What is the annual percentage yield and is the institution reputable?
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Thinking of investing your savings?
While increasing your savings is good, multiplying your money through smart investments feels great - there are lots of opportunities out there and you can be successful if you're arming yourself with the right information.
Where to start?
If you're going to try your luck on the stock market or trading options, first start by learning the basics and delay as much as possible buying real positions. One way of getting hands-on experience with the markets is through online trading - either forex or binary options are good learning grounds and most online brokers offer trial accounts free of charge (if you're wondering what are binary options, 24option.com has very good resources on it, besides offering a free practice account and a wealth of information about binary trading in general). Final warning for the very eager: binary options are exotic financial instruments; real trading involves substantial risk of monetary loss.
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Generally money markets give you the best return on your money. Paypal offers pretty good returns. When I did a search on bankrate.com for my area Capital One, FSB was the best institution I had heard of at 4.55%.
Check out;
http://www.GMACBank.com
http://www.HSBCDirect.com
http://www.INGDirect.com
FYI: Emigrant bank has very poor service. Their on line system is very weak. As an example;
In order to transfer between accounts at Emigrant you have to send the money to your checking account & then draw on it for the other account. Anytime you want to open a new account you must go through the “sign up” process all over again. Their CD offerings are weak. the don’t have no charge ATM cards. They don’t have checks.
Their recent line of defence to me was “our system is not like ING’s”. My favorites; GMAC and ING.
Best of luck!
Emigrant bank has a Dream Savers account that pays 4.5%. To open an account it takes 30 min and some personal information. There is no minimum, but you need to have a normal checking account with an American bank, to transfer money to your new account. ING Direct also has a very good account that pays 4.15%. The HSBC account has some conditions you may not be up to accepting. Look at the sources I cite and do your own research.