Re: OT: Online high % savings opinions

Posted by Gerald J. on June 20, 2007 at 19:22:10 from (67.0.102.163):

In Reply to: OT: Online high % savings opinions posted by Dave from MN on June 20, 2007 at 18:11:34:

The trade off is in safety of the account. The on line accounts most likely are not FDIC insured and so can be lost if the company goes belly up or the CEO runs off with the assets.

Check with local offices of investment advisors such as Edward Jones. They offer nearly 5% on their money market account and you can walk into their office any working hour and get a check or you can arrange to write checks from that account.

Banks pay better rates the more you have in the account but even they are only insured to $100K per customer name on the account. If its a joint account then that insurance limit is increased by the number of persons on the account.

Gerald J.

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