Savings/Money Market Account Rates
Over the past few years interest rates have been abysmal. I was opening a checking account a few years back and was asked if I wanted to open an account. I said no. A few minutes later she asked why I decided not to. I told her that the rate was probably about 1% and that just wasn’t interesting. She lauhed me off “You are so cute, it is only 0.4%”.
Now, thanks to the fed raising rates, we have a few enterprising institutions offering good rates (so long as inflation stays reasonable).
As of this writing a few of the better looking ones are:
Emigrant Direct has a 4% rate.
My Banking Direct also has a 4% rate. It looks like there terms and restrictions are a bit more onerous like a $5000 minimum to get the rate.
ETrade and INGDirect had promising rates but they seem to have fallen off for now.
It is important to remember that these account types are still only appropriate for short term reserves.
As always you should thoroughly research these yourself. There can be many gotchas in the fine print.