Savings and CDs. Who are you using and whats your APY?

[monstar1]

I'm looking to open a CD and came across Ally Bank.  They don't have too many physical locations but I don't need that. 


http://www.ally.com/bank/savings/


Who are you guys using?  Since I know this place is filled with wealthy successful businessmen

 I thought I'd ask.

 

[kingtre]

wealthy businessmen usually have access and the knowledge to use better investment vehicles...<1% CDs are a joke

 

[johnnyredstorm]

Ur better off finding a good mutual fund.

 

[crcballer55]

If you're investing anything less than $1000, you're going to make less than $10 over the course of a year.  CD's aren't "investments".  They're a place to park money while it's not needed for a period of time.

 

[monstar1]

Originally Posted by crcballer55

If you're investing anything less than $1000, you're going to make less than $10 over the course of a year.  CD's aren't "investments".  They're a place to park money while it's not needed for a period of time.

I understand that.

If I'm going to save money wouldn't I want it to make money?  So wouldn't want to find the best APY? 

I never used the word "investment"

 

[4318michaeljohnson4318]

Originally Posted by MonStar1

Originally Posted by crcballer55

If you're investing anything less than $1000, you're going to make less than $10 over the course of a year.  CD's aren't "investments".  They're a place to park money while it's not needed for a period of time.

I understand that.

If I'm going to save money wouldn't I want it to make money?  So wouldn't want to find the best APY? 

I never used the word "investment"

well the thing is if you actually do need the money to make investments you are going to be charged a penalty for using your own money

 

[josednk1068]

Originally Posted by MonStar1

Originally Posted by crcballer55

If you're investing anything less than $1000, you're going to make less than $10 over the course of a year.  CD's aren't "investments".  They're a place to park money while it's not needed for a period of time.

I understand that.

If I'm going to save money wouldn't I want it to make money?  So wouldn't want to find the best APY? 

I never used the word "investment"

With the current rates on instruments like CD's your actually taking a loss because you are not keeping up with the rate of inflation ... do your homework bruh

  

 

[dabottom305]

 

[what up]

Not to mention you'll be taxed on what you earn.

Any advice on mutual funds?

 

[rfx45]

I miss the days when the savings rate were 5%+.

 

[shatterkneesinc]

just buy a stock with high div yield

 

[cj863]

Originally Posted by DaBottom305

 

[dabottom305]

I got about $250 available to invest. I have a Scottrade account, anyone have any recommendations?

 

[pftjordans]

..man i stopped putting all my money in savings..

working with betterment.com to get some stock/bond market funds now..

the current interest rates at banks now are a joke..

Edit: to answer ur question though OP I still have some funds in ING-Direct .. 0.8% APY

 

[dabottom305]

Originally Posted by pftjordans

..man i stopped putting all my money in savings..

working with betterment.com to get some stock/bond market funds now..

I just checked the site. Have you used it before?

 

[pftjordans]

^ I just started DaB

2 days fresh .. earned a few bucks already and feeling good about it.
Its a risk but im trying it out (1st time investor)

Reading up on a few reviews about them really helped with my decision to start...

 

[dabottom305]

Originally Posted by pftjordans

^ I just started DaB

2 days fresh .. earned a few bucks already and feeling good about it.
Its a risk but im trying it out (1st time investor)

Reading up on a few reviews about them really helped with my decision to start...

I had my income tax return just sitting.. I've gotten to the point where I'm comfortable not touching it. I want to make it work for me tho. Not trying to count your pockets but what's a safe amount to start off with on there?

 

[Betonblck]

Originally Posted by DaBottom305

I got about $250 available to invest. I have a Scottrade account, anyone have any recommendations?

PM as in Philip Morris International.

 

[pftjordans]

Originally Posted by DaBottom305

Originally Posted by pftjordans

^ I just started DaB



2 days fresh .. earned a few bucks already and feeling good about it.

Its a risk but im trying it out (1st time investor)



Reading up on a few reviews about them really helped with my decision to start...

I had my income tax return just sitting.. I've gotten to the point where I'm comfortable not touching it. I want to make it work for me tho. Not trying to count your pockets but what's a safe amount to start off with on there?

Yeah .. I hear you .. I started with $500 .. I'll see how it goes first cuz its not a quick fix to get cash .. it all takes time..

 

[dabottom305]

Originally Posted by cguy610

Originally Posted by DaBottom305

I got about $250 available to invest. I have a Scottrade account, anyone have any recommendations?

PM as in Philip Morris International.

Shares are at $84. I can only get about 3 shares. 

. 
Scottrade  trade doesn't trade penny stocks but I'm trying to find stock near $1 to get the most I can. 

 

[dabottom305]

My bad OP, dont mean to thread jack, lol

 

[Betonblck]

Originally Posted by DaBottom305

Originally Posted by cguy610

Originally Posted by DaBottom305

I got about $250 available to invest. I have a Scottrade account, anyone have any recommendations?

PM as in Philip Morris International.

Shares are at $84. I can only get about 3 shares. 

. 
Scottrade  trade doesn't trade penny stocks but I'm trying to find stock near $1 to get the most I can. 

Buy 3 shares then.  It will probably split soon, and then you'll have 6 shares. 

 

[crcballer55]

Originally Posted by Josednk1068

Originally Posted by MonStar1

Originally Posted by crcballer55

If you're investing anything less than $1000, you're going to make less than $10 over the course of a year.  CD's aren't "investments".  They're a place to park money while it's not needed for a period of time.

I understand that.

If I'm going to save money wouldn't I want it to make money?  So wouldn't want to find the best APY? 

I never used the word "investment"

With the current rates on instruments like CD's your actually taking a loss because you are not keeping up with the rate of inflation ... do your homework bruh

 

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#2 best investment paying off debt.  Not paying 18-30% on your credit cards is better than making 10% on your money
#3 best investment. long term mutual funds/ETF's. (over 5 years)

 

[TYE_The Time Traveler]

I've been looking around where i can sit some money and have it increase over time, in the near future ill be able to save about 650-700 a month and was looking to what would be the best thing to do to earn something back on the money being saved.

 

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