High CD Rate and Money Market Account

by Galia Gichon on July 7, 2009


I am also on the lookout for high interest rate for money market accounts or CDs. This morning I came across two rates that were worth mentioning.

1) HSBC DIRECT.
They have a 12-month CD that is paying 2%. While it might not seem that high, that is the highest rate I have seen in a long time to lock in for a relatively short time period.

2) SmartyPig. Take the name with a grain of salt. It is FDIC Insured and paying 2.75% for a money market. There doesn’t seem to be any other catches for now. Let me know if you have an account there and your thoughts.

{ 2 comments… read them below or add one }

SandyVoice@aol.com August 4, 2009 at 11:50 am

I just switched my ING Direct savings to SmartyPig, which I heard about in the NY Times. It was easier to set up than ING was, and you get double the interest. Read the FAQs; they're perfectly clear on how you get your money if you need it. When you're setting up, you tell the program how much you want to save, for what, and by when, and it tells you how much you need to put in each month in order to achieve your goal. I had to fool around a little with the definition of my goal in order to get the monthly deposit I wanted to make, but that was the only even halfway tricky thing, and it was actually informative to see how much difference a little change could make. After a couple of months of no problems, I switched all the money at ING over yesterday. So far, so good.

"My Money Matters" kit August 4, 2009 at 12:29 pm

Please let me know how it goes. It seems pretty user friendly and is FDIC insured, two key attributes you want in a savings account. Plus the high paying savings makes it worth it! Thanks for sharing.

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