Money market/savings interest rates

[Ellen2]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

[smurphy]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Did you have an introductory rate at Truist?

There are at least 3 CU in the Trailwinds Village shopping center on 466a. You should check their websites or call them for current rates.

[retiredguy123]

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.

[Badger 2006]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Don’t know about minimums or quick transferability but Capital One 360 Money Market has no minimums, transferability from there to your local account online or visa versa. The current rate is 4.35%.

[JMintzer]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Did you call you bank manager @ Truist? They have leeway with those Money Market rates...

We use Truist and PNC (don't ask, it's just one of my wife's many mysteries...), and they both recently dropped our rates. She went in, spoke to the managers and financial people, told them she was ready to close the accounts, and "presto!", they rates went back up!

[MightyDog]

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.
Yep, Fidelity has a fund called: Fidelity Money Market Fund Premium Class - symbol FZDXX.
It continuously pays approx. 20 basis point higher than their standard MM fund. Most recent 7 day yield was 5.14%.

Buy-in is 100K for regular acct and 10K for IRA type acct. They have an office in TV.

[vintageogauge]

Yep, Fidelity has a fund called: Fidelity Money Market Fund Premium Class - symbol FZDXX.
It continuously pays approx. 20 basis point higher than their standard MM fund. Most recent 7 day yield was 5.14%.

Buy-in is 100K for regular acct and 10K for IRA type acct. They have an office in TV.

I don't believe this is FDIC insured.

[retiredguy123]

I don't believe this is FDIC insured.
You are correct that non-bank money market accounts are not FDIC insured. But, they are extremely safe and the FDIC insurance is not worth the lower yields. My opinion.

[Michael G.]

That's the trouble with those high-end savings accounts/money market funds, at banks/CU's.
The rates can be lowed at any time with the drop of a hat.

Much safer with laddered term CD's

[retiredguy123]

I don't believe this is FDIC insured.
If you really need FDIC insurance, buy brokered CDs from Vanguard or Fidelity that have FDIC insurance. But, stay away from banks.

[Romad]

Buying Treasury Bills cuts out the middle man, have the best and safest yields above 5.3%, and are sold at a discount, meaning simply that the interest is paid in advance. Banks advertise their CDs at the compound rate. The actual interest rate is lower. There is no need to lock in rates for the long term when short term rates yield more and will for the time being.

[Cuervo]

I'm not sure why you are married to a brick-and-mortar bank.
There are online banks and credit unions that are offering 5%+.
Most of the online banks are FDIC insured and the credit union's NUCA insured both for $250K just like your local banks.
I have money in an online bank, saving and checking, plus I do have a local brick and mortar bank just in cash I need fast cash.
I don't really find any difference accept it's easier to shift money around with online banking.
But no matter where and how you store your money you do have to keep your eye on what they are paying you for the use of your money.
If you don't like what they are offering move on.

[huge-pigeons]

I haven’t used banks for savings for 4 decades now. All brokerages have money market funds. The 1’s I have been in for 2 years pay over 5%, some having $100k minimum and the others a $1M minimum that pays .15% higher. You can get out at anytime. Money market funds are very safe and starting back in 2022, it was the only thing to be in for 18 months, but if you really wanted to make money these last 6-9 months, you needed to be in index funds and stocks.

[Idahodale]

My Mom until 2003 got 8% tax-free interest for her retirement cash that had to be kept safe. When they matured, there was nothing close to replace them. And then it got worse, in 2008 Prime was dropped close to ZERO. What was an old lady to do? Oh wait, am I living in the past? No I simply have a memory, unlike 90% of people. For the last 15 years prime has stayed close to zero. At Zero, seniors have no good options. And seniors are still paying the price today.

[RoadToad]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

UFB Direct offers online and checking; ATMs at all WAWAs.
Pays 5.25% Money available 24/7.

[mcloud]

Did you have an introductory rate at Truist?

There are at least 3 CU in the Trailwinds Village shopping center on 466a. You should check their websites or call them for current rates.
Having worked in the banking industry for over 30yr, No banks can’t and don’t just arbitrarily, lower, or raise your interest rate. One of a few things could’ve happened number one you had an introductory rate that’s time expired number two you withdrew money lowering the balance and not qualifying for the higher interest rate in three there was a term and time limit on the rate you were getting and you missed the renewal or the opportunity expired. Either way, it’s not the banks fault.

[ficoguy]

Money Markets are not FDIC insured

[Glewellen]

Consider Charles Schwab. Office in Lake Sumter. Schwab is a bank & brokerage company all blended in one stop. Free banking, free ATM (any atm), no fee stock trading.

[Sandy and Ed]

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.
Good advice here but I would spread the wealth.

[retiredguy123]

UFB Direct offers online and checking; ATMs at all WAWAs.
Pays 5.25% Money available 24/7.
Note that the UFB Direct rate of 5.25 percent is the APY. The actual interest rate is 5.12 percent. The account also has the following disclaimer:

"The Annual Percentage Yield (APY) is accurate as of 04/09/2024. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings."

By contrast, the rates advertised for Vanguard and Fidelity money market accounts are current 7-day yields after fees are calculated. Their rates are based on the market conditions for the securities and not at the discretion of Vanguard and Fidelity.

[Sandy and Ed]

You are correct that non-bank money market accounts are not FDIC insured. But, they are extremely safe and the FDIC insurance is not worth the lower yields. My opinion.
Yeah but how about Federal Money Markets??

[retiredguy123]

Yeah but how about Federal Money Markets??
You really need to read the prospectus of a money market fund. The Vanguard Cash Reserves Federal Money Market fund is extremely safe because most of the securities are either U.S. Government securities or securities that are collateralized by U.S. Government securities. They are also very short term securities, which increases the overall safety of the fund. So, most of the assets are backed by the U.S. Government.

But, this is not the same as FDIC insurance, which is used to insure bank securities. But, you can buy FDIC insured bank CDs from Vanguard or Fidelity. They are called brokered CDs. Some are new issues and some are after market issues.

[Happytails057@gmail.com]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!


Marcus by Goldman Sachs

[Federspiel]

5.05,% APY Platinum Savings Account CIT Bank (FDIC insured $250k single, $500k couples). All banking is on line. I use local bank for checking, but most local bank savings account rates are laughable.

[llaran]

Easy to on Treasury Direct

[dolphin]

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.

AGREE. Had this account for over a year!!!

[RetiredCPA]

[QUOTE=Ellen2;2319852]I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rate
I was in the same situation. I called and they told me what would happen if I did nothing. But they could renew me in another account at good rate.
My point being if they want to keep their customers they should automatically renew to their best rate.

[JWGifford]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!
American Express Bank currently paying 4.30%. Easy open, easy transfers. FDIC insured. I think online can pay more as they have less overhead.

[roypw]

5.15% Fidelity is and has been for some time paying over 5% on their money market fund. Believe it’s FDZXX but check it out by calling them. I think there is a minimum but you said “sizable”. Why anyone would deal with a brick and mortar bank today?? They do have local offices if you want face to face plus bill pay etc.

[retiredguy123]

5.15% Fidelity is and has been for some time paying over 5% on their money market fund. Believe it’s FDZXX but check it out by calling them. I think there is a minimum but you said “sizable”. Why anyone would deal with a brick and mortar bank today?? They do have local offices if you want face to face plus bill pay etc.
I think you mean FZDXX.

[harby]

very true that many banks drop from their CD's short or long term 5% to .01% when it expires and they never let you know that they drop as well as don t warn that the CD is going to expire soon... unless you have to keep eyes on your CDs contract's expiration date. Sadly, we have to invest online with better interest rates and easy to keep eyes on. We have a small sum of money to keep in our local bank for emergency cash, etc. Some of our financial investment firms do the same until we remind them to update our contracts. Maybe try to take an advantage of senior citizens?

[dcianciolo]

Look into Raisin.com

Raisin is a online site for finding high-yield accounts. It partners with banks and credit unions to offer special interest rates when opening an account through Raisin rather than directly on the bank's websites.
Raisin is owned by Raisin GmbH, which is headquartered in Berlin, Germany, and was founded in 2012.

Representatives will be at the Brownwood Blueberry Festival on April 19th.
https://www.raisin.com/en-us/refer-a-friend

[retiredguy123]

[QUOTE=Ellen2;2319852]I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rate
I was in the same situation. I called and they told me what would happen if I did nothing. But they could renew me in another account at good rate.
My point being if they want to keep their customers they should automatically renew to their best rate.
I agree that, if banks want to keep customers, they should renew at the best rate. But, unfortunately, I don't believe that banks care about keeping savings customers anymore. That is why I only use a bank for a checking account and credit card. I use investment companies to earn interest.

[JRcorvette]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Don’t leave a lot of money in the Banks… either get a short term CD or move the money to a Brokerage account like Fidelity or others. They all pay close to 5% and you can even pay bills from them, easily move money to linked accounts and get a debit card!

[MidWestIA]

Get JEPQ has a dividend yield of 8.99% and the dividend is paid every month

[rsibole]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Have held this stock, (PSEC), for nearly 20-yrs, share price varies but only matters when you sell but in the meantime your money is earning 15% +/- . Great place to park money you’ll never need.

[rsibole]

Get JEPQ has a dividend yield of 8.99% and the dividend is paid every month

Check out PSEC, another BDC with nearly twice the dividend and has never missed a payment in the almost 20-yrs I’ve held it.

[Alarmed]

I have been using an American Express savings account for the last year. Currently paying me 4.5% with only $1000.00 minimum. Log in with your AMEX credit card and Tied into your local bank for quick transfers when you need money.

[Honeyb]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

I’ve been investing in US Treasuries at much higher rates. A 4-week or 8-week Treasury Bill is paying around 5.3%. Go to treasurydirect.gov and open an account.

[RickyLee]

did you call you bank manager @ truist? They have leeway with those money market rates...

We use truist and pnc (don't ask, it's just one of my wife's many mysteries...), and they both recently dropped our rates. She went in, spoke to the managers and financial people, told them she was ready to close the accounts, and "presto!", they rates went back up!

presto!! :)

[Cuervo]

I just went on Google and type in which banks are paying 5% plus on saving.
Two pop up that reach that goal, and both are FDIC insured with no commitment which means you can close it at any time.
One bank required a $500 opening deposit, the other was only $1.

[retiredguy123]

I just went on Google and type in which banks are paying 5% plus on saving.
Two pop up that reach that goal, and both are FDIC insured with no commitment which means you can close it at any time.
One bank required a $500 opening deposit, the other was only $1.
A good website for comparing interest rates is "bankrate.com".

[lmack]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Thanks for the heads up as I too was lowered. I called the mgr at Colony branch (Dawn) and she had an offer for 3.25% that she placed my MM funds in. I don't have the bulk of savings there but I do need some liquid/local so this will work for now while I consider options. FYI, as you asked for suggestions, I already use Vanguard and Schwab but also do have some with MidFL CU (MidFL did not drop their rates....yet).

[ken.yotz]

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.

I am with Fidelity and well satisfied. You should know that the rate is variable, not fixed and that the money is readily accessible with no penalty for withdrawal like a CD would have. As I recall, the rate varies monthly.

[manaboutown]

When my credit union failed to raise the interest rates paid on my savings accounts after The Fed started raising its rate I moved the money into Vanguard's federal money market accounts VMRXX and VMFXX, the latter being my settlement fund. I also started buying six month T-bills at Schwab which I roll over. Their maturities are laddered or staggered. Currently the six months T-bills are paying in excess of 5.3%. As stated in other posts Vanguard's money market rates exceed those offered by Schwab and Fidelity. I also keep an account at Schwab as I can both buy and sell T-bills through them.

[mbalsama]

Having worked in the banking industry for over 30yr, No banks can’t and don’t just arbitrarily, lower, or raise your interest rate. One of a few things could’ve happened number one you had an introductory rate that’s time expired number two you withdrew money lowering the balance and not qualifying for the higher interest rate in three there was a term and time limit on the rate you were getting and you missed the renewal or the opportunity expired. Either way, it’s not the banks fault.

The least the bank could have done is give notice of the interest rate change. It's been my experience they typically don't do that. I feel this is unethical, thereby forcing the consumer to continually monitor their statements.

[dewilson58]

The least the bank could have done is give notice of the interest rate change. It's been my experience they typically don't do that. I feel this is unethical, thereby forcing the consumer to continually monitor their statements.

It's either a fixed rate account or a floating rate account.
It's fully disclosed.
Absolutely NOTHING unethical.

:loco::loco::loco:

[Albany]

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.

I've had this account for years, the interest is always great. I can write checks out of it if they are for at least $250.00. It works just fine, big stuff out of the money market, little stuff out of my free checking at Citizens First, and I have a credit union account too that also offers free checking.

[ptharri]

Its not brick/mortar but Ally Bank is paying 4.25% for savings.
Complete liquidity and online xfer to/cking acct.

[coralway]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!



Suggest you visit the ToTV Investment Forum.

[kkingston57]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Wells Fargo and Mid Florida Credit Union both have good rates. In December got a 5+ rate from Florida for 18 months. Check out: money rates.com

[ROCKETMAN]

Talked to my money manages last week about cd rates. Now 5 for a 9 month, 4 for an 18 month because rates will drop eventually. Said they have a 5 per cent money market, withdraw money anytime but also tied to fed rate.

[mrf0151]

Get JEPQ has a dividend yield of 8.99% and the dividend is paid every month
Looks like this one is too risky for trying to preserve your funds.

[nancyre]

If you might need a POA at some point avoid Vanguard. They gave me fits when my mom had a stroke. I could not access her funds, even with a POA that was executed properly. Needless to say when she passed I closed the account totally. They carried on about that too. Told them they made their bed and I would not do business with them.

[retiredguy123]

One problem with seeking a bank with a high rate is that, if you find one, their rate change easily be changed by the bank. Then, you need to find another bank. And, some banks don't even try to compete with other interest rate products. But, with a company like Vanguard or Fidelity, you have access to thousands of high interest rate products, including bank CDs.

[retiredguy123]

If you might need a POA at some point avoid Vanguard. They gave me fits when my mom had a stroke. I could not access her funds, even with a POA that was executed properly. Needless to say when she passed I closed the account totally. They carried on about that too. Told them they made their bed and I would not do business with them.
Unfortunately, a lot of financial institutions, including banks, will not recognize a Power of Attorney unless it is set up using their own POA forms. If you have a POA, be prepared to have it rejected by financial institutions and other companies.

I would just add that Vanguard is definitely not alone at rejecting a POA. Financial institutions have no way to know that a POA is legitimate. So, if you have a large amount of assets in a financial institution, it is a good idea to have that company initiate a POA using their process and forms. That will ensure that they will accept it when you need to use it.

[Caymus]

Talked to my money manages last week about cd rates. Now 5 for a 9 month, 4 for an 18 month because rates will drop eventually. Said they have a 5 per cent money market, withdraw money anytime but also tied to fed rate.

Rates will be increasing after today's horrible March Inflation report.

[mrf0151]

Its not brick/mortar but Ally Bank is paying 4.25% for savings.
Complete liquidity and online xfer to/cking acct.

And Synchrony Bank paying 4.75% High Yeild Saving. Easy to use on line bank.

[Finchs]

:undecided:UFB Direct offers online and checking; ATMs at all WAWAs.
Pays 5.25% Money available 24/7.

[retiredguy123]

:undecided:
It is an online bank. See Post No. 20.

[Golfer222]

You are correct that non-bank money market accounts are not FDIC insured. But, they are extremely safe and the FDIC insurance is not worth the lower yields. My opinion.
Until they are not

[Texanne]

Fidelity money market paying 5.02%.

[Romad]

Using Treasury Direct is easy and with 4-week T-Bills, I keep next to nothing in a bank. The money is returned before my credit card bill is due. Plus, they don’t need FDIC insurance because the funds are at the Treasury. If the Treasury missed a payment or worse, the banks are done too and so is the FDIC.

[goodoldan]

I don't believe this is FDIC insured.

That was my first thought, too.

[joemalis]

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

There are many other options for higher interest rates, rates that you can lock in for multiple years...over 5%...message me is you want more information...

[Jim1mack]

I’ve had Capitol One for years and years. Love them. With 50k (like to have access to my money) I’ve been paid $535 so far this year. Easy money with no term or obligation.

[daniel200]

GM Right Notes. Not FDIC insured. Currently pays 5.5%. The rate floats with the FED discount rate. Interest is calculated daily and paid monthly on your balance. Entirely online. You can withdraw any or all of your money at any time without penalty via either EFT or wire transfer The plan is managed by Bank of New York Mellon. This is essentially a loan to General Motors but the account functions like a savings account. Mercedes and Toyota have similar products but have lower rates.

Google GM Right Notes.

[retiredguy123]

I'm not sure why you are married to a brick-and-mortar bank.
There are online banks and credit unions that are offering 5%+.
Most of the online banks are FDIC insured and the credit union's NUCA insured both for $250K just like your local banks.
I have money in an online bank, saving and checking, plus I do have a local brick and mortar bank just in cash I need fast cash.
I don't really find any difference accept it's easier to shift money around with online banking.
But no matter where and how you store your money you do have to keep your eye on what they are paying you for the use of your money.
If you don't like what they are offering move on.
This may sound like overthinking it, but how do you know an online bank is actually FDIC insured? I know you can check with the FDIC and match the bank name with their FDIC insured list. But, I would hesitate to send a large amount of money to a "so called" bank who only has a website and says they are FDIC insured. There are lots of scams on the Internet.

[Ecuadog]

This may sound like overthinking it, but how do you know an online bank is actually FDIC insured? ...

With all the mention of FDIC, I am curious to know if anyone has had any personal experience with getting caught up in a bank failure.

[dewilson58]

With all the mention of FDIC, I am curious to know if anyone has had any personal experience with getting caught up in a bank failure.

Yes.

FDIC will arrange for the "purchase" of the bank.

Take all deposits and take quality assets (loans, securities, facilities, etc) and then fund the gap.

[Ecuadog]

Yes.

FDIC will arrange for the "purchase" of the bank.

Take all deposits and take quality assets (loans, securities, facilities, etc) and then fund the gap.

Was there a significant amount of time where you didn't have access to your money?

[dewilson58]

Was there a significant amount of time where you didn't have access to your money?

couple days

interest-bearing accounts continued to earn.

[Ecuadog]

couple days

interest-bearing accounts continued to earn.

Thank you.

[MightyDog]

This may sound like overthinking it, but how do you know an online bank is actually FDIC insured? I know you can check with the FDIC and match the bank name with their FDIC insured list. But, I would hesitate to send a large amount of money to a "so called" bank who only has a website and says they are FDIC insured. There are lots of scams on the Internet.

THIS! ^^^

I've been working with internet businesses for 20 years (not banking) so tend to be more aware of flags to look for regarding online businesses. Anybody can create a professional looking website but, it could be a fraud or cheesy business.

Couple quick examples...regarding much smaller sums of money than we're talking about here but, still examples.
1) A friend booked a limo service to pick her up at LAX and take her to her lodging. She got an email confirmation like normal but, they never came. She's at the airport waiting, trying to call them, got voicemail or whatever. Could never get in contact. Money 100% wasted; took a cab. I told her it was probably just a "booking service" and not an actual limo company. Scam. I wonder if they were in Nigeria? Lol...
2) Friend ordered clothes online and saw that she'd be shipped from Indiana. Ok. Well, she got the stuff after about 3.5 weeks, it didn't fit well, she checks the site for return instructions and learns she has to send it back to China to get refunded. The postal cost was going to be high relative to the product cost so, I think she just kept it. It's probably sitting in a drawer. Money 100% wasted.

I'll just share my minimum tests for buying from an unknown business online. They have to have a posted phone number. Period, otherwise, forget it. In the majority of cases, I want to see an address too. Also, of it's something I might return, I want to see clear and complete instructions posted on the website before I buy.

Lastly, for any company, you can install keywords like this in a search engine before conducting business: ABC Company bad reviews, Widget Company a scam?, or look it up on the Better Business Bureau website, etc.

[Michael G.]

The least the bank could have done is give notice of the interest rate change. It's been my experience they typically don't do that. I feel this is unethical, thereby forcing the consumer to continually monitor their statements.

We need to learn to monitor our own investments and not relay
on anyone else to do it for us,

[gorillarick]

GM vs Toyota and Mercedes.
Higher rates mean higher risks.

[CoachKandSportsguy]

There are many ETFS which can be purchased in lieu of bank CDs.

and you can play the yield curve better than you can at your bank.

Just a moment... (https://www.etf.com/topics/treasury) lists treasury bill, notes and bonds ETFs which invest in US treasuries, and is more tax efficient than bank interest instruments (there are capital gains involved when interest rates drop for additional returns)

Playing the field curve:

currently short term bills have a higher interest rate than notes and bonds.
Eventually they will drop in rates, and once they go lower than the 5-7 year Treasury ETF, you switch and get higher rates for longer with longer notes.

In addition you get capital appreciation when interest rates go down in addition to higher rates while the older bills/notes are held and slowly get replaced by newer issues.

maximize returns versus maximizing safety with the US government instruments, guaranteed to return the instruments's face value.

good luck

[Michael G.]

Its not brick/mortar but Ally Bank is paying 4.25% for savings.
Complete liquidity and online xfer to/cking acct.

Their rates are dropping to.
I bought in in 2023 @ 4.35%.
I looked today their down to $4.20%

[retiredguy123]

Their rates are dropping to.
I bought in in 2023 @ 4.35%.
I looked today their down to $4.20%
Stay away from the all banks for savings.

[spinner1001]

Their rates are dropping to.
I bought in in 2023 @ 4.35%.
I looked today their down to $4.20%

Look through Fidelity or Vanguard money market funds to see alternatives.