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What's the best account to have for making money with a bank? |
What's the best account to have for making money with a bank? A No Account Althought if you're interested in playing banker, check out prosper.com Banks pay very little interest. You should buy a 2-3 year CD or invest in an IRA instead. Online banks have taken a lot of market share in the past year and a half because of their simple savings accounts. ING Direct was the first big bank, Emigrant Direct was next, and HSBC is the third in the trio. With no branches or overhead, they can pay a lot higher rates than normal banks. you can do a Google search for any of these. All are paying 5% or more and are FDIC insured. I use Emigrant Direct and ING. Real answer - none. Bank accounts are there to give you security in exchange for allowing the bank to use your money for lending it to other people at interest. They also give you a small cut of that interest, but it is pathetically small. If you use an account for what it is ment for - to secure your money in a safe place that is insured, then you will get what you want out of the arrangement. If you want to make money by having an account, forget it. The interest you make on your account is less than inflation. YOu are actually losing money if you don't touch it. Now, which account is best for not losing actual real numbers. A money market account, which was what I was taling about above, is commonly called a Savings account. It gives you access to most of your money quickly, and keeps it safe while giving you some interest. Again that interest is less than inflation, so it's not really making you anything. A checking acount is terrible because, in exchange for the convenience of writing checks, it costs you fees and usually doesn't give interest. CDs are better as far as interest goes, and you can make money, but you cannot remove your money for a period of time. From 1 year to 10 years and up. It really depends on if you need to keep it liquid (ie: make withdrawals when you want). Emigrant Direct and ING both have regular online savings accounts paying about 5%, which is great. And you can take your money when you want. If you just want to park if longterm, a CD is better. home.ingdirect.com ; emigrantdirect.com A bank CD |
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