Comments on: For High Interest Checking and Savings, Think Small, Look Local

By: Ed Nix

Ed Nix — Thu, 23 Apr 2009 23:24:06 +0000

Nice site!!! I have liked the internet banks also. Bank of Wichitas was offering 5.25% on their rewards checking for a couple of years but as of May 2009 they are lowering it to 4% the same as the one you mentioned “Esmart” going down to 4% also. I guess it is a gamble but at least these rates are larger than the savings accounts offered. Do you think it is smart to leave these accounts open since their is no minimum balance and just open accounts with banks offering higher interest? Thanks for your site!!

By: Boss

Boss — Sun, 28 Dec 2008 00:29:50 +0000

Mr. TML, The muni bonds we sold on 12/8 have recently recovered 35K of the 40K lost. If it wasn’t for the state of CA’s financial condition we would have stayed in but it is a relief to be out under the circumstances. Moved money into local CD’s as you mention in your recent blog and in the process found a very useful source of info known as VERIBANC. $35 for a quarterly report of all the banks in your region or $5 for one particular bank. I found the info far more comprehensive than bankrate.com. As always, thanks for your perceptive insights and dedication. Boss

By: Carnival of Personal Finance #170 | My Journey to Millions

Carnival of Personal Finance #170 | My Journey to Millions — Wed, 17 Sep 2008 18:34:09 +0000

[...] fellow new blogger, who is GREAT, Tough Money Love attempts to argues local banking – here. Read the comments you’ll see while I appreciate his contentions I just can’t [...]

By: JOE

JOE — Fri, 12 Sep 2008 02:08:38 +0000

I’m considering opening one of these accounts when my current CD reaches maturity. Take a look at HIGHYIELDCHECKINGDEALS.COM for a state-by-state listing.

By: Consider Municipal Bond Funds for High Yield Cash Investments | Tough Money Love

Tue, 09 Sep 2008 13:19:45 +0000

[...] For High Interest Checking and Savings, Think Small, Look Local [...]

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Mon, 08 Sep 2008 22:58:43 +0000

Evan- There have been only 9 bank failures this year, far short of the hundreds predicted by some. Many of these failures were due to poor management practices that would occur in any economic environment. During the 1980’s and early ’90’s, hundreds of banks and S&L’s failed. So we are not in bank failure epidemic.

It is almost impossible to know or predict which banks may be in trouble because the FDIC and state regulators act quietly behind the scenes for obvious reasons. (My brother-in-law is a lawyer for a state bank regulatory agency.) As IndyMac proves, being large is no guaranty of stability. Therefore, all you can do is put your money where it makes sense financially and let the FDIC handle the risks.

By: Evan

Evan — Mon, 08 Sep 2008 22:30:53 +0000

@WiseMatters,

If the account is owned as a joint account you can have up to $200K in it and be protected (it is per customer per account). However, maybe diversification is still good.

@TML
I am shocked that no one brought up the failure rate of smaller banks? What is more likely to go out of business ING or F&M? Yes, I am aware that IndyBank was huge, but the odds say F&M.