Banks just suck.

[patience0830]

What makes a giant monster megabank think you want to leave your savings with them at .04% interest when online banks are paying 4.171% on money market savings?
Someone in charge is getting way overpaid for their highly touted MBA in finance.

 

[natdscott]

No, they hold a lot more than MBAs, and they make decisions for their business, not you. Can't fault them for that model, since it's the "American dream", can you?

Also, each bank is, at any time, in a different decision-making matrix than any other bank.

Mine, for example, is a great place to borrow money right now, and not as good for investing your money. Goes in cycles, and if you bump this thread in 5 years, I might be the opposite of that.

 

[JimmyC1924]

What makes a giant monster megabank think you want to leave your savings with them at .04% interest when online banks are paying 4.171% on money market savings?
Someone in charge is getting way overpaid for their highly touted MBA in finance.

Idk .04 sounds real juicy thats a whole 5 bucks a year. That's a large fry at McDonalds.

 

[firecadet613]

What makes a giant monster megabank think you want to leave your savings with them at .04% interest when online banks are paying 4.171% on money market savings?
Someone in charge is getting way overpaid for their highly touted MBA in finance.

4.75% at Merchants Bank.

Aside from them, credit unions for the win...

 

[bwframe]

It'd be interesting to know how many INGOers use online banks?

 

[blain]

What makes a giant monster megabank think you want to leave your savings with them at .04% interest when online banks are paying 4.171% on money market savings?
Someone in charge is getting way overpaid for their highly touted MBA in finance.

How do you think they got to be "giant monster mega banks", that are "too big to fail"?

 

[patience0830]

No, they hold a lot more than MBAs, and they make decisions for their business, not you. Can't fault them for that model, since it's the "American dream", can you?

Also, each bank is, at any time, in a different decision-making matrix than any other bank.

Mine, for example, is a great place to borrow money right now, and not as good for investing your money. Goes in cycles, and if you bump this thread in 5 years, I might be the opposite of that.

And they still suck.

 

[patience0830]

4.75% at Merchants Bank.

Aside from them, credit unions for the win...

Is that Money Market savings rate?

 

[patience0830]

Is that Money Market savings rate?

Oh! And the credit union I used to use sucks just as bad on the savings rate.

 

[rhamersley]

Is that Money Market savings rate?

Yes, that's the money market rate. Minimum $50 deposit.

 

[jsharmon7]

Some of the fintech companies are offering 4.5% for accounts that function as checking/savings hybrids. Some offer debit cards, checks, etc. Wealthfront is a good example.

 

[Expat]

I had quite a bit of money sitting in my CU for years when I started noticing that some banks had CDs at around 5% a couple years ago. All I had to do is inquire and was told they had CDS, money market accounts, all available at competitive rates.

 

[spencer rifle]

Our Western Alliance high-yield savings premier account is currently at 5.01%, no minimum balance, access any time, no bells and whistles. Only links to one other account, no ATM, no checks, no joint account options. Fine with us since we don't need any of that. It's our emergency fund, and transfers are 3 day affairs.

Our 5/3 bank offers a "high yield" savings option that is some miniscule amount with a $25,000 minimum. LOL no.

 

[Creedmoor]

I had quite a bit of money sitting in my CU for years when I started noticing that some banks had CDs at around 5% a couple years ago. All I had to do is inquire and was told they had CDS, money market accounts, all available at competitive rates.

Yep, Navy Federal is at 5% or better depending on amount and time.

 

[Bleachey]

What's a savings account?

 

[firecadet613]

Is that Money Market savings rate?

Yep, but treated like a checking account, but only 10 free transactions a month.

 

[indyblue]

I’ve been doing CD ladders, better return in most cases. It just takes a bit of discipline to get it started and keep them rolling over.

 

[Creedmoor]

What's a savings account?

It's a thing you put money in every payday.
And once in awhile you move it to a better interest rate.
Im not a money person but I was taught this long ago.
Always pay yourself FIRST.

 

[firecadet613]

It's a thing you put money in every payday.
And once in awhile you move it to a better interest rate.
Im not a money person but I was taught this long ago.
Always pay yourself FIRST.

It's a skill many aren't taught and NEVER learn.

Your taught to be a good little consumers, get in debt and spend it all!

Own nothing, you'll be happy!

 

[spencer rifle]

The disappointment of it all will be that, though we were wise and saved and did the research and delayed gratification, when the government eventually collapses our currency, we'll have just as much as those who didn't do any of those - nothing.