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

Thursday, February 4, 2010 - 8:07 AM
From 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.
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,249
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.
1
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,927
2. Thursday, February 4, 2010 - 1:51 PM
Thanks ichaelm. Perhaps one day reporters will cite Depositaccounts instead of Bankrate.
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,249
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