Thursday, February 4, 2010 - 8:07 AM

For Better Yields, It's Bank -- Not Brokerage [SmartMoney.com]

These days, sweep accounts pay an average 0.05%, according to Crane Data, but depending on the brokerage, you could be earning as little as 0.01% -- and rarely more than 0.07%.

Note, the article had 0.50% instead of 0.05%. I believe the actual yield is 0.05% based on Crane Data's website. It's an understandable mistake. It's hard to believe money market funds are paying so little.

KenBDG5,146 posts since
Nov 29, 2009
Rep Points: 117,025

1. Thursday, February 4, 2010 - 10:29 AM

The author obviously didn't do her homework and doesn't know about depositaccounts.com. She lists Capital One (1.55% APY) as the highest-yielding savings account, and cites Bankrate as her source. As I've written earlier, Depositaccounts is much more comprehensive and much more up to date than Bankrate.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,953

2. Thursday, February 4, 2010 - 1:51 PM

Thanks ichaelm. Perhaps one day reporters will cite Depositaccounts instead of Bankrate.

KenBDG5,146 posts since
Nov 29, 2009
Rep Points: 117,025