Chasing Rates on Savings Acct

[audreyh1]

I have had several online bank accounts for many years, as well as FCU and brokerage. I don’t move funds around that often, but most of the online bank funds are in higher yielding CDs at the moment. A lot is in the brokerage with T-Bills, a few more CDs and MM funds. Well spread around, diversified. If you remember recent scares like the bank scare followed by the debt limit concerns it feels good to stay diversified. I don’t sweat the small stuff (a few basis points).

 

[audreyh1]

CIT?

I think CITI = Citibank.

Thanks, that’s what I thought. CIT vs CITI through me off.

No, CIT Bank is different from Citibank. It’s a division of First Citizens Bank. https://www.cit.com/

Their high yield savings account offer: https://www.cit.com/cit-bank/platin...IAipTiBYae5QptWRijx_bI4MHcTYMEwgaAmI1EALw_wcB

They have a bit of a history of swapping around high yield savings account names/types such that older accounts don’t get the new higher rates.

 

[Gumby]

Thanks, Audrey.

 

[rayvt]

They have a bit of a history of swapping around high yield savings account names/types such that older accounts don’t get the new higher rates.

So does UFBdirect. I kept opening a new UFB account to get the new higher rates, until I found out that you can just send them a message and they'll bump up the rate on your existing account.

 

[audreyh1]

So does UFBdirect. I kept opening a new UFB account to get the new higher rates, until I found out that you can just send them a message and they'll bump up the rate on your existing account.

Yeah, I figured there would be an easy way to rollover to the new version of the account. It’s really set up to fool those sleepers. Annoying practice though.