What bank should I use to put 10k?

Question

I was thinking about Commerce (but interest rate is low) or HSBC- I heard Countrywide has a high interest rate but then there is the risk given that they are a sub prime lender- any ideas or suggestions would be appreciated. Does anyone have a link to the FDIC's "AT RISK" BANKS? (not the failed bank list).

Answer 1

See a Stock broker and invest in quoted shares. Your money will appreciate better.

Answer 2

PUT IT IN MY BANK

Answer 3

The WaMu bank currently has a 3.3% rate for savings account which is good....but you have to have the Online savings account to get this rate.  They also have a 8month cd rate of 4.25%.

However, I agree with the other people that it would be better to invest in a Roth IRA or stocks...if you don't need the money right away.

Answer 4

Your deposit is insured up to $100K by the FDIC so I would deposit the $10K in any of the banks you mentioned without having to worry too much about loss of principal. Better yet, I'd invest the $10K in mutual funds (Vanguard, Fidelity, etc...) as now is the time to buy (i.e. stock market is down).

To go one step further, I'd open a ROTH IRA account and max out on the 401(K) at work then use the residual money left over after ROTH to make up for the 401(K) contribution.

GOOD LUCK  :)