Thanks to Ross who wrote in yesterday about FNBO Direct’s latest interest rate drop. With this information, and with a reader emailed suggestion of tracking the rates over time, I redesigned the list of high-yield savings and checking accounts. Additionally, I’m also including accounts not insured by the FDIC, like money market funds, though I am still gathering information on those.
The new table is a Google spreadsheet that is embeddable in web pages. So if you’d like to embed the spreadsheet on your own web site, let me know, and I’ll send you the code to do so. View the list of high interest accounts here.
Now, here are some interesting articles from around the web.
AllFinancialMatters comments on the recent news involving a European trader reportedly single-handedly losing $7 billion for the French bank, Societé Générale. The banker had some inside knowledge of risk procedures and was therefore able to circumvent them. Perhaps SocGen should take the loss out of the banker’s salary.
The 2008 economic stimulus package, although it has not yet been passed into law, is not complicated, but not completely straightforward. Jim from Blueprint for Financial Prosperity has laid out the details as the proposal stands currently. I expect the Senate will change some details before voting and passing the bill to the President for his signature.
The Digerati Life says it’s time to buy America. Compared to foreign investments, American and its dollar are downright cheap. SVB rounds up a number of articles describing how foreign investors have a chance to get good bargains on American investments.
Jacob explains how understanding S-curves can lead to better goal planning. “It is important to embed this curve in your thinking because it includes the ideas of compound growth as well as the law of diminishing returns. Understanding this curve reveals that by sheer scale that setting small goals to get started will not accomplish much.” This is interesting — rather than setting small goals to start out and earn early successes, more can be accomplished by setting large goals.
Also, Ramit Sethi of I Will Teach You To Be Rich was featured on an ABC News webast.
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{ 8 comments… read them below or add one }
do you have the code for that google spreadsheet – i was thinking about embedding it at my site. thanks!
Peter: The code is on the way. Enjoy!
Rethinking it, I think a better way to put it in terms of goal setting and S-curves, is that in the beginning one should put in large effort rather than start slowly. Time can mostly substitute for assets and it is when one has no assets that most of the time should be spent rather than the other way around.
I know it is probably nit-picking, but if it is not too much trouble, could you add a column for how often the interest is compounded? Currently the bank with the top rate on the spreadsheet (OneUnited) compounds interest quarterly, whereas another bank further down the list (Emigrant) compounds daily. The difference is probably insignificant in the short term, but I believe myself and others would find it useful to see at a glance.
Rob: The APY takes compounding into effect already, so a 5.0% APY where the rate is compounded daily yields the same as a 5.0% APY where the rate is compounding quarterly (assuming no deposits/withdrawals). (The underlying interest rates/APRs would be different.) That’s why it’s not included in the table.
The new rate sheet is nice. Thanks!
Check out this site too for a comparison of many of the high yield savings accounts and their rates as of 1/26/08:
http://themoneykings.com/blog/comparison_of_high_interest_savings_account_rates
nice list Flexo,
thanks for sharing…