How much a bank can pay me for interest in a 100k balance?
I’m planning to sell my house for around $130K and was thinking opening an account that pays me interest (Capital One banking for example is at 4.30 apy)
I want to know how this work with any bank, do the interest accumulates monthly or once a year. How much interest should I get and how is calculated?
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July 30th, 2010 at 12:31 pm
First, I would recommend using an online savings bank such as Emigrant direct – currently 4.65% APY.
They calculate interest on a monthly basis, and you receive the interest credit into your account at the end of your statement cycle each month.
On 100k, assuming rates stay around 4.65 – which they probably won’t b/c most investors say they will decrease more this year – then you would get close to 5K of interest income over a year’s time.
July 30th, 2010 at 1:13 pm
don’t use capital one bank. your best best is to go to a brokerage firm and get a money market acct. that is an acct which draws interest and you can write checks on it (albeit a certain # of checks) without penalty. it will draw more interest than a standard interest bearing checking acct or cd. i personally would never use a HUGE bank like capital one bank-or a bank that is connected to a credit card, such as captial one.
July 30th, 2010 at 1:50 pm
Today the best rate for immediate access accounts is at Countrywide Bank. 5.3% APY. FDIC insured up to $100,000 per individual — $200,000 joint. Interest is accrued daily and paid monthly. You can open an account online or at the Countrywide offices that are on most major cities. Coutnrywide offers 6 month CDs that pay a sightly higher rate if you choose to.