One rate chaser interviewed in the article describes how he got a 9.36% 7-month CD. Previously, he had $100k of his money in FNBO Direct's 6% savings account. Half of that $100k was from borrowed credit card money at a special 0% intro rate. He was a small-timer though. Several thousand had deposits over $400k at FNBO and many had over a million.
Submitted: Oct 13, 2007
Views: 2015
Comments: 7
Likes: 32
View Article: http://www.nytimes.com/2007/10/13/business/yourmoney/13money.html
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Comments Received:
Good article, but too simplistic. There is money to be made by chasing rates. I am surprised that they mention Bankrate. It is so difficult to use. This site provides a much better roadmap for the folks that the article talks about. I also like the bankdealsblog.com site.
Posted: Oct 13, 2007
The article now requires logging into NYT to read it. You can read it without a NYT login at StarNewsOnline.
Posted: Oct 15, 2007
The html tag didn't get included in the previous comment so here's the full URL of the StarNewsOnline copy of the article:
http://www.wilmingtonstar.com/article/20071013/ZNYT01/710130435/1002/business
Posted: Oct 15, 2007
You can make money doing this, but the fool who left his money in netBank should serve as a cautionary tale to anyone considering going over FDIC limits.
Posted: Oct 15, 2007
Wow, I didn't realize people chased rates so aggressively. Thanks for posting.
Posted: Oct 15, 2007
Drew
(Unregistered)
I can't believe that the Federal Reserve has lowered interest rates lately. In my opinion, INFLATION has been running wild lately for people who purchase everyday common items (gas & energy, food) and I believe an interest rate HIKE is necessary to fend off inflation.
Plus, I would like to lock in some higher savings/cd rates! The rates over the past few years has been horrible!
Posted: Nov 5, 2007
Who would chase a 0.1% on such a piddly amount like $100K...
Dr. D
Posted: Nov 17, 2007
