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What reasons would there be to buy CDs at a nearby bank as opposed to where the numbers work out best?
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Re: Reasons to buy CDs locally?
I've thought about it for some emergency money in DH's name, since he's not used to using the computer. If I were in the hospital or something, and he needed cash, it would be easier for him to cash in a CD or a paper EE bond than try to deal with an online bank.
Also, if we had an emergency and needed to get money into checking very quickly, it would show up as available much quicker if it was from a CD at the same bank. (As opposed to ING transfers which can take several days.) -
Re: Reasons to buy CDs locally?
In the past, you could benefit by having a good relationship at a small local bank where your long term banking relationship meant something and it could help you when applying for a loan. These days, I think it just pays to go wherever you find the highest rates.Comment
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Re: Reasons to buy CDs locally?
I don't think there's much advantage to banking in your own neighborhood. When i need money, i do an ACH (Automated Clearing House) transfer which doesn't cost anything; it takes about 3 days to land in my local checking acct.Comment
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Re: Reasons to buy CDs locally?
There is no advantage to using a local bank. If you needed to cash out early, you can do so online or by phone. I consider that even easier than having to physically go into the local branch.
I say go where the money is. I just bought a CD with AmTrust bank in Ohio. I'm in NJ. Handled the whole transaction in about 10 minutes online.Steve
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