Sux!!

Where do I put my retirement cash now??

Seems the banks took our money, won’t give back in interest, and won’t loan. The banks are the ones on the dole — even collecting fees (30 states) from folks on unemployment when they ask for their money if they opted to be paid with debit cards.

The country has run amuck

You don’t have to commit to anything, when you register you get to see the bank and you get 30 minutes to accept the offer. I’m guessing you could also find a way to get out of transferring the money even after you accept the offer.

All of their offers come from FDIC insured banks, so that is not an issue.

-Jared

I was not able to see what bank got me the 3.22% APY because I was not registered.

What if the bank is not FDIC insured?

I plan to spend it on my trip to Europe soon…

A friend of mine went into his local bank, the teller was touting how low their interest rate was for loans — and he shot back about how great that was, unless you’re retired (like me) and the interest rate was ALSO super low for the interest THEY pay to savings customers.

The sad side of the story is that many retirees who got slammed on their IRA stock accounts and decided to get their money out and put it into savings now are taking the bullet with these interest rate drops.

Can’t win for losing, all the while the banks that got that TARP money are hoarding it, rather than using it for moving the economy along.

Government sucks.

@Bernie: Remember that the big banks are locked into the TARP bailout APY. This alone would be enough to limit their reward percentage.

* ROI: Return on Investment

E*Trade dropped to 2.50% APY as well.
ING 2.20% APY

COMMUNITY BANKS

Florida Central Credit Union 6.01 FL
First Robinson Savings Bank 6.01 IL
Union State Bank/Bank of Atchison 6.01 KS
Communications Federal Credit Union 5.25 OK
Connexus Credit Union 5.15 WI
Keystone Bank 5.15 AL
First New England Federal Credit Union 5.15 CT
Three Rivers FCU 5.01 IN
Legence Bank 5.01 IL
Community Bank of Pleasant Hill 5.01 MO
Community Bank of Raymore 5.01 MO
United Heritage Credit Union 5.01 TX

MEGA BANKS

• ING decreased their highest rate offered by 25 basis points, from a 2.50% APY on a 1 year CD to a 2.25% APY on a 4 year CD.
• Schwab decreased their 18 month CD rate by 15 basis points, from a 2.65% to 2.50% APY.
• E*Trade decreased their 5 year CD rate by 30 basis points, from a 1.70% to 1.40% APY.
• E-Loan increased their 6 year CD rate by 50 basis points, from a 3.50% to 3.70% APY
• Washington Mutual decreased their 5 year CD rate by 50 basis points, from a 3.00% to 2.50% APY.
• AARP Financial Savings Center decreased their savings rate by 50 basis points, from a 2.00% to 1.50% APY.
• Wachovia increased their 17 month CD rate by 15 basis points, from a 1.85% to 2.00% APY.
• E-Loan currently has the highest rate at 3.70% APY on a 6 year CD.
• E*Trade currently has the highest savings rate at 3.01% APY.

Courtesy of BancVue.

Anybody?