does anyone have one of these 5% citibank accounts?
http://direct.citibank.com/CBOL/06/esavings/default.htm?Promo_ID=CSAL&BTData=402117E786F61775D574D46BEBEB2A7A698978490FAFDF0EAEAC5C2D6F2DA513&BT_TRF=406814&BT_CON=106&ProspectID=2B117A1574CF4E068785EB9064AB450A
does anyoe know of anything better?
2006-06-26 12:55:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, that's a very nice account. I'm a financial planner by trade and I think the high rate money markets are fantastic. First off, inflation is about 3% right now, so you're losing money if you put it in something not making at least that 3%. Second, I'm not particularly excited about the markets for the next couple of years. Not that there aren't places to make money, but that it takes some savvy and probably a good bit of luck. Third, the liquidity is hard to beat. You can take your money out whenever you want with no penalties and you don't have to have a minimum to start.
But when you look at alternatives it looks especially appealing. etrade cd's, which are the highest in the country, are only paying 5% for a 3 month CD. You're getting that without having to lock up your money for 3 months. Also it's FDIC insured, so no worries about company problems.
If you don't know what to do with your money, if you will need that money in the next couple of years, or if you are just very conservative, the Citibank money market is the best right now. ING was formely the highest paying and someone else may come around and offer more, but the competition should only help you.
To learn more about personal finance please listen to my podcast, it's the #1 in the world for personal finance, www.promoneytalk.com
Hope this helps,
Jason
2006-06-26 14:04:48 · answer #1 · answered by www.promoneytalk.com 2 · 1⤊ 0⤋
I was watching a news program about 3 weeks ago when they were doing a whole story on credit cards and credit card companies. God, I wish EVERYONE on the planet could have seen it.
please read with an open mind.....
CREDIT CARD COMPANIES ARE SOME OF THE MOST DECEITFUL PEOPLE ON THE PLANET. If I had to compare them with the tobacco industry, I would put the tobacco industry in the same category as the pope in comparison to credit card companies. Not because of my own experience -i've always had great credit- BUT because of what they have been allowed to get away with. They are governed by an entity of our government branch that gets away with the most inhumane of laws. The attorney general of NY has been trying to fight this for ever and has not been succesful. If you look on the back of EVERY SINGLE CREDIT CARD-THEY ARE ALL BASED OUT OF DELAWARE-where those screwed up laws that are pro-ripping off the consumer exist. Basically, in the 80's, a man (forgot his name) came up with the "compounding interest" concept and made the credit card companies billions. In the past 10 or so years, the news has been all over credit card companies because of their completely screwed up practices and as a result, they're TRYING to cover up this image by doing these types of offerings which mean NOTHING to the consumer in the long run. NOTHING.
If I were you, the only credit card I would own (and I do) is American Express./green or Blue-no annual fee and they stand behind their card or a credit union credit card. Otherwise, you're paying for someone's mansion in the Hampton's and wouldn't you rather pay for your own mansion?
2006-06-26 13:05:10 · answer #2 · answered by Dr. Phil-lys 4 · 0⤊ 0⤋
there is nothing called safe in this world anymore
2006-06-26 13:00:24 · answer #3 · answered by desyrock 1 · 0⤊ 0⤋
no. no.
2006-06-26 12:58:35 · answer #4 · answered by embigguns 5 · 0⤊ 0⤋