Take advantage of rising interest rates

The sale of the cottage combined with the state of the stocks and bonds markets forced me to take a critical look at our "savings" account at Wells Fargo---which by the way is typical of most banks.

I moved the money from Wells Fargo at a rate of 0.02% :yuck: to another FDIC insured account with a rate of 3.00% I know that does not sound like much---but believe me---coming from zero to anything is a sea change.

I'd encourage anyone with money siting in a normal bank's savings account to take a look around:hyper:

I'm getting flyers from banks other than mine with offers of limited time higher percentage rates...I like to stay loyal to my bank, but it is tempting...:cigar:...Ben

Yeah, I'm seriously considering moving bonds, CDs, etc... It causes one to think of monetary assets from a business point of view rather than loyalty, et al.

Hunter

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Originally Posted by Truckman

...I like to stay loyal to my bank,.....Ben

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Why? I can guarantee they have zero loyalty to you.

The same goes for insurance companies.

Quote:

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Originally Posted by Mike

Why? I can guarantee they have zero loyalty to you.

The same goes for insurance companies.

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Granted the people at my bank who earned my loyalty long ago, have since moved on, but the reason for my feasance lingers on, and I have a hard time forgetting it...I absolutely agree about the insurance companies...:pissed:...Ben

I got to Wells Fargo via a series of aquasitions that I had no input in. It was a dehumanizing ride. I went from hunting with my banker to not knowing anyone.
I did have a "premiere banker", until I retired and no longer had high income at which time I immediately became a nobody.
I have exactly the loyalty to them that they have earned, zero :splat:

Quote:

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Originally Posted by Mike

Why? I can guarantee they have zero loyalty to you.

The same goes for insurance companies.

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What Mike said..

Also was mergered/acquired from home town bank to huge multi national.. moved to credit union..

Years ago a neighbor was part of a local bank start-up.. out of loyalty/obligation we opened a safe deposit box with him.. fast forward thirty years, three plus’s merger/acquisitions later it is discovered that we have a safe deposit box but no $$$ account (this can not and will not be in corporate banking).. we stood our ground, threatened to ask advice of state regulators .. don’t get me started on insurance companies..

X30 years ago.. (Up in Grubbtown) a local bank was acquired by a national bank.. the naming rights on the big Philadelphia sports arena changed to the new banks name.. First Union.. arena was then known by Philadelphians as the F-U center..

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Originally Posted by Sandman

...moved to credit union...

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Ditto. At the time, the CU only had one office out by the smelter - but had none of the fees. The CUs board is comprised of unpaid retirees and any "profits" go into rate decreases - or loan and rate increases for savings/CDs.

Hunter

A little more on this as it unfolds. I moved the money to Capital One---who happens to be the issuing agent for my Cabelas Cards. At 3.00% on a savings account they aren't the highest but they are in the game.

One reason I went there, is that I could link that account to my Wells Fargo Account. I can move money between the two banks (at no cost) as if they were one---it is seamless. Looking more closely today I found they have 4% CDs for a 12 month period----so I am going to move some more money into those CDs.

Added in edit:

I have moved money into CDs. They have the same yield of 4% for 12 months, independent of amount. So, I am buying in increments of $25K, in the event I would need to cash out I can do it in increments and not a large sum.