Today I noticed that the Emigrant Direct online savings rate is now an even 3%. So it appears that rates may be on the rebound for those of us who are stashing cash away for a rainy day.
Tags: Emigrant Direct | savings
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August 3rd, 2008 at 5:17 am
Still though, if inflation is running above 3% (which I believe it is), your money in a 3% savings account will still lose its purchasing power.
August 3rd, 2008 at 8:03 am
That’s true, Tom. However, the 3% beats the 0.25% I’d make on the same money at Bank of America.
Also, to clarify, this is where I put my emergency money. It’s convenient, secure, insured and makes a comparatively decent return.
The rest of my spare cash goes into the market.
August 7th, 2008 at 4:01 am
3% sounds good as it is, but money nowadays is so tight, I’d be lucky if I could put enough money away and enjoy the interest it would be gaining. I searched Google & Glyphius though, and said that money now is better off spent than saved. Lol.
August 13th, 2008 at 4:02 pm
I use HSBC direct for my high interest savings. You may want to look into Grant. Their rate is at 3.5% for now, but they also give you an ATM card for the account. If you ever needed the money right away, then you may do better there. Also reality is that you are doing a little better than 3% a year if your bank is paying out it’s interest monthly, just due to the whole compounding interest thing.