Had a chat with my banker yesterday that made me rethink everything

I was at Wells Fargo in Portland closing my savings account and the teller mentioned they only pay 0.01% APY. Then she said brokers can get you 4-5% on money market funds. I always thought banks were safer but she showed me how SIPC insurance works and now I'm wondering why I left thousands of dollars sitting there for 3 years. Has anyone else made the switch and regretted it?

2 comments

2 Comments

diana_moore753d ago

So after that conversation, did you actually move your money or are you still sitting on it?

jamiew833d ago

Totally did the same thing and moved everything to a money market fund (felt dumb for waiting so long).