Savings Rates

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432521
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Location: USA

Savings Rates

Postby 432521 » Wed Jan 09, 2013 3:16 pm

So I am 20 and a college student with a pretty limited income. I do have some money saved and I have it in my Wellsfargo savings account and it is accumulating a couple of cents.... and that sucks. Is it smart for me to move my money to a different higher rate bank or should I just leave it where it is since it is a pretty small amount?
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday


cashback
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Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Wed Jan 09, 2013 4:51 pm

Leave it... It's a small amount and the best savings rate you will get right now is about 1% if that.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

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bisbicos
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Location: Newton, MA

Postby bisbicos » Wed Jan 09, 2013 5:25 pm

I hate wellsfargo and other big banks when it comes to savings. I opened a Tiaadirect which earns 1.24% interest. I can electronically transfer any amount and it usually shows up in my account within 2 days. Been using tiaa for about 2 years, no complaint

http://tiaadirect.com/banking/bank/savings/index.html
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink

FutureBillionaire
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Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Wed Jan 09, 2013 7:09 pm

Savings accounts suck nowadays. I have my money with Discover Bank. It used to be at 1%, but it isn't any more. It isn't worth the hassle to move the money anymore because all of the banks stink. I don't know that we will ever see interest rates rise again.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Robrus1
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Location: Texas

Postby Robrus1 » Fri Jan 11, 2013 1:08 pm

I have most of my money in tax free municipal bonds that I purchase through Edward Jones. Right now I have one at 5.5% and one at 4%. I never put money in a savings account with the intent to make money.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

cashback
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Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Fri Jan 11, 2013 1:09 pm

Robrus1 wrote:I have most of my money in tax free municipal bonds that I purchase through Edward Jones. Right now I have one at 5.5% and one at 4%. I never put money in a savings account with the intent to make money.


Agreed. I remember the good ol' days in 2006 when I had an HSBC savings at 5.5%...
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

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bisbicos
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Posts: 284
Joined: Sun Jul 17, 2011 12:38 am
Location: Newton, MA

Postby bisbicos » Fri Jan 11, 2013 9:57 pm

cashback wrote:Agreed. I remember the good ol' days in 2006 when I had an HSBC savings at 5.5%...


Damn thats sweet, I wish it was still like that
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink



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