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Money Market Acct or Savings??

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KPtoys
I'm getting old

Member since 5/05

8688 total posts

Name:
Karen

Money Market Acct or Savings??

Im clueless. I have some money I need to tuck away but keep handy. I just read something that said a Money Market is the way to go. Thoughts?

Message edited 6/9/2008 11:25:22 PM.

Posted 6/9/08 11:25 PM
 
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ave1024
I Took The Wrong Road

Member since 12/07

6151 total posts

Name:
That Led To The Wrong Tendencies

Re: Money Market Acct or Savings??

There really isn't any difference if they are both FDIC insured.

Money Markets tend to have higher interest rates, but sometimes a bank will simply name their highest interest bearing account a "savings" account.

I like Countrywide Bank Savingslink if you have over 10k. Totally liquid account. You can do free overnight ACH transfers to any bank. FDIC Insured. Currently 3.75% if you have 10k minimum balance.

Posted 6/10/08 12:13 AM
 

greenybeans
:)

Member since 8/06

6435 total posts

Name:

Re: Money Market Acct or Savings??

Money Market is the way to go, but they have minimum balances. My bank is $2500.00. They also have tiers, so the more money you have the more you will earn.

Posted 6/10/08 7:36 AM
 

ali120206
2 Boys

Member since 7/06

17665 total posts

Name:

Re: Money Market Acct or Savings??

You might want to look into a high yield savings account - like from ING Direct or another internet bank.

They have a higher interest rate than a bank savings account and don't require the high minimum balance that money markets often do (this is what we do).

Posted 6/10/08 8:03 AM
 

Candy Girl
Candy girl- you are so sweet!

Member since 11/07

6349 total posts

Name:
erin

Re: Money Market Acct or Savings??

My e*trade savings has a 5% interest with no minimum balance--well, $1.00 minimum...I love it.

Posted 6/10/08 8:56 AM
 

KPtoys
I'm getting old

Member since 5/05

8688 total posts

Name:
Karen

Re: Money Market Acct or Savings??

Posted by Snickers

My e*trade savings has a 5% interest with no minimum balance--well, $1.00 minimum...I love it.



i like that!

Posted 6/10/08 9:42 AM
 

JerseyMamaOf3
Boo!

Member since 6/05

15144 total posts

Name:

Re: Money Market Acct or Savings??

We have a high yield money market. You can only have 6 transaction out of the account each money which is a federal law. So if you do more than 6 each month then you might want to set up 2 seperate accounts if you got that route. I learned that the hard wayChat Icon

Posted 6/10/08 9:47 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

6151 total posts

Name:
That Led To The Wrong Tendencies

Re: Money Market Acct or Savings??

Posted by Snickers

My e*trade savings has a 5% interest with no minimum balance--well, $1.00 minimum...I love it.




Do you have a link that posts this 5% interest?

Their current interest rate is 3.15% right now on what they call their "max" savings account.

Link

Posted 6/10/08 9:51 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

6151 total posts

Name:
That Led To The Wrong Tendencies

Re: Money Market Acct or Savings??

If you are a heavy debit card user, the best thing to do is open one of those 6% reward checking accounts out there. They will give you 6% if you can make 10-12 debit/credit transactions a month, plus one direct deposit, and get your statements electronically.

Those are the best deals IMO. I have one of these accounts and I just make all my little purchases on the debit now to meet the requirements (like CVS, Starbucks, etc).

Posted 6/10/08 9:53 AM
 

Candy Girl
Candy girl- you are so sweet!

Member since 11/07

6349 total posts

Name:
erin

Re: Money Market Acct or Savings??

Posted by ave1024

Posted by Snickers

My e*trade savings has a 5% interest with no minimum balance--well, $1.00 minimum...I love it.




Do you have a link that posts this 5% interest?

Their current interest rate is 3.15% right now on what they call their "max" savings account.

Link



I just called e*trade and i started w/ a 4.99% interest rate (2 years ago) and now I have a 3.10% interest rate. I am trying to find out why...on hold...

any ideas? perhaps an introductory rate?

Posted 6/10/08 11:42 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Money Market Acct or Savings??

Posted by Snickers

Posted by ave1024

Posted by Snickers

My e*trade savings has a 5% interest with no minimum balance--well, $1.00 minimum...I love it.




Do you have a link that posts this 5% interest?

Their current interest rate is 3.15% right now on what they call their "max" savings account.

Link



I just called e*trade and i started w/ a 4.99% interest rate (2 years ago) and now I have a 3.10% interest rate. I am trying to find out why...on hold...

any ideas? perhaps an introductory rate?



yes, because the fed has slashed interest rates over the last 2 years. I believe my high yield rate at Citibank is about the same.

Posted 6/10/08 11:50 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

6151 total posts

Name:
That Led To The Wrong Tendencies

Re: Money Market Acct or Savings??

Posted by Snickers

I just called e*trade and i started w/ a 4.99% interest rate (2 years ago) and now I have a 3.10% interest rate. I am trying to find out why...on hold...

any ideas? perhaps an introductory rate?




They have probably been lowering your interest rate since last October (when they started rate cuts) and you didn't even realize all this time you are making less interest.

In October my Countrywide was paying 5.5%. Now its down to 3.75%. Still competitive though compared to other banks like E-Trade and ING.

Posted 6/10/08 11:53 AM
 

Candy Girl
Candy girl- you are so sweet!

Member since 11/07

6349 total posts

Name:
erin

Re: Money Market Acct or Savings??

Posted by ave1024

Posted by Snickers

I just called e*trade and i started w/ a 4.99% interest rate (2 years ago) and now I have a 3.10% interest rate. I am trying to find out why...on hold...

any ideas? perhaps an introductory rate?




They have probably been lowering your interest rate since last October (when they started rate cuts) and you didn't even realize all this time you are making less interest.

In October my Countrywide was paying 5.5%. Now its down to 3.75%. Still competitive though compared to other banks like E-Trade and ING.



I was told it went down in March '08.

Posted 6/10/08 1:42 PM
 

ali120206
2 Boys

Member since 7/06

17665 total posts

Name:

Re: Money Market Acct or Savings??

Posted by Snickers

Posted by ave1024

Posted by Snickers

I just called e*trade and i started w/ a 4.99% interest rate (2 years ago) and now I have a 3.10% interest rate. I am trying to find out why...on hold...

any ideas? perhaps an introductory rate?




They have probably been lowering your interest rate since last October (when they started rate cuts) and you didn't even realize all this time you are making less interest.

In October my Countrywide was paying 5.5%. Now its down to 3.75%. Still competitive though compared to other banks like E-Trade and ING.



I was told it went down in March '08.



That's probably the date of your last change (the interest rate on my ING account went down 2x in March).

Posted 6/10/08 2:50 PM
 
 

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