I was on the phone with my credit union, moving some end of the year funds around and the girl mentioned a MMSA (money market savings account) and proceeded to explain it to me. I really had no clue about them and thought they changed with the market, duh.
So, now im the proud owner of a MMSA @ .50% , where-as my savings was .15%, so something is better than nothing and more is always better. I like that its no different than a reg. savings other than drawing a bit more interests and no risk at all with it. (other than normal 'bank going under", lol)
So, thought Id share incase anyone else lives under a rock and didnt know about this.
I'm still getting 0.89% on my savings account......
Originally Posted By NotAFudd:
MMSA @ .5 would rather use AMEX @ .9 or Discover bank @ 1.0
My question is, if you need your money from Discover, how do you get it? I dont remember ever seeing a branch around where you could walk in and withdraw or deposit funds.
You ACH it from a discover/amex/USAA account to a brick and mortar bank account, and then go and make your in person withdrawal at a branch.
Or you can have a check mailed to you, or pay more for a wire.
I have an Ally Savings account at 0.89% and a Checking account with them at 0.5%. If I need quick access to cash I can instantly transfer from my savings to checking online and then go to any ATM I want and pull it out. Ally refunds the ATM fees so it doesn't cost a thing.
I'm getting 0.85% on my ING account. I still remember when it was like 4.5%.
Originally Posted By Corporal_Chaos:
I still remember when it was like 4.5%.