$10,000 @ 3.3% interest Money Market after 1 year?

[vindikation]

$10,000 @ 3.3% interest Money Market after 1 year should give you how much money?

I'm talking about IGN, is it compounded monthly, yearly, etc?

thx

[Sniper]

I believe the 3.3% from ING Direct Orange Savings is APY... meaning you will have 10,330 at the end of 12 months, assuming no change in the variable yield.

[chisness]

correct and HSBC has 3.75% currently

[squiffy]

Yes, I am told, though I have not researched this, that the whole point of reporting an APY or annual percentage yield is to tell the consumer what the equivalent simple interest calculation is, so he or she can quickly figure out, how much would be earned on an annual basis, without necessarily having to read the fine print.

www.bankrate.com (http://www.bankrate.com)

publishes the highest CD and money market rates nationwide. I think best is 3.80%. And you can easily get 4% and change in one-year CDs. If you are willing to open an account by internet or mail with a bank in some other major city, half-way across the country.

Everyone should bookmark www.bankrate.com (http://www.bankrate.com) as it is an easy source for CD rates of all durations. I saw it mentioned in a WSJ article.

[TStoneMBD]

if you ever find an investment with 3.3% compounding monthly interest lmk.

[Sniper]

[ QUOTE ]
if you ever find an investment with 3.3% compounding monthly interest lmk.

[/ QUOTE ]

Look into Buy-Write (covered call) strategies.

[vindikation]

Damn, MetLife seems to have some good stuff going on now with Money Market accounts and CD's: MetLife (http://www.metlifebank.com/index.do)

3.5% Money Market and a $50 bonus.

[ QUOTE ]
correct and HSBC has 3.75% currently

[/ QUOTE ]
for B&M Banks- Wachovia ,my local bank now offers a 3.50% Money Market Account that you can link to your checking account..very sweet. I just took $45K out of ING Direct and opened this Wachovia account. I also just went thru the grueling weeklong process of opening an HSBC online savings account-they go a bit overborad with security measures.. but the extra 0.25% doesnt make much of a difference --so I think I'll just keep the cash close at home now and offline. INGDirect has the best interface thu and is very easy to set up ..much easier than HSBC.