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Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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Hi I am seeking information on my savings account I am retired

Resolved Question:

I am seeking information on my savings account I am retired , but I have my money in a savings account in the amount of $35.000 I keep a balance of at least $34.000 in my savings at all times .
The statement rate on-line for this amount from $25.000 - 49.000 is rate is 0.30%
APY 0.30% you also earn a bonus rate with a monthly deposit rate of of at least $250.00
my monthly deposit is a little over 700.00 the bonus rate is 0.40 & the APY the same.
the bank says that the rates are compounded daily and can change at any time.
here is what my bank statement looks like
4/23 interest earned $4.36 Account balance $35,298.16
5/21 $4.09 $35,439.25
6/23 $ 4.84 $ 35,681.09

7/23/2010 $4.44 $36,022.53
8/24 $4.75 $36,004.28
9/23 $4.41 $35,405.69
10/22 2.52 $35,245.21
11/22 2.10 $34,999.31
12/24 2.17 35,338.48
1/24/2011 2.08 $34,662.56

I asked another bank that I am considering moving my account to and they pay 0.20 which comes to $70.00
so with a rate of 0.30% and 0.40 percent should my money have made more interest?
I would like a simple answer

Ihis e-mail is for my mother.s acct
Submitted: 6 years ago.
Category: Finance
Expert:  Taxtom replied 6 years ago.

Taxtom :

Hello, I show that you should be receiving around $8.75 to $9.00 a month, check and see if your account is enrolled in the program you see online. Your earnings if they pay you the .30 percent would be over $100 a year. Another approach would be to ask your bank about a Money Market Account which would pay you 2 to 3 times what you are presently earning with no additional risk. Thanks Tom

Customer: replied 6 years ago.
Hi, This is a money market acct, Isorry I didnot add that in, should I go to the bank and find out why the acct is drawing suc a small amt of $ ?
Expert:  Taxtom replied 6 years ago.
Hello again, The rate is very low for a Money Market. I would ask the bank to match the rate of the other bank or transfer the money. Also if you are amember of a Credit Union they usually pay higher rates. Thanks Tom
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