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Additional Details
StevenWeinstein thank you for your input, but I have that under ... |
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quillologist | Bank of America, should I buy the stock for the dividend or open a savings account for 1/2 % interest? |
Additional Details
The dividend is nearly 6%.
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Dom
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NO!!!! Don't buy it just for the dividend.
It does have a high dividend but I would rather put my money (which I have) into UFBdirect.com. They have a savings account that pays 5.31% with NO fees.
Try that one out. The whole financial company mess is going to get worse so it is highly likely to decline even more than your dividend yield. The other crappy thing is if it declines, you still have to pay taxes on that dividend even if your overall investment declined. |
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muncie birder
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There are actually quite a few banks paying dividends about 5% some close to 6%. Some are in better financial shape than BAC. BBT and USB for 2, I think. Also keep in mind that the bank dividend is tax advantaged. The savings account interest is not but then 1/2 % will not generally yield all that much taxable interest, will it?
If you are interested in dividends, take a look at ACAS. The dividend is not tax advantaged, but it is substantial. |
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$so fresh so clean$
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If its trading at a low price, I'd go with the stock. It will appreciate in more in value. |
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J H
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I would buy the stock ....but that just me |
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Mr. Prefect
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Buy the stock, but not at this moment, as the odds are there will be more fallout this coming year, and stock prices will be even lower. Sit back, watch everyday, but hang in there til no later than spring, when virtually all those with adjustable mortgages will have been converted, and the credit challenges will have all been hopefully out of the bag. |
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voluntarheel
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If your only other option is a savings account paying 0.5% interest then definitely the stock. But you will pay a fee to buy and sell (a fee each time) and you could lose money on the stock price. But if you are strickly doing it for the dividend then you have time to wait for the price to recover before you sell to get all your money back. |
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Scott D
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Why not look into a money market, they can be attached to a checking or savings and you can get 2.7 % or a short term cd at 4-4.5 % |
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