So you want to stash some cash in a safe place but aren’t sure whether or not to open a money market account or a certificate of deposit. Here are some things to consider.
Money Markets Offer Checks
First, let’s look at how these products work. A money market account is basically a savings account, but pays more [...]

The blame game is in full force after Friday’s late news that IndyMac Bank was being closed by the FDIC. Bush administration officials have blamed Senator Schumer, Schumer has blamed IndyMac executives, and regulators are blaming the media for misrepresenting the story. Today the FDIC released a statement regarding the media frezy in an effort [...]

There were a lot of news stories today over investor concerns of Bank of America’s pending deal to buy Countrywide. As this CNN article describes, analysts have made bearish announcements today regarding this deal. If it does go forward, many think Bank of America will renegotiate the deal for a lower price due to Countrywide’s [...]

The Federal Reserve is ready to lower interest rates again to brace the wobbly economy even as zooming oil prices spread inflation, Chairman Ben Bernanke signaled to Congress on Wednesday.
He is fighting to keep the economy afloat after mighty blows from the housing and credit crises, while trying to contain inflation.
For now, the priority is [...]

Online banks continue to cut rates on their savings accounts and CDs. In addition to cutting rates, AmTrustDirect added tiers to its e-Money Market Account. Balances under $25K now earn 3.50% APY. You’ll need $50K to earn the maximum yield of 4.00% APY. Look for other online banks to start implementing tiers as they cut [...]

After the most recent Fed rate cut, several online banks have quickly lowered their rates. These include:

GMAC Bank’s Money Market Savings dropping from 4.75% to 4.50%
Countrywide’s SavingsLink dropping from 5.50% to 5.35%
Presidential Bank’s Premiere Savings dropping from 4.90% to 4.60%
Bank of America’s Money Market Savings from 4.45% to 4.29%
ING Direct’s Saving Account from 4.30% to [...]

The effect of last month’s Fed rate cut continues to be felt in the banking industry. Some banks moved fast with large rate cuts (HSBC Direct, ING Direct), others had their rates creep down (WTDirect, Amtrust Direct) and yet others seem to be planning on waiting before cutting. Etrade is one of the wait-then-cut banks. [...]