Question : What good interest rate should someone open a savings account and when should they open an account?
Wanting to open a savings account, what interest rate is a good rate. Is there a specific time in the year one should open an account, spring time or summer or right before new years??
- asked by umair23
All Answers:
Answer #1
Interest rates will fluctuate and there are oftenintro offers. I would look for an interest ratebetween 4 and 5 percent(there may be some above5%). FDIC insurance is a must. You might try totime rates a little more(they do not follow aseasonal schedule) for a CD. But with a moneymarket or savings account, the sooner the better.
- answered by VaTreasures
Answer #2
their are no good rates in savings, might be luckyto find one at 1 % so best to do is start one andwhen it reaches 500 to 1,000 open a c/d and thatwill pay about 5 % and than keep putting money insavings until you get another 500 or 1,000 andeither add that to you other one( but can only dothat when it expires ) or open another one.
- answered by nap4gbp
Answer #3
The best time to save is now, why wait?Most creditunions offer a little better rate than banks onshare (savings) accounts but none are going togive you much, typically .50% to 1% tops. If youhave enough - usually $500 - you might get a CDbut that ties your your money for a while. Shortterm rates are dropping so expect less than 5%.There are money market accounts earning 2 - 3.50%but they require about $1000 or more to start.I've heard that WAMU has a 5% checking account butonly if you open it on-line. Can't verify that.ING also has fairly good rates but you doeverything by mail or over the Internet. Dependson your lifestyle.While you shop around for thebest deal, go somewhere and park it to startearning at least a little bit. As a minimum, youwant to beat the inflation rate so your fundsaren't losing purchasing power.
- answered by Huba
Answer #4
they don't get much better than each other,they're mostly 5%, can't be more than 7%. Ifyou're happy with that, just take it, not worthyour time looking for better.If you wantsignificantly more, you're looking in the wrongmarket, try mutual funds, stocks, metals, otherinvestments.
- answered by Smartass
Answer #5
I'm saving for a holiday so I searched online forthe highest interest for an online savingsaccount. I ended up opening an account withRaboPlus which gives you a high level of onlinebanking security, plus a massive interest rate of7.25%! You can apply online with the below link.It's called the RaboPlus Savings Account.Best ofluck!
- answered by La Dolce Vita
Answer #6
yes it changes but not due to the time of the year-- base on the market and prime rate --- likeevery thing else shop around!!!!
- answered by mister ed
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