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Putting money in bank to get interest

  1. Apr 14, 2013 #1
    I have about 15k I want to put somewhere that will give me a good amount of interest. My current bank, Wells Fargo, gives me about 0.01% interest, which is so pathetic I'm actually losing more money than that from inflation.

    I've read that there are some banks that go up to 1%. They're like online banks or something. Anyone have any experience with those banks?
    Because I could be getting 150$ a month instead of 9 cent or whatever garbage Wells Fargo is giving me.
     
  2. jcsd
  3. Apr 14, 2013 #2

    Ryan_m_b

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    I suggest googling "comparison site for saving account". When I do it I get websites like this:
    http://www.moneysupermarket.com/savings/
    But they only seem to apply to the uk. If you spend some time searching I'm sure you can find one for your country.
     
  4. Apr 14, 2013 #3
    All savings accounts will lose you money since they don't come close to matching inflation. I would look at alternative investments.

    btw, 1% will yield $150 a year, not a month.
     
  5. Apr 14, 2013 #4

    russ_watters

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    Money market accounts are probably what you are looking for. They are similar to savings accounts but pay a lot more interest.

    May I ask how long you plan on keeping that $15k though? If you don't need the liquidity (to be able to spend it on short notice and don't intend to keep it long), you may want to consider some actual investments.
     
  6. Apr 14, 2013 #5

    Astronuc

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    I'm surprised that WF has such low rates, even on CDs. Even JPM Chase has similar poor rates on CDs and savings accounts.

    One might check with a local credit union.
     
  7. Apr 14, 2013 #6

    Vanadium 50

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    No you can't. That's 12.7% per year. Nobody, but nobody, is paying that kind of guaranteed interest.

    For an account where you can get at your money at any time, and is FDIC/FSLIC insured, you can do about 0.85%. That will net you about $10.58 per month. If you can deal with restricted access to your money, you can do about 1-1.25%.
     
  8. Apr 14, 2013 #7
    maybe look into capital markets trading.
     
  9. Apr 14, 2013 #8

    OmCheeto

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    2016 Award

    You could invest in my company, though it's not a company yet really. I've heard it costs a minimum of $10k to properly file a patent. I don't quite have $10k in the bank, so I can't quite properly file my patent. But I do believe it will net me around $1M, once I sell the rights to my patent. Given that you'd be the only investor, you'd get a good chunk of that $1M for your $15k investment. But you would have to wait a bit. If you wanted a monthly return, I could probably cough up about $50 a month, with no guarantee that some other person hadn't filed an identical patent the day before, in which case you'd lose your $15k.

    Life is a gamble.

    ps. No, I wont really take your money, no matter how hard you beg me. I just like saying; "Life is a gamble". :tongue2:

    pps. And whatever you do, do not invest in things that might lose the Koch brothers a penny....
     
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