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A Big Move

January 25th, 2008 at 09:16 am

I have often bragged about my local bank appalachian Bank which offered money market accounts paying 5.25%
These accounts worked out great for us, cause we could make 6 withdrawals a month and that was all we needed when we were building a spec house.
I had 2 accounts there, one in joint names with $200K and one in my name, payable on death to my dh, for $100K.
That way, all $300K was fdic insured.

A few months ago, when the fed cut the rates, my interest rate dropped to 4.1% Yesterday, I was shocked to see that the rate had fallen to 3.4% I called the bank to see if I could move into a c.d. paying about 4% and was told no!

So, I called my husband to come home early from work and we drove to another town about 25 miles away.

I opened up a joint c.d. there for 200K earning 4.8% interest for one year! They had a 5.% rate for 6 months, but i think rates are going down, not up, so I took the lower rate in order to lock it in for a full year.

I figured I will earn an extra $2720 in interest money by moving it to the new bank.

That is worth losing a few hours pay.

3 Responses to “A Big Move”

  1. mom-from-missouri Says:

    What was the reaction of the bank you left?

  2. Ima saver Says:

    So far, nothing. I just wrote two checks and moved the money out!!

  3. Thrifty Ray Says:

    wow...bad move on the bank you were such a fan of. This day and age, banks SHOULD be doing everything possible to hang on to customers like you...not only for the relationship, but for the wonderful word of mouth that you have spread for so long. Too bad they allowed you to walk...their loss.

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