Comments on: Alternatives To Traditional Savings Accounts

By: Ron

Ron — Wed, 27 Jan 2010 04:35:40 +0000

I read the book and was contacted by Pam Yellen but felt there was something just not right. Couldn’t put my finger on it. I may be wrong about her system and would love to be proven wrong, but I just don’t know about it.

By: Kris @ Debt Tips

Kris @ Debt Tips — Wed, 27 Jan 2010 03:58:39 +0000

I know it is controversial, but I’ve been using a Bank on Yourself plan. It’s more of a financing strategy than a savings strategy, but I’ve been happy with the results so far. Still a little worried that in 20 years I won’t be as happy, but it’s not like my traditional investments have done anything positive in the last year or so.

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By: Credit Girl

Credit Girl — Tue, 19 Jan 2010 16:24:17 +0000

Thanks for this quick to the point summary. I’ve been looking for other ways to invest my money after reading several financial blogs because the traditional savings account that I have at my bank just isn’t cutting it. I was looking into investing in CD’s but now that you mention the money market-I’ll definitely check that out as well.

If you had to choose either one to invest, say around $5000, and you wouldn’t need to pull out that money for 5 years, which one would you recommend?

By: Hassan Nicholas

Hassan Nicholas — Tue, 19 Jan 2010 07:38:48 +0000

Also, another alternative to traditional savings accounts are IDAs (Individual Development Accounts) and other accelerated-savings programs offered through nonprofit community organizations. Obviously, these resources are geared towards a specific demographic (limited by regional income guidelines), but are still an option for those who qualify. Our agency and many others offer IDAs which are matched-savings grant programs. Most have a 1 to 1 match ($1 dollar matched by the org for every $1 participant saves). We used to offer a 4:1. We also offer Ramp-Up Accounts, which offer an accelerated interest rate of 22% APY for 18 months. No catch. No penalties for early withdrawal. No fees. The only drawback is are the income and residency qualifications. But, it wouldn’t hurt for others to research programs like these at their neighborhood nonprofit org in their own city.

By: uberVU - social comments

uberVU - social comments — Tue, 19 Jan 2010 00:06:52 +0000

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