The best rates on savings right now are with the online banks such as ally.com and mysavingsdirect.com
The yield on these accounts is around 1%, require no long term commitment, and are FDIC insured. 1% isn't much. However, considering that brokerage money markets yield less than 1/4%, and the best 6 month CDs are in the 1/2% range, and 1% looks pretty good.
The other thing, is that if the Federal Reserve continues with their plan, they will raise interest rates about 1% this year. So that 1% may be closer to 2% by year end. Still not great, but for super safe savings, it's the best deal going.
Best Rates on Savings
January 6th, 2016 at 03:37 pm
January 6th, 2016 at 04:26 pm 1452097604
January 6th, 2016 at 05:17 pm 1452100632
I would not use Mysavingsdirect. It's another online bank from Emigrant Bank out of New York. Their MO is to open an on-line bank, offer an enticing rate, and then ratchet the rate down quietly over the next 18 months. No thanks.
Right now, Synchrony Bank and GE Capital Bank offer 1.05 percent APY. Synchrony offers 1.30 percent on a 14 month CD for existing customers and a 1.45 percent 2 year CD rate for everyone. Two percent savings account interest rates by year end? I would not bet on it.
BTW, your blog looks like an ad for your investment advisory service. I see your company listed on Bright Scope, you manage around $24MM. Looks like you charge a percent of assets under management, ranging from 0.60 percent to 1.2 percent. Perhaps an illustration of why paying high fees produces superior results would be helpful to the readers here.
January 6th, 2016 at 05:30 pm 1452101446
January 7th, 2016 at 11:38 pm 1452209896