Saving Account Rates

[ChumpChange]

So as well all know, rates are going up. Unfortunately, banks raise loan rates quickly but saving rates a little slower. We’ve seen banks start popping these rates higher but is your bank? Everybody knows changing banks suck.

1. Go into your bank and ask them what their rate is.
2. Ask them what their retention rate is as you’re going to pull your money and switch banks.
3. Enjoy the higher rate without making a move.

Don’t leave money on the table.

 

[LargeOrangeFont]

Good call.

 

[ChumpChange]

I know Wells Fargo was offering 1.01% and their retention rate is 3.00%. And nothing needs to be changed or signed.

 

[havasujeeper]

I use Ally Bank. It seems to pay substantially higher than the brick and mortar banks.

 

[FlyByWire]

I use Ally Bank. It seems to pay substantially higher than the brick and mortar banks.

Same here. I switched over to Ally and think they’re up to 3.4% on their savings account side of things.

 

[mjc]

I am doing brokered CD's at 4.5% for 3 months. Getting another in a couple weeks.

 

[hman442]

Paypal offers a savings account, just checked, it's 3.75

 

[Ducksquasher]

I am doing brokered CD's at 4.5% for 3 months. Getting another in a couple weeks.

Through who? Thanks!

 

[Paradox]

Brokered 30 day CD at Schwab (yesterday) 4.15%.

AMX Savings Bank (no restrictions, transfer at will) is currently at 3.3%.

Next Federal Reserve Meeting is 1/31 and the Fed rate may be going up which should have a positive impact on savings rates.

 

[BingerFang]

Thanks! @ChumpChange

 

[EmpirE231]

I know Wells Fargo was offering 1.01% and their retention rate is 3.00%. And nothing needs to be changed or signed.

Personal or business?

About 6 months ago they could care less when we asked about our business accounts? Since then we’ve moved most of our business savings elsewhere and our personal.

 

[Yldboyz]

I am doing brokered CD's at 4.5% for 3 months. Getting another in a couple weeks.

Navy is giving us 4.88% on 15 months.

 

[mjc]

Through who? Thanks!

My broker finds whatever is paying better at the time we buy. So far 1 is a phoenix bank and 1 in Florida.

 

[cofooter]

My broker finds whatever is paying better at the time we buy. So far 1 is a phoenix bank and 1 in Florida.

You can do it yourself through Fidelity, Schwab, etc. Just set up a brokerage account.

 

[Dan Lorenze]

I know Wells Fargo was offering 1.01% and their retention rate is 3.00%. And nothing needs to be changed or signed.

I started an account with WF a couple of months ago under their "Intuitive investor" account. I've been putting some money into that account to see what it would do. So far I'm up about 2.89%.. I kind of like being able to deposit paychecks/transfer funds into that account, super easy to invest. What do you think about those type of accounts?

 

[LuauLounge]

Personal or business?

About 6 months ago they could care less when we asked about our business accounts? Since then we’ve moved most of our business savings elsewhere and our personal.

I took our business and personal away from WF 23 years ago, glad to see nothing has changed.

 

[havasujeeper]

I started an account with WF a couple of months ago under their "Intuitive investor" account. I've been putting some money into that account to see what it would do. So far I'm up about 2.89%.. I kind of like being able to deposit paychecks/transfer funds into that account, super easy to invest. What do you think about those type of accounts?

I guess my only concern is some of those "Investor Accounts" may not be FDIC insured.

 

[ChumpChange]

Personal or business?

About 6 months ago they could care less when we asked about our business accounts? Since then we’ve moved most of our business savings elsewhere and our personal.

Personal.

First Bank has business money markets over 3%. I have a great guy there where everything is handled via email or phone.

 

[ChumpChange]

I started an account with WF a couple of months ago under their "Intuitive investor" account. I've been putting some money into that account to see what it would do. So far I'm up about 2.89%.. I kind of like being able to deposit paychecks/transfer funds into that account, super easy to invest. What do you think about those type of accounts?

I have a decent size self-directed Ira from when I left different institutions. Can’t say that I’ve made money and can’t say that I’ve lost money. It’s all a wash. Sometimes it’s better to just leave things to professionals.

 

[Cole Trickle]

years ago I opened a high yield account with CIT.

They are offering 4.05% APY so I moved money back over to them.

 

[2Driver]

So I have some money in a MM at BofA earning almost zero. So what do I do go in and say I want 3% or I’m leaving?
I set up an appointment for 3:30 today.

 

[WYRD]

Personal.

First Bank has business money markets over 3%. I have a great guy there where everything is handled via email or phone.

I call b.s.

I just had my girls call first bank in jurupa valley.

0.015% on 100-250k mm

 

[WYRD]

I just called both my bank managers to see what retention rate they could offer. I will post what the come back with.

Current rates are
.75 mm <--- GOT 3%
.04 treasury saving <-- GOT 3%
.10 mm <-- still waiting

Not too shabby thanks for the pro tip CC

 

[BajaT]

No need to change banks. Just open some CD's with Discover online and transfer your savings making nothing to below:

Certificate of Deposit | High Yield CD Rates | Discover

Find a high yield CD account from Discover. Compare online CD rates and choose the best CD term to reach your financial goals. Open a CD online today.

www.discover.com

 

[ChumpChange]

I call b.s.

I just had my girls call first bank in jurupa valley.

0.015% on 100-250k mm

lol. I work there.

 

[WYRD]

lol. I work there.

Not calling BS on you calling BS that I didn't get the rate. Guess I should have clarified that better LOL

 

[brgrcru]

Capital one saving has a good rate .

 

[Jimmyv]

GREAT info @ChumpChange
Is your brother still at Wells Fargo?

Ive used US Bank for 20 yrs, but recently moved the lions share of savings to Marcus by Goldman Sachs to capture better rates. Already have numerous staggered CD’s with decent rates.

I called US Bank to inquire, was Moved through THREE different folks at the 800 number before being told I need to speak to my local branch manager (who’s out of the office today) to discuss.

That left me wondering: Does my money sit on the books of the location I originally opened the accounts?
Or Will any branch manager have the same urgency to retain accounts?


Anybody else have luck at US Bank?

..

 

[havasujeeper]

years ago I opened a high yield account with CIT.

They are offering 4.05% APY so I moved money back over to them.

CIT...is that Citibank?

 

[obnoxious001]

I know Wells Fargo was offering 1.01% and their retention rate is 3.00%. And nothing needs to be changed or signed.

Thanks for bringing this up, I will make a note to call them tomorrow.

 

[Cole Trickle]

CIT...is that Citibank?

No

https://www.cit.com/cit-bank/no-penalty-cd-direct?ef_id=EAIaIQobChMI_tH879e-_AIVyx-tBh2sNAlxEAAYASAAEgISw_D_BwE:G:s&s_kwcid=AL!5243!3!617984497878!b!!g!!cit%20bank%20savings&gclid=EAIaIQobChMI_tH879e-_AIVyx-tBh2sNAlxEAAYASAAEgISw_D_BwE

 

[playdeep]

I know Wells Fargo was offering 1.01% and their retention rate is 3.00%. And nothing needs to be changed or signed.

Did it today after reading your post...thank you!
Note: 100k minimum.

 

[nameisbond]

I keep most of my cash in a credit union for two reasons. They pay higher rates than the banks. In Canada, your deposits are 100% insured. Even though I doubt a Canadian bank will go broke. It is better than the $250k limit for the bank insurance.

 

[port austin pirate]

patelco bank here in Commiefornia has money market accounts for over 4%

 

[ChumpChange]

People helping people!

 

[havasujeeper]

patelco bank here in Commiefornia has money market accounts for over 4%

I just perused their web site and the best MM accounts were about 2%?

 

[2Driver]

B of A money market is paying 1/2 of 1%. I asked the manager why, when Schwab pays 4.4% on their MM. He said I would have to open a Merrill brokerage Account with B of A to get a better rate.

Screw that, I’ll move all but the minimums from BofA to schwab.

 

[havasujeeper]

B of A money market is paying 1/2 of 1%. I asked the manager why, when Schwab pays 4.4% on their MM. He said I would have to open a Merrill brokerage Account with B of A to get a better rate.

Screw that, I’ll move all but the minimums from BofA to schwab.

Please read the fine print...

Schwab Variable Share Price Money Fund: You could lose money by investing in Schwab Variable Share Price Money Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

[Thing One]

My local bank is still paying .5%, I keep the bare minimum in there and the rest is in Ally at 3.25% as of today, but it can fluctuate (usually up lately).

 

[EmpirE231]

Please read the fine print...

Schwab Variable Share Price Money Fund: You could lose money by investing in Schwab Variable Share Price Money Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Disover and capital one both currently @ 3.3% FDIC insured
Betterment is @ 3.75% FDIC insured up to 1M

 

[2Driver]

Please read the fine print...

Schwab Variable Share Price Money Fund: You could lose money by investing in Schwab Variable Share Price Money Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Eh, I dont think any Money Market accounts including B of A are insured

Their fund is made of short term treasuries, “breaking the buck” would be almost unheard of.

 

[port austin pirate]

I just perused their web site and the best MM accounts were about 2%?

my bad it is a cd rate, but if you open multiple you would only pay penalties on ones you withdrew early on, I don't think the base was that high and you can open numerous cds. just off the top of my head without going back checking I think its still going sorry for the confusion

 

[havasujeeper]

CD's scare me. In 2000, Pomona First Fed Bank had a teaser 1 year $100k CD earning 6.75%. At 360 days, they sent a letter saying I had 5 days to pull it out, or it would be slid into their 1.75% rate CD. Problem was, I was on vacation in Hawaii when the letter came. When I returned, I saw my money was locked into the new lower tier rate. I was furious. I brought my financial attorney with me, along with documentation that I was in Hawaii. They did release the money, without a charge, but still had to pay my attorney. I am very skeptical with CD's and intro or teaser rates these days.

 

[Kachina26]

So as well all know, rates are going up. Unfortunately, banks raise loan rates quickly but saving rates a little slower. We’ve seen banks start popping these rates higher but is your bank? Everybody knows changing banks suck.

1. Go into your bank and ask them what their rate is.
2. Ask them what their retention rate is as you’re going to pull your money and switch banks.
3. Enjoy the higher rate without making a move.

Don’t leave money on the table.

The teller looked at me like I had three eyes when I asked about the retention rate. She pulled out the standard rate sheet for the money market accounts and offered me a certificate of deposit for a higher rate. It was late in the day I didn’t feel like going and talking to anybody other than the teller I kind of wanted to get out of there.

 

[port austin pirate]

CD's scare me. In 2000, Pomona First Fed Bank had a teaser 1 year $100k CD earning 6.75%. At 360 days, they sent a letter saying I had 5 days to pull it out, or it would be slid into their 1.75% rate CD. Problem was, I was on vacation in Hawaii when the letter came. When I returned, I saw my money was locked into the new lower tier rate. I was furious. I brought my financial attorney with me, along with documentation that I was in Hawaii. They did release the money, without a charge, but still had to pay my attorney. I am very skeptical with CD's and intro or teaser rates these days.

your right they will attempt to renew at going lower rate, I do think they give you a pretty good window of time to address it, I think 2 weeks or longer, but you have to watch them. Like all banks if they drop your cash as they hand it to you make sure they bend obver to pick it up not you

 

[cofooter]

your right they will attempt to renew at going lower rate, I do think they give you a pretty good window of time to address it, I think 2 weeks or longer, but you have to watch them. Like all banks if they drop your cash as they hand it to you make sure they bend obver to pick it up not you

You can buy your own CD's or other investments through Schwab or Fidelity and many others and choose whether or not to roll over the CD at the end or just cash out. Better rates than most banks, even leaving it in the brokerage account is 4.8 percent right now.

 

[ChumpChange]

The teller looked at me like I had three hours when I asked about the retention rate. She pulled out the standard rate sheet for the money market accounts and offered me a certificate of deposit for a higher rate. It was late in the day I didn’t feel like going and talking to anybody other than the teller I kind of wanted to get out of there.

Yeah. Tellers don’t have the authority. Need to talk to a personal banker unfortunately.

 

[HgH Vltg]

I’m at PNC at 4.35%.

 

[v6toy4x]

I did a CD ladder at Schwab last month, 5 different terms from 6 mo to 36 all at or above 5%
Dumped the remaining cash in a high rate savings acct at First Foundation (on line) at 4.5%

 

[Laguna]

I’m at PNC at 4.35%.

That's where I put maximum still being FDIC insured not a bad chunk of change every month considering it's still liquid.