Best Savings and CD Interest Rates

 
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Best Savings and CD Interest Rates
Jennifer Miller
By

Aug 22nd 2015 07:32 am

If you have money just sitting in your Checking account and scared to invest it in the stock market, the rates are low right now, but here is a list of what's best.

Don't forget FDIC insures up to $250,000 per insured bank

Savings Accounts ( Can Pull Out Money Anytime )
Money can be pulled out anytime, but rates can be lowered anytime too
- Everbank - 1.4% (only for first 6 months)
- Synchrony Bank - 1.05%
- iGoBanking - 1.0%
- Barclays - 1.0%
- Bank of America - 0.01% ( don't consider )

Certificate of Deposit CD - ( Cannot Pull Out Anytime )
If you don't mind keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate and rates will not change for that time period.
1 Year - eloan - 1.3%
18 Months - Synchrony - 1.50% (Use 5 Years and close after 18 months)
2 Years - Synchrony - 1.69% (Use 5 Years and close after 2 years)
3 Years - Synchrony - 1.88% (Use 5 Years and close after 3 years)
4 Years - eloan - 2.0%
4 Years - NASA CU - 2.15% (49 months)
5 Years - eloan - 2.45%
7 Years - Vanguard - 2.70%
10 Years - Vanguard - 3.00%

Foreign Currency CDs
You can put money in foreign currency CDs or invest in metal to protect yourself against the USD losing value
- EverBank.com Foreign CDs ( min $10000 )

Lending Money
This one is riskier. There are some tools online that lets you loan money directly to borrowers without the bank in between. They range in rates from 5-12%. If many people fail to pay their loans, you can lose money on this.
- LendingClub
- Prosper

Bitcoins
If you believe in the future of Bitcoins, coinbase makes it easy to buy Bitcoins. The fee is 1% to buy bitcoins.

- If you know any better rates, please let us know here

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  • johnjacobs
    johnjacobs - 3 years ago
    L4 Member
    How about investing in gold. I think it will more beneficial for investing rather than in bank.
  • SpeedisaVirus
    SpeedisaVirus - 4 years ago
    L2 Member
    I don't get the Foreign CD thing. The US currency has been one of the most stable in many many years. It certainly has been in the last few years as well. Not to mention I question if they are insured.
  • Guest
    Guest - 4 years ago
    - EverBank.com Foreign CDs ( min $10000, protected by FDIC )

    THIS IS NOT FDIC INNSURED
  • Guest
    Guest - 4 years ago
    shouldnt we be focusing more into roth ira and/or 401k since more likely than not social security will not be available by the time we retire?
  • Guest
    Guest - 4 years ago
    If you have investment money sitting around a CD or money market account is the absolute last place you want to put it. Only a fool would recommend a CD or savings account as any form of investing. Even the most conservative mutual funds are returning 5, 6, 7 %
  • Guest
    Guest - 4 years ago
    i've lost quite a bit of money on Prosper. The interest rates are great, but the number of defaults makes it quite risky.
  • Guest
    Guest - 4 years ago
    Interest rates are VERY slowly creeping up. Problems in China and Greece may hold the Fed back from raising rates as soon as they hope.
  • Guest
    Guest - 4 years ago
    Thanks Jennifer, I've had my Synchrony account for over a year now and have been very satisfied with their service.
    You can bank by mail or link other accounts which adds convenience.
    My risky closed end funds currently yield a nice 9%, which pays all my monthly bills. At 66 I'm not worried if their value goes down.
    Money talks, nobody walks.
  • upx1
    upx1 - 5 years ago
    L9 Corporal
    Great info, thanks!
    FYI - I just invested in a CD through Vanguard Brokerage services - 5-years @ 2.4% at the State Bank of India in NY, FDIC.
  • RHQ
    RHQ - 5 years ago
    L4 Member
    you can get a prepaid credit card at www.mangomoney.com
    Once you have direct deposit set up you'll get 6% interest in your savings account up to $5,000. If you choose not to use direct deposit you'll still get 2% interest.
  • Guest
    Guest - 5 years ago
    For all the CDs option, consider implementing a CD ladder. Search 'CD Ladder' in your search engine of choice. :o)
  • JohnBeas
    JohnBeas - 6 years ago
    L7 Private
    You might also look at your local banks and credit unions. Lake Michigan Credit Union offers 3% interest on their checking account. You do need to use your debit card 10 times a month and log into your account 4 times a month but its the best rate I've been able to find (account interest is limited to $15k balance). This is obviously a local deal but I've seen (on the internet) other deals which are similar.
  • Spoofee
    Spoofee - 6 years ago
    Spoofee.com!
    I have to do more reading, but this 5 Year MarketSafe Evolving Economies CD sounds tempting. There is a chance in 5 years, you'll get nothing...
    https://www.everbank.com/investing/marketsafe/evolving-economies?cm_sp=marquee-_-1-_-marketsafeEE
  • Spoofee
    Spoofee - 6 years ago
    Spoofee.com!
    or if you are, just don't do any longer term ones (2 years)
  • Spoofee
    Spoofee - 6 years ago
    Spoofee.com!
    Interest rates are slowly creeping back up, might want to hold off just a tad bit

    Savings Accounts ( Can Pull Out Money Anytime )
    - ufb Direct - 1.25% (min $5k)
    - EverBank - 1.01% (min $1.5k)
    - Bank of America - 0.05% ( don't consider )

    Certificate of Deposit CD - ( Cannot Pull Out Anytime )
    If you don't mind keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate and rates will not change for that time period.
    6 Months - Ascencia - 0.87%
    1 Year - Ally Bank - 1.02%
    2 Years - iGoBanking - 1.2%
    3 Years - Alliant - 1.35%
    4 Years - Alliant - 1.65%
    5 Years - Mission Federal - 1.95%

    Foreign Currency CDs
    With the government printing a lot of money lately, fear of inflation is roaming around. You can put money in foreign currency CDs to protect yourself
    - EverBank.com Foreign CDs ( min $10000, protected by FDIC )
    - Commodities (gold/silver) are also recommended

    Misc
    - Discuss other Financial Tips here
  • Zibiah
    Zibiah - 6 years ago
    L4 Member
    wow this was an eye opener!