Veteran Advisor
Posts: 939
Registered: ‎10-18-2016

Chasing Interest Income

Most farmers have a little money in the checking account from time to time and are disgusted with the pathetic interest it draws.  It's hard enough to get decent interest on money in any account.  CDs are horrible.

I've started shopping around for interest income.

Like many of you, I have most of my finances in the bank that supports the farm, but I have a couple of other accounts and I am more and more moving money around to bring the best interest or other best terms.  It's my money, not theirs, and they don't need to get in the notion that they can pay miserable interest and have me sit here and like it.

I'm not saying there is enough interest out there to drive all of us to shop around all the time, but I've told one bank I was moving money away from them because they were not competitive on a loan and their interest payments were way low.

If the Fed raises rates, maybe banks will get the idea they need to offer me some decent return.  As it is now they're happy to charge all the traffic will bear but loath to pay anything decent.

Subject Author Kudos Posted
This is a topic with new unread messages 0 ‎07-13-2017 10:04 AM