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Posted: 8/3/2005 12:13:23 PM EDT
I have roughly $3200 in my savings account at a local bank and am only getting 92 cents in interest a month. That equals $11.04 a year in interest earned. Now according to my rough calculations, that means I have a yearly interest rate of .345%. If I go to Emigrant Direct or ING as I plan to do, I'll be able to get at LEAST 8 times the amount of interest (assuming an average rate of 2.75%).
It may not seem like much, but it will add up to at least over $75 in interest a year instead of an abysmal $11.04.
Getting 0.75% at the bank here on savings.
I get 0% at my local credit union but they give me free checking, no min balance for the checking account. The acct is liked to a money mkt account and I transfer any $ I dont need into the MM acct which gives me a whopping 2.25% maybe, better days are round the corner, wont be long until you see 24 or 27 month cds for 5%+
Savings account? What is that?!?!?
Put your money in the stock market! It averages about a 10% return a year!
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