These Banks Are Out Of There Minds (funny story)

By GetuOne - 06-26-2012, 11:15 AM - Boxden > The Money Spot (finance/careers)

So I was talking with my two other brothers and we decided to open up a joint savings account for a 'LakeHouse Fund'. Basically the plan is to reach 40K in 10 years or less and put it down on a lake house for us all to enjoy during the summer. I mean three full grown adults with salary jobs means 3X the saving power.

Ok, long story short, i'm talking with this bank rep at Chase. We start talking about interest rates, and this dude slides me a piece of paper and said, "This is what Chase can offer in terms of interest on your savings account." I put my gla#ses on and took a look, and it says:

----------[pic]
.01%

I looked at him and laughed, and he started laughing too. I said to him, "You know that this little .01% is the only thing standing between me opening up a savings account or just opening up a checking account right?"

[pic]

I remember about 5 years ago, the interest rate was around 3.5%.

[pic] C'mon Chase you gotta do better then that.

06-26-2012, 11:43 AM

Well people laughed when I told it in person. Anyway, it's just ridiculous is all I'm saying. The banks offer zero incentive to save. Correction: They offer .01% incentive to save
[pic]

06-26-2012, 12:04 PM

T bills

06-26-2012, 12:37 PM

[pic] That's crazy. Its a dirty game out chea.

06-26-2012, 03:20 PM

What you thought it was going to be? The Feds keeping the interest rates too low for the bank to offer anything reasonable. They want people's money back in the stock market, not the bank. 10yr T-Bills ain't much better.

06-26-2012, 08:00 PM

what is the best solution

06-26-2012, 09:39 PM

Go to a credit union or locally owned bank.

People gonna !! one way or the other. Rates down on mortgages but they !! about bonds, cd and savings rates. Bonds, cd and savings rates up but they !! about higher mortgage rates.

06-26-2012, 09:48 PM

Interest bearing.savings accounts are usually never lucrative.

06-26-2012, 09:48 PM

the only time i see numbers that small is when swimmers break olympic records by that amount.

06-27-2012, 01:05 AM

Originally Posted by ahenson

What you thought it was going to be? The Feds keeping the interest rates too low for the bank to offer anything reasonable. They want people's money back in the stock market, not the bank. 10yr T-Bills ain't much better.

You are referring to a T- Bond .

A T-bill has a maturity of less then 1 year and are sold at a discount . So if you catch a good price you can make way more then what the bank offers.

06-27-2012, 02:52 PM

Yeah, I just talked to my Financial adviser (Asian [pic]) and he said the reason why they are keeping the savings, bonds, cds, and whatnot so damn low is because they want us investing in companies and the economy, not keeping it caged up in a savings account. How am I supposed to save up for a house if I don't have an account to put my money in? Anyway, i'm all set now. My dude got me taken care of.

06-27-2012, 03:01 PM

Originally Posted by GetuOne

Yeah, I just talked to my Financial adviser (Asian [pic]) and he said the reason why they are keeping the savings, bonds, cds, and whatnot so damn low is because they want us investing in companies and the economy, not keeping it caged up in a savings account. How am I supposed to save up for a house if I don't have an account to put my money in? Anyway, i'm all set now. My dude got me taken care of.

The Hedge Fund Managers who invested in Bonds have seen a higher growth then those who did stocks .

* Credit funds up 4.1 pct through May

* Stock funds gained 2.4 pct

* Tepper, Paulson, others have big gains in credit
portfolios

All your advisor can do is advise its up to you to see what is good .

[pic]

06-27-2012, 10:15 PM

Originally Posted by Trolling

You are referring to a T- Bond .

A T-bill has a maturity of less then 1 year and are sold at a discount . So if you catch a good price you can make way more then what the bank offers.

[pic] meant treasury note not t-bonds.. Still not too much above what the bank is offering. have to take risks to get good returns nowadays. [pic]

Not much better.

06-28-2012, 01:37 AM

You should look into an online savings account like ING Direct or the new Barlcays Online Savings account.

Barclays offer 1% now. I recommend it for people that are afraid of the stock market but want to earn more than the puny savings rating most retail banking branches offer.

06-28-2012, 07:20 AM

Originally Posted by Doe Sun

You should look into an online savings account like ING Direct or the new Barlcays Online Savings account.

Barclays offer 1% now. I recommend it for people that are afraid of the stock market but want to earn more than the puny savings rating most retail banking branches offer.

more info on this please?

06-30-2012, 10:36 AM

i think he trolled you!

06-30-2012, 11:24 AM

Originally Posted by Ed Bundy

more info on this please?

Enjoy !

5 Year CDs @ 1.80 % thats goood ....

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