High interest earning savings accounts - I want to open one.......................?

Question

What do I need to know? I may only leave my initial deposit in for 90 days - this is a link to Countrywide offers - can someone help me understand the differences between these accounts

https://bank.countrywide.com/CWBRates.aspx?tab=tm

Answer 1

Honestly, they change so often, and you probably have better things to do with your life than to chase after a couple basis points of yield. Look at the services you desire and consider among these:

Bank CD - higher yields & FDIC but not liquid, your money is locked up for a term

Bank Money Market- more liquid & FDIC but not the best rates.

Money Market Mutual Fund - Min usually $1,000.00, better rate than Bank MM, but not FDIC, usually can get checkwriting for checks of at least $250.00

Now Accounts - Bank checking account with low interest rate, FDIC, checks, debit cards, but usually a high minimum balance.

Online Savings - ACH (approx 3 day) transfers to & from linked bank account, usually FDIC, HSBC has ATM cash only card (can't be used a debit card).

Paypal - Debit card, and payments at certain online marketplaces (especially its parent eBay). Good rate, but no FDIC.

Also, Countrywide has been in the news alot recently, I'd be a little leery of opening one there. They'll probably survive and they are FDIC insured, but it can still be a pain to get your money back if the worst happens.