[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]

Originally Posted by 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!

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]

Originally Posted by 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!

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]

Originally Posted by Ellen2;23198 wife's many mystreries...)52

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]

Originally Posted by 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.

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]

Originally Posted by MightyDog

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]

Originally Posted by vintageogauge

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]

Originally Posted by vintageogauge

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]

Originally Posted by 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!

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