What to do with cash balances?

dbax791 · 12-18-2003, 07:17 PM

So I have a bunch of cash in the E-trade MM account, but from my understanding, its not FDIC insured. I also have money in checking and bonus/tax refund time is coming up and I need to be smarter with liquid cash balances.

Any suggestions? Would prefer something insured and liquid that might pay a pittance of interest.

ray · 12-18-2003, 09:56 PM

http://www.ingdirect.com

They offer 2.0% interest rate on their savings account. The minor downside is everything is done electronically, so if you need to access the funds you need to give yourself at least 48 hours to transfer.

DaFunkyUnit · 12-18-2003, 11:33 PM

Quote:

Originally posted by lilbigblue
http://www.ingdirect.com

They offer 2.0% interest rate on their savings account. The minor downside is everything is done electronically, so if you need to access the funds you need to give yourself at least 48 hours to transfer.

is there any other alternative to ING? Their interest rates are pretty good, being that they give you 2.0% right off the bat with no minimum balance. The only bad thing is that it stays at 2.0% no matter how much money you pump into your account.

I'm thinking about opening/starting an account with ING as well, since BofA's savings account only gives you a measly 0.35% interest (i think it maxes out at 1.xx% when you hit the $10,000 range, or something like that)

VTGreg · 12-19-2003, 05:01 AM

I have my cash balance in a savings account at ING. You can't beat their interest rate. They also have competitive CD rates. As was mentioned previously, you do need to give transfers to and from your account time (2-5 days I think), but as far as return on a savings account it would be difficult to beat.

ray · 12-19-2003, 09:22 AM

ING is offering the highest interest rate for Savings accounts. Retail and commercial banks are hovering below .50%.

dbax791 · 12-19-2003, 09:56 AM

Thanks! This looks what I am looking for. Will reasearch it a bit, but looks good!

cheapchinese · 12-19-2003, 05:06 PM

spend it

ray · 12-19-2003, 05:09 PM

I would like to add that ING's interest rate isn't a fixed rate, meaning it does fluctuate. When I opened my account about 1.5 years ago my interest rate was 4.75%. Obviously the economy is sitting at a low in terms of overnight lending rates, but I do expect the interest rate to rebound soon!

VTGreg · 12-22-2003, 07:46 AM

Yes, ING's interest rate is not fixed. However, it is currently at 2.0% which is much higher than any other bank I have seen. In the last year and a half it has dropped from 2.75% to 2.0%.

Johnnymac · 12-22-2003, 02:17 PM

I use NetBank for savings(its a money market there) and checking because i never have to actually go into a bank. The rates are 1.93 for MM which is FDIC insured and 1.29 for chekcing which is better than anywhere i have found. Plus the bill pay is free and in 3+ years ive never had a problem with them.

12-18-2003, 07:17 PM	#1
dbax791 Rear Admiral Lower Half Join Date: Feb 2000 Location: Arizona Posts: 2,158	What to do with cash balances? So I have a bunch of cash in the E-trade MM account, but from my understanding, its not FDIC insured. I also have money in checking and bonus/tax refund time is coming up and I need to be smarter with liquid cash balances. Any suggestions? Would prefer something insured and liquid that might pay a pittance of interest.

12-18-2003, 09:56 PM	#2
ray lilbigblue Join Date: Jan 2003 Posts: 6,613	http://www.ingdirect.com They offer 2.0% interest rate on their savings account. The minor downside is everything is done electronically, so if you need to access the funds you need to give yourself at least 48 hours to transfer. __________________ new uploader My World

12-19-2003, 05:01 AM	#4
VTGreg Captain Join Date: Jun 2002 Location: Charlotte, NC Posts: 1,674	I have my cash balance in a savings account at ING. You can't beat their interest rate. They also have competitive CD rates. As was mentioned previously, you do need to give transfers to and from your account time (2-5 days I think), but as far as return on a savings account it would be difficult to beat. __________________ Courage is not the absence of fear but rather the judgment that something else is more important than fear. http://www.hammockbag.com

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

12-19-2003, 09:22 AM	#5
ray lilbigblue Join Date: Jan 2003 Posts: 6,613	ING is offering the highest interest rate for Savings accounts. Retail and commercial banks are hovering below .50%.

12-19-2003, 09:56 AM	#6
dbax791 Rear Admiral Lower Half Join Date: Feb 2000 Location: Arizona Posts: 2,158	Thanks! This looks what I am looking for. Will reasearch it a bit, but looks good!

12-19-2003, 05:06 PM	#7
cheapchinese I love free! Join Date: Apr 2003 Location: LA, California Posts: 2,976	spend it

12-19-2003, 05:09 PM	#8
ray lilbigblue Join Date: Jan 2003 Posts: 6,613	I would like to add that ING's interest rate isn't a fixed rate, meaning it does fluctuate. When I opened my account about 1.5 years ago my interest rate was 4.75%. Obviously the economy is sitting at a low in terms of overnight lending rates, but I do expect the interest rate to rebound soon!

12-22-2003, 07:46 AM	#9
VTGreg Captain Join Date: Jun 2002 Location: Charlotte, NC Posts: 1,674	Yes, ING's interest rate is not fixed. However, it is currently at 2.0% which is much higher than any other bank I have seen. In the last year and a half it has dropped from 2.75% to 2.0%.

12-22-2003, 02:17 PM	#10
Johnnymac Lieutenant Commander Join Date: Sep 2002 Location: VA Posts: 749	I use NetBank for savings(its a money market there) and checking because i never have to actually go into a bank. The rates are 1.93 for MM which is FDIC insured and 1.29 for chekcing which is better than anywhere i have found. Plus the bill pay is free and in 3+ years ive never had a problem with them.

User Name
Password
Remember Me?