Investment

» jamesj24 - Best MM rate

I know this is the CD rate forum, but wanted to share that I have found Countrywide Bank has the best money market rate, currently yielding 5.25% annually for balances over $50K. One advantage they offer is that deposits made at their branch are sent overnight to their home office, and are credited the next day. This can be important for large deposits, to start earning interest right away. This is where I put the proceeds of the I-bonds I cashed out this month.

For some reason, the T-bill auction yields recently dropped by about a quarter percent, making a 5.25% money market yield virtually equivalent to a 4.8% T-bill yield after considering income taxes. However, the 6-month T-bill still yields 4.93%.

http://www.treasurydirect.gov/RI/OFBills

-- posted by jamesj24