Savings or MMA?

dawade · #1 04-26-2006, 01:31 PM

I'm looking on bankrate.com to open up either a savings account or MMA acount. I see rates I like in both savings and MMA. I'm just trying to take a few bucks a month ($20-40--I'm a full-time student right now) and put something away into an account so I can accumulate some interest.

As a complete newb, what would the advantages be of one over the other? Would there by any advantages?

James Boston · #2 04-26-2006, 03:20 PM

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As a complete newb, what would the advantages be of one over the other? Would there by any advantages?

[/ QUOTE ]

With a savings account, you'll have some more money in the future.

With mixed martial arts, you'll be able to kick nearly anyone's a$$.

[img]/images/graemlins/wink.gif[/img]

Misfire · #3 04-26-2006, 04:38 PM

The biggest difference is usually how often you can withdraw money. With so little being deposited, the difference in interest at the end of the year might buy you a cheeseburger.

Online banks will give you better interest rates (emigrantdirect.com and zionsbank.com are very good), but if you're making deposits that regularly, you might consider a bank with a local branch for convenience.

MatthewRyan · #4 04-26-2006, 04:47 PM

[ QUOTE ]
[ QUOTE ]
As a complete newb, what would the advantages be of one over the other? Would there by any advantages?

[/ QUOTE ]

With a savings account, you'll have some more money in the future.

With mixed martial arts, you'll be able to kick nearly anyone's a$$.

[img]/images/graemlins/wink.gif[/img]

[/ QUOTE ]
nh

MMA is clearly the better choice.

jar · #5 04-26-2006, 04:53 PM

[ QUOTE ]
Online banks will give you better interest rates (emigrantdirect.com and zionsbank.com are very good), but if you're making deposits that regularly, you might consider a bank with a local branch for convenience.

[/ QUOTE ]

If you currently use a checking account, you can't beat the convenience of emigrant automatically moving money based on any schedule you set up.

ouyangl · #6 04-26-2006, 05:54 PM

lol wat does MMA stand for???

when i saw this post the only MMA that came to mind was Mixed Martial Arts

MatthewRyan · #7 04-26-2006, 06:17 PM

money market account

Uglyowl · #8 04-26-2006, 10:03 PM

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money market account

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There is really no difference between the two generally speaking (other than 6 withdrawal/month limit w/ money market). Banks don't want to pay a higher a rate to people who don't care about getting a higher rate. People in the know will ask for the product w/ a hihger rate, people who are clueless, get the standard product.

Not necessarily true. ING's 4.00% account is a savings.

Although traditionally MMA's have earned higher interest than savings, financial institutions invent different types of savings accounts sometimes w/ better rates than their MMA's.

sprmario · #9 04-26-2006, 10:29 PM

The 6 withdrawl/month limit is for Savings accounts. Anything that is called a "Savings" account has this limit. The government requires that you keep a certain percentage of all deposits in reserve for a bank. That percentage is significantly lower for savings accounts and that's the reason for the limit. They don't want you moving savings account money around with the same frequency as with other accounts.

For small amounts you are best off opening an ING account to get the $25 sign up bonus (but you need to open w/ $250 and it needs to stay in the account for 2 weeks i think till the account is verified.

dawade · #10 04-27-2006, 04:47 PM

So ING seems to be a consesus good place to put some funds? I'm going to probably be automatically transferring these monthly from my checking to my account at ING.

Oh, also sorry for the confusion with MMA, I definitely meant money market account, but FWIW, I'd like to be able to automatically transfer funds to my MMA while putting someone into a rear naked choke at the same time.