My local banker told me to stick with a savings account at 0.5% APY and I lost out on $1,200 in interest over 2 years before my brother showed me a brokerage CD ladder.

I finally moved $15,000 into a brokerage CD ladder last month after that conversation and already seeing 5.2% APY, has anyone else had a banker give them bad advice like that?

2 comments

2 Comments

derek_coleman13h ago

Lost out on $1,200 in interest" - that's brutal man. Bankers job is to sell you their stuff, not help you. Mine tried to push a "high yield" savings at 0.8% last year and I laughed in his face. You did the right thing moving that cash.

jakem9811h agoMost Upvoted

Did you actually try to negotiate with your banker @derek_coleman? Ngl, I walked into my local branch last month and told them I was moving 50k if they couldn't match an online rate. They magically found a 4.2% CD after I said that. Banks count on people just accepting whatever they offer first.