Switching banks - need advice

[JaneV2.0]

And the mental stress of having to think about it? Although that might be enjoyable for you, moving it around and making a profit?

Money generally bores me, and all that churning would be the last thing I'd want to do.
I'd look around for a good, solid credit union.

[hana]

Here's my advice: Do you have any verifiable links to the US military? If so, try to get into Navy Federal Credit Union. I may not be a fan of the military but I must say I can recommend this credit union.....if for no other reason, 800 customer service is US based AND they always pick up within two rings and I've never waited longer than 30 seconds to speak to a human being, plus customer service is open 24/7/365, too. And their rates are not the best but my experience has been they beat any bank in Phoenix.

Can't say my Father's side of the family did nothing for me.....it's due to an uncle that no one likes that I was able to get into Navy Federal in the first place - and I'm the only one who has sympathy/empathy for the aforementioned uncle so it's kind of cool he was able to get me into NFCU. Rob

Got into Navy Federal through my dad when he worked for the Navy. Check your community or professional organizations, chances are you can join a credit union through them.

[dado potato]

I would ask about your "small western bank",
How are they in terms of convenience for you, and demonstrated willingness to be of service?

I have had bankers willing to open the branch for me before business hours, and basically nothing would be too much for me to ask on a given day.

In my opinion, banking locally with that level of service is preferable to the global giants who may pay a bit higher interest rate on savings, or offer a credit card with musical bells and whistles.

[Molly]

And the mental stress of having to think about it? Although that might be enjoyable for you, moving it around and making a profit?

Ugh. Don't really want to add one more thing to my to-do list. That's why I've been dragging my feet. I am becoming more convinced it's not worth it.

[Molly]

Here's my advice: Do you have any verifiable links to the US military?

My son was in the National Guard. Would that help?

[Molly]

In my opinion, banking locally with that level of service is preferable to the global giants who may pay a bit higher interest rate on savings, or offer a credit card with musical bells and whistles.

The level of service and interest rates at this community bank are better than the giant banks. It's a little less convenient to get to, but I do most of my banking online anyway. And they allow 5 free ATM transactions a month at other bank machines.

[Molly]

I'd look around for a good, solid credit union.

I think there may be a credit union in this town. How do they differ from a bank? I used to have money directly deposited into a credit union when I worked, but I only used that as a secondary savings account. I never had checking or credit cards through them.

[Molly]

It's a 4% return on your $15k they get for the time period. Will you benefit from that more than you will the ongoing compounding interest of that $15k in it's current location?

It would take a little longer to earn $600 with the compounding interest at the other bank, but I really starting to think the hassle of moving money around is not worth it. I'm trying to keep things simple.

[JaneV2.0]

I think there may be a credit union in this town. How do they differ from a bank? I used to have money directly deposited into a credit union when I worked, but I only used that as a secondary savings account. I never had checking or credit cards through them.

Credit unions are customer-owned, and thus much more responsive to your concerns. They afford all the safeguards of traditional banks.

[kib]

The comparative rate of return for putting $15,000 in the bank for 3 months and receiving $600 is 16%. Obviously you'd only realize that rate if you could find an offer like that every three months, but even assuming the money goes back in a ho hum money market, you're still looking at over 5.5% actual return for the year.

Don't get me wrong, bonus chasing is a pain in the neck and I'd never use Chase for my main bank - I have no need for the services of a commercial bank and I have no need to pay the kind of fees they charge. But two bonuses a year on $15,000 is equivalent to what they say you'd average from the stock market, with no risk beyond painstaking babysitting and no tax grief, just two nice simple one-box 1099's. It's not the worst way to make some extra cash.