May 23, 2007

Maximizing Bank Interests






If you are keeping in track with stocks, you may already realize that we have already pass the all time high in the Dow for over 13600 points. Recently it has been hovering around that point and now that it's going a little bit downward to a little bit above 13500 many investors are getting really cautious about the whole stock market. On top of that, the fact that Greenspan has came out mentioning the possible effect of oil driving toward the economy downward has definitely shaken the market

What happens when the stock is not a safe spot to invest? Well, we have to look into the banks to secure our money. Common bank interest rates are really low, most of us are probably getting close to nothing with Bank of America, Wells Fargo, and Washington Mutual. Regular accounts such as a money market account, checking account, or savings account is probably making us close to nothing in interests alone. Through today's video I will discuss what type of banks to really place your money on to maximize your interest earnings from banks. Beneath, I will place the links to these banks it'll make it easier for you guys if you are interested in them! :)

Washington Mutual (5.00%) - http://spe.atdmt.com/lp/wamu/bundled1.html

Citibank (5.00%) with $50 added to your account when you pay 3 consecutive payments - Here's the link!

Emigran Direct (5.05%) - Here's the link!

HSBC (5.05%) - http://www.hsbcdirect.com/1/2/1/offer?code=PPGD390000&WT.srch=1

I don't know about you guys, but I am a strong believer in diversifying my money throughout various avenues. So I would also suggest looking into Prosper.com a web site which I've talked about in the past on loaning to diversify your profolio. For beginners, your best bet is to follow the so called "group leaders". They are people who started these lending groups and most of the time, they are usually more experienced lenders. If the person is seeking a loan and a major portion of his loan is bidded by the "group leader", chances are that it is more likely that it's a safer lend then suppose to a group leader not taking any action toward the requested loan. Obviously, you should always do your own research before jumping into anything. You can read my previous post about Prosper.com here.

-Swapw
"Making money smart"

* Intro and savings account (0:00 - 0:32)

* Savings account explained (0:33 - 1:31)

* Maximizing savings account (1:32 - 2:49)

* Fear and solution of using online savings account (2:50 - 4:09)

* Diversify and wrap up (4:10 - 5:14)





2 comments:

xquisite said...

so, swapw, which bank do you personally like? i really like wamu for their customer service...

Swapw said...

I personally uses two various banks, one being Washington Mutuala and the only reason is simply the customer service. The web banks I like Emigrant Direct. However, this shouldn't drive you away from using other banks that I have recommended. I would say that they are all fairly sizable and would generally proved to be a more credible place to save your money.

-Swapw