High interest savings account?

[TNTitan]

Anyone have any advice on putting some money in a high interest savings account or something similar - something that can outpace inflation? Getting 1% is kind of ridiculous in my opinion... I've got an IRA and 401k already, but want a separate account that I can readily access if needed w/ no penalty and still draw respectable interest. Ive looked at Money Market accounts but those pay like 1%-2%. Rate of inflation last year was 3.85%. Any pot of gold at the end of this rainbow?

[nightrunner]

I know its not what you want to hear but gold and silver and getting the best returns right now, and will contine to.

[TNTitan]

I cant readily access money if its in gold and silver. I want an account that I can withdraw from quickly if need be.

[nightrunner]

gold and silver, especially if its american eagles, are easily sold quickly.

[TNTitan]

gold and silver, especially if its american eagles, are easily sold quickly.

not really. my dad used to do that. you have to find a buyer (numismatist, open market, etc..), then haggle on price wholesale vs. retail price, etc.. too much hassle for my needs currently.

[Guest RemedyCNC]

I have what is called an "active asset" account through Morgan Stanley. It is tied to the market through mutual funds but I was assured I could have cash in hand within a day or two. Down side is it is tied to the market, so you can actually lose money. Up side is it has returned decent numbers. It is a good option somewhere in between a savings account and CD's.

[Guest db99wj]

Access will lower your return, less access will give you better return, in general. The higher amount of $$$ you have, you can get a better "preferred rate".

If you need fast cash access, savings, interest bearing checking, some money market accounts will be the best choice. Getting money is basically immediate. Watch your fees, monthly, annual or fees against withdraws.

On my checking account, I have a 3.51% interest rate (last statement rate anyway) that I get on my balance. Not bad, but I can't just let the account sit, I have to use it a certain amount of time, check in on it online a few times and have a deposit or something into it. Basically I qualify because of direct deposit, I use it because it is my primary checking, and I check on line, several times per month.

In a perfect world, I would like to put all my extra.......ok give me a minute so I can stop laughing...........money into that account, and not show that amount above my normal balance. For example, I have $10,000 that I want to get interest on, my checking has a balance of $2,000 which fluctuates as I pay out and my pay check goes in, I put that $10K in and not show it on my checking register, and just show my $2,000 balance. I get the higher interest rate on the full amount but I don't touch it. This would take discipline.

[TNTitan]

Access will lower your return, less access will give you better return, in general. The higher amount of $$$ you have, you can get a better "preferred rate".

If you need fast cash access, savings, interest bearing checking, some money market accounts will be the best choice. Getting money is basically immediate. Watch your fees, monthly, annual or fees against withdraws.

On my checking account, I have a 3.51% interest rate (last statement rate anyway) that I get on my balance. Not bad, but I can't just let the account sit, I have to use it a certain amount of time, check in on it online a few times and have a deposit or something into it. Basically I qualify because of direct deposit, I use it because it is my primary checking, and I check on line, several times per month.

In a perfect world, I would like to put all my extra.......ok give me a minute so I can stop laughing...........money into that account, and not show that amount above my normal balance. For example, I have $10,000 that I want to get interest on, my checking has a balance of $2,000 which fluctuates as I pay out and my pay check goes in, I put that $10K in and not show it on my checking register, and just show my $2,000 balance. I get the higher interest rate on the full amount but I don't touch it. This would take discipline.

Money market accounts dont pay jack. Ive looked into the high interest checking accounts around here... one around the corner from my house is advertising 4.01% which is not bad at all, but you're right. The requirements for those accounts are nuts:

• Ten debit card transactions per month, excludes ATM withdrawals
  
• Three bill pay transactions per month
  
• Access online banking monthly
  
• One deposit or ACH debit per month
  
• Receive electronic statements monthly
  

so essentially.. it has to be your primary checking account.. now who's going to put their savings account in with their checking account?! not me, that's for sure.

[Guest db99wj]

Money market accounts dont pay jack. Ive looked into the high interest checking accounts around here... one around the corner from my house is advertising 4.01% which is not bad at all, but you're right. The requirements for those accounts are nuts:

• Ten debit card transactions per month, excludes ATM withdrawals
  
• Three bill pay transactions per month
  
• Access online banking monthly
  
• One deposit or ACH debit per month
  
• Receive electronic statements monthly
  

so essentially.. it has to be your primary checking account.. now who's going to put their savings account in with their checking account?! not me, that's for sure.

Exactly. If you have the discipline not to touch the savings, you can put it in there. I use quicken at home and on my palm and don't do the automated online update of our bills, so I could put it in my account and not log it in. Basically forget about it...discipline...lots of it...

[TNTitan]

I'm just surprised that banks can offer 3%-4% on a checking account, but not a savings account. I mean.. surely they are not "banking" on overdraft fees, transfer charges, and other sneaky ways of bringing in revenue from their customers, right? No way.. not the banks!

[enfield]

There is no gold at the end of the rainbow. There are no low-risk, high-yield, liquid investments.