How much a bank can pay me for interest in a 100k balance?
September 29, 2008
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Posted by admin under blog | Comments (3)
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September 29, 2008
GO
Posted by admin under blog | Comments (3)
Sorry, the comment form is closed at this time.
First, I would recommend using an online savings bank such as Emigrant direct – currently 4.65% APY.
They calculate interest on a monthly basis, and you receive the interest credit into your account at the end of your statement cycle each month.
On 100k, assuming rates stay around 4.65 – which they probably won’t b/c most investors say they will decrease more this year – then you would get close to 5K of interest income over a year’s time.
Comment by Matt K — October 1, 2008 @ 8:47 am
don’t use capital one bank. your best best is to go to a brokerage firm and get a money market acct. that is an acct which draws interest and you can write checks on it (albeit a certain # of checks) without penalty. it will draw more interest than a standard interest bearing checking acct or cd. i personally would never use a HUGE bank like capital one bank-or a bank that is connected to a credit card, such as captial one.
Comment by s and d e — October 2, 2008 @ 10:37 am
Today the best rate for immediate access accounts is at Countrywide Bank. 5.3% APY. FDIC insured up to $100,000 per individual — $200,000 joint. Interest is accrued daily and paid monthly. You can open an account online or at the Countrywide offices that are on most major cities. Coutnrywide offers 6 month CDs that pay a sightly higher rate if you choose to.
Comment by SDD — October 3, 2008 @ 3:48 am