ConfusedDater Posted February 5, 2009 Posted February 5, 2009 I was browsing around on the web and stumbled accross the statefarm website and saw that I can open a money market account for a $1000 and was wondering does anyone on here deal with statefarm or know anyone who deals with statefarm investments? I was waiting until I reached $5000 because that's the minimum that you need to open up a money market account with my bank. So if anyone has any information that would be great.
george237 Posted February 5, 2009 Posted February 5, 2009 I was browsing around on the web and stumbled accross the statefarm website and saw that I can open a money market account for a $1000 and was wondering does anyone on here deal with statefarm or know anyone who deals with statefarm investments? I was waiting until I reached $5000 because that's the minimum that you need to open up a money market account with my bank. So if anyone has any information that would be great. Money market accounts are great because you are getting a guaranteed rate of return which we all know is a good thing in these turbulent times. Now I am fairly certain that they are not insured by the FED, check me on that, so if they belly up you would probably still get your money but there might be a chance you don't. I had my money in ING for a while when I was saving for a house and I know they are backed since it is a savings account not a money market.
GoldenHillGuy Posted February 5, 2009 Posted February 5, 2009 I like smaller more local/regional banks. Notice any of the smaller banks taking any bailout money? No. Because they've all made sound financial decisions. They don't loan to anybody. State farm has a reputable name. My parents have their home and auto insurance with them. Go for it.
ConfusedDater Posted February 5, 2009 Author Posted February 5, 2009 Money market accounts are great because you are getting a guaranteed rate of return which we all know is a good thing in these turbulent times. Now I am fairly certain that they are not insured by the FED, check me on that, so if they belly up you would probably still get your money but there might be a chance you don't. I had my money in ING for a while when I was saving for a house and I know they are backed since it is a savings account not a money market. I checked, it said they are FDIC insured up to $250,000.
george237 Posted February 5, 2009 Posted February 5, 2009 I checked, it said they are FDIC insured up to $250,000. You have nothing to worry about. If you are looking for a high interest rate check etrade they are usually higher and you don't need to trade a share to reep the better rate.
ConfusedDater Posted February 5, 2009 Author Posted February 5, 2009 would it be better to wait until a start working full time again? I have $1700 and haven't received my first unemplyment check yet. I was consdiering taking the $1000 and opening up a mma at state farm and leaving the other $700 in my account. But was wondering should I wait,
george237 Posted February 5, 2009 Posted February 5, 2009 would it be better to wait until a start working full time again? I have $1700 and haven't received my first unemplyment check yet. I was consdiering taking the $1000 and opening up a mma at state farm and leaving the other $700 in my account. But was wondering should I wait, I am not your accountant so I don't know. I would figure out how long that 1700 will last and if it is more then a few months then yes put it in, if not why bother. 1 or 2 dollars isn't worth my time setting it up.
ghost69 Posted February 9, 2009 Posted February 9, 2009 i would invest the $1000 in a bank money market account, not an insurance agency. plenty of banks take $1000 as a minimum.
amtjrtcet Posted February 9, 2009 Posted February 9, 2009 i would invest the $1000 in a bank money market account, not an insurance agency. plenty of banks take $1000 as a minimum. Its not State Farm Insurance that he'd be investing his money in, its State Farm Bank. They're one of the largest banks in the US and overall State Farm has over 60 billion in assets, its safer then 95% of the other banks out there.
ghost69 Posted February 10, 2009 Posted February 10, 2009 Its not State Farm Insurance that he'd be investing his money in, its State Farm Bank. They're one of the largest banks in the US and overall State Farm has over 60 billion in assets, its safer then 95% of the other banks out there. wow. never heard of state farm bank. i thought the biggest ones were us bank, wellsfargo, and first national.
amtjrtcet Posted February 11, 2009 Posted February 11, 2009 wow. never heard of state farm bank. i thought the biggest ones were us bank, wellsfargo, and first national. yeah, its only been FDIC insured for 10 yrs, but in the last 10 yrs they went from 12 billion in assets to over 60 billion. Its solid.
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