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Old 01-11-2015, 06:02 AM
 
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Savings accounts are not linked to bond rates at all. Savings accounts are linked to the fed funds rate and discount rate which are short term rates controlled by the fed. Bonds are longer term rates controlled by the worlds investors and their view based on fear ,greed and perception..

over the last 44 years they moved opposite each other as much as they did together.

ally bank has 2 year cd's at 1.29% and you can elect to renegotiate the rate if they rise, one time.
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Old 01-11-2015, 12:33 PM
 
Location: SoCal desert
8,093 posts, read 13,198,445 times
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Quote:
Originally Posted by RVD90277 View Post
I have some of these types of savings with ally bank. Their CD rates aren't the absolute best but I like their website and their rates are a lot better than my local banks.

As of today, CD rates are roughly:

1 yr: 1%
3 yrs: 1.5%
5 yrs: 2%
For another, here's Discoverbank rates ...
Savings Acct for Americans - Best Options-discoverbank.jpg
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Old 01-11-2015, 12:42 PM
 
12,690 posts, read 9,923,089 times
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Whatever you do, move the money to your main bank more than 2 months before you apply for a mortgage in order to make sure you "season" the money. Or put it into an account you can write checks on and don't move it at all, then just write the check at closing.
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Old 01-11-2015, 01:27 PM
 
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Quote:
Originally Posted by frankrj View Post
If you had a lump sum of $100,000 that is earning basically nada which was going to be used a down payment on a house where would you put it now to earn decent interest?

Also, factor in a 2008 scenario where small banks are closing down. I keep hearing it is a matter of time that banks fail again and the govt. cant' bail them out or our money with FDIC means nothing.
FWIW, say the acct. is at BMO Harris I thought I could get the 1% deal at BMO which would've been great since their banking system is much healthier than ours in case of a repeat or half-peat of 2008 financial crisis. But then CSR said that is for Canadians only.

Please no arguments about why a financial crisis won't happen. The topic is best savings rates.

Focus on alternatives that pay 1.25% or more. (not other countries unless its Canada)
Yes, I tried the biggies like BankRate but they don't find all of the FCU gems some locals know about.
If you truly believe that then your mattress is the only place you should put money because under the scenario you described, any bank can just disappear and your money go no where.
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Old 01-11-2015, 01:33 PM
eok
 
6,684 posts, read 3,157,017 times
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Originally Posted by Jeo123 View Post
If you truly believe that then your mattress is the only place you should put money because under the scenario you described, any bank can just disappear and your money go no where.
That doesn't help, because your mattress can disappear too. It can be a nightmare.
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Old 01-11-2015, 01:49 PM
eok
 
6,684 posts, read 3,157,017 times
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I opened a 1% savings account at Barclays US, but the window titles they use for the login name and password are the same as each other, which causes Keepass to not work there. All windows are supposed to have different titles than each other.

I have a 0.9% savings account at Discover Bank, but I also have a checking account there, and have been dismayed by the bugs they never fix. I keep getting messages telling me things like a particular function is not available and to try again later, and messages telling me I have no payees or no repeating payments, when I do have them but the bug makes them temporarily disappear. When I report the bugs, they don't give me any indication that they agree that they're bugs or that they plan to ever fix them.

I was going to open an account at Ally Bank, but I read some forums where people had all kinds of problems with them, such as having their accounts frozen by mistake, and being unable to contact the fraud department to get the mistake corrected.
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Old 01-12-2015, 06:59 AM
 
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I found some high yield credit unions at Connexus and Provident. The range is from 1.35 to 1.75 but balances are capped at $25k.
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Old 01-12-2015, 08:04 AM
 
2,303 posts, read 2,251,116 times
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Quote:
Originally Posted by frankrj View Post
I found some high yield credit unions at Connexus and Provident. The range is from 1.35 to 1.75 but balances are capped at $25k.
Provident was good when I used them before, but I got tired of jumping through hoops. Last time I used them, I had to make 10 debit card purchases and an ACH deposit or the rate went from 4.5% (this was a few years ago) to .10%

I wound up a debit card transactions short a few times and decided it wasn't worth it.
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Old 01-12-2015, 11:05 AM
 
741 posts, read 605,210 times
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Narrowing it down further to Able or Barclays.
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