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.
A Big Move
January 25th, 2008 at 05:16 pm
January 25th, 2008 at 05:25 pm 1201281945
January 25th, 2008 at 05:45 pm 1201283111
January 26th, 2008 at 03:56 am 1201319778