ba2 and S&P as BB-. Looks pretty risky to me, and the prospectus even says they were recently downgraded. The bonds from Ford Motor Credit Company as well as GMAC are floating out there with yields of 8-9%, so you might want to think about that route if you like those bond ratings.
 
Last edited:
did you know FORD stands for Fix Or Repair Daily...

Interesting, huh?!
 
You must log in or register to reply here.
Back
Top