0.5% or 4%

[Wilhelmson]

It’s not the usual discussion but I will put it out there. So many people settle for subpar deposit rates at their favorite bank.
If you have allegiance to an institution, do you know a manager that you trust to give you a favorable deposit rate?
Not for me, just asking the question. I saw today a bank go from their published cd at 0.5 to 4•. So had the person renewed at the default rate, they were out at least $3,000 per.

 

[ilovepugs]

I put my cash savings in a high yield savings account that is entirely online. So, the rate is transparent. The spread between their CD rates and savings rates is small enough that I don’t care to lock up the money.

Generally the rate I have is highest readily available on the market (without jumping through hoops) within 100 basis points so I don’t find it a worthwhile use of my time to go rate shopping.

 

[EricG]

If you see an institution raise the rate overnight like that right now there is usually a very specific targeted reason…