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$250,000 at .01% a month at Chase is $2 interest a month vs. $416 a month at 2% interest at another bank.
I hope those Chase perks are worth at least $400 a month to compensate for the interest you are not getting from Chase.
i hope it is not directed at me or you better go back and read what i wrote ... i would never give them cash .. they baby sit my s&p 500 etf for me and i get private client status.
yep , the 2500 dollars in perks and points and 600 in cash as bonus so far were well worth my dealings with chase.. we got 60,000 points for getting the sapphire reserve card to go with our private client account , 600 in cash as a bonus , all the private client perks and unlimited free trades since i trade a lot .
Haven't used a bank in decades, Credit Unions are the way to go!
Only issues with Credit unions is that there are not a lot of branches, especially of you go out of the area. Plus you often have to meet certain requirements for some of them to join.
Only issues with Credit unions is that there are not a lot of branches, especially of you go out of the area. Plus you often have to meet certain requirements for some of them to join.
that is not the biggest issue .
the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.
When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.
When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union.
That includes credit cards and personal loans.
you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations. After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
i hope it is not directed at me or you better go back and read what i wrote ... i would never give them cash .. they baby sit my s&p 500 etf for me and i get private client status.
yep , the 2500 dollars in perks and points and 600 in cash as bonus so far were well worth my dealings with chase.. we got 60,000 points for getting the sapphire reserve card to go with our private client account , 600 in cash as a bonus , all the private client perks and unlimited free trades since i trade a lot .
i m not at chase for any interest .
You don't have any cash in a bank savings account?
You don't have any cash in a bank savings account?
i have no savings account at a bank . i don't need one . fidelity investments is my core . at chase i just have checking with a months worth of expenses for emergencies which really amounts to nothing in the scheme of things ..we already needed it when hackers got our fidelity account closed for 10 days while things were re-done .
we use it to auto pay our credit cards and then transfer from our core at fidelity to refill .
when the day comes i need to worry about interest on so little which is a declining balance each month any way as the cards get paid , that is the day i better review my investment plan
we qualified for chase private client solely on the etf i transferred from vanguard. i wont do business with vanguard so it was perfect timing
Last edited by mathjak107; 03-12-2019 at 12:41 PM..
i have no savings account at a bank . i don't need one . fidelity investments is my core . at chase i just have checking with a months worth of expenses for emergencies which really amounts to nothing in the scheme of things ..we already needed it when hackers got our fidelity account closed for 10 days while things were re-done .
we use it to auto pay our credit cards and then transfer from our core at fidelity to refill .
when the day comes i need to worry about interest on so little which is a declining balance each month any way as the cards get paid , that is the day i better review my investment plan
we qualified for chase private client solely on the etf i transferred from vanguard. i wont do business with vanguard so it was perfect timing
they went and dropped all beneficiaries on joint accounts and never even sent notice ..
they got in to the trust business and now recommend those of us with joint accounts use trusts to pass assets and not beneficiaries , or that we split joint accounts in to two individual accounts and then you can add them ..that is just ridiculous ..
in fact my fidelity rep could not believe they did this and researched it for herself .
then i wanted to do an acat transfer and had a question on it .
no one at vanguard would take ownership of the question and get us an answer ..they passed us around like a hot potato right in to a line where you get a message to hold for the next rep and just for laughs we held for 1 hour and 15 minutes while doing all the other work . finally i hung up .
it was the worst customer service i ever experienced .
when i call fidelity with a question , the rep always either gets the person we need on the phone or makes sure they call m back . this was bull ...... i will not do business with them , nor can i since we need beneficiaries on our joint account , we don't need a trust..
first vanguard was the grand pappy of diy investing , you know anyone can do it indexing .
then they got in to money mgmt and had a lengthy study they did published that showed how professional mgmt can add value .
then they got in to trusts and all of a sudden all our beneficiaries on joint accounts are gone ...
makes you wonder !
Last edited by mathjak107; 03-12-2019 at 02:10 PM..
there is also a case going on against vanguard where they are accused of manipulating the costs on their funds not to show profits by keeping them extra low and cheating on millions in taxes that should have been paid on this money as well as cheating their investors out of this money that was supposedly saved by reducing costs ...
it is a very complex case brought to light by one of their accountants who blew the whistle on them . fidelity has zero fees on some funds but fidelity is eating the costs and not doing the manipulation vanguard did allegedly
Chase is who I have always used for Checking (have a workplace checking with lots of perks) and most of my credit cards are Chase too. They have always been excellent and there is one on every block in Manhattan and where I live in Nassau. I have a regular savings too with them.
I used Capital One online (previously ING) for online savings as you get the best rates. They are also very good and never had an issues and have been with them since they started.
I want to me able to access $ easily and Chase has always had the most ATMs. They are also very popular now in the West Coast (SF especially) so when I travel for work, I have no issues.
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