[mbalsama]

Originally Posted by mcloud

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]

Originally Posted by mbalsama

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.

[Albany]

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.

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]

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!

Suggest you visit the ToTV Investment Forum.

[kkingston57]

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!

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]

Originally Posted by MidWestIA

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]

Originally Posted by 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.

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]

Originally Posted by 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.

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

[mrf0151]

Originally Posted by ptharri

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]

Originally Posted by RoadToad

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

[retiredguy123]

Originally Posted by Finchs

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