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Home > Biggest bank in town.

Biggest bank in town.

April 30th, 2007 at 08:32 am

I just got back from the biggest bank in our town. It has been in business for well over 50 years here.
I have kept my cash in two other local banks because they pay more interest. This bank's president stopped by our table one night and I told him that was why I have no money in his bank. He promised to give me a rate of 5.45 on a jumbo C.D.
Well, I stopped by today and he was not there. The best the staff could offer me was 5.0%
Heck I am getting 5.25% with my money market account at one bank and 5.75% with a C.D. at the other bank.
The biggest bank makes all the loans in town, why don't they pay out the highest rates?
I need to find somewhere else to put this cash, cause I am way over the fdic insured amount. I really don't like banking on line.

5 Responses to “Biggest bank in town.”

  1. D Says:

    Just restructure each account. You probably already thought of this, but:

    1. have 1 account with your name and your hubby the beneficiary.
    2. have 2nd account in hubby's name with you the beneficiary.
    3. 3rd with you both as owners
    4. Start a trust or partnership and put money away in these.
    If you have children, the ways are extensive. Talk to your banker, they can help you.

  2. Ima saver Says:

    Yes, I have thought of that, thanks, that is what I am going to do.

  3. disneysteve Says:

    "The biggest bank makes all the loans in town, why don't they pay out the highest rates?"

    They have no need to. Far better for them to borrow their money at low rates and lend it out at higher rates.

    Is there some reason you have to keep all of your money local? Countrywide bank is paying 5.4% on their savings accounts for balances of 50K or more. No need to tie it up in a CD that way.

  4. Ima saver Says:

    Just feels more comfortable to stay local, I am not a computer person. I have a c.d. now paying 5.7%. I could go get another one of those.

  5. disneysteve Says:

    Not sure where you live, Ima, but I know Countrywide has some physical branches. There is one less than 10 minutes from my house. They have locations in about 15 states. You might want to check them out - countrywidebank.com.

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