Smaller bank with more interest on savings (paying, rate, deposit)

[rlrl]

today i met with a financial planner because i came into some $$. i told him i had some $$ in a Bank Of America basic savings acct and he guujess i was not getting enough interest on it (.05%)

he suggested i put some $$ into a smaller less commercial bank which will yield me more interest

can anyone name some such banks in the NY City area, more specifically Riverdale Bronx, NY zip code 10471

Amalgamated Bank maybe?

[msdmoney]

Originally Posted by rlrl

today i met with a financial planner because i came into some $$. i told him i had some $$ in a Bank Of America basic savings acct and he guujess i was not getting enough interest on it (.05%)

he suggested i put some $$ into a smaller less commercial bank which will yield me more interest

can anyone name some such banks in the NY City area, more specifically Riverdale Bronx, NY zip code 10471

Amalgamated Bank maybe?

I don't know of local New York banks, but I keep my savings in an Ally savings account (online) which has a 1% interest rate. There are a few other banks (Ing Direct I think) that give a relatively good interest rates on savings accounts. Just keep in mind, the feds policy to push interest rates as low as possible has resulted in terrible interest rates on savings accounts, punishing savers.

[lifelongMOgal]

Any bank yield will be very small.The more you have on deposite the better the rate; though,at 1% you are still not keeping up with the rate of inflation and are experiencing a negative savings rate. You might consider placing a small portion in a fairly stable stock or stocks paying a dividend of over 3%

http://www.gobankingrates.com/saving...nks/?zip=10471

[Texas User]

Why not use an online bank?

I use Smartypig and get 1.10% APY.

There are some checking account that give over 4% with restrictions.

[mathjak107]

Originally Posted by rlrl

today i met with a financial planner because i came into some $$. i told him i had some $$ in a Bank Of America basic savings acct and he guujess i was not getting enough interest on it (.05%)

he suggested i put some $$ into a smaller less commercial bank which will yield me more interest

can anyone name some such banks in the NY City area, more specifically Riverdale Bronx, NY zip code 10471

Amalgamated Bank maybe?

to be honest any financial planner that counts cash as an investment and needs to try to maximize every penny and go scrounging around for another 1% is putting a poor plan in place.

a good plan functions very well with a cash position having the cash tempering the volatility of the investments that should be running with the ball.

in my opinion any plan that needs to look for another 1% on cash to make it work isnt a good plan.

a have had as much as 25% in cash at near zero and the plan still generated the same 9% plus as a 100% equity investment long term. do you really thing getting another 1% will beat a 100% equity investment long term? of course not.

it really is a misconception that every penny has to be generating something. thats only true if their is little or no investing in anything with higher long term returns.

markets are big peaks and low valleys in the swings. the returns long term average out somewhere in between.

the smart plan takes the road as direct to that same middle point as it can without swinging up and down and many times that is done by utilizing a cash position as a tempering tool and money for buying in drops.

whether you get zero or 1% on your cash really isnt going to mean a thing long term.. instead of spending time researching banks paying a tad more invest that time in learning more about good portfolio creation.

[jtur88]

There is no advantage in having your savings in a local bank. Go online to a site like bankrate.com. Anyone listed there is reliable and you can bank from a distance, since your money will be tied up for a term anyway.

[mathjak107]

THERE SURE IS..... many times as we saw after 9/11 here in nyc the atm's and credit card machines were all down.only place to get money to live was by stopping into your local bank. many people leave so little in a checking account they can get caught short .