Bank offer

[ga_ben]

I received in the mail the other day an offer from my bank that said they would give me $100 to open a money market savings account with them. You have to open with a minimum of $5,000 and keep it in there for 6 months. I called them and asked them what they would offer me if I offered to park all my cash in the account instead of just the $5,000 minimum. At first she didn't understand what I was asking so I explained that I just wanted to know if they would sweeten the offer if I brought a more substantial amount. She seemed a little put off and said they don't offer cash to potential customers even though they sent me the offer for $100.

Anyone ever taken advantage of or been taken advantage of by one of these bank offers? Saw the rates they are offering for their money market savings and its damn paltry. Just thought I'd ask.

 

[Woodson]

I took advantage of Chase's 125 dollar deal with jist two months of 200...

I think you're getting taken... For 6 months you should be looking into CDs with that kind of cash...

IMO. TIA.

 

[ga_ben]

Yeah Woody this deal is with Chase. I've looked at the CD angle but my wife's employment is quite tenuous at the moment. (another story for another day) I'd love to be able to do some CD laddering. We are currently getting about 1.15% on our money market acct and a 1 year CD is averaging 1.5% and 3 years are even better. Just not comfortable tying the money up ATT.

TIA YTB EYBWH! :SIB

 

[toastonastick]

stick too weather........... jk

I did something close with ING. No problems here

 

[MadJack]

Buy SRZ and ICO :SIB

 

[Glenn Quagmire]

I'd be hesitant to do anything with Chase. They just settled out of court with Lehman, and are currently being sued by 3 other companies as well. Shady, shady company. Then again, it's not like the banking world in general has a stellar reputation these days...

 

[The Joker]

I took advantage of Chase's 125 dollar deal with jist two months of 200...

I think you're getting taken... For 6 months you should be looking into CDs with that kind of cash...

IMO. TIA.

WOODY!!!!!!

CD's are Certificates of Depression. :nono:

 

[lay the wood2]

SRZ??

SRZ??

might be headed towards bankruptcy?

 

[dawgball]

WOODY!!!!!!

CD's are Certificates of Depression. :nono:

This is where I depart from Ramsey's philosophies. He hypes mutual funds as where people need their money and that is just total hogwash!

 

[GENO]

This is where I depart from Ramsey's philosophies. He hypes mutual funds as where people need their money and that is just total hogwash!

I agree, that there is a time and a place.

Currently no individual stock postions......

current allocation %

SMALL CAP VALUE MUTUAL FUND 15%

CD 20 %

SHORT TERM LIQUID 20 %

SPORTS BR 5%

THE REST 40%

I met with three other business men December 21st, 2007. That conversation steered me out of an over 70% stock mutual fund position to 0 %, not anything that one of us said but the group comments on each of our observations of business environment over the last 60 days up to that day.:scared

 

[DOGS THAT BARK]

This is where I depart from Ramsey's philosophies. He hypes mutual funds as where people need their money and that is just total hogwash!

Would definately agree in principal brother dawg but do make a few exceptions-

I love this one kytfx--a tax free (state and fed) muni bond fund with total expense ration of 0.58
5 year ave return 3.98%--TAX FREE

With projected assult on investors/savers in the wings -our house will attempt to cut the tax man to the bone by 2011 when anticipated capital gains-divs etc increases go into effect.
=========================


On the banks money market account ploys--have had several here that have been decent in the past but always quick to chop chop.

A new trap they have is giving you decent initial rate--but you have to have minimum of 3 auto drafts in or out of it-why they know you are less likely to change banks when they cut you to the bone as you have change over all your drafts. I getting next to nothing and too lazy to change--i am paid by several ins co by direct deposit and pain in ass to change.

 

[The Joker]

This is where I depart from Ramsey's philosophies. He hypes mutual funds as where people need their money and that is just total hogwash!

Ok. So do you think CD's are the place to put your money then??????? (Mutual funds aside)

 

[dawgball]

Ok. So do you think CD's are the place to put your money then??????? (Mutual funds aside)

It's according to a person's age.

Remembering that the first rule of investing is ALWAYS not to lose money, then CDs can be an effective vehicle for a portion of your money.

Bottom line of my opinion is that mutual funds are a complete farce that have been shilled onto the general public as a haven of safety. This opinion was established well before the recent meltdowns as documented here. How much safety was had for those at/near/in retirement right now over the last 5 years? But the mutual fund industry and the "financial advisors" selling them still made their money.