I plan on doing a bit of traveling next year and it doesn't make sense to keep in investment portfolio or bank account. I'm looking for some good high yield money market places. What you all got?
Money Market Account
- Thread starter skrilla
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What is your minimum deposit? And what percentage rate are you looking for? Accounts like EmigrantDirect, GMAC / Ally Bank, ING, GrantYieldDirect / Apple Bank, and others used to earn nearly 4% or 5% per year on your balance. But that was before the word "subprime" and all of the bank bailout mania. Today you'll be lucky to get much of anything beyond 2% APY. Check the newspaper, WSJ, Barrons, or bankrate.com or fool.com for some guidance.
I like Charles Schwab a lot. I have both money market accounts and tax free bond sweep accounts that I use as checking/savings accounts. They work real well
I just opened a new "interest maximizer" money market account today with Bank of America. They're offering 2% APY until Oct. 31st after which it moves to their variable rate at the time. Either way, the 2% is close to most of the CDs I've got so it makes a good account to temporarily keep your money in vs. keeping $50k+ in your checking account.
I believe the promotion is going on for another few days... minimum of $10k "new money" but my banker worked it out and just transferred some over.
I believe the promotion is going on for another few days... minimum of $10k "new money" but my banker worked it out and just transferred some over.
do you need an account that you can withdraw from easily, since you'll be traveling?
I would look into credit cards and accounts that don't charge surcharge fees when you're overseas (off the top of my head I know Cap One Doesn't, the Schwab 2% card -look on fatwallet for more)...
I would just shop CDs a few weeks before you leave. Right now there are very few places to earn a good return.
TRowe Price, FTW - "Invest with confidence", lol...
Actually you know Paypal as a MM right? Although I would read the fine print on that bad boy because I am suspicious of their money-grabbing fake 3 day floats and all...
Actually you know Paypal as a MM right? Although I would read the fine print on that bad boy because I am suspicious of their money-grabbing fake 3 day floats and all...
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