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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 - "If at first you don't succeed, failure may be your style."
06/14/2007 @ 09:19:59 AM
no minimums and no fees? is there a catch?
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Jeremy - 1.21 Gigawatts!?!?
06/14/2007 @ 09:23:30 AM
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.
As far as I know you can open one up with a dollar.
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Jeremy - 9183 Posts
06/14/2007 @ 09:28:58 AM
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.
So I guess you'd have to do some planning around that.
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Jeremy - Always thinking of, but never about, the children.
07/03/2007 @ 11:07:26 AM
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 $37 in June. Scrape together the change from your piggy banks and open one of these bad boys already! 
(The update I meant to make being the fact that you could in fact transfer dough in and out, along the "is there a catch" line of questioning.)
(The update I meant to make being the fact that you could in fact transfer dough in and out, along the "is there a catch" line of questioning.)
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Alex - 3429 Posts
07/03/2007 @ 12:43:18 PM
I've had a similar thing going with citibank for maybe like 10 months or so.
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PackOne - No matter how many MC's I eat up ... oh, it's never enough.
07/03/2007 @ 10:11:16 PM
Alex Wrote - 07/03/2007 @ 12:43:18 PM
I've had a similar thing going with citibank for maybe like 10 months or so.
Once again re-affirmation of your superior life skills.
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Carlos44ec - Tag This
07/06/2007 @ 08:08:32 AM
I've never been good with the finance thing- so this e-trade has 5.05%, which is good, I say... USBank has 6.99%.... the question I have is how is the interest accrued? Is it all standard? What do I look for?
For once I have some money to put away- I'd like to make it work (no-risk
)
For once I have some money to put away- I'd like to make it work (no-risk
)
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Jeremy - Super Chocolate Bear
07/06/2007 @ 09:35:55 AM
What are they offering 6.99% on? Have a link?
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Carlos44ec - What the F@#$ am I being arrested fo?
07/06/2007 @ 09:51:44 AM
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.
(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 edited this 2 times, last at 07/06/2007 10:13:07 am
Jeremy - Super Chocolate Bear
07/06/2007 @ 10:03:59 AM
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 - 2038 Posts
07/06/2007 @ 10:07:52 AM
ah, gotcha. It feels like monday today. Quote of the day:
"I can't brain today- I have teh Dumb"
"I can't brain today- I have teh Dumb"
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Carlos44ec - You had me at "Hello"
07/06/2007 @ 10:14:04 AM
nevermind
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Carlos44ec messed with this at 07/06/2007 10:14:23 am
Jeremy - 9183 Posts
07/06/2007 @ 10:33:24 AM
I most certainly do not say it's a cd.
Oh, nevermind then.
Oh, nevermind then.
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Jeremy messed with this 2 times, last at 07/06/2007 10:41:14 am
Carlos44ec - 2038 Posts
07/06/2007 @ 10:48:54 AM
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!
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 - No one's gay for Moleman
07/06/2007 @ 10:59:05 AM
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 - Since 1980!
07/06/2007 @ 11:11:50 AM
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?
Just so I know- your financial Wiz of a Wife supports this?
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Jeremy - I hate our freedoms
07/06/2007 @ 11:14:38 AM
Nothing gets her motor running like a good APR.
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Micah - 570 Posts
07/06/2007 @ 11:33:03 AM
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.
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 - 2038 Posts
07/06/2007 @ 11:35:59 AM
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.
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 - Cube Phenomenoligist
07/06/2007 @ 11:37:57 AM
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.
Any money you're looking to legitimately save for the future would be better off elsewhere.
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Jeremy - 9183 Posts
07/06/2007 @ 11:40:20 AM
(Forget) you Chmielewski.
Which reminds me, that's probably deserving of a link too.
Which reminds me, that's probably deserving of a link too.
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Carlos44ec - 2038 Posts
07/06/2007 @ 11:41:36 AM
Just take my name off of those cornball songs we "wrote"
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Jeremy - Broadcast in stunning 1080i
07/06/2007 @ 11:46:10 AM
I think you mean - "songs" we wrote.
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