High Interest Investment

compare savings accounts? savings accounts

How do long term returns compare for stocks, real estate and savings accounts?

Compare and contrast time and savings accounts.?

Comparing savings interest paid monthly vs quarterly? I am comparing two savings accounts. Both are compounded daily. One pays 1.55% APY, interest paid monthly. The other pays 2.01% APY, interest paid quarterly. I'm not sure how to adjust them to compare apples to apples. How do these compare?

Why is Chase Banks' savings accounts rate so low compared to other banks? Some other banks like Nationwide and E-Trade banks are giving at least 3.25% while Chase is still beelow 2%. I know that the rate changes daily, but Chase has been low for awhile now.

Where's the best place to compare high-yield savings account interest rates?

Which banks consistently pay high rates on money market savings accounts? Or, where can I find relevant data? I want to open a new money market savings account, and I've compared current rates at bankrate.com. However, I'd like to put my money into an account that is consistently among the highest rates, even if it is not the absolute highest rate available right now. Thanks for any information!

Are ING savings accounts good? looking into opening one. how are they? how does the interest rate compare to other savings accounts? Anything I should know?

How do you compare photosynthesis and cellular respiration to a savings account in your body? I really need help so please reply. bump!!!!!!!!!!!!!!!!!!

What would be the best Savings account deal in my town? I live in El Dorado, Arkansas. I am shopping around for a savings account for my local clubs funding. Which is the best? First Financial Bank •Opening deposit of $25. •No monthly service charge unless balances falls below $100, service charge is $3 per month. •Unlimited transactions in person, by messenger or by mail. •Transfers from a Business Statement Savings account to another account or to third parties by preauthorized, automatic, computer, or telephone transfer are limited to six per month with no transfers by check, draft, or similar order to third party. An excessive transaction fee of $3.00 will be charged for each electronic transfer to a third party in excess of six during the month. •Interest compounded and credited quarterly. •Complete quarterly statement. •Free Internet and Telephone Banking. Business Statement Savings may be used alone or in combination with Business Checking. It will help you conveniently keep track of your money while earning interest. Timberland bank Offers tiered interest. Your interest rate increases as your savings grow. Funds are insured to the limits established by the FDIC. Opening deposit is only $50.00. Simmons First Bank •Earns interest, compounded quarterly. •Quarterly statement. •FDIC insurance. •Free direct deposit of Social Security and Retirement Checks. •Free notary service. Unlimited deposits. Benefits and features subject to customer qualification and approval by Simmons First. *$100 required to open account. Bancorp South •No minimum balance to maintain or monthly service charge •Immediate access by making deposits and withdrawals at any time •Interest is calculated on the daily collected balance and credited semi-annually •Also, ideal for a child's first savings account Six debit transactions during the semiannual statement cycle are allowed. A $5 withdrawal fee will be assessed for each excessive withdrawal over six. Regions Bank Compare Accounts - Savings Features & Benefits Regions LifeGreen Savings Opening Requirements LifeGreen Checking account $5 with an automatic recurring monthly savings transfer from a Regions checking; Otherwise, $50 Interest Bonus 1 Interest Calculated Compounded daily, paid monthly on collected balances Interest Tiers $0 - $2,499.99 $2,500 to $9,999.99 $10,000 to $24,999.99 $25,000 to $49,999.99 $50,000 + Use as Overdraft Protection Yes Service Charge None Service Charge Waived When N/A 30% Discount on Safe Deposit Box2 Regions LifeGreen Savings Accounts subject to the Regions Bank Deposit Agreement 1.A monthly automatic transfer of $10 or more from your Regions Checking Account to your LifeGreen Savings account is required to earn a 1% interest rate bonus. The bonus is paid on the average monthly balance for the year and paid on the anniversary of account opening. Maximum annual savings bonus of $250. 2.Subject to availability. First Financial Bank Timberland Bank Simmons First Bank Bancorp South Regions

Re savings accounts, what's the difference between APR and AER? I have always thought that APR is a fairer way of comparing one lender's rates with another. Is this true or are they the same thing?

Where can I find the best interest rates for personal savings and checking accounts? I would like to see a site where it shows most, if not all of the banks in the Southwest region of the US so I can compare.

Why do online savings accts offer such high interest/apy rates compared to normal savings? What am i missining Most savings accounts offer less than 1% right? Why do internet savings accounts offer closer to 4% right now?

Looking to compare high-yield CD accounts? Is there a list of current banks' rates for CD accounts? Or do you know of a specific rate? I want to deposit 5,000 for 1 to 2 years, but don't know which bank gives the best rates. I would not consider anything under 3.50%. For reference, I have some cash in an ING direct savings account which earns 3% now (it has dropped a lot in the last year). Thanks in advance.

I would like more information on Health Savings Accounts (HSA's)? I am writing to get experiences from people who are using HSA's. From what I gather so far: 1) You have a monthly premium with a deductible (usually large) that you must pay out of pocket but it seems like once this deductible is met then *all* expenses are picked up by your provider. Is this true? 2) Does the deductible "reset" every year, meaning if there is a condition I am being treated for do I have to start paying again next year? 3) How does the program compare to HMO's & PPO's in your opinion? 4) Am I limited to choosing in-network providers when I select an HSA - similar to HMO - or can I go with anyone until the deductible is met and afterwards? 5) Are there other benefits to using these? Faster service perhaps? Choice of doctors perhaps? 6) Any disadvantages compared to HMO/PPO's? 7) If you are using HSA benefits (meaning you're being treated, not just paying $) and recommend your plan, please tell me. Thanks. Note: web links generally do *not* answer these questions as they are geared towards *individual* experience with HSA's and the health plans associated with them.

hey guys what is the advantage of a retirement savings plan compared to an ordinary savings plan? Considering that when u have to withdraw from ur retirement account you are taxed. But withdrawing from your savings account u r not taxed.

Do you have a savings account AND a checking account? If so, which account do you have more money in? Isn't it all really the same? I only have a checking account. Do people normally put their money in savings accounts? I'm kind of confused. I guess it's because from my last question, people had around $200 in their checking account. It doesn't seem like a lot. So where do most people put their money? In savings or in checking accounts? Or in cash? Do most people put their money in a savings account? I thought people would have much more money than $200. What % of money does a checking account consist of compared to one's financial posession overall? No need to freak out, okay? I'm slow and fat. I don't have computer experience and it's not like I'm going to hack into your account. Geeshh I know savings gives you interest, but it's not that much. Which is better to have? Is it necessary to have both?

where can i find good incentives on a joint savings and/or checking account? i am recently married, and in the process of getting our banking finances in line. where can i look to find information on bank rates, and possibly compare banks before deciding where exactly to open a new joint-checking and/or joint-savings account?

Please explain simply; APR and APY when comparing online Savings account rates?

canadian high interest savings account, which to choose? i want to open a high interest savings account in canada, can anyone recommend a good account. or can you compare the different providers. i know that ING and Altimera offer the highest rates, but what are the drawbacks then? thanks!

money market account or savings? can someone explain the difference between a money market account and an online savings account? Im comparing bofa, which offers this http://www.bankofamerica.com/deposits/checksave/index.cfm?template=save_intmax to some high 4.8-5% online e savings accounts. With Bank of America, they offer .55% compounded daily, credited monthly. So if I invested 5000, I would get 5000 x .0055 = 27 27 x 30days = 5825 with 5% it would be 5250 why is there such a large difference? Is my math wrong?

Is it better to put my money in an ISA with lower interest rate or a standard savings at a higher rate? My current ISA has dropped to a stupidly low rate and the alternatives are all a bit rubbish... ING offers a Savings Account at 5.0% for 12 months (with a 2.17% bonus) but their ISA only has a rate of 3.69% for 6 months... How do I compare the difference?

Can US resident open savings account in euro? $800 billion account deficit and growing, compounded with Iran's push for euro-traded oil casts certain shadow of suspicion on long term US dollar value. What are other foreign-denominated savings options for US resident? Foreign government bonds? What are associated costs with those, minimum sums to invest? Is there an internet resource to compare costs/yelds without opening an account?

Can you have a Regular Savings with Bank of America is your under 18? Im 15 and i want to start a savings account with bank of america i compared it to other banks and it looks the best, in my opinion, and i want to get the Regular Savings program.

how does "AVERAGE DAILY AVAILABLE BALANCE" work on a bank deposit? How is this type of savings account compare to other forms of savings? I made two deposits on 2 different dates; I intend to keep the money in the account for a few months; I need to have access to the money without any withdraw restrictions like CDs.

How Much You Can Make For Your Savings In A Bank? Comparing your banks interest in your savings account with this one (pls find this link http://www.linkbrander.com/go/73906) would make you think if it is possible to grow your savings account up to 30% in a month. Most banks will give around 3-4% interest per annum.

ING Direct savings accounts? Does anyone have one of these?? How do you like it compared to a regular bank account at a local branch??

What is Jumbo Savings Account? I just want to know what is Jumbo Savings Account? What is the benefits compared with checking account or saving account?

What Canadian Bank gives the best interest rates on a savings account? If you aren't sure that your bank gives the best rates, I'd still be interested to know what rates you are getting so I can compare it with others..

bank paid the wrong interest for over a year? Basically the bank offers a bunch of savings account. here is the list in their website: https://www.tdcanadatrust.com/accounts/compare_savings.jsp The one I am enrolled is Guaranteed Investment Accound and should pay 2.75% interest monthly but when I calculated the interest today it was about 0.23% every month. So basically they're giving me the rate of the other account types which they offer, which is 0.25%. I have always kept my balance over 5000 and I am sure my account is the one with 2.75%. I've had this account for over a year now. I just didn't know about interests and all that. I guess I have been sleeping so far. So what should I do now that it happened so that they pay me those interests. Is it possible? thanks

how much should teens have in their savings account? should teens be saving up lots of money at all? cos among my friends, i seem to be the most frugal one. and that being said, i have the most savings compared to theirs. my total savings is like 3 times more than what they have. and im like thinking "no wonder, they get to buy expensive clothes" and all that. i mean, arent they worried, they might not have enough funds for their future? i hate that i keep thinking everything is expensive; then i wouldnt buy much (even things i need) because im worried my savings would just get lesser and lesser. but they dont worry. and our allowances are around the same. should i be spending? or just how much should students be saving? or how much should we have in our accounts now? we're in our first year of uni by the way. thanks for your info!

What company should I use for an online savings account? I'm a 20 year old student but have a well paid internship-type job for the next 6 months. I want to save as much money as possible and am looking into an online saving account. I have visited hsbcdirect.com and ingdirect.com and compared their APY but is there anything else I should look for in a company? Something perhaps I would miss due to inexperience and nieveity? Any suggestions on companies would be much appreciated, thanks!

Vanguard Prime Money Market vs. Bank of Internet Savings? Vanguard's site says the compound yield for their Prime MM is 0.26%. Bank of Internet is offering a savings account with an APY of 2.5% Is it possible to compare these two numbers or are they completely separate things? I'm just looking to get the most out of my savings wherever I put it. And isn't 0.26% kind of small?

is there a web site i can go to that will compare different banks? i'm trying to open a checking/savings account and don't know which bank is better.

What interest rate is this? Comparing savings accounts; A savings account pays 1.55% APY, compounded daily, plus pays a quarterly bonus of 10% of the interest earned on this account in the previous quarter. What would the overall APY be?

TSP account G fund vs high interest savings account? I went to the tsp.gov site but can't quite figure out the G fund. I understand its 100% safe but what is the interest rate on it compared to regular high interest saving accounts? Thanks.

I'm thinking about opening an online savings acct. Have any of you ever had one and how did it work for you? I am really looking at HSBCdirect.com. My main attraction to them is that if an emergency happens, their is an ATM card that you get that I can get my money out quickly instead of waiting for an online transfer to take place. They also have a 5.5% rate compared to my banks measly .15% that only earned me $1.36 last year! (I mainly was just putting $$ back for a rainy day, but $1.36 just kinda pisses me off! lol!) They are FDIC insured. You link the account to your checking account at your bank and do transfers to and from it. My main question here is what has your experience been with online savings accounts? Does it sound like a good idea? What problems have you encountered with them? Thanks!

Where can I find a graph comparing historical returns of the stock market vs savings acct vs govt bonds? The graph should compare the growth of a one-time investment (say, $1000) made in each option at some point in the past, and should include the effects of compounding interest and divident reinvestment. I'd like to specify a starting and ending date. Ideally, the tool would include an option to adjust for inflation. I've seldom seen such comparisons in print, and have yet to find such a graphing tool on the internet. Yahoo Finance charts compare performance of stocks, indexes, and treasuries, and allows adjustments to start/end dates. However, this tool does not include divident reinvestment, and does not include savings-account returns as a reference point. I want to show sceptics that, over the long term, the stock market has consistently outperformed other investments, especially "no risk" options such as regular savings accounts and C.D.'s.

Good bank accounts for Student and Saver? I need to find a really good student bank account. I know that the Natwest student account gets you a 5-year 16-20 something rail card, a 4GB memory stick, discounts some places, and 100 quid off an ASUS Laptop. Are there any Better than that? what on earth is AER?? and is it good if it is a high number or a low number. I also need a really good savings account. My grandma told me about one where you put 20 quid a month in and it has something like 8% interest, but I don't know which one that is. I don't mind if it's over the phone or internet, it's for a long term savings so it will be worth it :) If you can't think of any answers, can you think of any good comparison sites that are easy to read and stuff, cause money supermarket is like a foreign language, and compare the market doesnt do student accounts. thanks a lott :) x

Interest rates...math question? I have a math assignment to do X( and basically I have to find the best possible interest rate for $1625. I'm trying to understand this: http://www.tdcanadatrust.com/accounts/compare_savings.jsp [scroll to the bottom] but I really don't get it. I was looking at the Youth Account and it says the interest rate is calculated by day [huh????] and then I was looking at the last part, Interest Rates, and I don't get it at all. Can someone please help me??? Thanks :D

Savings account investment with NZ or AUD? Hey guys, I was looking over some investment options and foreign currency saving accounts came into the picture. This graphing tool posed some questions. http://www.oanda.com/products/fxgraph/fxgraph.shtml select NZ and AU and compare them with SGD (singapore dollar) as you can see, both graphs will rise steadily with time, with the regular business cycles factored in. Some questions: 1)What does a rise in currency exchange rate mean? 2) Does it mean that the SGD is getting weaker over time relative to the NZ/AUD? 3) If it is getting weaker, is that an advantage in a F.C. savings account? 4) How does an interest rate in a savings account move with the movement of the currency exchange rate? 5) Finally just a side topic, why do bond interests rise (which is good for us holders) when there is inflation? Does it apply to a stagflating economy too? Thanks for all the help! That was long question haha :D

Does anyone have a Ing Direct Savings Account? I am thinking of switching to this on-line account and I was wondering what other people had to say about it. I am not from this on-line generation so I am very hesitant but I like the Annual Percentage Yield compared to mine right now.

what exactly is an IRA and how does it work? how is it compared to a savings account? pros n cons.

Current accounts for young people? I'm 15, and I presently have all of my money in a Cooperative child savings account, making it difficult and impractical to actually access money. I would like to have a current account with a debit card, so that I can use money online and withdraw cash when I'm out. Because I don't plan on spending large amounts of money, I'm considering keeping most of my money in the savings account. I have looked briefly at young people's current accounts available from banks like HSBC, Natwest etc, but it's hard to objectively compare what's available. My other option is changing my Coop savings account to a current account with a debit card, but this would mean losing my £10 annual 'bonus' (more than my interest!). £10 a year isn't worth that much to me, but practicality is. Any ideas? What is my best option? What would be the implications of having money spread over two accounts? What are the perks of opening a current account with bank x, rather than bank y?

Help with Banking ? Can you help me compare the savings accounts / CDs / IRA accounts of Key Banks and anyother Banks (Nt'l City, Sky . . ) and their minimum balance's interest rates and compounding schedules?

Do medical insurance and tobacco companies own Fred Thompson ? In 2001 Thompson voted against a bill allowing patients to sue health insurance providers. In 1998 he voted against increasing tobacco restrictions, and in 1996 he voted against health care savings accounts. http://pewforum.org/religion08/compare.php?Issue=Health_Care Army Retired Guy...you keep saying the same BS...since when is a senate voting record part of a conspiracy?...about what i'd expect from an Army puke

Does the yield on a money market fund account for the fund expenses? In other words, when I compare the interest rate on my high yield savings account to the yield on a money market, should I first subtract the money market's expense ratio from its yield?

ING Orange Savings Account...Good idea? Saving & Investment in general.? I'm a 20 year old college student trying to learn how to be smart with my money. I'm interested in learning good ways to save and invest my money. I've saved up about $800 in a savings account right now, but I receive only 0.25% interest on it and I want to get more. I recently read a blog that recommended ING Direct and checked out the website. It looks good, but I have so little experience with banking and investment that I'm afraid to take risks with my money (college student = poor/scared to lose money). So here are a few questions, feel free to give me any more advice: 1. Is ING saving or investment? Are there risks? 2. Do they only have one type of account? 3. What are CDs and how do they compare & contrast with ING? 4. What should I be doing with the money I'm saving? Hey guys, thanks for all the feedback. Since so many of you were so kind I'll let the community pick best answer. Thanks again.

What is my earned interest percentage on this account? I have a savings account that was $3172.61 last month. This month it earned 39 cents interest, making the current total $3173.00. What percentage is it earning?...so I can compare the rate to other methods for investing this money. THANKS! (Interest is compounded and credited monthly on this savings account) (I am looking to put this money into something that will earn more interest but need this number for comparison to other things, like cds) (The balance stays the same all the time...the only increase is with compounded interest)

Where to open savings account? I live in Louisville, KY and I have my checking account with Chase Bank. I'm getting about $2500 this month and I want to deposit that into a savings account (I don't have one yet). Is it smart to just open a savings account at Chase, or should I go 'shopping' for a bank that offers the best APY rate? And if I should, where should I look/compare? Thanks! Wow I didn't know they pay so little at the moment. Maybe I should just use it to pay off all my credit card debt ($1400) ?

Is investing in gold or silver a wise investment in this age of uncertainty? Hi all, Any good advice on gold investment vs other investment ? How about investing in Gold certificate, gold savings account or buy gold bullion coins. What the difference & Which is a better choice ? Is investing in silver a good choice now as the price is very low compare with gold. I will never trust in Unit trusts as 100% of my investment has gone the drain, so now trying to DIY. Hope to hear from any guru :) Write from the city of Singapore.

is there a website that compares local banks services in NYC? I'm looking for the best interest rate on a savings account, free checking, online banking etc. is there anyone place i can go and compare banks?

Would it be a good idea to move money from my checking account and create a money market savings account? Right now i have a checking and savings account. I got about 5k in the checking and the interest is 0.10% and and 3.5K in savings and that interest is 0.25%. They are both premiere so i must have 2.5k in them at all times. An idea i have would be to downgrade my checking account to a normal one and keep like 1k in their and put the rest into a money market savings account because at 2.5 k + the interest rate is 0.50%. The second part of my idea would be to stack that account enough as to where i can then move it to my savings account because at 10k + the interest rate is 1% compared to the money market which is 0.75 % at 10k +. I was jsut wondering if this is a good idea cause im new to the whole finance thing and only 20.

Should I pay off my credit cards before I build an emergency fund? Right now I have $1500 in my checking, $1300 in my savings account, and I setup an automatic payment of $300 into my savings account every month. I receive about $3,000 in take home pay each month and my expenses are about $2,000 including credit card minimum payments. I am wondering if it would make sense to stop putting in $300 into savings and pay off the credit cards instead. A lot of financial experts recommend to have at least 3 months of expenses into savings, however I want to lower my credit card debt and I wont be making nearly as much in the savings account compared to the loss in credit card interest. I also refuse to use any of my credit cards, and if an emergency comes up I am not sure if $1,300 is enough. Please help!

I'm super confused on savings account interest rates.? This all started when some lady at my job was like "if you won a million dollars from McDonalds and put it in a savings account at 5 percent interest you will get 50,000 the first month and if its compounded interest then that 1,050,000 turns to 1,102,500 by the second month and so on. I didn't know anything bout banks and savings so this blew my mind, but the more i thought about it the more it didn't make sense to me. With the way she was talking it sounded like you would become a trillionaire by the time you're 60 lol. I tried looking this stuff up and from what i found out.if a bank offers you 5 percent interest that just means u get 5 percent of ur money at the end of the year, if you want it monthly then that amount is just divided up monthly. not very impressive compared to what that lady told me. Basically my question is if i have 25,000..what is the BEST way for me to make the most money as i can possible from that without losing anyway? in regard to savings,bonds.whatever.

help with interest accrued daily vs. compounded daily? i am comparing two savings accounts. one offers 1.7 apy compounded daily, the other offers 1.4 apy ACCRUED daily, but compounded monthly. how do i calculate the interest after 1 year for the second account. in other words, what is the equation for daily accrual of interest with monthly compounding. is that the same as simply monthly compounding? Beetle: I get that it will be very similar (esp since we are talking a small sum of money) but I would like to be able to calculate the difference. The reason is that the bank with a lower APY has a $25 sign-up bonus if you use a referral link, which I did. So really I am just trying to find the exact absolute returns for both accounts over 1 year, with respect to all variables. Obviously, the $25 bonus is a nice return on a small amount of money, but I am curious about the differences in compounding methods. If you know an appropriate equation please include it in your answer. Thanks.

Bank Cd's? CDs - Certificates of Deposit....whats the difference with this account, compared to a regular savings account?

Help with compound and simple interest project? I'm working on a liberal arts math project, which essentially compares compound interest, simple interest, and CDs (using the rates of actual banks). OCTFCU savings accounts earn an annual interest rate of .60%...I imputed the numbers in the simple interest formula and got a straight-forward answer. But how do I compute the compound interest?--Specifically, how do I find out the number (n) of times OCTFCU compounds the interest per year? Ah! Any help is greatly appreciated!! Thanks! :)

Imagine that you want to buy a house in 5 years and you will need $5000 for the down payment. Right now, you h Imagine that you want to buy a house in 5 years and you will need $5000 for the down payment. Right now, you have $3500 in a savings account, which you plan to invest in order to have that $5000 when you’re ready to buy your house – this is your financial goal. By doing research, choose a blue chip stock fund that you feel can help you reach your financial goal. Once you have chosen a blue chip stock fund, look at the fund’s top ten holdings. Which one of the following choices would you make to meet your 5-year financial goal? Would you choose the blue chip stock mutual fund? Or would you choose one single stock among the stocks in the mutual fund’s top ten holdings? Use examples and research results to support your investing strategy compared to the alternative choice.

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Which Bank in USA offers the highest Interest rate? That rate can come from fixed CD's also? Also compare interest rate form running accounts such as savings, Money market ...etcetera

Career Exploration (plz help thanks)? 1. Which section does the United States Business Administration say is the most important part of a strategic business plan? executive summary market analysis company description appendix 2. Which of the following is NOT a characteristic of a successful entrepreneur? persistence high energy level self confident ambiguous 3. What was Henry Ford's problem as an entrepreneur? lack of innovation lack of knowledge of the market self-confidence not enough risk–taking 4. Typically, entrepreneurs are more successful in what field? the field that is the largest at the time the field that is the most popular at the time the field they are most knowledgeable about technology 5. Some of the wrong reasons for wanting to start your own business include: wanting to get rich quick hating your job hating your boss all of the above 6. All of the following are important parts of a business plan EXCEPT: funding request resume market analysis company description 7. One of the four core questions when developing a business plan is: Who are the potential customers for your product or service and why will they purchase it from you? How much will your product cost? Who will manufacture your product? When will your product hit the market? 8. Which of the following people founded IKEA? Oprah Winfrey Bill Gates Ingvar Kamprad Howard Hughes 9. A graphic organizer is a(n): pictorial or graphical way to organize information and thoughts for understanding, remembering, or writing. English subject. daily planner. graph with data about organization. 10. A smart way to find out if you might be entrepreneurial is to: compare/contrast your savings account with that of a successful entrepreneur. compare/contrast your traits with those of successful entrepreneurs. star a business. invent a product.

Is greed the primary motivator of criminal trespassers and their supporters? THE WALL STREET JOURNAL As U.S. leaders craft policies to curb illegal immigration from Mexico, the U.S. Federal Reserve is devising programs to extend banking services to undocumented immigrants. A new remittance program aims to bring Mexican migrants who send money home into the mainstream U.S. financial system, regardless of their immigration status. Dubbed "Directo a Mexico," the remittance program enables U.S. commercial banks to make money transfers for Mexican workers through the Federal Reserve's own automated clearinghouse, which is linked to Banco de Mexico, the Mexican central bank. To use the service, a Mexican need only possess a matricula consular, an ID issued by the Mexican consulate in most major U.S. cities to those with proof of Mexican birth or citizenship, or a picture ID card issued by the U.S. or another foreign government. The idea is to make it cheaper and safer for Mexican workers to send funds to their relatives. "We offer an extremely competitive exchange rate," said Elizabeth McQuerry, an Atlanta-based assistant vice president for the Federal Reserve Bank's retail payments office. "We cost a third of other providers." The majority of immigrants currently make transfers, which average $350 each, through companies like Western Union or a hodgepodge of wire-transfer firms, couriers and others that operate out of storefronts in Hispanic enclaves. Family members then collect the wired cash at a shop in their town or village. The Federal Reserve Bank and Banco de Mexico launched a cross-country road show during the summer to promote the new funds-transfer program to commercial banks. Banks that offer the service hope to attract new customers. Indeed, one of the Federal Reserve Bank's goals is to use the program as a springboard for drawing hundreds of thousands of immigrants into the formal U.S. banking system because commercial banks require that those wanting the service first open a savings account. "People who didn't have bank accounts establish a relationship with us," said James Maloney, chairman of Mitchell Bank in Milwaukee, one of the first banks to offer the Federal Reserve Bank's remittance scheme. "It's great for our business." Acknowledging that many Mexicans sending money home are illegal immigrants, the Federal Reserve's brochure poses the following frequently asked question: "If I return to Mexico or am deported, will I lose the money in my bank account?" The answer: "No. The money still belongs to you and can be easily accessed at an ATM in Mexico using your debit card." A team at the Federal Reserve Bank in Atlanta joined forces with a team at the Mexican central bank to design the Directo a Mexico program in response to a mandate by President Bush, following the U.S.-Mexico Partnership for Prosperity struck by Bush and Mexican President Vicente Fox in 2001. One of the stated objectives was to lower the cost paid by Mexican workers to send money to their native country. The Federal Reserve Bank's brochure touts the favorable foreign-exchange rate, based on the official rate, and a low transfer fee. "In addition, your money is safer in the bank than in your pockets or underneath the mattress," the brochure says. Retail banks that participate in the program charge as little as $2.50 a transfer compared with $40 charged by some transfer services. Retail banks in the program pay the Federal Reserve 67 cents per transfer. Most immigrants operate in a cash economy outside the formal banking system, where they have neither credit nor identity. In a post 9/11 era, bringing immigrants into the banking system - and tracking their remittances - is vital to security, supporters say. Critics, however, say the Federal Reserve Bank is coddling illegal immigrants and helping them engage in capital flight. "Anything that makes it easier for people to live in this country illegally is an inducement for illegal immigration," said Ira Mehlman, a spokesman for the Federation for American Immigration Reform, an immigration-restrictionist group. "On top of that, it is draining money out of our economy." Latin American migrants in the U.S. transferred $53 billion to $55 billion to their native countries last year, according to the Inter-American Development Bank. About $20 billion went to Mexico, $12 billion to Central America and the Dominican Republic, and the rest to South American countries. Remittances sent by Mexicans topped $15.5 billion in the first eight months of this year, 20 percent higher than the amount sent during the same period in 2005, according to Mexico's central bank, and this year's annual figure is expected to hit a new record. Savings scraped together by nannies, painters and others working abroad are now Mexico's second-largest source of foreign revenue, after oil exports and ahead of tourism. Since the Federal Reserve launched the program last year, about 150 U.S. financial institutions have enrolled. While most Mexicans continue to avoid banks, consumers using the program seem happy with it. Julian Gimenez, who works for a landscaping company in Milwaukee, for years had sent money to his wife, Catalina, in Jalisco, Mexico, through a wire-transfer company in his Latino neighborhood. Now, Gimenez uses Mitchell Bank. "It's cheaper to send the money and it arrives faster than any other place," he said. Last month, the program was expanded to enable migrants in the U.S. to open an account for relatives to whom they plan to send money. A bank teller in the U.S. can open the account remotely on a Web site set up by Mexico's Banco del Ahorro Nacional y Servicios Financieros, the development bank known as Bansefi, which has a vast network of branches in urban and rural areas. The beauty of the program, says Bansefi's Chief Executive Officer Javier Gavito, is that the "unbanked population" on both sides of the border gets into the formal banking system. In Mexico, only half of all adults hold a bank account. Directo a Mexico "revolutionizes the remittance market," said John Herrera, co-founder of Latino Community Credit Union, which has five branches in North Carolina and participates in the remittance program. "U.S. banks have realized that these working-class folks are sending real money back home," said Herrera. M O R E N E W S F R O M • Federal Reserve Bank • Business News • Banking • George Bush • North Carolina • World News • Financial Services • Mexico • Western Union • Country • Jalisco, Mexico • Discuss Jalisco, Mexico

how much money do you have? like extra money you don't have to use for bills. like in savings accounts and stuff like that? i'm trying to compare myself with other people and see how rich/poor i am.

How to open a bank account in India for a minor? I'm 17 years old, and I would like to have a savings bank account, preferably with SBI (my parents too have their's there). 1. Can I approach directly, or would it require my parents help? 2. Can you explain me how different will such an account be compared to normal accounts? 3. Will I get a debit card (not necessary, though). 4. Is the intrest for savings same or more;) ? 5. Will it require my parents help forever to access my account? 6. Will it be converted to a normal one, when I turn 18? I have asked lots of questions, please forgive me if it is really too much.

What does your retirement / finances look like compared to mine? I've worked really hard on straightening out my finances over the last two years. I just wanted to see how my approach compares to others. The personal finance sites make it seem like everyone is maxing everything out: My wife and I contribute about 28,000 into our 401K's each year and we max out our IRA's (8,000) each year. We might have trouble on the IRA in 2007 because of income limits. It that happens, I'm planning on just opening a mutual fund account on the side. So far, we have @ 45K. We're both 27. Besides that, we have a mortgage and car payments. Everything else is paid and I plan on starting a separate mutual fund for the kids college (I don't like all the rules associated with the college savings plans).

How much does the average 24 year old have in checking and savings? Also in mutual funds, retirement accounts, etc? I can't find any info on the web about it. I am 24 with 300 in checking, 3100 in savings, 2500 in a savings CD, 3500 in a vanguard mutual fund (+75 every month), and 113 a month in retirement from my work. I have no debt. How do I compare to other 20 somethings? It seems like I struggle month to month and yet others have big screen TVs, new computers, etc, etc. If they just put it on "their cards", how will they ever pay it off - and should I start doing that too. I mean it will catch up to them eventually, right?

Interest paid by Virtual Banks?? Is this true that virtual banks pay far more interest than other normal savings account? I have heard that virtual banks (of citibank or some other..not sure..) pay 12% interst as compared to the saving account which pays 5%. Is this true?? if not..then how much interest do they pay?? can someone send me any link..where i can research.. thx in advance..

I can invest 1,000 a month but what is the best way to do it? I have an emergency fund of 1,000 in savings and live off of 500/mo. I use about 500/mo on flight training and would like to invest the rest of my money (1,000/mo) in the BEST possible way -how? I'm only 18 so I'm not looking to retire (but I guess a small IRA will do). I would like to save this money so that if my scholarship doesnt come through I can send 40,000 out at the college (20,000 due in three years and the next 20,000 in four years). If I merely toss that money in a jar each month that's 24,000 when I need to make the first payment of 20,000 and only 16,000 when I need to make the next payment... How do I end up and actually MAKE money on this??? My savings account interest rate is crap compared to an index fund, but allows no contract... Please and thank you!

Question on Personal Finance? Qn 1: Any individual got record down all the financial transactions down on paper? Will you compare all your savings and withdrawals with other months and every 3 mths? Example: You spend how much, save how much, withdraw how much cash, deposit how much cash? Then you compare with the previous month? Qn 2: If I withdraw $100 out, then deposit $100 back to my account, is it considered as savings or just to compensate for the withdrawal?

For Christians, Is anybody else annoyed when those tv preachers and such compare God to some bank? like - "You see when you sin you're like wasting youre credit with God Almighty, but when you pray for forgiveness and give to the poor and commit good acts, its like putting extra savings in your personal Spiritual bank account and you can have good credit! Then you can charge and buy stuff!" I think it belittles God, although I am not THAT offended, I just want to know what others think. I also know that its a way for them to relate everyday things to religion, but still I don't like the emphasis on money..

If $700 billion is given to bail out the "markets," and may not work, what good is only $52 in FDIC reserves? The $700 billion bail out is over 13 times the amount the amount of reserves of the FDIC, so just how "protected" are savings accounts at commercial banks anyway? After all, will the Fed govt. move in and raise the $52 billion to $1 trillion if savers witthdraw there money at a fast pace to jeapordize the whole banking system? I claim $52 billion in FDIC reserves is peanuts compared to what is needed to ensure that no saving account is at risk. I am soliciting intelligent resposnses so I can determine if I should keep my money in the banking system or pull it all out and hide it under my matress!

just wondering about this? i turned 18 in october. i put 2 thousand dollars in a CD account. i have 2 thousand left in my savings/checkings. i have 1,200 in my employee stock account. i wanted to start a 401k at work but you have to be 21. im currently paying for school about 400 a month. is there any other investments i should do or should i just wait until i start my 401k and stick with CDs for now? depending how my accounts look after i get taxes back i was gunna compare rates and see if i should move from savings account to money market account. what would you do?

what would you do with this? i turned 18 in october. i put 2 thousand dollars in a CD account. i have 2 thousand left in my savings/checkings. i have 1,200 in my employee stock account. i wanted to start a 401k at work but you have to be 21. im currently paying for school about 400 a month. is there any other investments i should do or should i just wait until i start my 401k and stick with CDs for now? depending how my accounts look after i get taxes back i was gunna compare rates and see if i should move from savings account to money market account. what would you do?