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  #1  
Old 07-03-2008, 11:43 AM
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best savings account

What is the best way to save money in a high intrest account. I;m not too savvy about IRA's, 401k, Cd's and the such. I alread y have a 401k, but I want something else to save money and accrue intrest. Unfortunatley my bank charges more a month than the acct can make, so in effect, I am losing money. Lets hear from you money gurus.

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  #2  
Old 07-03-2008, 11:45 AM
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  #3  
Old 07-03-2008, 11:46 AM
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You didn't mention how much $$'s - Look at ING and/or HSBC Direct Savings Accounts Both offer no fee +3.xx % saving accounts if you want to save but still have access to your dough in an emergency. IRA and such are good too if you want limited access and it fits your current earning and tax savings criteria.
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  #4  
Old 07-03-2008, 11:48 AM
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If you invest money into equities (the stock market) long term, the growth can be dramatic over the years. You never have to pay any taxes on that growth until you sell the stock. That's a pretty good deal.

Right now you may find some goo deals there. I've been watching GE for a long time. It had recently hit a price point it hasn't been at for years. You'd have to look VERY hard to find a better investment than GE. It also pays dividends. Not too shabby!

Good luck!
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  #5  
Old 07-03-2008, 11:50 AM
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Depends on what "high interest" means to you. If thats 3-4% and you're looking for a taxable passbook savings account then check out ING Direct or Emmigrant Bank.

If you dont need the money until age 59.5 a personal IRA or Roth IRA might be a better choice. Your age an income level would determine which would be better.
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  #6  
Old 07-03-2008, 11:55 AM
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Quote:
Originally Posted by Dee8go View Post
If you invest money into equities (the stock market) long term, the growth can be dramatic over the years. You never have to pay any taxes on that growth until you sell the stock. That's a pretty good deal.

Right now you may find some goo deals there. I've been watching GE for a long time. It had recently hit a price point it hasn't been at for years. You'd have to look VERY hard to find a better investment than GE. It also pays dividends. Not too shabby!

Good luck!
This hasn't been a good week to talk stock market
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  #7  
Old 07-03-2008, 11:56 AM
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I have a Roth IRA, and my wife is looking to invest some of her income now as well. We are looking at money market accounts -- 3% +/- depending on your bank choice. I don't think that's too bad for funds that you want to keep accessible, but I am not real investment-savvy. I am interested in what others offer and will be keeping an eye on this thread!

BTW, that reminds me: is anyone else concerned about the talk of an impending capital gains tax increase as you-know-who has made reference to? I may be jumping the gun here, but that bothers me. We live well below our means now so we can invest in order to live well after retirement, but I am concerned that my interest may be hit hard eventually. If that is the case, what is the incentive for making good fiscal decisions earlier in life? I worked a long time to become debt-free, and I would like to think that investing as I do will reap rewards in the future. Perhaps (hopefully) I have just read the accounts of possible tax increases incorrectly.
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  #8  
Old 07-03-2008, 11:58 AM
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There are ALWAYS good tings to buy. Usually, it's when everybody else is running the other way. The stock market as a whole is just like individuals. When it is running scared, it ALWAYS over reacts. That's when you can find good deals if you're looking.

Almost all of my best investments have been made at times like this. I'm not just blowing smoke.
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  #9  
Old 07-03-2008, 11:59 AM
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well I have a 401k for now for retirement, but I need a savings account for stuff that i want to buy with cash and just a general savings. I already have an account that I can't touch, but I do need a savings that is tangible when I need it. Would that kind of need just qualify for just a regular savings account through my bank?
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  #10  
Old 07-03-2008, 12:06 PM
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You are going to have to look at any fees and the interest rate your bank is offering. Here is HSBC link - you can compare the two.
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  #11  
Old 07-03-2008, 12:07 PM
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You can also buy CDs that pay better interest. If you divide your available funds by some number 2, 3, 6, whatever into that many equal amounts, you can buy a CD at intervals of that many months. It's called "laddering" and is often done with bonds to even out the effects of price fluctuations. That way all of your eggs aren't in one basket. Also, your money is more readily available than if you put it all into one CD.
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1998 Lincoln Continental - Sold
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Orgasmatron - 2006 CLS500 90,000 miles
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  #12  
Old 07-03-2008, 12:12 PM
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Also,I know I should save as much of my paycheck as I can, but haow much percentage of one paycheck is pretty respectable to contribute to savings? Say 10%?
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  #13  
Old 07-03-2008, 01:24 PM
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Quote:
Originally Posted by E150GT View Post
Also,I know I should save as much of my paycheck as I can, but haow much percentage of one paycheck is pretty respectable to contribute to savings? Say 10%?
If you can swing 10% that's downright respectable. I have 8% directed to my 401k, which is actually a tad bit high for my budget, only because the company matches it up to 8%. I'd hate to leave money on the table considering the long-term compounding implications.

My credit union's savings rates are fairly piddly but there hasn't been much extra due to our expedited debt reduction plan. Once it's gone in a few more months I'll have to pay it more attention.
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  #14  
Old 07-03-2008, 02:13 PM
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Originally Posted by SwampYankee View Post
If you can swing 10% that's downright respectable. I have 8% directed to my 401k, which is actually a tad bit high for my budget, only because the company matches it up to 8%. I'd hate to leave money on the table considering the long-term compounding implications.

My credit union's savings rates are fairly piddly but there hasn't been much extra due to our expedited debt reduction plan. Once it's gone in a few more months I'll have to pay it more attention.
I already contribute 6% to my 401k.(company match) I am glad to say I only have about say 400 dollars or so in debt right now and I plan to keep it that way. I just have been floating through life spending everything I earn and living paycheck to paycheck. It makes me sick to think how much money I have made in the past three years, and have 0 dollars in savings right now.
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  #15  
Old 07-03-2008, 02:20 PM
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I have Etrade's savings account and I like it. There are no fees and the interest rate is very generous, currently about 3% and it was over 5% before the Fed started cutting the rate. Plus it's FDIC insured which can't be said of stocks or even money market accounts as far as I know.

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