Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:
0.95% Ally Bank Online Savings
0.90% American Express High Yield Savings
0.80% Discover Bank Online Savings
0.75% ING Direct Orange Savings
0.65% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.40% HSBC Advance Online Savings
0.25% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 10/11/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
It seems the Ally Bank Online Savings is still at the top position on this list while increasing their interest rate to 0.95%. This month, I am dropping Travis CU, Patelco CU, and E*TRADE from my list. These three institutions have been at the bottom of the list for several months, and I don't feel it is worthwhile to track them anymore.
The frequent changes show how changeable the money market is. Because this is a constantly moving target, it has been very hard to keep track of the rates that I've been getting in my various money market accounts, and this is the main reason I've decided to compile a list of these annual percentage yields.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
Friday, October 12, 2012
Tuesday, September 4, 2012
Money Market Rates 9/12
Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:
0.95% Ally Bank Online Savings
0.90% American Express High Yield Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.40% HSBC Advance Online Savings
0.25% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 9/3/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
It seems the Ally Bank Online Savings has regained the top position on this list while increasing their interest rate to 0.95%. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU, and E*TRADE. It seems that I've proven my point about these credit unions, and will likely drop them from future posts. I also wanted to comment on how far E*TRADE had fallen in the past few years. In January 2009, E*TRADE Complete Savings was at the very top of the list with a 3.01% rate. It has now fallen to the very bottom.
These frequent changes show how changeable the money market is. Because this is a constantly moving target, it has been very hard to keep track of the rates that I've been getting in my various money market accounts, and this is the main reason I've decided to compile a list of these annual percentage yields.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
0.95% Ally Bank Online Savings
0.90% American Express High Yield Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.40% HSBC Advance Online Savings
0.25% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 9/3/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
It seems the Ally Bank Online Savings has regained the top position on this list while increasing their interest rate to 0.95%. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU, and E*TRADE. It seems that I've proven my point about these credit unions, and will likely drop them from future posts. I also wanted to comment on how far E*TRADE had fallen in the past few years. In January 2009, E*TRADE Complete Savings was at the very top of the list with a 3.01% rate. It has now fallen to the very bottom.
These frequent changes show how changeable the money market is. Because this is a constantly moving target, it has been very hard to keep track of the rates that I've been getting in my various money market accounts, and this is the main reason I've decided to compile a list of these annual percentage yields.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
Friday, August 3, 2012
8 Ways to Save Money on Things You Use Every Day
No one wants to spend more money than they have to on anything, but everyone wants to have enough money to spend on non-essentials every once in a while--or perhaps they're a little short of making a car payment or putting money down on that cool home security system. Paying the list price for anything should not be acceptable to today's consumer, and there is always a way to cut costs.
About the Guest Author
Al Natanagara is a writer, journalist, and blogger whose career includes stints with ZDNet, CNet, CBS, LexisNexis, and law enforcement. He is a husband and father who can't bring himself to pay full price for anything.
(image credit: Stock.xchng user ba1969)
- Cut down on prescription costs. Medications don't necessarily cost the same at every pharmacy. Big box stores like Costco and BJs have discounted pharmacy services that don't require membership. If you are uninsured or don't have enough to cover your prescription costs, ask your doctor about samples or coupons (many drug companies hand these out, especially for new drugs), or check to see if you qualify for prescription assistance.
- Put coupons on your card. Many grocery stores post coupons on their websites. Sign up for an account using your store rewards card number, select the coupons you want to use, and when you check out at the brick and mortar store, the coupons will be applied when the cashier scans your card. Kroger is a major retailer that uses this system that also lets you accumulate points to save on gas.
- Put coupons on your smartphone. If your keychain is getting crowded with store savings cards, there are apps to lighten the load. With an app like Cardstar, simply select the store from a list and enter your card number and redeem those digital coupons by having the cashier scan the card barcode from your smartphone's screen. To go beyond what the store offers, there are many coupon apps available. Be aware that some store scanners don't do a good job of reading barcodes on phones, so you may end up being more of an inconvenience to the people behind you in line than that shopper with the sack full of crumbled paper coupons.
- Sign up for Amazon's Subscribe & Save. With discounts on Amazon's
listed prices off of a long list of popular household items and free scheduled delivery, it's a no-brainer…except that you will need to use your brain when there is a need to change the schedule date or anything else about your order. Bonus: Save on gas and avoid impulse purchases (who can pass up a ShamWow and the latest Enquirer?) Fresh Direct and Peapod offer similar services.
- Time your T.P. purchases. Most major grocery chains discount paper goods up to 40% around the 1st and 15th of each month. Time it right--you don't want to run out on the 2nd or 16th!
- Make your own cleaning products. Makers of kitchen and bathroom cleaning sprays now brag that their products contain lemon or vinegar, and there is good reason to brag: Those two common household items have excellent cleaning and disinfecting properties. So why pay $6.99 for a bottle of water, vinegar, and blue coloring when you can make it yourself? A simple search for DIY cleaning products will save you money and keep even your most germ phobic guests happy.
- Be persistent. Discount clothing stores like Marshall's and TJ Maxx are excellent places for finding genuine brand-name goods at deep discounts. If you don't see what you like, find out when new shipments come in and shop on those days, before the other savvy shoppers grab up all the good stuff.
- Skimp only when necessary. For many essentials, a discount is always a good thing. There are some things in life, though, that should not be compromised. For example, getting the grain-heavy store-brand dog food will save you money at the grocery store, but it could cost you much more in veterinary bills. The cheapest toilet paper might seem like a bargain at checkout, but once your family starts complaining, you'll wish you'd spent those extra few dollars. Fresh produce that is grown locally and in-season is more nutritious than produce that has been treated with chemicals so that it merely survives shipping. Above all, don't cut back on your health and mortgage insurance; the money you put into those bills is always well-spent.
About the Guest Author
Al Natanagara is a writer, journalist, and blogger whose career includes stints with ZDNet, CNet, CBS, LexisNexis, and law enforcement. He is a husband and father who can't bring himself to pay full price for anything.
(image credit: Stock.xchng user ba1969)
Wednesday, July 18, 2012
7 Investing Mistakes That Make You Look Dumb
When you watch the anchors and analysts on TV business channels, you may tell yourself that you can be as smart as they are when it comes to investing. In truth, you should probably set a more modest goal: investing without doing anything really stupid. Because it's a lot easier to lose your fortune with a few ill-advised trades than it is to earn it back.
What is the best strategy? Keep your wits about you, stick to fundamentals, and avoid these seven dumb investing mistakes.
Image credit: articles.businessinsider.com
About the Guest Author
Chris Martin is a freelance writer who writes about topics ranging from auto insurance to consumer finance to home improvement.
What is the best strategy? Keep your wits about you, stick to fundamentals, and avoid these seven dumb investing mistakes.
- Putting all of your eggs in one basket. The first three rules of investing are diversify, diversify, and…oh yeah. Diversify! You'd think everyone would follow this advice, but you'd be wrong. Remember: Don't hold an inordinate amount of stock in your company or industry. And aim for between ten and twenty stocks in your portfolio.
- Being impatient. Another rule that non-day trading investors tend to forget is to take the long view. In other words, patience tends to reward investors more so than reacting to every hiccup, feint, and swerve shown by the market. Resign yourself to the fact that you will probably have a bad day, week, month, or year - but panicking and making knee-jerk changes will hurt you in the long run.
- Placing more importance on your losses than your gains. This one is actually a perfectly natural thing to do. Studies have shown that individuals tend to react more strongly to a loss of a certain amount of money than when they gain the same amount. This makes us "loss averse" investors, which isn't always a good thing. Be sure assign the same weight to your portfolio's ups as you do its downs.
- Placing too much importance on weird market events. This one could also be called "Letting the specter of the 2008 market crash color your every investing decision." Though that was an unusual event, it's not likely to happen again anytime soon (especially across all sectors). So avoid the temptation to yank your money out at the first sign of bad economic news.
- Ignoring "small" fees. You know all those tiny little expense ratios on your investments? Pay attention to them. Even a small difference can suck out thousands from your portfolio over a lifetime. So monitor your expense ratios constantly, do a few background checks on how much you're actually paying in fees, and don't be afraid to change funds or investment houses to keep costs low.
- Thinking that you can consistently beat the market. It's okay to trade on a hunch once in a blue moon. But unless you're a data-intensive expert in a given type of fund or investment, you should probably stick to portfolios that follow market averages. The best investors are the ones who realize that they don't know everything
- Getting greedy. Sure, a 15% to 20% rate of return sounds fabulous. If it were easy and risk-free, everyone would be doing it. But more often than not, you're shooting yourself in the foot if you try to achieve an ROI greater than the market average. That's because there's no such thing as a sure thing.
Image credit: articles.businessinsider.com
About the Guest Author
Chris Martin is a freelance writer who writes about topics ranging from auto insurance to consumer finance to home improvement.
Wednesday, June 13, 2012
Money Market Rates 6/12
Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:
0.85% American Express High Yield Savings
0.84% Ally Bank Online Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.25% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 6/12/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
At the top of the list is now American Express High Yield, which has beat out Ally Bank Online Savings by only 0.01%. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I've questioned the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.
While it seems that interest rates are still continuing to trend downward, all of the these interest rates have stayed the same since last month. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
0.85% American Express High Yield Savings
0.84% Ally Bank Online Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.25% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 6/12/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
At the top of the list is now American Express High Yield, which has beat out Ally Bank Online Savings by only 0.01%. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I've questioned the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.
While it seems that interest rates are still continuing to trend downward, all of the these interest rates have stayed the same since last month. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
Monday, May 14, 2012
Money Market Rates 5/12
Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:
0.84% Ally Bank Online Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.75% American Express High Yield Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.35% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 5/13/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
The current favorite, Ally Bank Online Savings, has stayed at the at the top of the list. This is mainly because banks like Discover Bank and American Express have lowered their interest rates in recent months, while Ally has remained the same since my last update. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I've questioned the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.
While it seems that interest rates are still continuing to trend downward, all of the these interest rates have stayed the same since last month. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
0.84% Ally Bank Online Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.75% American Express High Yield Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.35% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings
In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.
Rates are believed to be accurate as of 5/13/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.
The current favorite, Ally Bank Online Savings, has stayed at the at the top of the list. This is mainly because banks like Discover Bank and American Express have lowered their interest rates in recent months, while Ally has remained the same since my last update. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I've questioned the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.
While it seems that interest rates are still continuing to trend downward, all of the these interest rates have stayed the same since last month. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.
So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.
DC
Tuesday, April 24, 2012
Comparing Brokerages
I haven't written about online brokerages in a while now. The landscape for online brokers is constantly changing. Nevertheless, I wanted to present to my readers a comparison of some of the major online brokers out there.
Since I am mostly interested in stock trades (as opposed to options, mutual funds, or bonds), I have compiled a list of brokers sorted by the commission that they charge for stock trades. Using this handy table, readers can see the comparison, as well as any bonus offers that are currently being offered for new accounts:
I have confirmed the commissions with each brokerage (as of 4/23/12). Personally, I have accounts with TD Ameritrade, E*TRADE, and OptionsHouse. A while back, I got a free Dell Monitor by opening an OptionsHouse account. The OptionsHouse Free Kindle Fire offer also looks good to me, but is no longer available.
I also requested information from Scottrade, but never opened an account at Scottrade.com. If anybody has their opinions on these brokers, please share them here.
DC
Since I am mostly interested in stock trades (as opposed to options, mutual funds, or bonds), I have compiled a list of brokers sorted by the commission that they charge for stock trades. Using this handy table, readers can see the comparison, as well as any bonus offers that are currently being offered for new accounts:
| Brokerage | Stock Trade Commission | Special Offers and Bonuses |
| Options House | $3.95 | Free Dell Monitor, Free Morningstar Investing Newsletters, free one-year subscription to FT.com |
| Zecco | $4.95 | Zecco |
| Scottrade | $7.00 | Scottrade.com |
| tradeMonster | $7.50 | tradeMONSTER |
| Options Xpress | $8.95 | get $100 when you open an optionsXpress account |
| E*TRADE | $9.99 | |
| TD Ameritrade | $9.99 |
I have confirmed the commissions with each brokerage (as of 4/23/12). Personally, I have accounts with TD Ameritrade, E*TRADE, and OptionsHouse. A while back, I got a free Dell Monitor by opening an OptionsHouse account. The OptionsHouse Free Kindle Fire offer also looks good to me, but is no longer available.
I also requested information from Scottrade, but never opened an account at Scottrade.com. If anybody has their opinions on these brokers, please share them here.
DC
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