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0.1% interest on money market

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  • #1

    0.1% interest on money market

    I'm embarrassed to say so, but I just discovered that one of our accounts is paying 0.1% interest (though I think "paying" is an exaggeration). It is a money market account that has a check book, so I just wrote myself a check for all but the minimum balance requirement. I'll deposit that in my regular checking account tomorrow. As soon as it clears, I'm going to buy a 1-year CD. They are paying 1.98% which is a whole lot better.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
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  • #2
    We must be ever vigilant, don't we?

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    • #3
      I'm satisfied with my new account with ally bank.
      1.75% savings is a decent rate right now.

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      • #4
        If you are getting .1% on your money market fun you are lucky. Mine gets around .03% I didn't know it got any so I was happy with the .03

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        • #5
          I just opened a savings account w/ Shore Bank - 2.15%. Had been using CapitalOne, but they were only paying 1.3%. I gave them the chance to increase the rate, and they refused, so they've lost a customer.
          seek knowledge, not answers
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          • #6
            My local bank is paying 1.98% now. I did lock up some c.d.'s paying 2.75, 3.7 and 4.0%

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            • #7
              Originally posted by Ima saver View Post
              I did lock up some c.d.'s paying 2.75, 3.7 and 4.0%
              I would assume that was either some time ago or more recent for a longer term, like 5 years.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

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              • #8
                It looks like by lowering interest rates by the Fed. . .we have effectively been forced to loan the banks money free so they can loan it out at a profit.

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                • #9
                  God I wish Cd rates were high again, I'm kicking myself for not getting them! And now your lucky to get 2%+

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                  • #10
                    Originally posted by investingnoob View Post
                    God I wish Cd rates were high again, I'm kicking myself for not getting them! And now your lucky to get 2%+
                    That's okay, just wait until inflation goes wild. When rates are up around 8-10%, buy the longest-term CD's/bonds you can and hold out for them to pay off.

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                    • #11
                      Originally posted by feh View Post
                      I just opened a savings account w/ Shore Bank - 2.15%. Had been using CapitalOne, but they were only paying 1.3%. I gave them the chance to increase the rate, and they refused, so they've lost a customer.
                      I have an account also with Shore Bank and I am pleased with the service and rate. I've never had a problem with them.

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