Author Topic: Good Local Bank  (Read 6222 times)

0 Members and 1 Guest are viewing this topic.

Offline BusyHomeowner

  • Tourist
  • *
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 34
Good Local Bank
« on: March 22, 2017, 05:58:10 AM »
I'm looking for a new bank.  Any Suggestions?

Offline Perspective

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 119
  • -Received: 153
  • Posts: 2239
Re: Good Local Bank
« Reply #1 on: March 22, 2017, 08:21:49 AM »
I'm looking for a new bank.  Any Suggestions?

If you're looking for much higher rates on savings/checking (1% vs 0.1%), then check out the net banks (e.g. Cap1).

https://www.capitalone.com/bank/interest-rates/

Offline BusyHomeowner

  • Tourist
  • *
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 34
Re: Good Local Bank
« Reply #2 on: March 22, 2017, 10:37:56 AM »
Perspective -

Thanks for the suggestion.

It seems like many/most brick and mortar bank locations are paying absurdly low interest rates at the moment.

I dropped into a couple of bank branches earlier in the week and asked for a rate sheet.

The first bank was paying a "Relationship" rate/APY of .06% (that is not a typo) for balances of $250,000 to $10+ million. Their "Standard" rate/APY for balances of up to $999,000, however, was only .01%

The second bank had slightly higher rates.  For example, their High Rate Money Market account was paying .10% for balances of $50,000 to $1+ million.

Offline eyephone

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 503
  • -Received: 789
  • Posts: 15234
Re: Good Local Bank
« Reply #3 on: March 22, 2017, 10:41:54 AM »
For me: I wouldn't settle just earning 1%.

Perspective -

Thanks for the suggestion.

It seems like many/most brick and mortar bank locations are paying absurdly low interest rates at the moment.

I dropped into a couple of bank branches earlier in the week and asked for a rate sheet.

The first bank was paying a "Relationship" rate/APY of .06% (that is not a typo) for balances of $250,000 to $10+ million. Their "Standard" rate/APY for balances of up to $999,000, however, was only .01%

The second bank had slightly higher rates.  For example, their High Rate Money Market account was paying .10% for balances of $50,000 to $1+ million.

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2851
  • -Received: 2235
  • Posts: 11017
  • Gender: Male
Re: Good Local Bank
« Reply #4 on: March 22, 2017, 02:11:52 PM »
What a joke...might as well buy short term treasuries.  Or I can make 1 options trade and make 1% with basically no risk.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Soylent Green Is People

  • Abiding Dude. Housing focused NMLS Licensed
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 1114
  • -Received: 1276
  • Posts: 2772
  • Gender: Male
  • Isaiah 58: 6-11
Re: Good Local Bank
« Reply #5 on: March 22, 2017, 02:59:10 PM »
If your work offers a credit union, or if a family member can sponsor you into their CU, give them a try. Schools First FCU is terrific.

Local Banks and CU's will never offer healthy competitive returns. They are service centers only, and most CU's are better in that area than banks.

My .02c

SGIP
My .02c

SGIP

Offline Perspective

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 119
  • -Received: 153
  • Posts: 2239
Re: Good Local Bank
« Reply #6 on: March 22, 2017, 03:13:29 PM »
What a joke...might as well buy short term treasuries.  Or I can make 1 options trade and make 1% with basically no risk.

Do you hold $0 in cash at all times? Most conservative folks minimally hold 3+ months' expenses in cash. You can earn ten-times more interest on this cash in a net bank, than you will earn in a brick and mortar depository institution.

Offline Soylent Green Is People

  • Abiding Dude. Housing focused NMLS Licensed
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 1114
  • -Received: 1276
  • Posts: 2772
  • Gender: Male
  • Isaiah 58: 6-11
Re: Good Local Bank
« Reply #7 on: March 22, 2017, 03:42:38 PM »
Only word to the wise about Net Banks is their withdrawal speed. Net Banks are very good at opening accounts, but can be very, very slow when it comes to liquidation. I've had more than a few purchase closing held up because the customers net bank withdrawal was going to take 3-5 days instead of 3-5 minutes as a traditional bank can with a wire. If you're clear with the potential delay up front, and can plan around restricted access, then a Net Bank might work well.

My .02c

SGIP
My .02c

SGIP

Offline eyephone

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 503
  • -Received: 789
  • Posts: 15234
Re: Good Local Bank
« Reply #8 on: March 22, 2017, 04:53:06 PM »
What a joke...might as well buy short term treasuries.  Or I can make 1 options trade and make 1% with basically no risk.

Do you hold $0 in cash at all times? Most conservative folks minimally hold 3+ months' expenses in cash. You can earn ten-times more interest on this cash in a net bank, than you will earn in a brick and mortar depository institution.

Who knows! He might have a ZBA (zero balance checking account) like the smart big business.

Offline BusyHomeowner

  • Tourist
  • *
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 34
Re: Good Local Bank
« Reply #9 on: March 22, 2017, 08:23:20 PM »
What a joke...might as well buy short term treasuries.  Or I can make 1 options trade and make 1% with basically no risk.

USCTrojanCPA -

I have no free time at the moment... so options would probably not be a good strategy for me.

How much of a hassle are short-term Treasuries these days?  (Hopefully, the current system is far more efficient than the Legacy system of yesteryear.)

Offline BusyHomeowner

  • Tourist
  • *
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 34
Re: Good Local Bank
« Reply #10 on: March 22, 2017, 08:27:06 PM »
For me: I wouldn't settle just earning 1%.


eyephone -

Are you proposing a better strategy?

Offline BusyHomeowner

  • Tourist
  • *
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 34
Re: Good Local Bank
« Reply #11 on: March 22, 2017, 08:29:31 PM »
If your work offers a credit union, or if a family member can sponsor you into their CU, give them a try. Schools First FCU is terrific.

Local Banks and CU's will never offer healthy competitive returns. They are service centers only, and most CU's are better in that area than banks.

My .02c

SGIP

Soylent Green is People -

Thanks for the suggestion.

I doubt that I’d meet the membership criteria for most credit unions, however.

Offline BusyHomeowner

  • Tourist
  • *
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 34
Re: Good Local Bank
« Reply #12 on: March 22, 2017, 08:50:02 PM »
Only word to the wise about Net Banks is their withdrawal speed. Net Banks are very good at opening accounts, but can be very, very slow when it comes to liquidation. I've had more than a few purchase closing held up because the customers net bank withdrawal was going to take 3-5 days instead of 3-5 minutes as a traditional bank can with a wire. If you're clear with the potential delay up front, and can plan around restricted access, then a Net Bank might work well.

My .02c

SGIP

Soylent Green Is People -

Great points.

I suspect that in the future, however, financial institutions (including brick and mortar banks) will employ strategies that are designed to discourage customers from fleeing low interest rate accounts.  The institutions may not be able to stop customers from closing a liquid account, for example, but they can certainly make the process a ridiculously stressful, exasperating, time-consuming nightmare.

Offline eyephone

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 503
  • -Received: 789
  • Posts: 15234
Re: Good Local Bank
« Reply #13 on: March 22, 2017, 09:02:04 PM »
For me: I wouldn't settle just earning 1%.


eyephone -

Are you proposing a better strategy?


I go with a big bank, for ATM connivence.
« Last Edit: March 22, 2017, 09:19:11 PM by eyephone »

Online aquabliss

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 222
  • -Received: 833
  • Posts: 4281
Re: Good Local Bank
« Reply #14 on: March 22, 2017, 09:26:18 PM »
I think the bank on Jeffrey and Walnut is called "The Bank of Hope".  Thought it was funny.

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


Recent Posts

SimplePortal 2.3.7 © 2008-2022, SimplePortal