Author Topic: Interest Rate Badassity  (Read 2653 times)

iamsoners

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Interest Rate Badassity
« on: July 11, 2013, 12:42:40 AM »
Today I was at my Credit Union and noticed they've started a promotion paying 4% on savings accounts (up to $1500).  I inquired and we're already meeting the eligibility requirements so we moved the cash over to that account.

And with that, I have my first guaranteed, interest bearing account bearing more than my mortgage (3.625).

Let the great interest rate run up begin!

marty998

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Re: Interest Rate Badassity
« Reply #1 on: July 11, 2013, 02:32:09 AM »
The consumer in me says good work on getting a great deal!

The banker in me hopes it doesn't last for long though. Lending money at a rate lower than you pay for it it is a sure fire way for a bank/credit union to go bust. At least it is capped, otherwise your credit union would be in a spot of trouble :)

4% is almost an Aussie savings interest rate. Economy must be getting better over where you are.

Rebecca Stapler

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Re: Interest Rate Badassity
« Reply #2 on: July 11, 2013, 01:48:50 PM »
Awesome! Aaaaannnd ... what's the Credit Union? ;)

PantsOnFire

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Re: Interest Rate Badassity
« Reply #3 on: July 11, 2013, 01:53:21 PM »
My gut says jump on that rate.  My brain says wait a second... maybe I'd rather go with a lower rate from a bank w/ FDIC backing. 

tomsang

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Re: Interest Rate Badassity
« Reply #4 on: July 11, 2013, 02:43:44 PM »
My gut says jump on that rate.  My brain says wait a second... maybe I'd rather go with a lower rate from a bank w/ FDIC backing.

Credit Unions are NCUA insured by the government. Coverage is pretty close to the same as FDIC. $250,000 per account or $500k for joint accounts. So pretty equivalent to FDIC.

PantsOnFire

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Re: Interest Rate Badassity
« Reply #5 on: July 11, 2013, 02:46:02 PM »
Neat.  The things you don't have to know when you don't have any money.  ;-) 

iamsoners

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Re: Interest Rate Badassity
« Reply #6 on: July 11, 2013, 09:02:01 PM »
Awesome! Aaaaannnd ... what's the Credit Union? ;)

Community America Credit Union--info here: https://www.cacu.com/high-interest-savings

You have to be a KC resident or work for one of a big list of companies to meet the membership requirements: https://www.cacu.com/who-can-join-communityamerica

If you decide to join, PM me and I can give you a referral link for an extra $25 joining bonus.