My son is excited about the new School Savings plan Umpqua Bank is offering. I am not. My son earns 6% interest on his credit union account, Umpqua Bank offers 0.1%. I tell him this is 1/60th of his credit union rate.
I thought my kid was good at math. What happened to the good ol' days of rocketing returns from shorting the banks, boy?
[heavy sigh]
Washington Mutual, the "we faw down and go boom" bank, was offering .25% way back when.
The only advantages I see is that my boy does his banking in person, he gets a piece o'swag for a deposit reward, and I have an excuse to visit an Umpqua Bank to cash in my "free coffee!" Chinook Book coupon without looking like someone on the take.
Umpqua Bank visits my son's school
February 8th, 2012 at 11:35 pm
February 9th, 2012 at 12:28 am 1328747310
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February 9th, 2012 at 05:56 pm 1328810196
Gold star comment!
I thought about this: we're making .4% on our money market account, but we don't go for online banks because at some point we may need that money. We earn more interest with smaller amounts in other accounts. Why should my child have all his $ in 6% interest accounts? He earns more interest with riskier investments, and less with guaranteed investments.
Also, for the same reason people like me shell out $3 for foo-foo coffee and pay higher prices for groceries, my son wants to bank with Umpqua despite the low interest rate: the proximity. they come to his school every week. He doesn't have to wait for his mom or dad to walk him to BECU.
February 10th, 2012 at 04:17 am 1328847459
February 10th, 2012 at 05:29 am 1328851743