The $42 Billion Question: Why Aren’t Americans Ditching Big Banks?

https://www.wsj.com/articles/the-42-bil ... 1670472623 Interesting article from the WSJ. Are you guys rate chasing? I know I am with most of my savings in Canvas CU offering 5% and 3.25% on their accounts and my main bank Chase is used only for payments and is lowered to $150 after every check just as a buffer.

ToxikPH wrote: ↑Fri Dec 09, 2022 12:32 am https://www.wsj.com/articles/the-42-bil ... 1670472623 Interesting article from the WSJ. Are you guys rate chasing? I know I am with most of my savings in Canvas CU offering 5% and 3.25% on their accounts and my main bank Chase is used only for payments and is lowered to $150 after every check just as a buffer.

I umm… am too lazy to change everything around and don’t want to keep opening new accounts… I get 3.5 at affinity and 3 at capital one I don’t have enough cash to worry about chasing 1-2% apr

Beefy wrote: ↑Fri Dec 09, 2022 1:02 am

ToxikPH wrote: ↑Fri Dec 09, 2022 12:32 am https://www.wsj.com/articles/the-42-bil ... 1670472623 Interesting article from the WSJ. Are you guys rate chasing? I know I am with most of my savings in Canvas CU offering 5% and 3.25% on their accounts and my main bank Chase is used only for payments and is lowered to $150 after every check just as a buffer.

I umm… am too lazy to change everything around and don’t want to keep opening new accounts… I get 3.5 at affinity and 3 at capital one I don’t have enough cash to worry about chasing 1-2% apr

Hey you're doing more than the majority of consumers who settle with 0.01%

I can't be moving my money all around all the time. Years ago (maybe 10+ years?), I did some homework for a good online bank with known high(er) savings rates, picked one at that time, and stuck with it. I went with Sallie Mae. They are 3.2% right now with their MMA which is what we have (high yield savings is 3.1%). (I actually don't know the difference between an MMA and Savings?). We keep just enough to cover bills in our local Chase. https://www.salliemae.com/banking/ When I became power of attorney for my ailing father in 2017/18, I did my research all over again. This time (for his money), I chose Popular Direct. Currently 3.56% (min $5k). https://www.populardirect.com/ So, yes, I can do better than 3.2% but I just can't be moving my money around every time I see a better rate. Even if I was willing to do it, I don't think mrs. ptatohed would go for it! lol

ptatohed wrote: ↑Mon Dec 12, 2022 2:36 pm Even if I was willing to do it, I don't think mrs. ptatohed would go for it! lol

I feel this as my husband won't even let me get him a second credit card and he's not even all that interested in upgrading his Wells Fargo Cash Wise 1.5% card to the Active Cash 2% card despite not having to do anything but go to the website lol. He's banked with Wells Fargo since he was a teenager and wants to just re-open his savings account with its 0.15% return and $300 minimum daily balance to avoid a $5 fee but I'm going to push him to go elsewhere.