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Added By: Jeremy
Added on: 06/14/2007 @ 8:59:51 AM
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Internets, The
E Trade 5.05% Savings accounts
Sarah and I opened a CD on E-Trade a while back and when it was done they were offering a new savings accounts with 5.05% interest (which is better than most CD's you'll find at a bank.) We only have a few grand in there and from half of April and all of May we've already made almost $40. (Which doesn't sound like a lot, but it is now-a-days) You can transfer money in and out willy nilly to your "real" bank account. (There's like a 6 time per month electronic withdrawal limit, but your real bank has that too.)If any of you has some cash laying around I'd check it out.
View External Link [us.etrade.com]
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 | Carlos44ec - 2079 Posts 06/14/2007 @ 09:19:59 AM |
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| no minimums and no fees? is there a catch? |
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 | Jeremy - As Seen On The Internet 06/14/2007 @ 09:23:30 AM |
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No, I don't think so. I think they take a little longer then they really need to to set up the outgoing transfers part (like maybe 7-10 business days) but odds are you aren't opening it with the intent of taking it out 3 days later (and even if you did want to you can call) As far as I know you can open one up with a dollar. |
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 | Jeremy - 9543 Posts 06/14/2007 @ 09:28:58 AM |
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One catch: "Transfers are limited to $100,000 per day between other financial institutions and E*TRADE Bank and E*TRADE Securities accounts." So I guess you'd have to do some planning around that.  |
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| Jeremy - Pie Racist 07/03/2007 @ 11:07:26 AM |
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I forget to update this. After verifying that I could in fact just transfer money back and forth I put some more money in the account, we made $37 in June. Scrape together the change from your piggy banks and open one of these bad boys already!  (The update I meant to make being the fact that you could in fact transfer dough in and out, along the "is there a catch" line of questioning.) |
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 | Alex - 3619 Posts 07/03/2007 @ 12:43:18 PM |
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| I've had a similar thing going with citibank for maybe like 10 months or so. |
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 | PackOne - 1528 Posts 07/03/2007 @ 10:11:16 PM |
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Alex Wrote - 07/03/2007 @ 12:43:18 PM I've had a similar thing going with citibank for maybe like 10 months or so. Once again re-affirmation of your superior life skills. |
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| Carlos44ec - Knuckle Sammich 07/06/2007 @ 08:08:32 AM |
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I've never been good with the finance thing- so this e-trade has 5.05%, which is good, I say... USBank has 6.99%.... the question I have is how is the interest accrued? Is it all standard? What do I look for? For once I have some money to put away- I'd like to make it work (no-risk  ) |
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| Jeremy - 9543 Posts 07/06/2007 @ 09:35:55 AM |
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| What are they offering 6.99% on? Have a link? |
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 | Carlos44ec - A Vote for me is a Vote against Terrorism! ...or atleast just wasted. 07/06/2007 @ 09:51:44 AM |
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well, the link would be: (took link out- go to usbank.com for cd rates) But we saw a Huge banner in the bank window saying 6.99 instead of 5... same marketing design- just different numbers. |
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| Carlos44ec messed with this 2 times, last at 07/06/2007 10:13:07 am | ||
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| Jeremy - 9543 Posts 07/06/2007 @ 10:03:59 AM |
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| See those are CDs though. This Etrade thing is a savings account, they aren't "locking" your money away. Not that CD's aren't an option. Typically though banks advertise CD's as "up to" a certain %, but you only get the highest rate if you lock your money away for ages. |
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| Carlos44ec - 2079 Posts 07/06/2007 @ 10:07:52 AM |
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ah, gotcha. It feels like monday today. Quote of the day: "I can't brain today- I have teh Dumb" |
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| Carlos44ec - Tag This 07/06/2007 @ 10:14:04 AM |
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| nevermind |
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| Carlos44ec perfected this at 07/06/2007 10:14:23 am | ||
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| Jeremy - 9543 Posts 07/06/2007 @ 10:33:24 AM |
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I most certainly do not say it's a cd. Oh, nevermind then. |
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| Jeremy messed with this 2 times, last at 07/06/2007 10:41:14 am | ||
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| Carlos44ec - 2079 Posts 07/06/2007 @ 10:48:54 AM |
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If I do this Etrade thing and refer you, do you get paid? In highschool Micah refused to buy me a cheeseburger when I got him 20 bucks or something for refering him when I opened a checking acount at First Fed. Jerk! |
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| Jeremy - 9543 Posts 07/06/2007 @ 10:59:05 AM |
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| Can you even say I referred you? As far as I know I get nothing, I just think it's a pretty good deal. Since "real" savings accounts are at like 1%. |
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| Carlos44ec - 2079 Posts 07/06/2007 @ 11:11:50 AM |
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The ones I got with my Army money were only hitting 1.6, 1.7 or so in 2003/04. I think I might jump on this. Just so I know- your financial Wiz of a Wife supports this? |
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| Jeremy - Always thinking of, but never about, the children. 07/06/2007 @ 11:14:38 AM |
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| Nothing gets her motor running like a good APR. |
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 | Micah - 584 Posts 07/06/2007 @ 11:33:03 AM |
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This really is a great deal if you have cash that you may need to access at any time. But if you want to sock it away for a while, you're way better off buying some mutual funds through vanguard. With the savings account, you're basically making up for inflation after taxes. Which is great for idle cash, but if you're using money that you want to actually put away and invest, your actual wealth isn't going to go anywhere. You can buy diversified funds that greatly minimize your risk, if that's what you're worried about. And it was 10 dollars...and I bought you so many damn cheeseburgers I could barely afford to buy drugs and booze in college. |
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| Carlos44ec - 2079 Posts 07/06/2007 @ 11:35:59 AM |
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I knew I'd flush out a comment from you- I know darn well it was ten bucks. Oh, and shmelsky ate all the burgers you bought me :-) I don't want to put it away for too long, I just don't want it in checking. I shouldn't need it until next summer, but don't want it inaccessable. |
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| Jeremy - I hate our freedoms 07/06/2007 @ 11:37:57 AM |
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Right, this obviously isn't meant for your retirement account. It's just everyone has money that they need to have semi quick access to, and this seems to be a pretty sweet deal for that pot of money. Any money you're looking to legitimately save for the future would be better off elsewhere. |
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| Jeremy - 9543 Posts 07/06/2007 @ 11:40:20 AM |
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(Forget) you Chmielewski. Which reminds me, that's probably deserving of a link too. |
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| Carlos44ec - A Vote for me is a Vote against Terrorism! ...or atleast just wasted. 07/06/2007 @ 11:41:36 AM |
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| Just take my name off of those cornball songs we "wrote" |
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| Jeremy - Robots don't say 'ye' 07/06/2007 @ 11:46:10 AM |
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| I think you mean - "songs" we wrote. |
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