| What kind of MMA's do you use? |
| None |
|
33% |
[ 4 ] |
| Savings account at local bank |
|
8% |
[ 1 ] |
| Online Savings account |
|
58% |
[ 7 ] |
|
| Total Votes : 12 |
|
| Author |
Message
|
| MrT |
 Posted: Wed May 10, 2006 8:24 am Post subject: Money Market Accounts |
 |
|
Investing Sr. Associate
|
So I'm curious, how many of you out there actively use Money Market Accounts (MMA's) to temporarily stash away money for quick use in emergencies? In particular, do many of you use the online savings vehicles like INGDirect, or Capitol One Savings, etc?
I really got into online savings accounts back when ING came around because my rate at the bank was quite possibly 0%. Since then, I've seen a lot of decent online savings acocunts, but also a few bad ones. I think the rates make them a pretty good place to drop money like emergency savings.
A few of the more popular account rates, pulled off Bankrate.com
GMAC-4.75%
HSBC-4.5%
INGDirect-4.15%
I think my checking account still gets roughly 0% interest, so it's good to have another option.  |
|
| Back to top |
|
 |
| Dave Rathbun |
| Posted: Wed May 10, 2006 8:26 am Post subject: |
|
|
CFO
|
I use ING Direct.
I also have a "premium" money market account at my credit union that pays quite good, if not as good as ING. But the money is a two second transfer away from my checking account as opposed to ING which takes longer.
The premium money market account pays much higher interest than the regular money market, but requires a hefty minimum balance and has a minimum number of withdrawals allowed per month. Unlimited deposits though. |
|
| Back to top |
|
|
| vetelmo |
| Posted: Wed May 10, 2006 12:10 pm Post subject: |
|
|
Moderator
|
| I have nothing right now, lol. |
|
| Back to top |
|
|
| efflandt |
| Posted: Wed May 10, 2006 5:39 pm Post subject: |
|
|
Investing Manager
Joined: 01 Oct 2005
Posts: 206
This Month: 0
Location: Elgin, IL USA
76546.66 e$
Net worth: 125,542.56
Portfolio Value: 48,995.90
Monthly Return: -8.43%
Trades this month: 0
Churn Rate: 0.00%Items
|
Since I have my IRA's at Fidelity and their money markets pay decent (over 4.5% compounded to over 4.6% past month, which should rise with recent fed rate), I just use them. The default core cash for their retirement accounts (FDRXX) pays that for money waiting for investment.
In taxable brokerage accounts, the core cash account (FCASH) pays a lower variable rate that is not published. But you can get the higher rate by stuffing any free cash into a money market fund like FSLXX. I am not in a high enough tax bracket for the lower interest in non-taxable money markets to be effective. I have not set up checking or debit card there yet, but can easily electronically transfer money to or from my checking account at a local bank. |
|
| Back to top |
|
|
| DKnightSr |
| Posted: Fri May 12, 2006 2:23 pm Post subject: |
|
|
Member of the Month
May
|
No MMA, but a regular savings account (usually under $5,000) and the rest laddered in with Treasury Direct on 4 week T-Bills. Each week 25% cash becomes available if needed. I normally keep my brokerage account as low as possible for cash... mine gives great service but their return stinks, as does their research material. However, for hair splitting timing, they're great!
Between the savings and a Visa Card (limit $5000 set by me  and paid in full monthly ) and T-Bills rolling, I've never hit a point (yet) where I was cash strapped.
With the market acting like it is, I have cancelled next week's roll overs on the T-Bills, just in case some "opportunities" present themselves. I believe the next 4 months should be VERY interesting 
Oh yeah, almost forgot, retirment money is in an account which gives you several choices. Right now I'm 100% gov't bonds as I think we're due for a cooling off period. |
|
| Back to top |
|
|
| carrm154 |
| Posted: Sun May 14, 2006 2:41 pm Post subject: |
|
|
New Poster
|
| Is ARIEL a good investment. |
|
| Back to top |
|
|
| MrT |
| Posted: Mon May 15, 2006 3:42 am Post subject: |
|
|
Investing Sr. Associate
|
| Could you elaborate on ARIEL? I searched, and it looks like they have a money market mutual fund, which I think you may be referring to. It looks like they try in invest in the best MMA accounts around for the highest return at virtually no risk. It doesn't seem like the best idea because they have management and overhead fees on essentially the same rates that you could get with only a minimum amount of effort. Their pas returns indicate that they got lower returns than what I remember MMA were getting at the time also. |
|
| Back to top |
|
|
| Colli |
| Posted: Tue Nov 20, 2007 4:24 pm Post subject: |
|
|
Investing Sr. Associate
Joined: 18 Nov 2007
Posts: 57
This Month: 0
126.68 e$
Net worth: 15,049.18
Portfolio Value: 14,922.50
Monthly Return: -9.57%
Trades this month: 0
Churn Rate: 0.00%Items
|
| The only problem with MMA's through ING, Fidelity, Vanguard, and the like is that they are not insured by the FDIC. These companies are pretty big an I doubt if this would every be a problem but . . . stranger things have happened . . . haven't they? |
|
| Back to top |
|
|
| Staggs |
| Posted: Wed Mar 19, 2008 3:41 pm Post subject: |
|
|
Investing Sr. Associate
Joined: 19 Jun 2007
Posts: 141
This Month: 0
Location: Wisconsin
3884.82 e$
Net worth: 13,608.82
Portfolio Value: 9,724.00
Monthly Return: -12.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| I use MMA's for my emergency fund and thats it. |
|
| Back to top |
|
|
|
|
stock market game on the web. At eInvesting you compete for monthly cash prizes while you interact, make virtual dollars, purchase items, and trade in the realistic stock market simulator. We make investing FUN!
