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imcurious, keep in mind that if the local bank were to fail, there also wouldn't be much pressure from the nearby community for overall fairness for hashing things out. A little easier to get "lost in the shuffle" and they know it.
I wouldn't be too adamant about getting rates, given the banking climate. (or is that 'era'?) Actually I recently asked my local brick and mortar about interest, Fifth Third, and the rates that they weren't too thrilled to quote went into the .00x % range if you can believe that. Ridiculous. And I wouln't take too much stock in FDIC, they are headed into the red from what I understand.
You might want to try Moody's ( "financial institutions" on the site - they may ask you to sign up for a new account) or get a rating elsewhere. I would.
If you really want safety, put some funds into physical metals, like silver. I think it has more of a utility value than gold.
When do you plan to buy the house? I've always heard over and over again that money you will need in the next 5 yrs should not be in the stock market.
I have an online savings account with HSBC. The rate is 1.11 right now. Not the best but a whole lot higher than a regular savings account at a physical bank.
4 years out. If I save 500 a month over 4 years, which is entirely possible if I just don't see it and think about it, and add in those tax returns I get yearly, I'll be at 30,000, which would cover the downpayment of 150,000 on the house. My goal is to get the house by the time I'm 30, which would be November 13, 2014.
what a birthday gift. have your own place by 30. still debating if i want a house or a townhome. it would just be me at the moment.
The hardest thing about saving money or losing weight, is the influence of other people. If you lived in a vacuum and you could make all your financial or dietary decisions, it would be easy. But you have friends and family that have expectations of you, and influence everything you do.
The most difficult place to re-make yourself is in front of other people. It's a public admission of the defects in "the old you", which is very hard to do.
Try taking a 30-day holiday from all discretionary spending. Buy absolutely nothing except what you need. The basic groceries for a survival diet, and the minimum necessary transportation costs, and anything that is required to keep your job. Nothing else. See how long you can go without making a personal phone call, to prove to yourself that you don't really need a cellphone. Carry only as much cash as you need for what you intend to buy, and no checks or credit cards. When was the last time you needed to spend money "in an emergency"? Stash some money in the car, under the jack, just in case.
Put a jar on your dresser, and every time you think you might have spent money but didn't, put that money in the jar. At the end of the month, count the money and see how good it makes you feel to know that it's still yours.
4 years out. If I save 500 a month over 4 years, which is entirely possible if I just don't see it and think about it, and add in those tax returns I get yearly, I'll be at 30,000, which would cover the downpayment of 150,000 on the house. My goal is to get the house by the time I'm 30, which would be November 13, 2014.
what a birthday gift. have your own place by 30. still debating if i want a house or a townhome. it would just be me at the moment.
In this case -- you don't want to put it into the market. I'd go with CDs. You get a little more interest and you lock in a higher rate. (Which is funny -- I can remember when rates were 5-9%...) Your best bet -- find one that you can add to on a regular basis. We had those back when I worked in banking, but they weren't popular. But on occasion I hear about them... so I think they are still around.
If you decide to use CDs -- also ask your bank what the escheatment dates are -- you don't want to forget the money, and if you leave it just collecting interest, with no contact with the bank or no transactions other than interest, it will escheat to the state -- and you can get it back -- but it will be a hassle.
I don't even want to see it. I want it to accumulate in some account somewhere and build. 500 a month I want to do this with. I don't want to do it with my regular bank account because I'll see the money, I want to do it with a completely different institution.
My question is where would you put this money. Specifically where. I know savings, but where can I get the best rates, where have you guys had the most success, etc.
Thanks.
I use capital one online. 1.34%. That is pretty good relatively speaking. It'll be one of the highest if all the other boats rise as well. I transfer money online and never transfer it out for anything.
I'd ask your employer if you can have part of you paycheck deposited in a separate account in a credit union or bank. Just skimming a few hundred $$ a month will add up.
you can split it up in diff accounts. im thinking smartypig might be the best bet at 1.75.
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