What bank gives highest interest rates 4 savings account?

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amother

Sun, Apr 21 2013, 10:35 am

CDs have a low interest rate so I dont think its worth tying up our money.
Im looking for a bank that has brick and mortar branches.

amother

Sun, Apr 21 2013, 10:44 am

I should add that I'm talking about over $40,000 and would want the money available in about a year.

shirtsandskirts

Sun, Apr 21 2013, 11:19 am

ally bank

Mrs Bissli

Sun, Apr 21 2013, 4:57 pm

Well, there's a brick-and-mortar bank that used to offer 3yr CD for 4.8%.

The only thing is, it is Bank of Cyprus so I very much doubt you want to put your money there... ;-)

sequoia

Sun, Apr 21 2013, 4:59 pm

The Russians thought it was a superb idea Smile

amother

Sun, Apr 21 2013, 5:00 pm

If you contact any broker, you can put your money in a bond fund that earns 4% a year. The advantage is you can put your money in and take it out at any time.

If you are only choosing one bond fund, you do not have to pay a fee to the broker. You only have to pay a maganement fee to the broker if he is managing your money by putting it in several places.

If you want, I can give you my broker who will do this for you, with no minimum and no fee, but I will not reveal my screen name.

Mrs Bissli

Sun, Apr 21 2013, 5:16 pm

Ah, bond fund. Just a couple of things you'll need to be aware.

It is not FDIC regulated. Also funds can go up as well as down. So your principle is not protected.

There are bonds, and there are bonds. I'd be very careful looking at fund prospectus if it's yielding 4%.
10yr Treasury (ie US government bond) is yielding 1.7% currently. (But then again 10yr Italian and Spanish
government bonds are yielding over 4%). I'm not seeing that many investment-grade (ie not junk) bonds
yielding that high, unless you go super long maturity like 30yrs.

Also bond price and yield move in opposite directions. If (or when) the US interest rate finally starts to
go up (market consensus being Q3 or Q4 this year), bond fund is NOT where you want to be.

mirisim

Sun, Apr 21 2013, 5:31 pm

my husband who use to be a financial ad visor says ask your local banks investment person about short term bond mutual fund. If they cant help u then you might be stuck with saving a account or a cds as an option.

amother

Sun, Apr 21 2013, 6:32 pm

Does anyone have a good financial advisor in Brooklyn, someone professional and confidential, that you can recommend? TIA

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