How much interest have you made this year?

[Ima saver]

Re: How much interest have you made this year?

Smart idea, I could do that. Sometimes it sits (the money) for months while we are waiting for the basement to get done. Thanks for the idea. Hopefully, I will have more than 300K when I sell the house; I estimate i will have about 350K in the expense of building the house and the mountain view lot!

[greedy4chips]

Re: How much interest have you made this year?

Any money you feel is safe from use for more than 15 months can be put into an iSeries Bond that pays 6.73%. There is a 3 month interest penalty when it is sold though and a $30,000/ yr max. you can purchase (husband is seperate). If somehow you can show it was for tuition or school expense, childrens, and I think grandchildren also count, all interest earned on that money is not taxable.

15 months will get you above the break even of a CD and the tax break is what has my wife and I thinking seriously about it for the kids college. My college will be done to quickly to make a difference for us.

[disneysteve]

Re: How much interest have you made this year?

Any money you feel is safe from use for more than 15 months can be put into an iSeries Bond that pays 6.73%. There is a 3 month interest penalty when it is sold though

Just to clarify, the interest penalty applies if you redeem the bond in less than 5 years.

[greedy4chips]

Re: How much interest have you made this year?

Thanks for the clarification!

I did not realize the 3 month penalty was waived after 5 yrs. Even better if you have the ability to hide it for awhile.

[disneysteve]

Re: How much interest have you made this year?

iSeries Bond that pays 6.73%.

By the way, I bonds are currently paying 2.41%, not 6.73%. I wish that was the actual rate.

http://savingsbonds.gov/indiv/research/indepth/ibonds/res_ibonds_iratesandterms.htm

[rob62521]

Re: How much interest have you made this year?

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!

Gosh, don't spend all that wealth in one place!

[rob62521]

Re: How much interest have you made this year?

I'm estimating we have made about $600 so far in savings/CD's and Money Market

[Ima saver]

Re: How much interest have you made this year?

I do have a checking account that pays interest if I keep so much in it. The very highest they pay is .0075 even when I have $30,000 in there. That is about 60 cents a day! I have earned $7.12 this past month.

[WellManicuredMan]

Re: How much interest have you made this year?

On interest alone I have made about $450 since January 1st, 2006.

It would have been more but I was foolish and bought a fairly large 15 month CD last year paying only 3.5% interest that I'm still waiting to mature (in October).

[sakigt]

Re: How much interest have you made this year?

Only $65 here. But thats just my "emergency" fund.

[Ima saver]

Re: How much interest have you made this year?

I forgot, ING pays me $3-4 a ,month too. Wow!!

[baselle]

Re: How much interest have you made this year?

I've just been starting this, so I don't know the ins and outs completely, but currently 4 week T-bills are paying a smidge over 5%. You need at least 1K, and you can buy them online through Treasury Direct.

The auction that determines what the interest rate will be occurs every Tuesday, the T-bill is bought every Thursday, and you can set what account is going to get the interest. I have it set up that my ING gets the interest.

I feel for well-manicured man - I bought a 6 month CD in my brick and mortar bank for 4.35%.

I-bond interest should be going up from 2.41% in November, but you can't take money out for 6 months, five years without penalty, and the interest rate is extremely lumpy. I wouldn't suggest an I-bond as a liquid investment.

So far I've made about $600 in interest on my liquid money - CDs, T-bills, ING, including a whole 1.50$ in my brick and mortar savings account.

[Ima saver]

Re: How much interest have you made this year?

I made $7.40 in my checking account this month. Not much, but better than nothing.

[greedy4chips]

Re: How much interest have you made this year?

It would have been more but I was foolish and bought a fairly large 15 month CD last year paying only 3.5% interest that I'm still waiting to mature (in October).

You may be saying the same thing 2 yrs from now if interest rates go to 6+ on CDs. Oh that will never happen you say. I bet a lot of people never thought they would go to 5.5% for 6 month CDs within a few months when you bought your 3.5% cd.

I think they are getting close to 5.6 for a 6 month cd if you look around online and don't mind doing business with a bank in another city.

[rob62521]

Re: How much interest have you made this year?

I made $7.40 in my checking account this month. Not much, but better than nothing.

My dad would have said that was "free" money because you didn't have to work for it.