Fed cuts rates... again Options

[Spectatrix]

Savings rates at ING Direct and eTrade went down.

[impala454]

hyperinflation hyperbole!

ubiquitous uberinflation!

annoying alliteration!

It's buzzword bingo!

[jwttu]

Savings rates at ING Direct and eTrade went down.

yep this is killing my online MMA, maybe its time to switch

[Spectatrix]

yep this is killing my online MMA, maybe its time to switch

Who do you have it with?

I'm having a hard time finding a good place to stick my savings, especially given that my checking account gets 6.01% APY (up to 25k). With regular savings rates as volatile as they are now, I'm kicking around the idea of opening up a 6-month CD and just sweeping my accumulated "savings" (in the checking account) into it every time it rolls over.

[Hartmann]

I'm having a hard time finding a good place to stick my savings, especially given that my checking account gets 6.01% APY (up to 25k). With regular savings rates as volatile as they are now, I'm kicking around the idea of opening up a 6-month CD and just sweeping my accumulated "savings" (in the checking account) into it every time it rolls over.

That isn't a bad idea. Just read the terms of the CD carefully and make sure you understand how easy/difficult it is to get your money out.

[jwttu]

Who do you have it with?

I'm having a hard time finding a good place to stick my savings, especially given that my checking account gets 6.01% APY (up to 25k). With regular savings rates as volatile as they are now, I'm kicking around the idea of opening up a 6-month CD and just sweeping my accumulated "savings" (in the checking account) into it every time it rolls over.

I have my account with capital one online. When I started with them the APY was 5% but now with all these fed cuts its down to 3.5%.

I would change it to a higher rate account now but it looks like the fed may announce another rate cut so I'm gonna wait for all the dust to settle. I might also look into the CD option.

[Spectatrix]

I would change it to a higher rate account now but it looks like the fed may announce another rate cut so I'm gonna wait for all the dust to settle. I might also look into the CD option.

Ugh, another one? They've already cut 1.75% in the past 4 months.

I'm compiling some info on CD rates (6-month, non-jumbo). The best I've found thus far is WaMu's online CD w/ 4.85% APY.

[impala454]

No offense but you guys seriously sound like a bunch of old fogeys talkin about CDs and 4.85% APY. We're all young people, get your damn money in some stocks and funds. Sure it'll fluctuate more but you'll see much bigger gains in the end. CDs are for old people who've got $500k in the bank. When that time rolls around, the CDs you buy and turn over will pay the bills. Your CDs you're buyin now and turning over will buy you a new jacket or something.

[Spectatrix]

No offense, but you're one of the last people I'd take financial advice from.

It's good to have savings at various levels of volatility. My emergency fund and house fund are staying put in savings accounts or CDs. I want stable gains since I plan to buy a house in a couple of years. My IRA, on the contrary, is in very aggressive, very risky mutual funds. Once I've bought a house and aren't funneling most of my savings into that fund, I'll worry about playing around with the stock market.

This post has been edited by Spectatrix: Jan 24 2008, 01:51 PM

[2wolUTT]

I want some cookies, these Combos are too salty.

[Psykopath]

http://www.yahoo.com/s/791008



....wow.
They offer common sense advice that doesn't require a fable or riddle to know and understand, but then emphasize the "donate 10% to your church" aspect. Why not use that 10% to get yourself out of debt first??

This post has been edited by Psykopath: Jan 24 2008, 04:01 PM

[Hartmann]

http://www.yahoo.com/s/791008
....wow.
They offer common sense advice that doesn't require a fable or riddle to know and understand, but then emphasize the "donate 10% to your church" aspect. Why not use that 10% to get yourself out of debt first??

I actually very much agree with you. The Bible says it is wrong to live beyond or even at your means so getting out of debt is the first step to living below your means.

[impala454]

No offense, but you're one of the last people I'd take financial advice from.

Not sure why you have that impression of me but oh well. Perhaps you can explain to me why.

It's good to have savings at various levels of volatility. My emergency fund and house fund are staying put in savings accounts or CDs. I want stable gains since I plan to buy a house in a couple of years. My IRA, on the contrary, is in very aggressive, very risky mutual funds. Once I've bought a house and aren't funneling most of my savings into that fund, I'll worry about playing around with the stock market.

Well then you're already doing what I suggested anyways . You didn't mention that. All I've ever seen you talk about on here is your 4% APY this and that. Aggresive mutual funds' positions are typically 75-100% stock positions.

[Spectatrix]

Not sure why you have that impression of me but oh well. Perhaps you can explain to me why.

Your advice on credit cards, mostly.

Well then you're already doing what I suggested anyways . You didn't mention that. All I've ever seen you talk about on here is your 4% APY this and that. Aggresive mutual funds' positions are typically 75-100% stock positions.

I talk about the 4% stuff on here because my shorter-term savings are what I deal with day-to-day (well, not quite that often, but you get the point). I don't worry so much about my IRA because that's long-term (40+ years) supplemental retirement funds and I'm content to let it sit and go crazily up and down like it's prone to. I don't deal with the stock market otherwise (yet) because I have more near-term concerns and not *that* much liquidity.

[impala454]

Your advice on credit cards, mostly.

Which was what? that carrying a balance on a 0% interest card is good? I still stand by that 100%

I talk about the 4% stuff on here because my shorter-term savings are what I deal with day-to-day (well, not quite that often, but you get the point). I don't worry so much about my IRA because that's long-term (40+ years) supplemental retirement funds and I'm content to let it sit and go crazily up and down like it's prone to. I don't deal with the stock market otherwise (yet) because I have more near-term concerns and not *that* much liquidity.

But if you have an aggresive IRA you are invested in the stock market.