Comments on: What is Wrong With Chasing Bank Rates

By: Using MicroMaximus to Optimize Reward Checking Accounts | My Journey to Millions

Tue, 24 May 2011 01:30:57 +0000

[...] however, after having 12 1099s one year I figured out the math and came to the conclusion that chasing rates wasn’t worth it.Â Years after I came to that conclusion the banking industry changed strides and decided to focus [...]

By: I use ING For my Savings and You May Want to Also! | My Journey to Millions

I use ING For my Savings and You May Want to Also! | My Journey to Millions — Sat, 14 May 2011 01:09:17 +0000

[...] I often get asked where I keep my liquid savings.Â When I first started caring about personal finance issues, and started reading personal finance blogs I was guilty of rate chasing and bonus chasing.Â Â I am proud to say that, I do not rate chase anymore, and if you check out personal finance blog archives circa 2006ish youâ€™d be surprised how post after post was about chasing ratesâ€¦that has also changed.Â Â Â [...]

By: Sunday Link Love | Ultimate Money Blog- Save Green and Live Green!

Sunday Link Love | Ultimate Money Blog- Save Green and Live Green! — Sun, 21 Mar 2010 22:28:14 +0000

[...] What is Wrong With Chasing Bank Rates? @ My Journey to Millions [...]

By: Craig Ford

Craig Ford — Sun, 14 Mar 2010 20:20:24 +0000

I agree that for most folks the interest rate is not as important as they think. All the different fees will make a much bigger difference than interest.

By: BibleDebt

BibleDebt — Sun, 14 Mar 2010 02:15:16 +0000

Rather than chase interest rates, take some of the extra money and buy in bulk when things are on sale or you can get a deal with something you will buy.

I agree that rate chasing is not worth your time and usually involves hidden fees or introductory rates.

By: Investor Junkie

Investor Junkie — Sat, 13 Mar 2010 19:45:49 +0000

guys if this is a taxable account it’s even less

By: Evan

Evan — Sat, 13 Mar 2010 05:47:18 +0000

No Fail! My bad…

By: Lakita (PFJourney)

Lakita (PFJourney) — Sat, 13 Mar 2010 04:57:02 +0000

@Evan: Actually we are agreeing…maybe I didn’t say it properly. I was trying to imply that the amount gained is minimal compared to what is invested.

What I meant to say was, by the time you reach the point that chasing rates makes sense because you are gaining substantial increase….your principal is so high that you probably have better investment strategies than chasing bank rates.

I was trying to point out the paradox. Comment FAIL! haha!

By: Investor Junkie

Investor Junkie — Sat, 13 Mar 2010 03:48:52 +0000

Ginnie Maes were not affected by the recession. Yeild was not affected. Yield is in the 4%+ range.

As far as a double dip recession I consider that a different question. Right now my opinion is this Next year we could see a tripple witching occur. Taxes, stimulus ending and fed policy I suspect will change. All not good for the stock market

By: Evan

Evan — Sat, 13 Mar 2010 02:57:02 +0000

Thanks for stopping by Lakita. I really have to disagree with you though.

That $100 gain is over the course of a YEAR! Or $10 a month lol

Add more! Do $100K. You think worrying about another extra $100/month really matters to someone with that much money in cash