How Much Money Are You Making From Your Bank?
Once upon a time, I opened a money market account with my bank to earn a little extra passive income. It was a decent arrangement. I put in money, they invested it and then gave a portion back in interest. Of course, I had to pay taxes on this interest, but as far as passive income goes, it does not get much easier than this.
Then the banking world as we knew it crashed and burned.
Yesterday, I closed that pathetic little money market account. Yeah, the bank was still paying me some passive income but they also implemented a few new fees. These fees actually amounted to more than I was making in interest each month, so why bother.
Currently, I am looking around at my options. Money Market Accounts pay various interest rates that change everyday. If you have enough money, you can still get a decent interest rate. I have read that some bloggers in the personal finance niche have used ING successfully. Personally, I have not tried them yet but I may consider it.
Where do you go to research the best places to put your money? Have you tried sites such as Monitor Bank Rates? Drop me a comment and let me know.
I will, after all, need some place to park my massive amounts of passive income each month real soon!