Are You Chasing the Money?

by Galia Gichon on September 17, 2007

As interest rates are going up, I am constantly asked by clients where to find the better rate. There are some great places at there but I will start by saying that it isn’t always worth chasing the highest rate. Sometimes, it is better to be with a bank who provides excellent and easy to use service. That is one of the reasons I personally ING DIRECT. Their rate is competitive (4.5%), a bit lower than some of the other banks but their service is excellent and their website is really really easy to use. Here are some other banks that are providing high interest rates.

FNBO DIRECT www.fnbodirect.com) introductory rate of 6%.
Fidelity has great money markets for over 5%.

Also, if you want to lock in some money for a short period of time, a CD can be a great option. I wouldn’t lock in longer than one year because rates might go up and you don’t want to lock in at a lower rate.

ING www.ingdirect.com) 9 Month 5.25%, 12 Month 5.25%

Finally, if you really want to stay on top of every the highest paying rates, you should visit: Bankdeals.blogspot.com). This blog is dedicated just to finding the highest interest rates on money market accounts, savings accounts, benefits of bank accounts and CDs.

If you are not already a subscriber, I invite you to subscribe to my FREE weekly e-mail newsletter at DownToEarthFinance-On@zines.webvalence.com for smart tips to save more money and independent advice about mutual funds and retirement or or visit Down-to-Earth Finance.

{ 1 comment… read it below or add one }

-brian October 24, 2007 at 3:34 pm

I also recommend Everbank both because they offer a higher interest rate than ING, and because they guarantee they’ll always be in the top 5% of banks with their interest rate. They’ve also been well reviewed in their customer service.

-Brian Burt
Founder
Financial Circles
http://www.FinancialCircles.com

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