Ask the Readers: Should I Chase Higher Interest Rates?
Published on - August 1st, 2008 (Modified on - October 29th, 2009) (by J.D. Roth) Almost eighteen months ago, I wrote a post listing the best on-line high-yield savings accounts. Over 750 comments later, the discussion is still going strong. Kyle recently chimed in with a question many people have:
In January, before I started reading Get Rich Slowly, I opened a high-yield investor checking account with Charles Schwab. The interest rate was around 3.75%, but it’s fallen to 2% now. After starting to read your site, I decided to open an online savings account. I chose ING Direct because a friend had an account and could get me the $25 bonus.
I’m wondering if I should shop around to get better rates without sacrificing the relative ease of Schwab and ING Direct. There are accounts with higher rates, and I’m wondering if it’s worthwhile to switch.
Moving from bank-to-bank (or “rate chasing“, as it’s known) can make sense if you have enormous balances. I have about $8,000 in my high-yield accounts. Over the course of a year, that’s going to earn me $240 at 3%. It would earn me $280 at 3.5%. Should I try for that extra half a percent? It depends.
Fluctuating rates
Since I began tracking bank rates at my high-yield savings, interest rates have climbed and fallen. Each time there’s movement in the market, banks shift positions on the list of highest rates.
Right now, for example, Everbank is offering a promotion where they give 3.01%, but only for the first 3 months. After that, the rate drops to 2.15% APY but only for the first year, up to $50k. So, even if Everbank has the best rate now, they may not be the best rate tomorrow.
You need to ask yourself if it’s worth your time to always be looking for the best rate.
Customer service
There’s more to banking than just interest rates. Savings Square is a new high yield account that made some noise earlier this year. Several GRS readers signed up. But then these readers complained to me.
In fact, one reader sent me a l-o-n-g diatribe about her experience opening an account at Savings Square. After this reader jumped through hoops to chase the high interest rate, Savings Square lowered the yield to be the same as ING Direct, the bank the reader had left. She was exasperated. She was especially frustrated because the Savings Square signup process had been so laborious.
To me — but not to everyone — customer service and ease of use are very important. But how important? $10 a year? $100 a year? $1,000 a year? Only you can answer that.
Doing the numbers
Finally, there’s the question of how much difference half a percent makes. If you have $800 in an account, 0.50% is $4 a year. If you have $8,000 in the account, it’s $40 a year. But if you have $800,000 in the account, it’s $4,000 a year. Obviously, that’s a big difference.
If I had $800,000 in a high-yield account, I might chase rates. But I don’t. I have $8,000. Because of this, I’m content to maintain my account at ING Direct.
Recommendation
If you’re just starting out, it makes sense to sign up with a bank that earns high customer satisfaction marks and offers high interest rates. (The online banks thread is a great place to research this subject. There are hundreds of comments with reader feedback.) Some of the top-yielding banks right now include:
- HSBC Direct is offering
3.01%, but it’s a temporary rate until September 15th. (Admittedly, they keep extending the length of this temporary period, but the rate is still set to fall.)1.55% as of May 2009! - WT Direct offers
1.76% APYbut your interest rate drops if you don’t have a $10,000 balance after 60 days. I don’t have $10,000 in savings yet, so this isn’t an option for me. (Soon! Soon!) - E*TRADE Bank offers 0.95% APY, but I hear mixed reviews of them. My cousin loves them, but some GRS readers have had problems.
Notice that each of these accounts has a drawback. I’m willing to host my savings account at a bank with a slightly lower rate because (a) I get great service and a great user interface and (b) my balance is small enough that it doesn’t cost much to sacrifice half a point of interest.
What about you? Do you have a high-yield savings account? What are the most important considerations for you? Would you switch banks over half a percent of interest? Over one percent? Would it make a difference if you had a larger or smaller balance? Are there any other tips you can offer Kyle as he shops for online banks?
This article is about Choices, Money Hacks, Savings
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@stevie
I know for a fact that HSBC Direct offers an ATM card for easy access. E*Trade offers ATM accesss for their checking and brokerage accounts, but I am not 100% sure if that also extends to the savings as well. You might want to contact them directly for an answer.
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@stevie
If you are managing you finances well. Just get a cash back credit card like the chase freedom to use for emergencies. That will give you even more back at the end of the year.
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Just depends how much your time is worth.
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For those concerned about the $100K FDIC insurance limit at most banks, you may want to look into CDARS (Certificate of Deposit Account Registry Service).
From the CDARS website: “When you place a large deposit with a network member, that institution uses CDARS to place your funds into certificates of deposit issued by banks in the network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC insurance.
Other network members do the same thing with their customers’ deposits. With the help of a sophisticated matching system, network members exchange funds. This exchange occurs on a dollar-for-dollar basis, so that the equivalent of your original deposit comes back to your institution and effectively stays local (meaning the full amount can support lending initiatives that build a stronger local community). Alternatively, with your consent, network members can receive fee income instead of matching deposits. In either case, the full amount of your original deposit becomes eligible for complete FDIC protection and you receive just one regular statement detailing all your holdings.”
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Cameron, I “looked carefully at the amount of money lost during the transfer time” when I switched from ING to Emigrant. My money was earning no interest for 5 days which cost me $1.29. The difference in interest at that time (4.55 vs. 4.1%) came to about 2.7 cents a day, so it would have taken me 48 days to regain my lost interest. The very next day, however, the rate spread grew wider (4.55 vs. 3.65%), to about 5.4 cents a day, bringing my payback time down to 24 days. But a week later, the rate difference shrank again (4.3 vs. 3.65%), to about 3.9 cents per day (a 33-day payback). Two months (and many more rate changes) later, my first bank was paying higher rates again (2.75 vs. 3.0%). This was back when they were changing their rates a lot!
But the answer is that it is a significant amount of money if your beginning interest rate is a lot higher than the difference between the two interest rates.
When I moved my money back to ING, that’s when I started timing my transfers (back to the first bank) in the annoying way I described in comment #42.
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I work at ING and thought I would chime in on a couple of questions – Sarah #27 there is an ING Direct Canada. I believe most of the terms are similar but you have to be a US citizen (have a social security number) with a US address to use ING Direct US. Be careful too because we have the same phone number as Canada but it goes to whichever country you are in at the moment. So if you call while in the US you will get the US ING.
#32 Mike the previous poster was correct on how to eliminate the $3 charge. We have LOTS of Wachovia customers and there is no charge because they do a pull from ING instead of a push from Wachovia. The other great thing about ING is that there aren’t ever any fees or minimums – which is a huge piece of mind. Even their high yielding checking does not charge for NSFs, for that occasional mistake. If a customer continues to overdraw then ING just closes the account. A local bank (big name) gave my underage son a checking account without adult approval and he made the mistake of returning a large ticket item 10 mins after he bought it and thought his account was immediately credited. He then purchased a similar item for slightly less but that caused his account to overdraw. He then left bought a pack of gum, then a soda at a drive through and then a CD at Target, purchased a few items on ebay by the time he was done he had over $300 in overdrafts – it was ugly. Fortunately, I explained to them that an underage child is not legally able to sign a binding contract and they needed to remove all the charges, they did. I then moved him to the local credit union where we opened a JOINT checking account with supervision. When he is 18 I hope he looks into ING because the Electric Orange is an awesome account.
One last thing about ING. It treats it’s employees wonderfully, with great health coverage and family friendly benefits. It is a completely paperless company (with the exception to a few legal documents), very mindful of lighting issues and it is constantly looking for ways to be mindful of our resources. This is to be both mindful of the environment and frugal to best pass on the savings to the consumer. All employees are required to volunteer as part of our employment but it doesn’t feel like volunteering because we get paid for it. I truly feel valued as an employee and there are very few companies whose employees can say that.
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Also regarding the debit card issue, ING does not have a debit card for savings but what many of our customers do is have a savings and the Electric Orange checking and then keep their main money in savings and when an emergency comes up they transfer the money into their checking. There is no transfer time because it is internal and then they can withdraw it from an ATM immediately.
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Regarding rate chasing, here’s my story:
I first got into internet banking with ING direct several years ago. Then about 2 years ago, I got into rate chasing. Several accounts later, I ended up trying to get set up at Savings Square. Like some others, I was extremely frustrated with the account setup process.
That was the final straw for me and I got fed up with the whole game. Guess where I ended up… that’s right, back at ING Direct, where I will stay for the foreseeable future.
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If you rate the customer service of the bank you’re with, and the rate difference isn’t too substantial, I’d stick with the status quo. Unforeseen penalties for moving (loss of interest, perhaps? I don’t know) and the almost inevitable few days where your cash is in transit in the banking system would put me off. I there were thousands and thousands in savings, it’s maybe worth it, but you seem to like ING, and I do too.
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“”"
Finally, there’s the question of how much difference half a percent makes. If you have $800 in an account, 0.50% is $4 a year. If you have $8,000 in the account, it’s $40 a year. But if you have $800,000 in the account, it’s $4,000 a year. Obviously, that’s a big difference.
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If you have $800,000 in a *SAVINGS ACCOUNT*, I think you have bigger problems to worry about than half a percent. No sane person should have that much liquid cash earning rates barely above inflation.
For the amounts people should have in a savings account, the priorities should be ease of access/use and security, and only then use interest rates as a tiebreaker. Calculating the hourly “wage” from doing all this shuffling around will likely result in something less than minimum wage for just about anybody, so IMNSHO, it is counter-productive.
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Charlie said:
“One last thing about ING. It treats it’s employees wonderfully, with great health coverage and family friendly benefits. It is a completely paperless company (with the exception to a few legal documents), very mindful of lighting issues and it is constantly looking for ways to be mindful of our resources. This is to be both mindful of the environment and frugal to best pass on the savings to the consumer. All employees are required to volunteer as part of our employment but it doesn’t feel like volunteering because we get paid for it. I truly feel valued as an employee and there are very few companies whose employees can say that.”
Charlie – thank you for sharing that. I wish I had more “inside info” from companies I do business with – because part of my decisions would be based on such details instead of just interest rates.
(I know many people complain about Whole Foods, but they are a good employer so I know partly what the ‘overpricing’ of goods is going for, so I don’t mind so much)
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I went with ING recently after my small local bank’s interest rate dwindled below 1%. 3% was good for me, and it was the positive feedback I had heard from existing customers that sealed the deal. I would only switch if I encountered trouble with the company or if their rate dropped significantly compared to others. However, if I had a large balance, I would be more inclined to chase rates.
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I’ve been with ING for years. Their rates are getting less competitive. I’ve been tempted to switch but have stuck to the status quo for now. If the other banks are paying 1% more than ING then that might be enough to push me to try something new. But as it is, I’m pretty happy with ING. Also I know that other banks will bounce up and down on their rates as well starting with high rates to lure new customers and then lowering them later. There have been some local credit unions offering very high rates in the 4-6% range (with strings attached) but those rates drop lower after time.
Jim
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Technically, the amount you have won’t matter with respect to chasing rates. I wouldn’t rate chase unless it’s a significant amount because the time delay in transfers (where you earn 0%) will whittle away the different.
Also, the WaMu checking offer is 3.30% APY, which isn’t shabby anyway.
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All these posts and not 1 mention about how well any of these banks are rated. Even if your money is guaranteed by the FDIC (they have enough reserves to cover bank failures FOR NOW), do you want your money tied up while you’re waiting to get it back from the FDIC? Several of the banks mentioned are in real trouble (WaMu, Countrywide, HSBC) and Emmigrant was recently downgraded. Be careful about chasing rates. Troubled banks in need of capital often offer high rates to attract new deposits. In this environment going with a weak bank is asking for headaches. Virtually all of the banks that pay the best rates on money market accounts are not the best rated but there are a few that are rated B or B- they are; Nationwide Bank and WT Direct.
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I have many, many different banks, and I switch between them as rates differ. Personally, I would switch to a new bank only if their rate was at least 1% higher. If I already have an account (empty) at the other bank, then I will switch for as little as 0.3% as it just takes a transfer. All of this I will do regardless of my balance (I have less than you, JD).
For now, I found a 6.01% APY reward checking account (only for the first $25k), and seeing as how all of the money I have easily fits within those constraints, I moved everything I have over there. It took about a month to order new checks (which I bought elsewhere than from the bank for megacheap), switch my payroll direct deposit and bill payment, but now it’s all done and I can reap the rewards. It does have requirements to earn that rate – make 10 debit purchases every month (I just buy individual items at the market at the self-checkout until I’ve hit 10 so it’s no problem), 1 direct deposit or automatic withdrawal per month (no problem if you’ve got a payroll DD or an automatic bill withdrawal), and then the last 2 are easy: online statements, and log in to your account online once a month.
This rate has been maintained at this bank for about a year now (the 10 debit transactions helps maintain the rate as the bank gets a piece of the transaction fees there), it’s a smaller (but FDIC insured) bank in New Mexico, and doesn’t seem to me that it will be failing anytime soon, so it’s a good deal all around for me.
I keep track of what money is savings (and I split it into as many savings goals as I have) vs regular checking money in a spreadsheet, and this is working out for me.
Oh, and all ATM fees at any ATM are refunded if you meet the 6% requirements. I’m always caught needing an ATM when my bank’s ATM is nowhere to be found, so I like this too. Also the debit card is very cute looking!
And yes, I too love ING. But their rates are just not cutting it right now. I have their savings and checking, and if/when their rates outdo my current one, I will switch back (accounts are still open). But so far I get a great rate and great service from my new bank, too.
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I did rate chasing for a while with a small amount of funds, for fun. I think it’d be pretty easy and helpful to automate the rate chasing, make a program that will automatically check rates every few weeks and send the balance to your best account.
Two problems I had with rate chasing:
1) I was moving my money so often, I lost track of a balance somewhere and overdrafted once. That one mistake eliminated most of my gains.
2) I signed up for a UFB account, but I’ve had trouble transferring in and out of the account, because of some oddity in the classification of their accounts. I’m sure it’s a trivial hitch that could be overcome by a little more work, but it’s a stinging contrast to the effortlessness of my ING accounts.
ING usually has a slightly lower rate than the top places, but it’s got the best interface and customer service by far. Also, it seems more committed to not sending me useless paper… I get a lot of needless junk from almost all the other accounts I’ve opened.
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Cameron #46, Debbie #55, Bryan #59,
I will work out some formulas this weekend about how many days it takes to make up your lost interest due to transit time. I haven’t derived them yet, but the number of days will roughly correspond to the lower rate divided by the rate difference. I’ll post it at my site, The Bachelors of Economics.
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I was a long-time resident of Portland and still have several accounts with Advantis Credit Union. There is a new checking account, which pays 5.20% APY on the first $30k when certain conditions are met each month. As my Etrade laddered CD’s mature each month (12 CD’s with enough money in each to pay all expenses for one month), I have been moving the money to Advantis. Their customer service is amazing. I’m very detailed with my records so mixing savings with checking money isn’t a problem. Obviously, not a wise move for everyone.
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I wouldn’t trust WaMu with my money. My forum post explains the scams that WaMu is up to:
http://getrichslowly.org/forum/viewtopic.php?t=2290
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Quite honestly, I absolutely love my bank – Charles Schwab High Interest Checking Account – and I plan on being a member for life.
After years of getting burnt with fees by Wachovia, Chevy Chase, Bank of America… Schwab never charges me a fee, is really friendly, has great rates, a great and nicely designed website, easy brokerage… I’ll probably never chase interest rates, just because my bank has given me so much satisfaction already. I never thought I’d actually be loyal to a corporation.
I know that sounds like a sales pitch, but it’s not. I don’t work for Schwab and get no benefit from telling people about it. It’s just a fantastic bank, and I don’t mind getting 1% less on my checking account from an institution that respects me and has so many benefits.
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I agree with Eric (18). It also confuses me that the same people who say they wouldn’t chase rates “are also the same people that use any trick they can think of to save money yet they claim that the difference interest is negligible”.
I don’t have 800K in cash, but as I keep about a third of my non-retirement savings in fixed-income accounts – this is the allocation I am comfortable with given my age and when I hope to retire – I do have a 6-digit amount in CDs and savings. I admit to chasing rates – why say no to free money? Sure, my time is expensive, but it doesn’t take this long to check out the rates. Most of my CDs are in brick-and-mortar banks, and I found some good rates there too, but I do have some money in HSBC direct and FNBO direct that I opened last year when they had 6% promotional rate. I made a few hundred extra dollars in extra interest during these rates, and I don’t consider it “insignificant”. In fact, I’d much rather spend 5 minutes looking for a better rate than try to spend my time cutting coupons.
“@PK (44): “Also remember that the more you chase rates, the more complicated your taxes are going to be. ”
You clearly don’t know what “complicated” taxes are. If you had ever did capital gains on ESPP stock or rental property, or sale of rental property, you wouldn’t consider adding up a few numbers on schedule B as “complicated”. It is really very easy.
@Rico (65): “All these posts and not 1 mention about how well any of these banks are rated. Even if your money is guaranteed by the FDIC (they have enough reserves to cover bank failures FOR NOW), do you want your money tied up while you’re waiting to get it back from the FDIC?”
In all banks that failed so far during this crisis, the people with savings in the amounts under-FDIC limits haven’t even experienced interruption of service. Even the CD terms were honored, and ATM cards still worked. FDIC simply transferred the accounts to another bank. Those with amounts over-FDIC-limit got 50 cents on every dollar over the limit. So it seems like as long as FDIC has the money and as long as you keep under FDIC limits you are OK.
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So if the rate drops, say with ING, do those who opened at higher rates also take a hit?
I think my credit union just did this to me with my savings (cut it nearly in half), I’m going to call them later and find out…
Just opened up an ING account for my baby daughter anyway.
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Ben #72, if rates drop at ING (savings) everyone’s rate drops. It doesn’t happen because they offered a teaser rate to lure you in. If they drop their rates it is due to market conditions. Everyone including new customers has that same drop. ING tries not to drop too low because then attracting new business becomes more difficult. CD rates are locked. Savings rates are variable, meaning that they can change at anytime. I opened up my ING account 6 years ago, if I look through my history I have everything from mid 5% to 2% but the rate stays pretty steady for months at a time. CD rates however are the same from the day you open it to the day it matures. Even if the market jumps up, the CD rate stays at the rate you opened it for.
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I agree with many of the posts here. ING does online banking so well and have a decent return plus an awesome referral program that I see no need to try and chase an interest rate from bank to bank. Unless they really fubar something sometime, I plan on staying with ING for a while.
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Kitty #72 says:
“So it seems like as long as FDIC has the money and as long as you keep under FDIC limits you are OK.”
Let’s keep one thing in mind here about the FDIC, folks. The FDIC doesn’t *have* money!
We, you and I, have money, which is confiscatorilly removed from our paychecks each week. It is then subsequently divided up among a bunch of government handout programs in a redistribution of wealth program.
Each bank that fails is a result of poor management, poor lending programs, and a host of other problems. If you’re chasing rates without understanding who runs your bank and who you’re entrusting your money to, and that bank fails, then ultimately you’ve helped that bank fail by rewarding it’s bad practices with your money. And in the end, it’s me and other tax payers who are bailing that bank, and you, out.
You should approach investing your money in a bank the same way you would a stock or a mutual fund. Don’t invest in bad companies, and don’t entrust your money to those who are irresponsible with it. It doesn’t matter whether it’s a bank, a company, or your Aunt Millie who says she can make you a bundle with “her friend the broker”.
Ultimately, rate chasing is not going to make you “free money” at the interest rates we’re talking about here. Any interest rate below 5% simply means your *losing* money to inflation… By spending more time constantly moving your money around, you’re losing even more money, and now time.
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Don’t forget that interest is taxed as ordinary income. If the spread between your current bank and a different bank is a half a percentage point and your marginal tax rate is 25%, the difference is really only 0.375%.
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Paul (76): “If you’re chasing rates without understanding who runs your bank and who you’re entrusting your money to, and that bank fails, then ultimately you’ve helped that bank fail by rewarding it’s bad practices with your money”
This doesn’t make any sense. If a bank experienced losses because of past bad lending practices, wouldn’t additional money from new deposits help them offset their losses? So how by giving them money I am making them more likely to fail? They aren’t continuing with their bad practices, most of them tightened their lending standards now. If they get my capital, I might help save them from failing and I might help save FDIC some of our tax money, not to mention help a whole lot of people keep their jobs.
The whole reason why the banks with higher losses are giving these better rates is so they avoid failing. If everyone starts removing their assets from banks i.e. you have a run on banks, the bank will fail and FDIC will take over. More deposites = more capital, consequently bank is less likely to fail.
So, I really don’t understand your logic.
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“the difference is really only 0.375%.”
Which on 10K is 37.50. Not much, but it is greater than 0. For an hour of work it’d be too little, but for 10 minutes, it’s hardly pocket change. On 30K it is over $100. How much money some of the money-saving tips mentioned on this blog in the past save you? Some tips save more, but I remember tips that mentioned similar amounts during a year.
“Ultimately, rate chasing is not going to make you “free money” at the interest rates we’re talking about here. Any interest rate below 5% simply means your *losing* money to inflation…”
You are losing money to inflation either way. So you are losing a tiny bit less. You are still comparing two amounts – one with one rate and another with a better rate. Regardless of how you put it, getting even $50 for a few minutes of work is free money. Or would you like to compare it to stock market performance this year? I don’t see it getting better any time soon even if I still have 2/3 of my non-retirement money and 60% of my 401K in the stock market.
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just something I noticed: reading this today reminded me to log into my emigrant account and see how much interest I got in July. I noticed their rate went up to 2.96% (APY of 3%). Just a PSA.
I don’t know if any other interest rates have changed.
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I just found GRS and happy I did! In the 20 minutes I’ve perused I’ve learned so much.
I’m surprised no one’s mentioned First Internet Bank of Indiana. Their rates aren’t as high as Orange or HSBC Direct, but I’ve been with them for several years and they’ve been great. But I’m currently looking for a no-minimum no-fee savings account which FIBI doesn’t offer, which led me here.
Also, I just wanted to say that one thing I look for in an online bank is how well account details can be found. I missed the part about HSBC’s rate being variable after September until I read it here, as opposed to ING, which has this detail printed in high contrast lettering right below the rate on their home page. This gives me more confidence in ING (as if the glowing reviews from GRS don’t!)
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I think rate chasing is a good idea if you have time for it. It keeps banks competitive, and, in the long run, we want our banks to keep offering better rates.
If customers don’t flock to the next best thing, any industry will become stagnant and lose its innovation.
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Unless I have $100,000 or so to move around, rate chasing seems silly for less than 1-2 percentage points. There really isn’t a big deal between 3.0% and 3.5% in the long run — unless we’re talking big money.
You’re right, customer service is super important. ING Direct = the best.
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“If I had $100K of cash, I’d at least have it invested in something like BRK. I certainly wouln’t leave it sitting around in a vehicle like a checking/savings account which will ultimately cost me money.”
What is a BRK?
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Hi Andre,
BRK is the stock symbol for Berkshire Hathaway. The conglomerate run by Warren Buffett and Charlie Munger.
It’s at least as stable as an index fund, but with a whole lot more upside than the market as a whole.
Of course, it is a stock. It is volatile. And it can, and has dropped, as everything in this market has. But my rationale is this:
If I have $100,000, which I do not need for a long period of time, say 3-5 years, BRK is going to provide me returns significantly higher than the traditional market of 11% over that time. When the market is good, BRK tends to significantly outpace the market. When the market is down, BRK is down less.
If you need the money within 3-5 years, then I wouldn’t do this. If this is your emergency fund, on which you hope to earn a little extra, I wouldn’t do this. I would only invest into equities that money which is completely discretionary and which you know for certain you won’t need for at least 3-5 years.
Paul
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Chasing rates is a pain right now. I chased Dollar Savings Direct when they were 3.1%, and 2 weeks after my funds got there it dropped to 2.05%. Then I chased AmericaNet Banks 3.0% rates, 3 days after my deposit hit it dropped to 2.3%. Must be a better way!
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Does anyone know the effect on their credit/FICO scores from opening/closing multiple bank accounts to rate chase?
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