A bit of gaming the system. But the Bucks blog at the New York Times website posts about a sneaky suggestion from a reader to open up a 60-month CD at 2.99% at Ally Bank and even if you end up paying a penalty of 2 month's interest you're still likely to come out ahead.
Read the whole post: http://bucks.blogs.nytimes.com/2010/06/02/a-trick-to-earn-more-interest/
Personally, I still like my HSBC account even if the interest rate is not-so-hot these days. I also took a look at the comments where some folks rightly point out that Ally is part of the formerly known as GMAC Bank, which has been bailed out twice(!) by the U.S. government, which is now the majority owner. That's kind of sketch, in my opinion.
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Yes! People need to realize this. However, being bailed out by the government, twice!, has its advantages. Primarily that their money is guarenteed which is why they can offer such attractive interest rates in the first place.
ReplyDeleteFunny thing, I left HSBC for the very reason that the interest rates were falling too fast. I got in when they were still 3.25% (in October 2008). When I left in March 2009, they were near 1.5%, so I can't even think of what they are doing now. Well, it is better than having your money under the mattress.