Best interest rate for savings

Questions and Answers

the best monthly interest rate on savings?

A) Check out; www.GMACbank.com (my favorite) www.HSBCDirect.com www.INGDirect.com All FDIC insured. Also for checking (3.01%); www.EverBank.com (also FDIC insured)

Highest interest rate for savings, UK?

Q) Ive been looking for a savings account with a good interest rate and am between saga and nsi. Do I go for the highest AER? I thought thats what I needed to do but for some reason the highest AER of the two has the lowest interest rate so I'm wondering if I'm not understanding this fully. Can anyone explain please? Thanks

A) www.moneysupermarket.com does comparisons of all the different accounts and interest rates. I couldn't see where it tells you detail on how to invest though. Don't whatever you do look on http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=135&a=1575 for explanation of AER!! If you make a fortune, can I have some!?

Bank Savings Interest rate for non-UK resident.?

Q) Will the bank interest you can earn for your savings account drop when you live outside UK? Do you have to pay more tax on the interest you are earning?

A) Interest rates are often guaranteed in contracts when you open your account. They can't change unless your agreement specifies that it's a variable rate, which many are. They don't have anything to do with where you live, they fluctuate with the market.

Bank Savings Interest rate for non-UK resident.?

Q) Will the bank interest you can earn for your savings account drop when you live outside UK? Do you have to pay more tax on the interest you are earning?

A) when you are a non uk resident you dont pay tax on your accounts.you need your bank to send you a form out to fill in to say you are a non uk resident and you will get a higher intrest

what bank has the best interest rate in New York for savings, with no monthly fee?

A) halifax is or HSPC

Internet banks interest rates on savings. Who gives the best rates?

Q) I have a savings account which pays me tax free interest of 4.25%. Is there anyway of bettering this ?

A) I personally have an HSBC online-saver account. It is run solely over the internet banking system, and because of this, and because it means that HSBC don't have to employ any staff to manage the account or handle paperwork, the interest rate is higher. I believe it is currently 4.95%. Alternatively you could open an ISA account, which also have good rates of interest. You're best bet is to go down to a building society or bank, and speak to a Customer Adviser. Be warned though, they will invariably try to get you to sign up for their own company's accounts. So if you go to Natwest, you will hear all about the greatness of Natwest. Shop around! Hope this helps, Regard, Liam

I would like to know if there is a better online savings interest rate than that offered by ING ?

A) I would suggest you visit http://bankrate.com This website has up to date rates foir savings, MoneyMarkets, Cd's IRA's and much more. Its rated by value, customer satisfaction and they even have a Top 100 highest rates feature where the most recent rates are posted for their high yeild! hopt this helps!

who has the best rate of interest on short term savings?

A) Try ICICI Bank. Not only do they give great rates but they are the best I know of for increasing their rates after the Bank of England raises them. I usually get a e-mail telling me of the new rate within 36 hours of the announcement.

Which Bank/Building Society offers the best rate of interest for regular monthly savings?

Q) whilst still allowing instant access for the cash. The answer could be UK based or Offshore. Many Thanks

A) National Savings offer an instant access ISA which pays an amazing 5.8% TAX FREE! You can save monthly up to a maximum of £3,000 in one year. For savings at this level, you cannot get better. Ignore the ludicrous 'deals' offered by certain banks and building societies such as 10% (for one year only, maximum £250 a month and ONLY if you open a current account and pay in £1,500 a month). They are nothing better then semi-scams. I wonder that they are allowed to get away with it.

How can I work out the true interest rate on my savings?

Q) There's a bank advertising a 12% savings account, but the condition is that you have to place a certain amount in the account every month for a year, after which you can withdraw your savings. If, for example, I put £100 a month into the account then in January, the first instalment, I would be earning 12% for the full twelve months. But the February instalment is only earning 12% for 11 months, and the March instalment for only 10 months, - so at the end of the year you haven't really earned 12% interest on all the money you have put in there. I'd have put in £1,200 (12 x £100) but how much interest would I actually have earned, in percentage terms? Please can you let me know, and also let me know the calculation that you used to get there? My maths isn't that hot !

A) Your actual interest rate accross the board works out to 6.5 percent. Still not bad these days, but i think hardly worth all the restrictions. 6.5 percent, probably will get ate up by inflation and taxes anyway. basically you need to do better than inflation and taxes to really make any money.

Which bank offers the best interest rate for savings accounts (pref. with no minimum) in the NYC metro area?

Q) I am currently at Citibank and they don't offer their 4.5% interest rate on savings accounts until i have at least 10K in it. Right now I have about 5K and wanted to see if there were banks that offered a good interest rate with little to no minimum. I also noticed Citibank takes a while to clear checks which has been a bit of an annoyance. Aside from interest rates, any opinion on the best bank for a young professional looking to save as much money as possible with little hassle? Thanks!

A) You can open a Citibank e-savings. It gives 4.5% APY with no minimums. Its an online savings account and the only minimum you need to have in there is $1.00 to keep the account active. Even though many companies say "no minimum balance," they really mean you should be able to keep $1 in there. You should also check out HSBC Direct and EmigrantDirect since both give a 5.05% APY. But if you really want to build wealth, you need to start investing. You ask any wealthy person on how they accumulate so much wealth, they will say they invest their money. I have not met a single wealthy person who put all or most of their money into a bank account. If you currently have a job, you can open an IRA account. I wouldn't open it at a bank since they will invest your money in fixed accounts. Fixed accounts guarantees you an interest rate for life, but they may not be able to keep up with inflation. So you want to put mutual funds into your IRA account. Mutual funds has perform (at least the ones I deal with) has perform on average of 12% in the past 25 years. Since you say you are young, I would invest in aggressive growth fund or large growth fund and in a large blend fund. If you save $200/month with a 5% rate of return, in 30 years you will have $167,145. Of course, all the interests earned in the bank account are taxable. So your rate of return is actually lower. At a 10% rate of return, in 30 years you can potentially have $455,865. You can get 10% rate of return by investing in mutual funds. You will pay income taxes on the capital gains and dividends on it. Unless you put them in an IRA account, then you don't pay income taxes every year. It grows tax-deferred. At a 12% rate of return, in 30 years you can potentially have $705,982.

In monthly high interest rate savings account with a interest of 5.10% with 25,000 to start. OK my question...

Q) In a monthly high interest rate savings account with a interest of 5.10% with $25,000 to start. OK my question is how much money is that bank going to allow you to generate with or without fees?

A) Bank fees vary from bank to bank, but I've never seen a bank increase fees because you're earning too much interest. Your interest the first month will be about $103. If the bank charges you any fees for having the account, subtract those fees from the interest to see your real return. I would suggest that holding $25,000 in a savings account is not your best option. You want some money in the bank for emergencies, but more than $10,000 is a waste. The stock market has averaged 12% over the last 80+ years. Look at an S&P 500 fund https://flagship.vanguard.com/VGApp/hnw/FundsSnapshot?FundId=0040&FundIntExt=INT or an Extended Market fund https://flagship.vanguard.com/VGApp/hnw/FundsSnapshot?FundId=0098&FundIntExt=INT to get these better returns on some of your money without bank fees. Here is why a better interest rate is so important: $25,000 @ 5% for 20 years = $63,000 $25,000 @ 8% for 20 years = $108,000 $25,000 @ 11% for 20 years = $182,000 $25,000 @ 12% for 20 years = $215,000

what online bank offers the best interest rate on savings?

A) The guy that mentioned ING Direct is right about the 4.75%, that's the best that you will find. That promotion lasts until April 19th. Their rates are variable, so it may go back to the 3.8% that it was prior to the promotion, or it may be higher than that. Please read the note terms carefully, as it's only on 'new deposits.' For instance, if I put $200 in my account, it all earns the promotional rate. But if I withdraw $100, and then the next day I deposit that $100 back into the account, I'm now only earning the promotional rate on $100. You also might look at HSBC Direct. They are currently offering 4.25%.

What is the best savings account interest rate or CD rate.?

A) The rates change frequently, so rather than giving you information that might be stale by the time you read it, I'll give you my favorite 2 links for finding top bank rates: http://www.bankrate.com/ and http://bankdeals.blogspot.com/index.html I subscribe to the blog located at the second link - the guy who runs it usually knows about rates even before they show up on bankrate.com. He also provides really useful info about how reliable a bank is and whether they do a hard credit pull that could impact your credit score. I've also heard that the Fat Wallet forums have good info on bank rates and special promotions: http://www.fatwallet.com/forums/ .

Who has the best Savings Account interest rate? I'm currently using Bank of America.?

A) HSBC Direct has a promotional rate of 4.8% until April or May. That's the highest that I know of. Their regular rate is 4.25%, which along with Emigrant Direct is the highest regular rate for accounts of its type. If you go on Bankrate's website and search for MMA (money market account) rates, you will find some other high-yield accounts, although some of them require a minimum of $25,000.

what company has the best interest rate on a savings account?

A) Wachovia

Which bank offers the Best Interest rate for a Savings account?

Q) I live in US.

A) As of today, the hightest saving account rate that's not a money market account is at HSBC in New York City.

What is the best bank with the highest interest rate on a savings account?

A) HSBC is offering 6%, but it expires at the end of the month and then the interest rate drops significantly. Emigrant direct fluctuates quite a bit The others require a checking account with their bank or a larger deposit. ING is offering a steady 4.50%, no change in your checking account is needed and you can get started for $1. They also have excellent customer service.

Interest rate for savings????

Q) Is having a high interest rate for a savings account better than a lower one??? or Vice Versa?? Because isn't the rate what you pay them?? Or what they pay you out of your balance?? How does this work?? lol

A) For any checking or savings account you want the most interest you can find. In those cases it's what they pay you. For a loan, you want the lowest interest rate because in that case it's what you pay them. Same goes for credit cards.

Why does anyone have Bank of America if the interest rate on savings is only .2 % ??!! It is ridiculous!?

Q) !! I am mad that my money is accruing next to nothing ... but it is such a hassle to switch banks, even though I'm just a student and don't have much money. What kind of interest rate on savings can I get from Washington Mutual?

A) I would advise against WAMU right now - there are issues with how their lending/foreclosures right now. I would suggest either Emmigrant Bank or ING with rates up to 4.5% plus 4% checking.