Best savings rate?

[Rodger Wilco]

Anyone know of an savings account available that pays anything better than 3% interest? Before you laugh, you should know it does exist.
I am currently getting 3% in a credit union savings account but have maxed out the limit and I need somewhere to park cash until I am ready to use it.
I have a friend getting 4% on a savings but it is only available to residents of Wyoming or something like that.

Why not put the money in the market you ask? Well, I am saving for a wedding and down payment on a house and I need the money to be liquid. The wedding is next year and I can't risk not having the funds should the market dip (or dive!).

I am open to other sugestions,municipal bonds, CDs or something, I just don't want to take a loss. Any Ideas?

 

[jynxyjoe]

Anyone know of an savings account available that pays anything better than 3% interest? Before you laugh, you should know it does exist.
I am currently getting 3% in a credit union savings account but have maxed out the limit and I need somewhere to park cash until I am ready to use it.
I have a friend getting 4% on a savings but it is only available to residents of Wyoming or something like that.

Why not put the money in the market you ask? Well, I am saving for a wedding and down payment on a house and I need the money to be liquid. The wedding is next year and I can't risk not having the funds should the market dip (or dive!).

I am open to other sugestions,municipal bonds, CDs or something, I just don't want to take a loss. Any Ideas?

If you give your money to me in the Jynxyjoe Private Bank and Rug Emporium, I will give you and any other JC'er 9% returns!

 

[Rodger Wilco]

Deal. Problem solved!
Let me guess, you only accept cash and you want to meet at the Auto Zone parking lot?
You'll give me a recipet hand written on a Burger King wrapper?

 

[gotWXdagain]

I have an exciting investment opportunity for you! My fund tracks low cap startups with high earning potential and right now is generating an APY of about 23%!

 

[jynxyjoe]

Deal. Problem solved!
Let me guess, you only accept cash and you want to meet at the Auto Zone parking lot?
You'll give me a recipet hand written on a Burger King wrapper?

No no no, God no.

A fresh back of the free envelope from the bills i dont pay.

 

[jrh]

You could check in to Series I savings bonds.

Can't withdraw for 12 months, but essentially liquid after that. $10k max per calendar year. Pays close to 3% interest, tied to the rate of inflation.

 

[Rodger Wilco]

Interesting! This might be a good option. Thanks for the tip

 

[Cessnaflyer]

You could check in to Series I savings bonds.

Can't withdraw for 12 months, but essentially liquid after that. $10k max per calendar year. Pays close to 3% interest, tied to the rate of inflation.

With those you have a 3 month interest penalty if held for less than 5 years. Not a huge deal but something to take into account when calculating gains.

 

[adk]

@Rodger Wilco check out Lake Michigan Credit Union ... they have a “Max Checking” account that pays 3% provided you have a monthly direct deposit (any amount ) and make 10 debit card purchases per month. I think you have to make a $5-10 donation to one of their charities to join if you’re not from their area.

 

[Rodger Wilco]

Actually @adk, Lake Michigan is the credit union I currently have maxed out. Im looking for another one of those!

I have been looking at buying low risk stocks that pay dividends. My dad holds stock in a utility compay that always pays a dividend and rarely looses money. The stock doesn't really grow much but it doesn't crash hard either... Im not sure what to do really.

 

[NovemberEcho]

Can you justnopen a second account with them?

 

[Rodger Wilco]

I don't think so... but my wife probably could!