TIL my local bank’s CD rate was 0.5% lower than a broker’s offering for the same term

I had to choose between sticking with my usual bank for a 12-month CD or trying a broker I found online. I went with the broker and got 4.2% instead of 3.7% - that extra $50 on a $10k deposit was worth the hassle of setting up a new account. Anyone else jump ship from their bank for a better rate?

2 comments

2 Comments

the_wade13d ago

Wren hit it right. I moved a $25k chunk from my local Chase branch to Marcus last fall. They offered 4.6% vs Chase's 3.8% and I pulled an extra $200 over the year. The setup took 20 minutes and a photo of my ID. Took a few days for the transfer to clear but after that it was smooth. Even got a $100 signup bonus on top of the rate.

wren_walker6213d ago

Switched from my credit union last year for the same reason. Got 4.5% from an online bank versus their 3.9% offer. The extra hundred bucks on a bigger deposit made the new account setup worth it.