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Online Savings & Money Market Account Rates 2022

Online Savings & Money Market Account Rates

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We should all be shocked by the unanimous findings of our intelligence agencies.  As the implications begin to sink in, the impact of an illegitimate president about to take office for at least four years are deep and far ranging.  And “at least four years” is optimistic.  Traditions will be violated and conditions will erode fast.  Hanging on may be the best we can hope for.

And, the double shock of comprehending that the one person who knew all and who could have taken bold and unprecedented action before the election to prevent this crisis – the then sitting two term president – did absolutely nothing.  Yes, nothing – his default position all these last eight years.

Relying on key members of Congress to take a stand now is not an option.  Every one of them, even those posturing loudly today, are too interested in protecting their own cushy jobs.

So, it behooves those with any money – large or small in sum – to take prudent, very prudent action now.  The market has taken off since Trumputin was elected, but that has been just a relief rally – a relief that Hillary Clinton will not extend the Obama years.  But, it won’t be long before investors come fully to grips with the implications of an illegitimate president – especially a dangerous and unpredictable one.

Given our new reality, we all need to consider carefully the proportion of our investments we leave in the market.  But we also need to adopt the mindset of our ancestors who confronting political instability converted many of their assets into cash, diamonds and gold.  You will want to consider doing the same – buy gold and diamonds and put money away in multiple federally insured bank and CD accounts, up to the limit of insurance for each.  

Find the best savings rates and CD rates on BestCashCow.

Toasters to Interest Rates

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"It's very important, if you have something really important, write it out and have it delivered by courier, the old fashioned way because I'll tell you what, no computer is safe." Donald J. Trump, December 30, 2016, Mar-A-Lago, Florida

Donald Trump announced last weekend that he favored returning to the past – turning off the computer, writing it down and having a courier deliver it.  I’m sure, he would also favor markets no longer driven by algorithms and millisecond transactions, returning instead exclusively to floor agents and floor trading. 

In fact, following all this to its natural conclusion, Trump might also champion banks, once again, offering toasters to those who would open new accounts.

Any of this would be a hard sell today.  Trump is going to discover quickly that there is no turning the clock back.  He will be surprised, once he leaves Trump Tower and Mar-a-Lago, that the world has changed dramatically.  Typewriters and fountain pens are hard to find: couriers are few and far between and toasters as incentives have gone the way of prizes in Cracker Jack boxes.

That said, he might be on to something here.  One could imagine, with interest rates finally on the rise and increased attention now on safety in very volatile markets, that banks might want to ADD toasters again to their menu of options.  Who knows?  It worked once, and with Trump as the champion, it might just work again.

Explore the most comprehensive database of bank rates to find the best rate here.

Competition For Your Money Finally Picks Up

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Following the Fed's movement of the Fed Funds rate to 50 basis points last week, we are finally seeing competition for your hard earned cash. Here are a couple of neat offers that caught our eye.

Here are some neat offers that have just come to market that may indicate that the long period of low interest rates may be ending, and competition among banks for your money may be picking up.

Savings Bonus – Up to $200 from CIT Bank

CIT Bank is offering depositors up to a $200 bonus for funding a savings account with new money between now and the end of 2016.  You can learn more about this offer here.  BestCashCow finds this offer particularly attractive as discussed in this article, especially as CIT Bank always has outstanding customer reviews.

CD – 11-Month No Penalty CD from Ally Bank

Ally Bank is offering depositors an 11-Month No Penalty CD paying 1.25%.  The rate is not particularly compelling as we have seen 1-year CDs paying 1.25% and over for some time now (see the best one year CDs here).   What is attractive about this offer, however, is that the CD can be terminated without penalty at any point following six days of opening.  Quite simply, there is no reason not to move your cash on deposit in an Ally savings account to their 11-Month No Penalty CD, even if you think you might need to access the cash over the next 11 months.

Online 2-Year CD Rates Cross 1.50% and Credit Union 5-Year CD Rates Cross 2.50%

A handful of online banks have begun to offer 2-Year CD rates over 1.50% (see the banks and rates here).    More than a handful of federal credit unions are now offering CD Rates over 2.50% (the credit unions which you can access may vary according to where you live, see the 5-year credit union rates where you live here).   BestCashCow does not currently recommend locking into CDs that are longer than 1-year in duration as we anticipate dramatically higher rates in 2017.   It is nonetheless very encouraging to see banks begin to offer compensation for time deposits that have been better than anything we have recorded in over a year.