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Need to Change Banks

August 2nd, 2014 at 02:15 pm

I noticed that FNBO Direct where we have most of our emergency fund cash has reduced their interest rate from the measly 0.85% to 0.75%. I think it's time to move banks for a little better interest rate.

I probably could do a short term CD, but since I have a feeling we could be moving, I need some of that cash for the next house and I don't want it tied up. Or the potential to lose any extra interest, which would reduce the effective rate in the end.

I'm considering going to EverBank for their 6 month interest rate of 1.4%. I would then move the money after that to another bank that is paying closer to 1%. Anyone have a better idea? I have nearly $40K that I would put in the account.

Posted in Saving | 4 Comments »

4 Responses to “Need to Change Banks”

  1. PatientSaver Says:
    August 2nd, 2014 at 11:12 pm 1407021124
    1407021124

    I would check out both Santander and Barclay's websites. They both have some interesting promotions.

  2. PatientSaver Says:
    August 2nd, 2014 at 11:14 pm 1407021255
    1407021255


    The Dream Account is a savings account that has all the award-winning benefits of our Online Savings Account – including an Annual Percentage Yield (APY) that’s currently 11X1 more than the national average, no hidden fees and no minimum balance to open. So what makes the Dream Account different? It’s specifically designed to reward you for smart savings choices, like making consecutive monthly deposits and not withdrawing funds for a period of time. So dream big, save up – and reap the rewards.
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    Deposit up to a maximum of $1,000 of savings each month into your account.
    Every time you make consecutive deposits for six months, we’ll give you a 2.5% bonus on the total interest you earned over that time.4
    Make no withdrawals for six consecutive months and earn another 2.5% bonus on the past six months of interest earned.4
    Smart savings decisions can earn you one or both bonuses, getting you closer to your dream.

  3. snafu Says:
    August 3rd, 2014 at 01:55 am 1407030940
    1407030940

    CCF I so admire how much effort you devote to getting Snowflakes and cash bonuses from various CCs which require careful monitoring of spending to meet their requirements. It's enormously frustrating to see costs go up 2 - 4% for beef, pork and gas for the car. The banks are paying 0.75% interest to savers while charging more than 7% to 750 FIC score clients for consumer loans and as much as 22% that we see folks bemoan.

    I had a municipal bond mature a short time ago and would have liked to put it into a laddered CD. I considered buying foreign bonds like Iceland, Germany [Europe ] etc. but it got so complicated. Instead I am DCA into a non retirement Dividend ETF since I can leave it for 5 or more years.

  4. creditcardfree Says:
    August 3rd, 2014 at 02:41 pm 1407076870
    1407076870

    Thanks, PS. The Dream Account seems pretty appealing.

    Thanks snafu! It does take effort to keep track. My husband does keep telling me "I'm glad you are keeping track" in regards to the credit cards. He couldn't do it.

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