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Where Are Your Deposits?

Saturday, October 1, 2011 - 9:22 AM
I propose starting a thread for people to post a list of banks where they hold deposit that lists date purchased (if cd), duration of cd and rate. 
1
jacobjacob4 posts since
Oct 1, 2011
Rep Points: 40
1. Saturday, October 1, 2011 - 10:16 AM
I noticed you registered today, this is your first post, and you are asking people to disclose where they have CDs, when they bought them, the rate and the term. 

Sorry but I tend to be skeptical when people I don't know ask me for personal information, especially when you haven't disclosed the requested information yourself.

Please explain the purpose of your request - ie:  what benefit will be derived (and by whom) from disclosing this. 

 
6
Anon1234Anon123412 posts since
Dec 14, 2010
Rep Points: 64
2. Saturday, October 1, 2011 - 11:19 AM
I am not asking for any personal information, I am a new reader to the blog and followed the thread on the senate credit union and thought it would be a good idea for everyone to post what banks they have gotten good deals at. I dont care about the amounts, but I had no idea that so many people acted on alot of this information so it would be informative to the community for people who are anonymous really anyhow to simply comment on where they actually have put money as they did on the senate credit union thread. I just seems logical to take try and summarize the collective experence of the community and by saying where they actually put in money, it tells people that those banks are easy enough to deal with and the disclosures are ok, etc. Again, this isnt really personal information, its just a way of letting everyone summarize their voice on what is good out there. 
1
jacobjacob4 posts since
Oct 1, 2011
Rep Points: 40
3. Saturday, October 1, 2011 - 12:55 PM
Ken does a superb job in his blog posts of recounting any relevant history/experiences (easy to deal with, brutal EWPs, wanted to switch from NCUA to ASI insurance, etc) with an institution.  

If you are considering doing business with an institution, use the search function on this site to find all related entries and you will quickly get a sense of how easy/difficult they are to work with. 

Also, when using search you will find an entry for the "home page" (for lack of a better term) of the institution on this site (usually titled "XYZ reviews and rates" where XYZ = name of the institution) and you can see if people have left any reviews of their experience.

Good luck
6
Anon1234Anon123412 posts since
Dec 14, 2010
Rep Points: 64
4. Saturday, October 1, 2011 - 1:43 PM
no doubt he does a great job, the suggestion was to help others generate new ideas for where to put money and I think this community has the respect of the reader to give them quality guidence as to where to look to invest. Comments are helpful , but there is no better endorsement of a bank that atleast had favorable terms at one point then where someone actually did business. Its a community and if no one wants to post their purchases that is quite ok, I posted mine and will continue to update it if I purchase new cd's down the line. But again, ken and the blog do an excellent job at everything, no question about it. 
1
jacobjacob4 posts since
Oct 1, 2011
Rep Points: 40
5. Saturday, October 1, 2011 - 3:04 PM
Jacob-

I'm sure your intentions are good, but I think it may be a bit flawed.

Here's some input that I hope will take as intended to be constructive, even if you disagree (and that's fine too!).

If I told you were I had many of my deposits, it would not help you decide where to do yours.  I take advantage of rate promotions when I can.  Once they are over, I may not use that institution again for years, or maybe even never.

So, I think I am sorta in the same camp as Anon1234, but not necessarily for all the same reasons.  I do think the effort will just not help readers with current or future deposits, if they are also chasing yields like I am.  This site provides the best rates, and also reviews and comments from people who have recent experiences with them. 

So other than this post to let you know why I doubt the effort will bring about any overall useful results,  I will not be providing my individual posts except to and about the recent institutions and specials in focus on this blog.

But thanks for at least taking an interest in getting involved.  This is a great site, and I use it almost daily.

Thanks KEN, and those who help him.  And thanks also to the frequent users of this site for their input, advice, and even constructive criticism when appropriate.

EXAMPLE:  The poster that discussed moving 400K to USSFCU.  I had never even thought about approaching my banks or credit unions to "break" a CD early, but it sure makes sense to do so if you can make use of another "special" before it disappears.

Good luck, and good hunting!  Please speak up if you see any specials in your area.
3
Anon567Anon5672 posts since
Oct 1, 2011
Rep Points: 6
6. Saturday, October 1, 2011 - 3:27 PM
I dont mind the commentary at all. My thinking again is to harvest the collect wisdom of the community to help people be proactive in their search for deposit opportunities and its a legitimate phone call to make to an institution that had a promotion or good rate at some point in the recent past to find out when and if they run another promotion. The senate  credit union rate was alive for 10 months apparently and irrespective of the membership requirements, it remained among the best rates for months yet clearly no one really knew about it in the community until ken blogged about it. Had this been listed in someones portfolio, I think alot more people would have benefited alot earlier on this rate and that is the primary reasoning for the thread suggestion I made for people to list where they have done business in the recent past
1
jacobjacob4 posts since
Oct 1, 2011
Rep Points: 40
7. Saturday, October 1, 2011 - 5:15 PM
I totally agree with Anon1234 and Anon567.  An institution may have the best rate in the country today but not at a later date when additional funds become available to me.  The number of institutions represented in my CD portfolio indicates that my primary objective is to get the best rate for my money, not to minimize the banks/credit unions with which I maintain a relationship. 

Generally I return to an institution if:

a) the rate offered continues to be among the best available to me for the desired CD term, or

b) when there is a slim difference between rates from two competing institutions, everything else being equal  (or at least the total difference in interest earned is acceptable to me).  In that instance, as the saying goes, "Better the devil that you know", and of course it avoids an additional credit inquiry.
3
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
8. Saturday, October 1, 2011 - 7:48 PM
Sorry, no.
2
ShorebreakShorebreak2,614 posts since
Apr 6, 2010
Rep Points: 14,175
9. Saturday, October 1, 2011 - 10:33 PM
I dont mind the commentary at all. My thinking again is to harvest the collect wisdom of the community to help people be proactive in their search for deposit opportunities and its a legitimate phone call to make to an institution that had a promotion or good rate at some point in the recent past to find out when and if they run another promotion. The senate  credit union rate was alive for 10 months apparently and irrespective of the membership requirements, it remained among the best rates for months yet clearly no one really knew about it in the community until ken blogged about it. Had this been listed in someones portfolio, I think alot more people would have benefited alot earlier on this rate and that is the primary reasoning for the thread suggestion I made for people to list where they have done business in the recent past



 

If you spend the time just reading the site as it is Im sure you will find the info you want. If youre just really really new to the site it wont take long to get the feel of it.

Try also Fatwallet forum.







2
RicochetRicochet132 posts since
Jan 19, 2010
Rep Points: 362
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