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Opened new account

July 20th, 2013 at 09:11 pm

My bank is offering a new 1% interest money market account, so I oppened one. That is about the highest rate I can find, but it is only good for 6 months. I sure wish higher rates would come back. I have an old checking account that is sitting dormant, so I think I will close it down and add to the money market.

Posted in saving | 3 Comments »

3 Responses to “Opened new account”

  1. snafu Says:
    July 20th, 2013 at 10:14 pm 1374358462
    1374358462

    I'm hoping you know that placing sums in a MM account at 1% is generally thought of sort of a 'holding' spot as investors accumulate sums needed for the next step in their Fund

  2. snafu Says:
    July 20th, 2013 at 10:16 pm 1374358607
    1374358607

    I'm confident you understand that the inflation you're seeing at the gas pump, grocery store etc. is eroding your buying power each month. So many feel buying a low cost, well run Dividend Fund or Exchange Traded is too risky but when we look at the figures...

    DOW 12,938 the last few business days 2012 and 15,548 last Thursday we see there is a new paradigm while the government is flooding the market with money. They're doing this to try to get the unemployment figures down. Big business is profiting hugely with cheap expansion money. Everyone is terror stricken with the example of Spain where unemployment hovers at 64%. [nope not a typo, unemployment age 18-34 is currently 64%]

    sorry, this Mac Air laptop is giving me problems.

  3. Wino Says:
    July 21st, 2013 at 01:50 am 1374371424
    1374371424

    I took my money out of a money market today. I opened a fund on Vanguard just for that, to see how it does. I was making less than 1%, which means I was losing money every day, spending-power-wise, as snafu pointed out (and as I'm sure you're fully aware). I just hate the uncertainty with the pumping; more precisely with the lack of knowledge of when it will stop.

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