This is for my finance Folks. I need some help on figuring out where I should keep my money. I have three possible savings accounts which I can keep my money. All have different interest rates and i need to know which is the best.\n\nBank A - \n.33% interest a month\n\nBank B - \n1.25% interest a quarter\n\nBank C - \n3.3% Annual Percentage Yield (APY)\n(i don't really know why apy is different)\n\nIs there a way to break each of these down to to a per month basis like Wachovia. I'm pretty sure it's not as simple as multiplying or dividing the percentage since it's compounding. \nWhich bank is best and why?
206322
Bank B is better no matter how it's compounded.
337895
Odd-Lot stores, Job-Lot stores, 99cent stores, Salvation army stores, Thrift shop, Loot magazine, Craig's list, garage sales, fleet markets...neighbors moving out sales...\n\nand $500 Certficates of deposit bought at the bank every month...one year duration...and renewed at the end of the year. When the year end rolls around and the first comes due...add it to the $500 you use to purchase your CD's and make it $1000 and purchase a new $1000 CD. At the end of five years you will be so used to putting money away it would have become as natural to you as breathing...and it won't even dawn on you that $2500 is available to you at the end of each month. That is called paying yourself. And is independent of your Keogh, Roth IRA's, 401k's and social security money or anything resembling an annuity. It is all these things rolled into one and the emotional satisfaction of the discipline and the fact that you control exactly the money you put away...cannot be beat by anything a broker could swindle you...er...convince you into investing.\nNow that's frugality in my book.\n\nOh, yes...I have no credit cards either. Debit cards take their place. Can only spend what I have. Erma Bombeck is to others what Suzie Ormon is to the frugal.
647593
My and my fi have ours like this\nJoint Checking- bills\nJoint Saving- for our wedding and house repairs.\nHe has another checking\nand I have another saving account.\nBoth of us put 75-85% of what we make in the joint account.\n\nI don't think it really matters if it's a checking or saving but you should have a little money put aside for you.  \nI had friends who just went to see a $ planner and he told them the same thing.  It helps you save and spend wisely plus gives you a little Independence.
202998
I heard if you put 1 mil in a savings account, you get a much higher interest rate, like 10%.  So I would put it in the bank and live off the interest.
300964
I will give you the best advice ever.\n\nGo check out http://www.emigrantdirect.com They are a savings account that you can access online. Usually in banks, you need to put your money into a CD for at least 1 million dollars to get the APY that emigrant direct gives you. There are no fees, no penality, and no minimum savings. You can put whatever amount you want into emigrant, and you will gain this amazing APY. \n\nI bet if you ask anybody about emigrant, they will only tell you good things about it. It is one of the best Savings account out there. You can transfer the funds from emigrant to your checking anytime and anywhere, without ANY fees.\n\nI really suggest you check it out.
295150
Since the interest that you pay on your "Owner Occupied" home is tax deductable (even 2nd mortgages and Home Equity Lines of credit) where investment properties (Non-Owner Occupied) interest is not, I personally think it would be better to use the equity in your current home to put money down on an investment property. Plus, putting money down on the investment propertey will most likely lower your interest rate.\nBUT, with all that being said, I don't know full details of your financial situation and strongly suggest going to your financial planner for further information. If you don't have a financial planner, I know that Ameriprise Financial Advisors is a fantastic, safe company to deal with (formerly American Express Financial Advisors until they broke away from them last October). \nAnyway, best of luck with all this.
455356
Not sure where these other clowns are getting their information, but allow me to clarify some information:\n1.  Check to see what types of investments you are being placed into.  If it is a managed stock and bond portfolio (not mutual funds, annuities or insurance anything), 1.9% is certainly a fair fee so long as it includes market trades, and expert manager (with a track record) another expert looking at the economics, and the ability to have tax flexibility.  While 1.9% sounds expensive, mutual funds (yes even vanguard), including transaction costs can run from 1.25%-3% no matter how much money you have invested with them not to mention some even carry added commissions! (see www.personalfund.com).  Annuities are mutual funds plus insurance so add another .75-1.5% to the underlying funds on personalfund.com and you will see that most people are paying about 3.5% to have their money managed through annuites.  Typically with fee based planners as your assets go up in value so does the dollar amount of their fee, but the actual percentage goes down, which is not the case with mutual funds, not even vanguard.\nManaged stock accounts do allow you to control taxes much better than mutual funds as well.  Don't forget that the financial planner wants to see your fee go up in dollars, if is based on a percentage, then as your account grows, so will his fee.  If it continues to grow the percentage will drop, but the fee will continue to grow.\nSee if your financial planner is actually a financial planner.  If he doesn't have the letters CFP somewhere after his/her name, he ain't a planner.  But being a CFP doesn't mean squat if they aren't adding value (reducing taxes and risk while increasing returns and goals).  He should be meeting or willing to meet with your CPA and attorney.\n1.9% is high if you are investing in bonds, money market, savings accounts, or something that is guaranteed to pay a certain amount. 1.9% doesn't mean squat to someone who has annualized returns net of fees of 15% for the past 10 years with less risk than the S&P500, that is powerful money making.  If they aren't getting the returns and you have time to do it yourself, then you can find cheaper, but not necessarily better.\nBe cautious.  I have heard of some "advisors/planners" who charge an annual wealth manager fee and say their products don't make them any money, but then put clients in "safe-guaranteed" investments that don't charge commission when in reality they are annuities that pay 10-14% to the broker and the client is told they are free.
50065
Get one that makes you pay in full every month (like American Express.) And use it only if you can pay it off every month. Otherwise it is a black hole that will suck your financial house dry. You absolutely must set limits for yourself. People get in $30,000 to $100,000  without even noticing. And don't fall for the transfer for 0% scheme. The first time you are 1 day late the rates go to the maximum (over 25%).When you buy on credit you pay more for what you are buying. Why pay more?\nTo establish good credit have no more than 2 credit accounts, never ever be late with a payment, and pay off as soon as possible (not the minimum payment--you'll be a slave to it for the rest of your life). If you do that it makes sense to have credit so you have a good credit rating for big purchases like a car or house that you cannot pay in cash. But the less you spend on credit the more you have to spend without all the interest--or better yet, talk to a financial counsellor or just save in an interest free retirement or investment account. No matter what your age.
355546
Paul J is right. 25% is the way to go, and remember to put that 25% into your piggy bank as the FIRST THING you do with your money, when you get it.\n\nIn addition to that, I never spend my change. When I buy something, I only use bills to pay with, and just put the change in my pocket. At the end of the day, when I get home, I take all that spare change and throw it in a box. Next day, when I have to buy something, I only use bills to pay... etc. In no time, you'll find that all that spare change adds up to some real money. In an emergency, you can take it to the bank and cash it in for paper.\n\nI'm so proud of you for starting to think about saving, at your age. I didn't start saving until I was almost 40. Worse than that, I was in debt up to my ears, because of credit cards! It took me forever to get out from under that crushing load of debt, but I've learned my lesson. Never again!! If I can't pay for something with the cash in my pocket, I do without. And I NEVER touch my savings, except to count it and rub my hands together in glee.
379831
Often called a Option Arm loan they have upsides and down sides. \n\nYou get a loan with a start rate around 1-2%\n\nLets use 1.25% for an example. This isn't your ARP it's just a rate used to calculate your starting minimum payment.\n\nOn $200,000 with a start rate of 1.25% your minimum payment would be \n\nMin Mon Pmt\n1st Year$666.50 \n2nd Year$716.49 \n3rd Year$770.22 \n4th Year$827.99 \n5th Year$890.09 \n\nOther Payment Options\nInterest Only$1,213.67 \n30 Year$1,368.70 \n15 Year$1,829.34 \n\nEach month you can select whatever payment you want from the minimum payment to the whole loan amount. These are usually 5 year loans.\n\nThe catch.\n\nThe interest rate is variable. It's tied to an index. Usually MTA or COFI. If you have a choice pick MTA. It doesn't move as fast up or down so if the economy changes you interest doesn't jump as fast.  The other figure that determines your interest rate is the margin. This is the amount added to the current index figure each month to come up with the rate you will be charged for your mortgage. The MTA has been around 4 - 4.5 all year. With a margin of 2.5 - 3 on average that would put your actual interest rate around 7%.\n\nSo your mortgage balance actually goes up every month. But so does the value of your house. Depending on what loan to value you started at this can be an ok thing.\n\nThe benefits\n\nYou can pick the lower payment use the money to invest in something or pay off other debt with higher interest and come out ahead. \n\nIn 3 years when the minimum payment starts getting higher you can always refi back down to the 1.25% start rate again. At this time you will pay off all the defered interest and that year you will take a huge tax break.\n\nIf you do invest the extra money for retirement or college savings for your kids you can still right off the defered interest. And build a nest egg for later.
613468
You should open a credit union share draft savings account.  Credit unions are non-profit so you will get the maximum return on your investment, the bank will not be pulling profit out of the system.  \n\nAlso people with credit union accounts are actually lending money to people who take out mortgages and loans and credit cards and even payday loans from the credit union, which is quite lucrative!  All that plus a profit-neutral middleman.  It's the best place to keep your savings.  It's where I keep mine.\n\nFinally, credit union accounts and contracts have more favorable legal terms than commercial banks.  For example most banks require that you sign a "liability waiver" or "binding pre-dispute arbitration clause" which basically means that if they do illegal things to you or your money, then you can't take them to court or they can counter-sue you for millions.  Credit unions usually don't do that sort of nasty thing.
459550
It may be difficult to provide you with a more detailed answer based on the limited info given. Normally, you would shop around for lower rates at a financial institution, take out a loan for the total balance due on all your higher interest rate loans, and be left with one payment with a lower interest rate. In a sense, you would be saving money as compared to your current situation, but any interest rate charged for a loan is a cost. \n\n"Nothing in life is free ;-) "
670906
It is already been pointed out that the 4.23% is an annual rate.  Banks compound interest daily using the annual rate divided by 360.  This means that if you put $20,000 in the bank for a year, you should have:\n\n$20,000 * (1+.0423/360)^365 = $20,867.36\n\nat the end of the year.  That averages out to $73.03 per month (though it is less in the early months and more in the later months).
568591
Alright...  I'm kinda confused with all your info but...\n\nN = 60  (5*12)\nI = ??\nPV = 19,000  ($22,000 - $3000 down payment)\nPMT = -350 (negative because you need opposite signs)\nFV = 0  (so it paid off in 60 months)\nP/Y = 12  (periods per year)\n\nI think interest is what you are looking for.  Which is approx. 4.01% when the above is solved.  4% is a REALLY good rate for right now but the current average for new car loans is about 5-10% depending on your credit.  4% is possible from a promotional standpoint.  I'm not sure why you are trying to find the future value of your down payment in the second set of information.  Basically, the information I typed aboves means that if you take a loan out for $19000 and pay $350 per month for 5 years, it would be paid off, using 4.01%.  \n\nThe PV of the car is what you are taking the loan out for.\n\nYou would only want to take a loan out for a down payment IF the interest rate is better than the interest rate of the car loan, which is unlikely.  \n\nI recommend paying as much of a down payment as possible and make as large of monthly payments as possible.  Make sure that when you make payment above the $350, that you state that it is for Principle Only, this way your loan will get paid off faster and you will pay less interest.\n\nHopefully this makes sense... let me know if I've confused you.
521827
Seriously, where to put your money depends very much first on how much money you have in the first place and then what kind of investment objective you have.\n\nIf you have a very large fund and your objective is stability and protection without regards to short term cashflow issues, you may want to keep your money in government bonds and Floating Rate Bonds. A good mix of these will allow you to hedge against interest rate risk involved in government bonds and give you the stability of bonds.\n\nIf you have a very large fund and your objective is stability and protection but you also need monthly or daily cashflow for your livelihood, then perhaps it is better to keep your money in high end real estate in mature areas, earning a relatively lower annual growth but with more stability. That being done, you should rent the place out in order to generate your monthly cashflows.\n\nIf you have a small fund and your objective is stability and protection with no monthly cashflow need, then you simply have to compare which bank gives you the best return on their fixed deposit an park it there.\n\nIf you have a small fund and your objective is stability and protection with cashflow need, then you probably might want to consider to buy a small rental unit for rental income or learn to do covered calls on the local index.\n\nInterest rates fluctuate all the time. The interest that you see displayed on the board today can change by next month. So, comparing interest rates on saving accounts is by no means certain what you will get in the long term.\n\nThere are a lot of avenues and ways to keep and grow money and if you are looking only at banks and saving accounts, then perhaps it is time you start to do more reading and research on the area of finance. It is a wild wild finance world out there and there is no end to the new products and investment avenues that are being created daily. Depending on your personal financial situation and your personal investment objective, you need to be able to figure out what works for you and if you are unable to do that, prehaps it is time to engage a personal investment or finance adviser. \n\nJust remember one thing, there is no such thing as "The One Perfect Way To Keep And Grow Money". Everything comes with a catch. Higher returns will come with a longer tie down period putting that money out of use for the short term and is frequently, but not always, more risky. Lower returns are frequently more stable and safer but does it mean your personal retirement needs by the time you need that money?\n\nMoney is a complex issue for the uninitiated but a pressing one. And that is exactly why it is so hard to make the right decision. Making the right decision takes the right knowledge and the right knowledge these days only comes with more reading and research. \n\nOne fact remains true despite all these talk, and that is, there is no safer way to grow money, keep it safe and fight inflation than taking personal charge of your own money instead of leaving it in the hands of any external agencies. Start learning today....\n\n\nHope these helps.\n\nP.S There may be people who hates paypal for some reason but that does not mean that it is a hell full of devils. I have worked with Paypal and grown my business with Paypal for the past 3 years and have found them to be extremely reliable.\n\n\n\n\nhttp://www.mastersoequity.com \n\n\n\n\n\n.
363969
There are a couple really nice deals with some of the online banks:\n\nING Direct\nCitibank\nImmigrant Bank\nNetbank\n\nI'd say there are all just about the same, so I'd go with the one with the highest %rate for deposits.
644097
It might be a better time to get out of the bond market.  6 mo T-bills pay 5%. Why tie your money up for 10 years and risk that interest rates might go up to 8% long term. That is probably where they should be.