(Deprecated) Where To Put Your Money If It's Just Sitting In a Checking Account

[melmel325]

be careful if you go in with HSBC, I had an incredibly crappy experience with them--my money just sat in their savings account fine until I went abroad for the first time to France and tried to get out money in the airport. Long story short, the ATM took my card, the banking personnel would not return it, and they wouldn't tell me why, even though I had my freakin passport and multiple forms of photo ID. Then when I tried to call them about it, they just transferred me about to 3 different departments to eventually tell me that they had absolutely no idea why that happened. The woman didn't even apologize.

Beware!

I have to agree here about HSBC. It was so easy to let the money sit there or to transfer online, but anytime that I wanted to actually pull money out of an ATM, it was impossible! I was never able to get my money out and when I called customer service, they couldn't explain it to me - just told me that there must be something wrong with the ATM at the branch I was using. Which would have been fine if I hadn't tried several different ATMs - I don't think they all went down at the same time! Anyway, I made some good interest off of them for the short time I was there. But then I transferred all of the money in the account online and got rid of them. It wasn't worth the trouble or the headache they gave me.

[shirleyuguest]

Yes..FNBO is ok to deal with...only problem is the 6% rate is ending at
end of September..so depending how much they cut it..it may be
time to start looking elsewhere for the highest savings rate.

The rates have gone down. Why on earth are they going down after one prime rate drop when the Fed has been raising interest rates for some time? Somebody please clue me in!

[PinayMaria123]

I got an e-mail notice from HSBC saying it is changing its rate to 4.5%. Eh...

I'm thinking of moving my money now to a Fidelity Mutual Fund. I already invested a good chunk already in an international fund. My % return was higher this year compared to the interest from HSBC.

[JoyceHarkless]

I got an e-mail notice from HSBC saying it is changing its rate to 4.5%. Eh...

I'm thinking of moving my money now to a Fidelity Mutual Fund. I already invested a good chunk already in an international fund. My % return was higher this year compared to the interest from HSBC.

Congrats on your wedding, PinayMaria! :claps:

[ramneekh]

I got an e-mail notice from HSBC saying it is changing its rate to 4.5%. Eh...

I'm thinking of moving my money now to a Fidelity Mutual Fund. I already invested a good chunk already in an international fund. My % return was higher this year compared to the interest from HSBC.

I am also HSBC a/c holder and got the same mail.
how can I move my money to Fidelity Mutual Fund?

[stax68]

Yes..FNBO is ok to deal with...only problem is the 6% rate is ending at
end of September..so depending how much they cut it..it may be
time to start looking elsewhere for the highest savings rate.

Rate at FNBO just went from 6.00 % to 5.05 %
Looks like One United Bank at 5.30 % is now the highest rate

[spoofee123]

A 4-month CD at IndyMac Bank is currently offered at a 5.75% APY. Minimum investment of $5000. Look under "Internet Specials" - www.indymacbank.com and www.imb.com

[karebear]

ING says it is only 4.30% APY now.

[jafo]

I just opened an account with iGOBanking.com... They had a 5.30% APY but just lowered it last week to 5.17%. No fees, $1 to open, etc. I really like ING Direct but 4.3% yield isn't worth it. They're listed on bankrate.com (that's how I found them).

[1cb]

Someone asked the question and the reason the interest rates on savings and cds are dropping with the Fed cut is because banks now borrow money at a lower interest rate, therefore, they are not going to give you as hight of a rate to borrow your money. While a rate cut is good for mortagages, line of credit, and so forth, it is not good for the rates of CDs and savings accounts.:verysad:

[shirleyuguest]

I found another post on Spoofee with some very helpful links:

How much of a difference will the rate make?

[MTAtech]

Citibank has an "Ultimate MM Account" that pays over 5% (I think it's 5.25%.)

The Dime Savings Bank has a teaser rate of 6% for a MM for three months.

[shirleyuguest]

HSBC just lowered their rate again to 4.25%

[Izzard]

Citibank has an "Ultimate MM Account" that pays over 5% (I think it's 5.25%.)

4.5%

HSBC just lowered their rate again to 4.25%

Yes, they did. According to the letter that they send it's not "them", it's federal reserve.

[Kage_]

ingDirect is down to 4.1% as of Dec 13th.