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Should I leave my credit union over account interest rates? (sopuli.xyz)

submitted 11 months ago by Blu@sopuli.xyz to c/personalfinance@lemmy.ml

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TL;DR: Credit union account rates low, I moved, and even though the app and co-op network are great, not sure if I should leave.

So, I've been with a certain credit union for years. But, to be honest, compared to some other credit unions out there (or even banks), it has pretty lackluster rates across the board.

I moved recently and that's given me cause to think about closing it, despite the great app and co-op network basically working regardless of where I am.

0.2% on checking, 0.45% on savings, and about 0.9% on a money market account with a $1000 minimum.

It's got great customer service. I'm on a first name basis with the people there, but I feel like, even with just checking and emergency savings, I'm leaving money on the table.

Is it worth leaving for some of those advertised 4 and 5% checking and savings accounts other places offer?

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[–] otherbarry@lemmy.zip 8 points 11 months ago

You are not required to only have one bank account. You can have as many checking/savings accounts as you like.

If you like the CU account then keep it & open a different account elsewhere with higher rates for the majority of your cash to sit in. You can transfer money between bank accounts.