what is the best APY for safe FDIC money 2% ally bank

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darwin666

since this is an economics forum.. the reason I am posting here is... amongst all retail investors. we are worried that we need to make some annual APY on our savings to beat inflation

little do we know that there maynot be inflation. rather deflation. ha ha

now coming to the point.. we know Wall st. and lot of forces can convince us that.

historicallythe S and P index has returned 8%. yada yada..

so why shoud we be putting our money in savings.?

allybank is giving 2% online savings account..

so sub consciously we think that we should be putting money into the equities market.but when the bubble will burst, who knows and forget about annualised 8%over long time.if it crashes. we may end up like japan where u would take decades to recover if u had invested in 1989.


does anyone know a better deal..
i wish it was atleast 4%.

( apart from stanford/madoff who guaranteed 8% fixed CDs) he he..
 
I buy long term CD's and when I find a better deal, I cash them in and take the penalty which is 25% of the annual interest rate. It works for me.

Right now I have Cd's paying in a range as high as 5.3% and as low as 3.8%.
 
Quote from hoodooman:

I buy long term CD's and when I find a better deal, I cash them in and take the penalty which is 25% of the annual interest rate. It works for me.

Right now I have Cd's paying in a range as high as 5.3% and as low as 3.8%.
More...

Thanks for posting, that is a great idea. I am getting just under 3% from a credit union on a 1 year that matures end of August.
 
Quote from darwin666:

since this is an economics forum.. the reason I am posting here is... amongst all retail investors. we are worried that we need to make some annual APY on our savings to beat inflation

little do we know that there maynot be inflation. rather deflation. ha ha

now coming to the point.. we know Wall st. and lot of forces can convince us that.

historicallythe S and P index has returned 8%. yada yada..

so why shoud we be putting our money in savings.?

allybank is giving 2% online savings account..

so sub consciously we think that we should be putting money into the equities market.but when the bubble will burst, who knows and forget about annualised 8%over long time.if it crashes. we may end up like japan where u would take decades to recover if u had invested in 1989.


does anyone know a better deal..
i wish it was atleast 4%.

( apart from stanford/madoff who guaranteed 8% fixed CDs) he he..
More...

I have looked into tax liens but only cursory.
 
http://cdrates.bankaholic.com/?product=16&sort=3

the 2 year and 3 yr CD rates are pathetic.

hence I would rather take the 2% which the top online savings bank is giving..

============

do you know any of your close reliable still employed ( and hopefully will remain employed) friends who is holding an auto loan at 5-6 %

ask him to take your money, pay off the car and pay u 1% less.. ie. 4-5%... i think that shoud work out. better than allybank ..

now what was that saying by shakespeare .

Polonius:
Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
Hamlet Act 1, scene 3, 75–77
 
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