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Anyone have a Money Market Account???

LikeAnOceanLikeAnOcean Posts: 7,718
edited May 2008 in All Encompassing Trip
When I opened one last year this time, interest rates were 4.2%.. I was earning a lot in my savings.. now because of lower rates for the housing market, my earnings have been reduced to 1.7%, which sucks.. Sure its good for the home buyer, but I'm saving..

Is there any hope of interest rising soon, or do I need to put my money in another account?
Post edited by Unknown User on

Comments

  • Super VedderSuper Vedder Posts: 1,531
    i thought it said MONKEY market account for a second, i was gonna try and get myself one until realising my mistake! :)
    Black, the greatest without a doubt........
  • given2fly78given2fly78 Posts: 404
    Honestly? Prime can't get much lower......
    "Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. "
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  • spongersponger Posts: 3,159
    Japan kept their interest rate at nearly 0% for several years to save their dive-bombing economy and it worked. The credit industry is still far from recovering. I think we're going to see more prolonged cuts.
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  • inmytreeinmytree Posts: 4,741
    yeah, mine dropped from 4.75 to 3.25...still pretty good, considering...it's with a Credit Union...

    is yours with mega-bank...? if not, I suggest you check into a local Credit Union, their return rates my be a bit better for you...

    I've seen some 6 month CD rates at around 5%...I'll be looking into those, too...
  • porchdwellerporchdweller Posts: 228
    If you want access continue to use the money market account. Here's a fund that is fairly stable and may be worth looking into your willing to put in a hold position for a couple of years. PRPFX. Inflation will eat up the 3-4% return your getting in a money market account.
    "That's part of the curse: If you're gonna play the song, you better play it. I've tried to phone in "Jeremy" a few times, and it's tough. It doesn't work."

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  • Vedd HeddVedd Hedd Posts: 4,606
    Unless you are over age 75, I dont see the need for a money Market account.

    Heck, you can get an ing savings that gives 2-3% more, and just transfer that into your checking if you are looking for liquidity.
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  • Indian SummerIndian Summer Posts: 2,296
    I've just been doing CD's lately. Still getting 3.5% right now on a 2 year.
    "It's all happening"
  • jordn6971jordn6971 Posts: 675
    Well I wish I would have had my money in a MM instead of an IRA. My fund declined like 20% this year already. But don't call it a recession.
    "There was a band playing in my head, and I felt like getting high"
  • Indian SummerIndian Summer Posts: 2,296
    jordn6971 wrote:
    Well I wish I would have had my money in a MM instead of an IRA. My fund declined like 20% this year already. But don't call it a recession.

    You'll make that up by the time you retire though. My 401 and IRA took a big hit this year too.
    "It's all happening"
  • jordn6971jordn6971 Posts: 675
    Indian Summer wrote:
    You'll make that up by the time you retire though. My 401 and IRA took a big hit this year too.

    I hope I make it back before I retire, I'm only 21 ;)... I was going to take it out, but now it's down so far I figure it can only go back up.
    "There was a band playing in my head, and I felt like getting high"
  • Indian SummerIndian Summer Posts: 2,296
    jordn6971 wrote:
    I hope I make it back before I retire, I'm only 21 ;)... I was going to take it out, but now it's down so far I figure it can only go back up.

    These are buying times. Just roll with it.
    "It's all happening"
  • nothingman44nothingman44 Posts: 1,495
    i've got 3 of them and i am taking the load big time on all of them right now.

    stupid economy!
  • Vedd HeddVedd Hedd Posts: 4,606
    jordn6971 wrote:
    Well I wish I would have had my money in a MM instead of an IRA. My fund declined like 20% this year already. But don't call it a recession.


    Most IRAs and 401ks have a money market fund in them that you can transfer money to.

    If you would put that money in the bond funds prior to the some of that non-recession, you would have been in good shape.

    Also, most plans have an interest account, that just earns straight interest. (Although they are usually low....right now probably about 3-4%)
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  • Vedd HeddVedd Hedd Posts: 4,606
    Indian Summer wrote:
    I've just been doing CD's lately. Still getting 3.5% right now on a 2 year.


    You can get an online saving account that would earn nearly that much, but allow you to add money to it....or take money out if you need it.

    CD's typically dont allow you to cash in without a big penalty...and if you need your cash, you cant access it for 2 years.

    Just a thought....unless spending it would be too tempting. :)
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