I Just Know What I Know - Part II
I was originally going to use this space to recommend to folks wanting to get more return on some of their SKrills (money) to consider taking out an inflation protected, government guaranteed I Bond. When I wrote it out though, I thought I might alienate some folks with all of the interest/term mumble jumble, so I'll just say if you are interested in returning over 6.5% (4-5% in the short term) then check out this bankrate article (via Bob Brinker).
Now as for "financial advice" to all my peoples who want something simple and easy to do, I would very much consider going with an online bank that pays a higher rate of interest. The two preeminent banks to consider are ING Direct and Emigrant Direct, paying 3.5% and 4.0%, respectively. I currently roll with ING Direct because they give $10 to me and $25 to you for opening an account of $250 or more (there used to be no minimum for the referral bonus which was ultimate love). If I got a referral a month, I calculated that referral making up for the discrepancy between the two banks' rates BUT I have been too lazy to check whether Emigrant offers something similar. If they do, I need to be switching banks. Is 0.5% that much? Well, it might not seem like that much when I'm earning $65/month but I think its a good habit to always be with the bank that will return the most money such that when a tenth of a point matters, I'll be on the ball.
I know a bunch of my peers just simply put their money in one of the big national chain banks like a Citibank or Bank of America but they aren't going to give you the most interest. Their name sells and because they have actual physical branches with more employees, they have more expenses to cover. Because its all online, ING and Emigrant save on overhead costs (not to mention being some of the biggest companies in the world) and they also need to provide you something to make you not invest with those bigger names - basically, more money.
The savings account links to your checking account, money transfers within 2 days, and there are no minimums or fees, period. So if you are interested, let me know, as of course, I can give you a referral...
Now as for "financial advice" to all my peoples who want something simple and easy to do, I would very much consider going with an online bank that pays a higher rate of interest. The two preeminent banks to consider are ING Direct and Emigrant Direct, paying 3.5% and 4.0%, respectively. I currently roll with ING Direct because they give $10 to me and $25 to you for opening an account of $250 or more (there used to be no minimum for the referral bonus which was ultimate love). If I got a referral a month, I calculated that referral making up for the discrepancy between the two banks' rates BUT I have been too lazy to check whether Emigrant offers something similar. If they do, I need to be switching banks. Is 0.5% that much? Well, it might not seem like that much when I'm earning $65/month but I think its a good habit to always be with the bank that will return the most money such that when a tenth of a point matters, I'll be on the ball.
I know a bunch of my peers just simply put their money in one of the big national chain banks like a Citibank or Bank of America but they aren't going to give you the most interest. Their name sells and because they have actual physical branches with more employees, they have more expenses to cover. Because its all online, ING and Emigrant save on overhead costs (not to mention being some of the biggest companies in the world) and they also need to provide you something to make you not invest with those bigger names - basically, more money.
The savings account links to your checking account, money transfers within 2 days, and there are no minimums or fees, period. So if you are interested, let me know, as of course, I can give you a referral...
posted by Aristocrates at 6:47 PM
0 Comments:
Post a Comment
<< Home