So I just got my bank statement and found out that I only got $1.69 in interest for an interest rate of 0.05% for 88 days. If my calculations is correct, that would've been equal to about $7.00 for a whole year. That blows.

 

Does anyone know of any banks in the south suburbs where I can find a high interest rate for a standard savings account? I'm hoping to find a bank with a high enough of an interest rate where I can maybe generate money that can actually add up over the long term, such as maybe $50 a year in interest if an interest rate that high exists.

 

The bank that I have my 0.05% at is Harris, which blows.

Edited January 15, 201016 yr by SouthsideDon48

There is no such thing as a bank giving a high interest rate right now. The highest thing you are probably going to find now is about 1% or so.

A couple of things may work if you want a higher "Savings rate". First, look into a 6-12 month CD if you don't need to touch the money for a while. Second, look for a local credit union; they tend to pay higher rates on savings accounts. Third, avoid really big banks; the really big, government-bailed-out banks don't need to pay high interest rates to maintain deposits, and its even worse now that they've got a government guarantee.

I'd explore the online-only savings accounts at the likes of ING and E-Trade. They will pay substantially better rates than any other regular savings accounts. I have one, which was paying as much as 4% in the up economy, and pays 1.375% right now.

 

Ally bank has been good for a while (the former GMAC

Also you can check capital one MMA...

I'd explore the online-only savings accounts at the likes of ING and E-Trade. They will pay substantially better rates than any other regular savings accounts. I have one, which was paying as much as 4% in the up economy, and pays 1.375% right now.

This is the answer. You get liquidity and interest rates the brick and mortar banks can't beat. In the heyday I was getting 5.25% on emigrantdirect.com

thanks for all the help, guys.