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Should I open a Money Market Saving Account?

  1. SBTlauien African Astronaut
    I figure with all of these things I'm hearing about student loan debt skyrocketing and CC debt growing, along with most households not having very much money on hand, maybe I should get ahead of the game and dump some of my money into a savings account.

    All I really have is a safe deposit box that I can hardly carry(and that's growing) and my checking account.

    I was looking at this Money Market Saving Account that requires $10k to have the monthly fee waived and has an APY of 0.04%.

    US inflation right now is a 1.9%

    Does this mean that with $10k, in a year I'd lose $190 to inflation, but gain $400 from interest, ultimately gaining $210?
  2. Ghost Dark Matter [fabulously attend this hattiesburg]
    If you want actual returns a savings account isn't gonna do shit.

    You want real investments like ETFs and risk based funds.

    https://www.investopedia.com/articles/investing/011816/targetdate-funds-vs-riskbased-funds.asp
  3. If youre going to be boring just invest in oil ETFs
  4. SBTlauien African Astronaut
    I don't want much risk.

    Also, should I do a 401k? My employer matches 6%.

    At the same time, I could just spend it all.

    What does one do?
  5. Jυicebox Tuskegee Airman
    Try CDs if you want a no risk savings account that you can't touch

    You won't make much on them though
  6. Ghost Dark Matter [fabulously attend this hattiesburg]
    Originally posted by SBTlauien I don't want much risk.

    Also, should I do a 401k? My employer matches 6%.

    At the same time, I could just spend it all.

    What does one do?

    No risk is gay

    Do low risk and DIVERSIFY YOUR BONDS NIGGA
    The following users say it would be alright if the author of this post didn't die in a fire!
  7. Sudo African Astronaut
    No instead you should get two payday loans for the entirety of your paycheck and spend it on pogs. Just think about what they'll be worth by the time the loan is due
    The following users say it would be alright if the author of this post didn't die in a fire!
  8. Ajax African Astronaut [rumor the placative aphakia]
    0.04% APY? No. With rates today, you should be getting nearly 2% and it will only increase from there. Examples:

    https://www.fool.com/the-ascent/banks/best-savings-accounts/

    Also, never pay a fee for a bank to hold your money. They should be paying you because your money is making them money.
  9. Ajax African Astronaut [rumor the placative aphakia]
    Also, at least do the 401(k) up to the match. Nowhere else will you get an immediate 100% return on your money.
  10. Lanny virtuosic jazz vampire
    Obviously buy penny stocks. Think of the returns!
  11. Ghost Dark Matter [fabulously attend this hattiesburg]
    Sell house

    Buy Litecoin

    ???

    Richer then Jeff benzos
  12. ngalo1983 Yung Blood
    Bro that's the lamest shit you following the law. If u got good credit apply for high limit cards if not then fix it.

    Personally I invest my money to things that I can get a quick return in money normally it deals with fraud but somebody gotta bring home the beacon mind as well be me. If your not good at creating be a reseller. Following the rules will get u money but after a million years lol you'll be old before getting real money. Invest your time learning about fraud.
  13. SBTlauien African Astronaut
    Originally posted by Ajax 0.04% APY? No. With rates today, you should be getting nearly 2% and it will only increase from there. Examples:

    https://www.fool.com/the-ascent/banks/best-savings-accounts/

    Also, never pay a fee for a bank to hold your money. They should be paying you because your money is making them money.

    How are these so much higher though? There must be something I'm missing.

    What I'm looking at is a bank that is listing the APY as 0.05% and the Interest Rate as 0.05%. The banks in your link are listing the APY as like 1.95%.

    Could they both be listing it differently?
  14. Originally posted by SBTlauien I don't want much risk.

    >What is inflation?
  15. Ajax African Astronaut [rumor the placative aphakia]
    Originally posted by SBTlauien How are these so much higher though? There must be something I'm missing.

    What I'm looking at is a bank that is listing the APY as 0.05% and the Interest Rate as 0.05%. The banks in your link are listing the APY as like 1.95%.

    Could they both be listing it differently?

    Nope, you’re just looking at a crappy bank. You need to shop around. You’ll almost always find a better interest rate at an online bank than you will at a brick and mortar bank, which could be a factor. I’m currently getting 1% in my checking account (yep, just a straight checking account) and it’s a brick and mortar bank. I use a local bank - local banks and credit unions are usually better than nation-wide banks.
  16. cupocheer Space Nigga [unwillingly condescend the dp]
    Well, hello Ajax. How are you? We haven't met, I don't believe, but I have seen your name associated with others. Do you know Beige, per chance?
  17. Ajax African Astronaut [rumor the placative aphakia]
    I don’t know Beige and I’m only associated with this this name around here. I’m afraid you have mistaken me for someone else.
  18. cupocheer Space Nigga [unwillingly condescend the dp]
    Originally posted by Ajax I don’t know Beige and I’m only associated with this this name around here. I’m afraid you have mistaken me for someone else.

    No? I don't think so. Strike that! I know so. I'll pull my notes? Have a good evening.

    Let me redact that, or not. Lengthy Members Ravishing my Anus! Ow!
  19. Ajax African Astronaut [rumor the placative aphakia]
    ...

    Back to the topic, SBT needs a better bank.
  20. SBTlauien African Astronaut
    Originally posted by Ajax

    Back to the topic, SBT needs a better bank.

    Is there any downside to online banks?
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