The Move Your Money Movement…

by hedy on May 30, 2010

Yesterday’s mail brought two semi-related pieces of mail: the check from Discover Bank for my old CD, and this month’s Consumer Reports.  In Consumer Reports, I read about the “Move your Money” movement.  Starting by Ariana Huffington, the Move Your Money philosophy is that banks which were considered “too big to fail,” are spending customer’s money unwisely, and have not done well with the bailout money.  As such, this movement urges people to think of moving their money out of local banks (making an analogy to the famous “Run on the Bank” scene in It’s a Wonderful Life). Free Pictures |

Because of reading that piece, I did some comparison shopping on savings accounts which are local to me.  Bank A offers a money market with an interest rate of 0.25%.  The money market at Bank B offers 0.55%.  The third bank, Bank C, offers amoney market with the rate of 1.15%.  Comparatively, the top three rates on Bankrate are 1.40% (Sallie Mae), 1.345% for both Discover Bank and Capital One.

I am unsure of if I will switch my money over to the local Money Market rather than a national account.  I like the concept, but at the same time I am prone to looking out after my wallet. There is a way in which the point seems moot as all banks are FDIC insured. Also, while big banks may be doing things that aren’t great, they are still loaning out money (if I go with Sallie Mae, my money will go to funding students’ loans).

Have you moved your money?  Why or why not?

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