| Money markets all the same? |
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spikeymikey
Member
Cash: $ 5.25
Posts: 24
Joined: 14 Nov 2005
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| Money markets all the same? |
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I have decided to move $5000.00 from my ING direct account into an emergency account. Dave Ramsey suggests that the money be put into a money market account. I think I want to do this because anytime something happens with my car....I have to borrow money from my dad and then wait 3 days to pay him back. I am going to keep the ING account for short term savings, but I keep my long term savings in investments. ANYWAY are all money markets the same????
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Wed Sep 06, 2006 10:32 pm |
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Blue Eyed Cat
Contributing Member
Cash: $ 2.90
Posts: 29
Joined: 12 Jul 2006
Location: Central Florida
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I have an internet MM that I like very much. It pays 5.15% and it allows me to link it to all my bank accounts. This way I can move money around for free. A transfer takes 1 business day. If you have a credit card that you keep for emergencies only, you use it and then transfer the money from MM to your checking and pay off the credit card in full.
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Mon Sep 11, 2006 3:05 pm |
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golbguru
New Poster
Cash: $ 0.45
Posts: 2
Joined: 12 Sep 2006
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Open a HSBC account and move your money there. The interest rate good 5.05% , plus they offer an ATM card. Nothing is faster than an ATM card for emergency withdrawal. There is a limit to daily withdrawal, but for emergency situations you wont hit that. Also, its a savings account, so there is no risk factor involved unlike money market accounts which are not FDIC insured (i think)
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Tue Sep 12, 2006 6:41 am |
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domskynetlabs
Full Member
Cash: $ 21.09
Posts: 95
Joined: 24 Nov 2004
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bankrate.com lists the highest yield MMA and other stuff. I personally use emigrantdirect 5.15% it was either the highest or second on the list but it doesnt have any maintenance costs or min deposit.
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Mon Sep 25, 2006 7:00 pm |
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