Thursday, July 3, 2008

How do you decide where to bank?

I was wondering how many people think that APY's are important? I mean most people know what they are but financial institutions try all sorts of promotions offering great APY's. Do those incentives really make people move their money from one financial institution to another. Or do you just bank with the financial institution your parents bank at?
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7 comments:

  1. AnonymousAugust 14, 2008 at 3:24 PM

    i decided to bank with the same company my parents chose being as though they have more knowledge of the company and could help me with my financial decisions.

    ReplyDelete
  2. AnonymousAugust 26, 2008 at 11:51 AM

    I decided to bank through my old employer which is also a credit union. Since I know everyone there, I know my accounts will be in good hands, plus they give me really good rates!

    ReplyDelete
  3. AnonymousAugust 26, 2008 at 11:58 AM

    It just depends on the person.

    Some people do bank just for the APYs, but some people want the familiarity too. I remember looking into bankrate.com and they
    list the best savings account to have is an online account from this bank in Kansas. Do I want to trust a bank in Kansas when I never even seen the location? I would feel more comfortable if there is an actual place I could go if I had questions.

    But at the same time, customer loyalty doesn't alway matter because say there is a no-name bank with a great APY for a loan (and no fees), as long as the bank is FDIC insured, regulated and recognized by the government, and has a good-standing history, perhaps that bank might be that bad.

    It's like shopping; I shop at Ralphs, but once in a while, nothing wrong with going to the 99 cent store.

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  4. CHICAAugust 27, 2008 at 8:02 AM

    I look for a bank that offers free accounts and services with no strings attached.

    ReplyDelete
  5. AnonymousAugust 27, 2008 at 8:14 PM

    I agree.... I luv the Lime accounts, Free Checking, Free Bill Pay. It doesn't get any better!

    ReplyDelete
  6. AnonymousSeptember 4, 2008 at 10:58 AM

    I decided to bank at the bank i used to work at, because it was easy and i found that i could relate to the members about our products, rules and regulations because i delt with them myself. Now that i work with the Credit Union i also have an account here, for the same reasons.

    ReplyDelete
  7. AnonymousSeptember 10, 2008 at 11:11 AM

    Convenience is a main solution for my banking needs. The online banking is fast and user friendly and doesn't take time and effort. Convenience!

    ReplyDelete

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