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Deposit Rate Chasing - Is It Worth It?

Financial Advice

MONEY MANAGEMENT

Articles and research about personal finance

Deposit Rate Chasing - Is It Worth It?

Financial Advice

MONEY MANAGEMENT

Articles and research about personal finance

Rate Chasing - Is It Worth It?

Published April 21, 2017

For some, the act of constantly moving their money from one account to another in search of better interest payments is an art – or a game. They dedicate themselves to the pursuit of a better payout from a banking institution.

Is it worth it, though?

Higher Rates Do Exist

In the deposit world, the fact is there is always a higher rate somewhere else. The question is, how many hoops do you want to jump through to get it? Don’t forget that your time is worth money, too. How much of it do want to spend closing and opening accounts in pursuit of a higher interest rate.

And how secure do you feel with your hard-earned money entrusted to someone that you may not know? Which brings up the question:

Just who is handling your money?

There are many options these days to earn higher deposit rates through online banks and websites. But look before you leap while pondering these questions about your new banking partner:

  • Are your funds insured?
  • Does the firm have a track record?
  • What is their credit rating?
  • How easily can you get your funds out?
  • What sort of banking conveniences do they offer? ATMs? Debit cards?
  • Is there someone there you can talk to who knows you and your needs?

The Amplify Credit Union Advantage

With Amplify, you can always manage your funds from your mobile device, online, by telephone, ATM or with an Amplify debit card. And if you like, you can even come in and see us in person at one of our eight branches. All deposits are fully insured and Amplify’s credit rating is rated Five Stars by Bauer Financial. We have been serving our members in Central Texas for over 50 years, so we’re not going anywhere.

What is more, we at Amplify strive to pay deposit rates in the top quartile of the local market. We have good rates every day, much better than most credit unions and banks in our Central Texas market. Better still, we always have a few special promotional deposit offers that feature interest payments near the top of the market. We do this because our members are valuable to us and we want them to get the most out of their savings account dollars.

The Bottom Line

Lastly, give thought to how much of your valuable time you want to invest in chasing top deposit yields. Consider how much additional account management effort and paperwork tracking you want to take on. The truth is, with the prime rate having been at or below 4.00 percent over the past eight years, there is usually not that much difference between our rates and the top of the market.

Consider this: Take your investment sum times the difference between our best rate and the rate you are looking at. For example, a $10,000 CD earning an extra 0.10% yields an extra $10.00 per year of interest, less after taxes. That translates to a couple cups of coffee or a fast food lunch. That’s it!

So then, is it worth your time and trouble? That’s up to you, but know that Amplify will always be here to pay good deposit rates and to take good care of you.

Click below to Open an Account or Calculate Your Savings!

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