Local banks and credit unions

[nvidia99999.livejournal.com]

Are there local banks or credit unions that offer decent rates on savings or CDs? Obviously, I would be happy to support them over big banks, if the rates are not pathetically low.

Comments

Re: Cool, but that seems like a tease rate...

[nvidia99999.livejournal.com]

The other weird thing is that the APY is 4% for up to 25K. For balances of more than 25K, the rate falls to .05%! Bizarre.

https://www.cambridgesavings.com/pg_View.aspx?PageID=272

Re: Cool, but that seems like a tease rate...

[msackton.livejournal.com]

High-yield checking accounts with a requirement for a certain number of debit card transactions are a way to capture business by refunding a certain percentage of the interchange fee the bank gets when you buy things with your debit card.

That's way the rate goes way down above a certain balance - they aren't really giving you a rate based on what they earn lending your money out. Instead, its a rate funded by what they earn from merchant fees. It's probably not a teaser rate, but you need to use your debit card 15 times a month to buy things not just to make withdrawals.

Re: Cool, but that seems like a tease rate...

[clevernonsense.livejournal.com]

Also, it says if you don't make 20 debit transactions they charge you $5 for the month. It's a good idea for anyone who has a daily coffee habit or something like that, but I'm not sure I could meet this without *really* paying attention, which isn't really worth it to make $20-40/mo in interest. I think I'll stick to ING :)

Re: Cool, but that seems like a tease rate...

[nvidia99999.livejournal.com]

I'm with ING too... I may transfer a big chunk to Alliant, though. They have excellent savings and CD rates...