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Chasing money market interest rates

By xrpb11a   Follow   Wed, 19 Jan 2011, 12:17pm   1,782 views   14 comments
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Hi,
Have 150K, want to keep semi-liquid for a year or so...am currently in money market at wells fargo @ 0.35 apy...
Looking at Nationwide online bank, which is currently paying 1.1 apy on moneymarket.......
Thinking of switching to NW, but do not want to go through the hassle if they will turn around and slice up the rate in a month or so....
so i am trying to find historical data on money market rates PER BANK to see if this is just a very short term enticement....
If it will hold for a year or so, would make the switch....however, cannot find any historical data for MM for Nationwide.....
WDYT??

thx,
b.

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1. xrpb11a Follow Befriend (4) 2 threads 787 comments

   1   12:24pm Wed 19 Jan 2011   Share   Quote   Permalink   Like   Dislike (2)   found american express high yield savings @ 1.3....hmmm. Also found historical data for them... http://www.pfstuff.com/savings/ hmmm.

2. pkennedy Follow Befriend (8) 28 threads 1,342 comments Redwood City, CA

   2   4:27pm Wed 19 Jan 2011   Share   Quote   Permalink   Like (1)   Dislike   HSBC is doing about .9% the 1.1% is probably stable. Although you might make more just putting 25K in a few banks and asking for some "bonuses" for putting the money in each. I think SF ace mentioned $500 isn't uncommon if you go in there and talk to them. Of course you might have to go to a few banks to get a few of these deals. Although 6 banks for $3000 might be worth it.

3. xrpb11a Follow Befriend (4) 2 threads 787 comments

   3   3:28pm Thu 20 Jan 2011   Share   Quote   Permalink   Like   Dislike (2)   went with AMEX high yield savings @ 1.3....

4. SiO2 Follow Befriend 3 threads 189 comments

   4   9:13am Fri 21 Jan 2011   Share   Quote   Permalink   Like   Dislike (1)   I have money in discover bank, it's been 1.3 for the past year. The setup process was annoying though. Now that I am there it's not worth changing, but amex at 1.3 is probably easier.

5. zzyzzx Follow Befriend (9) 416 threads 4,137 comments Baltimore, MD

   5   10:20am Fri 21 Jan 2011   Share   Quote   Permalink   Like   Dislike (1)   Or Capital One...

6. bob2356 Follow Befriend 3 threads 2,498 comments

   6   5:53am Sat 22 Jan 2011   Share   Quote   Permalink   Like (1)   Dislike   I'm getting 6% on ordinary savings here in NZ. A big currency movement right before moving it back would wipe that out pretty quickly. Arbitrage is way over my head.

7. American in Japan Follow Befriend (28) 149 threads 1,398 comments

   7   3:58am Tue 25 Jan 2011   Share   Quote   Permalink   Like   Dislike (1)   @bob2356 I keep some money in $NZ here in Japan (foreign currency deposit). Great returns, but how will the exchange rates go from here.

8. bob2356 Follow Befriend 3 threads 2,498 comments

   8   10:11am Tue 25 Jan 2011   Share   Quote   Permalink   Like   Dislike   American in Japan says @bob2356 I keep some money in $NZ here in Japan (foreign currency deposit). Great returns, but how will the exchange rates go from here. If I could figure out the answer to that question I would be very wealthy.

9. Tude Follow Befriend 15 threads 356 comments

   9   10:52am Tue 25 Jan 2011   Share   Quote   Permalink   Like   Dislike (2)   I have my liquid savings in Everbank, I have been very happy with them https://www.everbank.com/personal/high-yield-money-market.aspx

10. jvolstad Follow Befriend (4) 992 threads 1,125 comments San Antonio, TX jvolstad's website

    10   12:21pm Tue 25 Jan 2011   Share   Quote   Permalink   Like   Dislike   I'm looking at AmEx as well. I'm over the $250K limit at my Credit Union and would like to spread out my cash.

11. American in Japan Follow Befriend (28) 149 threads 1,398 comments

    11   12:19am Thu 27 Jan 2011   Share   Quote   Permalink   Like   Dislike (1)   Interesting ... Everbank is better than Charles Schwab. George

12. FortWayne Follow Befriend (13) 103 threads 3,764 comments

    12   7:44am Thu 27 Jan 2011   Share   Quote   Permalink   Like (1)   Dislike   jvolstad says I’m looking at AmEx as well. I’m over the $250K limit at my Credit Union and would like to spread out my cash. ING direct is a bit better IMO. Amex will lower their rates soon like Sallie Mae did, ING is pretty stable right now.

13. bubblesburst Follow Befriend (1) 2 threads 73 comments San Diego, CA

    13   3:38pm Tue 1 Feb 2011   Share   Quote   Permalink   Like   Dislike   I have some cash with Discover Bank. But really the majority I keep with bank accounts that allow you to earn airline miles. Banks like Bank Direct that are FDIC approved and giving 1 frequent flyer mile for every $10 you have on deposit. The interest rates are almost nothing but what makes it appealing to me is that the miles aren't taxable. You can add POD beneficiaries to get your FDIC coverage over $250,000. For example, I added my wife and 2 kids to increase my coverage to $750,000. I'm getting 75,000 miles per month with them from American Airlines. We use the miles to upgrade to Business class so they are super valuable as some of the tickets we are getting are worth upwards of $7,000 each. So we'll buy a cheap flight and then upgrade with miles. I guess if you don't travel much or won't use the miles it's not the best but considering the bank accounts are paying next to nothing anyway, it's a good bang for the buck for me. Many of my friends are doing the same thing. There are various banks that give airline miles for each $10 you have so use the airline that you use the most. Then there are other side benefits. For example, American Airlines gives you "Gold status" for life once you hit 1 million total miles in your account. Once you hit 2 million miles they give you "Platinum for Life". So it's a good way to get lots of miles and the perks of Platinum for life if you have tons of cash. I was already Platinum for life but now my wife is building up miles for Platinum for life.

14. xrpb11a Follow Befriend (4) 2 threads 787 comments

    14   8:58am Tue 8 Feb 2011   Share   Quote   Permalink   Like   Dislike (1)   when AMEX lowers their rates, i'll just pull it out and send it to the highest bidder... extracting the cash might prove to be a little work, but setting up new accounts with online banks takes minutes...