SouthsideDon48 Posted January 15, 2010 Share Posted January 15, 2010 (edited) So I just got my bank statement and found out that I only got $1.69 in interest for an interest rate of 0.05% for 88 days. If my calculations is correct, that would've been equal to about $7.00 for a whole year. That blows. Does anyone know of any banks in the south suburbs where I can find a high interest rate for a standard savings account? I'm hoping to find a bank with a high enough of an interest rate where I can maybe generate money that can actually add up over the long term, such as maybe $50 a year in interest if an interest rate that high exists. The bank that I have my 0.05% at is Harris, which blows. Edited January 15, 2010 by SouthsideDon48 Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 15, 2010 Share Posted January 15, 2010 There is no such thing as a bank giving a high interest rate right now. The highest thing you are probably going to find now is about 1% or so. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted January 15, 2010 Share Posted January 15, 2010 A couple of things may work if you want a higher "Savings rate". First, look into a 6-12 month CD if you don't need to touch the money for a while. Second, look for a local credit union; they tend to pay higher rates on savings accounts. Third, avoid really big banks; the really big, government-bailed-out banks don't need to pay high interest rates to maintain deposits, and its even worse now that they've got a government guarantee. Quote Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted January 15, 2010 Share Posted January 15, 2010 I'd explore the online-only savings accounts at the likes of ING and E-Trade. They will pay substantially better rates than any other regular savings accounts. I have one, which was paying as much as 4% in the up economy, and pays 1.375% right now. Quote Link to comment Share on other sites More sharing options...
Be Good Posted January 15, 2010 Share Posted January 15, 2010 Ally bank has been good for a while (the former GMAC Also you can check capital one MMA... Quote Link to comment Share on other sites More sharing options...
3E8 Posted January 16, 2010 Share Posted January 16, 2010 QUOTE (NorthSideSox72 @ Jan 15, 2010 -> 01:04 PM) I'd explore the online-only savings accounts at the likes of ING and E-Trade. They will pay substantially better rates than any other regular savings accounts. I have one, which was paying as much as 4% in the up economy, and pays 1.375% right now. This is the answer. You get liquidity and interest rates the brick and mortar banks can't beat. In the heyday I was getting 5.25% on emigrantdirect.com Quote Link to comment Share on other sites More sharing options...
SouthsideDon48 Posted January 16, 2010 Author Share Posted January 16, 2010 thanks for all the help, guys. Quote Link to comment Share on other sites More sharing options...
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