country wide is offering a 5.50 apy for online savings should i put my money there or stay clear of them cause they might go down the drain
2007-09-12 07:58:36 · 3 answers · asked by fidel209 2 in Business & Finance ➔ Personal Finance
I'd look at ING Direct or even PayPal's money market...
Ken Clark
Certified Financial Planner
2007-09-12 08:08:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You're FDIC insured to $100K - so you're safe up to that amount no matter what happens.
Keep in mind that the Fed will likely lower interest rates next Tuesday which would lower the online savings rate.
I am actually looking at a 1yr CD at Countrywide to lock in a decent rate for 1 year.
2007-09-12 13:19:05 · answer #2 · answered by John W 3 · 0⤊ 0⤋
if the bank has FDIC insurance, you are safe putting $$$ there and getting that great interest rate. As a previous person stated in their answer, I like PAYPAL money market fund--it is also on line, currently pays 5.23 % (variable) and appears MUCH SAFER and is easily accessible on line 24/7/365. You can make purchases, pay ANYONE WHO HAS AN E-MAIL ADDRESS, deposit funds, transfer to your bank account from PAYPAL, all for NO FEES.
2007-09-12 08:46:39 · answer #3 · answered by Mike 7 · 1⤊ 0⤋