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    syl's Avatar
    syl Posts: 15, Reputation: 2
    New Member
     
    #1

    Dec 30, 2005, 09:21 PM
    Bank interest
    The interest my bank is paying is pitiful. I have heard that there are online banks which give a much higher percentage than what I am receiving locally. How does one find a reliable bank like that and how would I get started?

    We invested in a Federal Agency step up note<?> which is paying 3+% and it is tied up for 4 years. I understand that some online banks pay higher and it is not locked up for a specific time. We are too old to do long term investing.

    Regards, Syl
    manutd4eva's Avatar
    manutd4eva Posts: 209, Reputation: 14
    Full Member
     
    #2

    Dec 30, 2005, 09:25 PM
    If you are from the uk try http://www.smile.co.uk/ they give you a good rate. I've seen the adverts but can't remember what the rate is and I can't see it on there site - you have to fill in your details.

    Good luck
    Lotta's Avatar
    Lotta Posts: 124, Reputation: 8
    Junior Member
     
    #3

    Dec 31, 2005, 06:08 AM
    See www.bankrate.com for rates.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,305, Reputation: 7692
    Expert
     
    #4

    Dec 31, 2005, 06:33 AM
    Interest
    Also, please don't tell how much on here, but the more you have to invest the better yield you can get.

    If you have a larger sum, never accept what the bank offers you, negotiate with them, just like you were borrowing money. I never accept what the sign on the bank says it is paying, if I can't get .2 percent higher I would merely drive to the next bank. And sometimes you can get a little more than that.

    You did not say how much more than 3 you were getting, there is hardly any bank payinig over 4 right now with my guess that 3.5 is about average.

    And always check to see that they are FDIC insured, so that you can't lose your money either.

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