JGibbs wrote:

Wanderer wrote: . . .so as Isaac Newton used to say: "... for every action there is an equal and opposite reaction ..."!

It doesn't feel that way now, right? Why is that? I keep waiting for things to balance out, but it hasn't happened. Since the rest of our world moves at the speed of light, why is this so slow to react?

Its primarily because the FED has been slow/hesitant to raise interest rates as well. Once they do you will see the savings rates jump as well.

Wanderer wrote: As best I recall, back in time as the Federal Reserve Prime Rate increased the savings rate seemed to follow. Today, with the mortgage rate staying low even despite Federal Reserve Rate increases the market for money may have changed and the savings rate will only move ever so slowly. That said, I can remember back to the 1970's when CDs were paying 17+% but, remember mortgage rates were well over 10% so as Isaac Newton used to say: "... for every action there is an equal and opposite reaction ..."!

Wow, that's a great return, but also hefty on the mortgage. My rate is around 3.75. When one of my buddies found out, he ended up refinancing his house to get something similar.

Wanderer wrote: . . .so as Isaac Newton used to say: "... for every action there is an equal and opposite reaction ..."!

It doesn't feel that way now, right? Why is that? I keep waiting for things to balance out, but it hasn't happened. Since the rest of our world moves at the speed of light, why is this so slow to react?

As best I recall, back in time as the Federal Reserve Prime Rate increased the savings rate seemed to follow. Today, with the mortgage rate staying low even despite Federal Reserve Rate increases the market for money may have changed and the savings rate will only move ever so slowly. That said, I can remember back to the 1970's when CDs were paying 17+% but, remember mortgage rates were well over 10% so as Isaac Newton used to say: "... for every action there is an equal and opposite reaction ..."!

I was researching savings interest rates and ran across a new bank. It is called CIT Bank (FDIC) and the HY Savings Interest Rate is 1.35%. That is the best out there according to my Google Search. Running a close second is Capital One with 1.30%. If the FED increases interest rates, will that affect the savings & cd rates too?

Hey guys, I've been around! I didn't go anywhere. Just been hangin' loose.

Are they FDIC insured?

It looks like it is part of the Bancorp Bank out of Wilmington DE with FDIC on their website. Note, a Google search brought up five reviews with four negatives reviews. You may want to do your own research. There are several online banks so caution is always a good word.

To follow on what Patrick12 said, WOW, look what the cat dragged back. Welcome home!!!

Well look at who lifted from the ashes! Welcome back HJM!

Are they FDIC insured?

Hey guys -

This may be a shocker, but I've been banking with a bank the last two months. That's right, no credit union. I know how much I used to praise credit unions on these forums, so bear with me.

You may wonder which bank I picked? It's called Simple. It's an online-only bank, and is still very new (startup status). Invitation is still required.

Simple understands one very important thing: getting people engaged with their finances. It's very easy to get lost in your budget, and that's usually when credit cards get abused. It's always been easier to pay by credit and figure out the budget later – ultimately ending up in overspending. Simple has a very intuitive user interface online and on their mobile Apps, I am especially impressed with the iPhone App speed. Simple users can always see their, "Safe to Spend" amount in seconds. Simple will display your Safe to Spend amount based on upcoming bills and goals.

But how does Simple engage me so much more? Every transaction utilizes more data, like geolocations. Users can also add photos, PDFs, hash tags, and categories for each transaction. I find myself adding hash tags while on the bus or standing in line, and therefor I am so much more aware of m spending. Simple even has accurate customer service phone numbers for popular transactions listed.

Within seconds of a transaction, Simple sends me a notification on my phone. Based on history, it'll even include estimated tips (and update the actual later). Recently my regular coffe shop accidentally tipped one dollar over my normal account; I was able to show the owner via the Simple app the separated total and tip amounts. Moving along - the support staff is real people -they're free to write like humans! Email through any of the Simple Apps and it says, "We'll get back to you in about an hour." Literally they do. Call Simple, and you get somebody right away.


There's lots more reasons to consider Simple, like photo check deposit, but I realized the experience was nothing like others described. And it took me two months to figure this out.


These guys are just getting started. They have plans for more amazing features.

https://simple.com/