Monday, October 8, 2007

Best Interest Rates

I was talking with a friend of mine last week about best places to park money. He has an ING account which pay 3.something percent. That's better than what your retail bank will pay, which is under 1% in most cases but you can do better.

I have some money stored away at It is paying 5.19% APY right now with no minimums and no fees. It was paying 5.41% APY until Ben B did his thing. Another good option is Zions Bank online which is paying 5.55% APY but you need a minimum of $50,000. And that is Zions as in Utah (Zion National Park) not the middle east. These are both FDIC insured money market accounts and not CDs meaning you are not locking the money in for any period of time.

Indymac and Countrywide are both paying around 5.40% for CDs and money markets. Since they are FDIC insured you won't lose money, but there is a chance they might go under...a slight chance but a chance nonetheless. In order to take ha risk, they'd have to pay me 6% to go over there. FDIC will cover your money but I need to be compensated for the pain in the ass portion of having to go get it.

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