Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Best Money Market Account Available today?
Old 08-28-2005, 03:01 PM   #1
 
Posts: n/a
Best Money Market Account Available today?

I just looked at my Charles Scwab Account and they are paying me a paltry .7% on my money market account. I have got to move this cash to something that pays better rates.

What I use this account for mainly is Auto Bill Payment, a little bit of check writing and holding an Individual Stock I own.

I looked at the ING site and they are paying about 3.3% today. But I'm a little confused how I could use this for Auto Bill Payment. Or would I have to set up a transfer to my other checking account?

Anybody have a better deal than this?
  Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Best Money Market Account Available today?
Old 08-28-2005, 03:14 PM   #2
Recycles dryer sheets
 
Join Date: Jan 2005
Posts: 140
Re: Best Money Market Account Available today?

Vanguard pays 3.20% on Prime MM... you can write checks ($250 min) and have transfers to your bank account but I don't know about bill paying. Check out the "account options" listed at this link.

http://flagship4.vanguard.com/VGApp/...FundIntExt=INT

Gonzo
__________________
Life is a beach... and then you die.
Gonzo is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 03:24 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
Re: Best Money Market Account Available today?

Quote:
Originally Posted by Cut-Throat
Anybody have a better deal than this?
www.emigrant-direct.com is paying 3.5% but, like ING, you have to transfer funds to your "primary" checking account and do any auto bill paying through that account.

REW
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 03:27 PM   #4
Thinks s/he gets paid by the post
cube_rat's Avatar
 
Join Date: Jul 2005
Posts: 1,466
Re: Best Money Market Account Available today?

ING is awesome but has some negatives. There is no auto bill paying service. You will need to link your regular checking to the ING account and make transfers as needed. The other negative is it takes 2-3 days to receive your money into your regular checking account, so planning is key.

__________________
fuzzy? cute?
cube_rat is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 03:46 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,352
Re: Best Money Market Account Available today?

CORUS Bank in Chicago (building is nice, just above Union Station) has a poster in the window for a MM account over $100,000 for 3.67% APY.

Saw that on the way to the the annual Greek Food Fest over on Halsted. Also passed 60 Ferraris of every vintage on Madison between Clark and Wells. Something to do instead of actually managing my finances.
OldAgePensioner is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 03:59 PM   #6
 
Posts: n/a
Re: Best Money Market Account Available today?

CT, what you're really describing is a glorified checking account, right? They put the words "Money Market" on it, but at .7% it sounds just like my checking account. How much do you keep in that account?

I just keep a few thousand in the checking account, just enough for paying bills and my automatic bill payments. By having it there instead of in a true money market account, it's costing me about $80 per year in lost interest.

BTW, I use fixed monthly payments even for bills that vary. For example, my electric bill averages about $60 per month. So I have a credit balance of about $50, and every month the computer sends a $60 check to the electric company. Much less work for me. Anyone else do this?
  Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 04:23 PM   #7
 
Posts: n/a
Re: Best Money Market Account Available today?

Quote:
Originally Posted by TromboneAl
CT, what you're really describing is a glorified checking account, right?* They put the words "Money Market" on it, but at .7% it sounds just like my checking account.* How much do you keep in that account?

I just keep a few thousand in the checking account, just enough for paying bills and my automatic bill payments.* By having it there instead of in a true money market account, it's costing me about $80 per year in lost interest.

BTW, I use fixed monthly payments even for bills that vary.* For example, my electric bill averages about $60 per month.* So I have a credit balance of about $50, and every month the computer sends a $60 check to the electric company.* Much less work for me.* Anyone else do this?
Actually I have about $35K there right now, but it is earmarked for certain expenses in the next year or so. The rise in interest rates got me moving on this.

I generally don't use fixed monthly payments on Bills that vary, because all of the utilities here set you up on 'budget plan', which means you pay them a lot more up front and then they give it back to you at the end of the year. - aka - 'Free loan'.

So I am probably going to go with an ING type account and move the money into the checking account when payments are due. - This way I'll at least collect MM rates.
  Reply With Quote
Vanguard Advantage
Old 08-28-2005, 04:26 PM   #8
Recycles dryer sheets
 
Join Date: Nov 2003
Location: Charlotte
Posts: 360
Vanguard Advantage

Per Gonzo's comments above, Vanguard also has an "Advantage" account which has Prime MM checking with no amount or check number restrictions and bill pay and debit card options. *I think catch is you have to have a brokerage account with Vanguard. *Of course if you are only holding one old stock acquistion which is what I am doing, this might be worth a switch...bill
WilliamG is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 06:54 PM   #9
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: Best Money Market Account Available today?

How about 4.35%?

Of course, you'll need to assume a little risk:

Ford MM
wabmester is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 07:14 PM   #10
Recycles dryer sheets
 
Join Date: Mar 2005
Posts: 329
Re: Best Money Market Account Available today?

Quote:
Originally Posted by wabmester
How about 4.35%?

Of course, you'll need to assume a little risk:

Ford MM
No way no how! This is unsecured Ford Debt. Unsecured debt is a bad idea and all you are getting is an extra 1% for a lot of risk compared to FDIC insured Money Market account..

-h
__________________
Hope springs eternal in the human breast:Man never is, but always to be blest.
The soul, uneasy and confined from home,Rests and expatiates in a life to come.
lswswein is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 07:25 PM   #11
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: Best Money Market Account Available today?

Quote:
Originally Posted by lswswein
No way no how! This is unsecured Ford Debt. Unsecured* debt is a bad idea and all you are getting is an extra 1% for a lot of risk compared to FDIC insured Money Market account..
True, it is basically a junk bond fund with a duration of zero and lots of default risk. But not too bad when you consider that longer-duration junk bond funds are only yielding about 6% right now. Crazy, if you ask me.
wabmester is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 07:52 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,341
Re: Best Money Market Account Available today?

I have Emigrant which is linked to my Bank of Internet senior (over 50) checking account currently earning 3%.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 08:16 PM   #13
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 260
Re: Best Money Market Account Available today?

Quote:
Originally Posted by MJ
I have Emigrant which is linked to my Bank of Internet senior (over 50) checking account currently earning 3%.
What's a Bank of Internet senior?
Which bank offers that?
GTM is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 08:30 PM   #14
Recycles dryer sheets
 
Join Date: Mar 2005
Posts: 329
Re: Best Money Market Account Available today?

Quote:
Originally Posted by wabmester
True, it is basically a junk bond fund with a duration of zero and lots of default risk.* *But not too bad when you consider that longer-duration junk bond funds are only yielding about 6% right now.* *Crazy, if you ask me.
Yeah but why buy a junk bond and get paid only 1% more. Buy a junk bond only with money you can afford to loose. If you want to get into the business of lending to companies atleast pick ones that are not in trouble. Caterpillar also has a similar bond fund paying roughly the same amount..

-h
__________________
Hope springs eternal in the human breast:Man never is, but always to be blest.
The soul, uneasy and confined from home,Rests and expatiates in a life to come.
lswswein is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 10:07 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
Re: Best Money Market Account Available today?

C-T...easy deal...set up an account with ING or EMIGRANT DIRECT for their higher rates, calculate your montly bill load, and have an auto transfer done for that amount at the right time of the month (both ing and ed allow for periodic fixed transfers) and let your bank's e-pay do the rest.

Of course, for rich gigolos like you, the spread will be barely enough to buy a new thin notebook after a year or two. Without a frickin second rate microprocessor in it!!!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-28-2005, 11:11 PM   #16
Full time employment: Posting here.
 
Join Date: Apr 2005
Posts: 524
Re: Best Money Market Account Available today?

I was in the same situation.
Consider using one of Schwab's Money Market Mutual funds and transfer the money over as you need it.
SWVXX = Value Advantage Fund is paying 3.05%
SWTXX = Municipal Value Advantage is paying 2.17%

I use Netbank. Checking pays 1.0%, savings 3.04%. TRansfers between the two are instantaneous.

The Bank of The Internet deal MJ mentioned looks good.
JB is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-29-2005, 12:03 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,341
Re: Best Money Market Account Available today?

Quote:
Originally Posted by GTM
What's a Bank of Internet senior?
Which bank offers that?
The Bank of Internet offers among a number of free checking accounts, one for seniors (over 50) earning 3% APY with a minimum balance of $.01 after the initial $50 deposit. You get free checks and of course bill payments. I have been with them over 2 years and have been pleased with their customer service and internet access.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-29-2005, 07:54 AM   #18
 
Posts: n/a
Re: Best Money Market Account Available today?

Quote:
Originally Posted by ()
C-T...easy deal...set up an account with ING or EMIGRANT DIRECT for their higher rates, calculate your montly bill load, and have an auto transfer done for that amount at the right time of the month (both ing and ed allow for periodic fixed transfers) and let your bank's e-pay do the rest.

Of course, for rich gigolos like you, the spread will be barely enough to buy a new thin notebook after a year or two.* Without a frickin second rate microprocessor in it!!!
Yup, this is probably what I'll do. And if there is anything that I Live well below my means in is computers. The longer I wait, the better the deals get.
  Reply With Quote
Re: Best Money Market Account Available today?
Old 08-29-2005, 09:15 AM   #19
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,610
Re: Best Money Market Account Available today?

On the first of the month I deposit funds to cover all recurring bills, and 1/12 of all once per year bills into my fidelity MM. (3.19%)
I then pay all bills online*with a rewards credit card.*
Then I wait for the CC bill which I pay with a check from the Fidelity MM account.
Generates a fair amount of interest and rewards and takes much less time than it may appear.
JPatrick is offline   Reply With Quote
Re: Best Money Market Account Available today?
Old 08-29-2005, 10:42 AM   #20
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
Re: Best Money Market Account Available today?

I keep about 3 months supply of cash in the checking account just because I don't want to worry constantly about transferring cash.

I have 99% of my bills paid automatically and I simply record the deduction on my register to keep a running balance.

When I see the balance approaching zero, I just transfer from my money market for another 3 months of worry-free bill payments.

I am probably losing a few hundred dollars a year in interest by not doing just-in-time money transfers from my money market, but for now, I can live with that.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Who's watching the market today? thefed FIRE and Money 36 06-16-2006 10:21 AM
Selecting a Money Market Account Intuit FIRE and Money 8 01-31-2006 04:07 PM
Highest Money Market Rates? dex FIRE and Money 4 11-09-2005 10:51 AM
I-bonds or money market for Emergency Fund? mangodance FIRE and Money 26 07-10-2005 11:17 PM
How do you deal with a down market day like today? dante60093 FIRE and Money 31 07-17-2004 01:17 PM

» Quick Links

 
All times are GMT -6. The time now is 03:53 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.