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Michael
Michael, Stock Trader - Consultant
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Experience:  Many years experience dealing with securities.
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if i have one million dollars in savings how much interest

Resolved Question:

If I have one million dollars in savings, how much interest can I earn on it per year?
Submitted: 8 years ago.
Category: Finance
Expert:  Michael replied 8 years ago.
If you think you might withdraw the money before one year's time, either find a CD with no penalties, or stay liquid and put it into savings. The current interest rates for savings are laughably. Unless you know a secret...

A large, established, well respected bank offers savings accounts which earn 3.75%. No strings attached, at all. They can do this because their business is mostly done through the Internet, which saves them millions in overhead.

Some CDs pay as much as 4.50% for one year. The drawback is, there's usually a monetary penalty for early withdrawal.

A ballpark figure of what $1 million would earn in a savings account or CD in one year?

Around $20,000 (2% interest), or around $38,000 (3.75% interest), depending on the bank and its methods.

There are also other ways to invest, such as mutual funds (large range of interest rates).

A seasoned financial planner would help you find the product with the best return.

You should definitely check out these helpful links:

IngDirect.com
A generous 3.75% interest rate on a savings account.
IngDirect.com


Banx provides Real-Time bank rates for each of the 50 states
Banx.com


Bank Rate
EXCELLENT free help website
Bankrate.com
Michael, Stock Trader - Consultant
Category: Finance
Satisfied Customers: 15
Experience: Many years experience dealing with securities.
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