How much interest have you made this year?

[Ima saver]

Do you keep track of how much interest you have made this year. I am not talking about mutual funds, but just your savings accounts and money markets.??

[disneysteve]

Re: How much interest have you made this year?

Not exactly, but I do keep a spreadsheet of current account balances, so that would reflect interest earned as well as money deposited (or withdrawn) from the accounts.

And, of course, they'll be 1099s at the end of the year for tax purposes.

[Ima saver]

Re: How much interest have you made this year?

I have a small ing and a small money market, but every time I log into my savings and larger money market, it tells how much interest I have earned year to date.

[disneysteve]

Re: How much interest have you made this year?

I have a small ing and a small money market, but every time I log into my savings and larger money market, it tells how much interest I have earned year to date.

Same here. Account statements always list year-to-date earnings and I do look at that, but those numbers leave my head as quickly as they enter. I do pay attention to the interest rate, but no so much to the amount earned as it really doesn't mean much. It is what it is.

[pearlieq]

Re: How much interest have you made this year?

I add it back into my balance when I see it posted, and I have a rough idea about how much it "should" be, but otherwise I don't pay too much attention.

I did get a chuckle out of my regular bank savings account where I keep money for recurring expenses. I've made a whopping $2.17 this year!

[ruthie]

Re: How much interest have you made this year?

Since Feb... $178.21 (includes the $25 ING sign-up bonus.)

[greedy4chips]

Re: How much interest have you made this year?

Guestimate...$1500 roughly

[Ima saver]

Re: How much interest have you made this year?

I have made over $6200 so far this year. I wish I could make enough to live on!

[Roupey03]

Re: How much interest have you made this year?

WOW. . . .

I have had 4900 in my ING account and made about 60 dollars. I am just a begginer

[Ima saver]

Re: How much interest have you made this year?

I have only made about $22 in my ING account.

[disneysteve]

Re: How much interest have you made this year?

I have made over $6200 so far this year. I wish I could make enough to live on!

If you made over 6K interest so far this year just on savings accounts, that means you've got somewhere in the neighborhood of $200,000 in savings accounts. Why so much? Unless you are getting ready to buy a house or some other major purchase, wouldn't you be better off putting most of that into more long-term investments where you could earn a lot more than 5%? Just curious - none of my business really .

[Ima saver]

Re: How much interest have you made this year?

Disneysteve, we actually started out with $300,000 in local banks earning a little over 4%. My husband is a builder and we pay cash while we are building. We currently have over $200,000 in the house we are building and we just got it dried in. So we need to be able to get to the money in a hurry. I will open an account paying 5% when this house sells.

[disneysteve]

Re: How much interest have you made this year?

Disneysteve, we actually started out with $300,000 in local banks earning a little over 4%. My husband is a builder and we pay cash while we are building. We currently have over $200,000 in the house we are building and we just got it dried in. So we need to be able to get to the money in a hurry. I will open an account paying 5% when this house sells.

Interesting. So do you generally need large sums all at once, or over time? Perhaps you could tweak your return by laddering CDs. Even an extra 0.4% adds up when you are talking about that kind of money. You could set them up so that one matures every 30 days or whatever would make sense for the type of cash flow you need. Just a thought.

For example, 6-month CDs are at 5.55% now. Buy one a month for 6 months. After 6 months, one CD would mature every month. If you needed the money, you could pull it out. If not, you could roll it over (or pull out just what you needed and roll over the rest). Then just keep a relatively small amount, like 25K or 50K in your money market for immediate needs. An extra 0.4% on 300K would earn you an additional $1,200/year.

[Ima saver]

Re: How much interest have you made this year?

Thanks Disneysteve. When i sell this house, that is what I should do. I am just proud that I am not paying interest to the bank for a loan. Yes, I usually need large sums, last week I took out $30,000 and I will need to take out another $30,000 soon. Houses cost so much!

[disneysteve]

Re: How much interest have you made this year?

Thanks Disneysteve. When i sell this house, that is what I should do. I am just proud that I am not paying interest to the bank for a loan. Yes, I usually need large sums, last week I took out $30,000 and I will need to take out another $30,000 soon.

So maybe if you have 300K, you could have 40K come due each month for a total of 240K in CDs and keep 60K in the money market for instant access. Nothing wrong with earning an extra $1,000 or so on your money.