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OfflineLearyfanS
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Registered: 04/20/01
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1% savings account issue
    #26400793 - 12/25/19 06:08 PM (4 years, 1 month ago)

So I bank at BB&T.  I had all my money in my checking account.  One day when I went into the bank, the girl convinced me to put most of my money in a savings account to keep it safe and to accrue some interest.  I don't do a CD or anything because my car is super old and could die any day now.  I need to have access to the money when I need it. 

Anyway, she signs me up for the savings account at 1% interest.  I put $25,000 in it, which should mean that I get $25 per month interest.  Not much, but better than nothing.  I reiterated my belief that it was $25 per month over and over.  She said "about that", which gave me pause.  But I signed up.  So here are the amounts that I have received since my first month (May). 

$19
$22
$18
$15
$10
$10
$7
$5

At one point, I went back to the bank and talked to the same girl.  She had no idea why it wasn't getting the $25 and told me to call Customer Service or whatever.  I call them and they're like "Oh, it fluctuates based on the market".  I told her that the girl never told me that.  The lady was like "Oh, sorry she didn't tell you."  But after I got the $5 for this month, I'm starting to get super pissed.  I look at their stock price and it has done nothing but go up since May.  The market in general is extemely high now, right?  So how the fuck am I not getting the 1% that I signed up for? 

Hopefully one of you Shroomerites has had some experience and can guide me before I make contact with them again. 









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InvisibleAhab McBathsalts
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Re: 1% savings account issue [Re: Learyfan] * 1
    #26400870 - 12/25/19 07:13 PM (4 years, 1 month ago)

Sure.

You always hear about "stress tests" for banks and shit on the news? The stress tests are simulations of different financial situations and based on unlikely scenarios the banks need to have a certain amount of money on deposit to cover bad loans, foreclosures on residences, etc.


So interest rates on savings accounts and CDs issued by banks give a rate that generally follow their capital requirements. A bank is looking a little bit shaky on their stress test, then it needs to get more capital, so it might increase the interest it pays on deposits to attract capital. If you can get more at bank ABC than DEF, you should open an account at ABC to get that extra $10 a month. If the bank has someone deposit a whole bunch of money, it might want to loan out more, or it might decide to pay less for deposits because it has too much based on it's ratios, analytics and all that shit. So yes the teller was correct in saying that market rates dictate the interest it pays.


Generally the easiest thing to do as a consumer is to ask if they have a high interest account or a better rate for you. Often they have a couple different account types that might be better suited for you. If they can't help you out, I'd shop around at different banks and open up a savings account there.

https://www.bankrate.com/

Bankrate gives you the poasted rates of all different banks. A lot of e-banks with no physical branches like Ally will give you the highest rates, but it might take a couple days for the money to clear back into your chequing account.


Interest rates are a bit of a complex issue, but generally the mortgage rates banks offer are roughly the 10 year bond. That is their income.




The amount they pay out on deposits is their expenses, and the difference is the interest rate spread and how they make money. Mortgage rates will go up right after the 10 year rate goes up, but it usually takes them a couple of months to raise the deposit rate. Kinda the same way how gas prices go up fast, but take a long ass time to go down because they make a better spread on their transactions.


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InvisibleAhab McBathsalts
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Re: 1% savings account issue [Re: Ahab McBathsalts] * 1
    #26400947 - 12/25/19 08:11 PM (4 years, 1 month ago)

But it you want to earn the $25 a month, there is a ton of options available, but I'm guessing that you are about as low risk of a guy as possible. You could put a certain amount in a CD say half, and keep the rest in a savings account. Then you still have access to some of your money, but are still getting a fixed interest rate return for a portion of your investment. That is probably the easiest way.


The band of penny stock, ETF, and option pushers will probably jump in here and sell their pitches. And there isn't anything wrong with those things for a portion of your portfolio, but if you have that entire amount earmarked for a car already that might not be in your personal risk tolerance.


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OfflineLearyfanS
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Registered: 04/20/01
Posts: 34,084
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Re: 1% savings account issue [Re: Ahab McBathsalts]
    #26402006 - 12/26/19 06:35 PM (4 years, 1 month ago)

Ahab, thank you very much for taking the time to explain that.  I guess it makes sense.  However, the original girl who signed me up did not explain that.  She said I'd be getting around the $25 per month. 

I guess I won't take my money out and put it in another bank over this for now.  If I did, it's just on principle, not for the extra $20 per month.  But I saw the site that you linked and it's good to have that info at my fingertips if I change my mind!  And your idea about putting a certain portion of the $25K in a CD is a great idea.  But my thinking was that I'd have more bargaining power at the car dealership if I could pay all at once. 












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