Wednesday, July 1, 2009

TCF Bank mysterious actual Money Market APR, promise 3% - pay 1.6%

A couple of months ago I was persuaded by the clerks at TCF to move my money market funds to TCF, they said they pay 3%. Most recent payment averages at 1.6%, but there's no mention anywhere on their site what actual rate they do pay.

They might have acted within the law - but I feel cheated.

Jeers!

Previously:
TCF Bank Savings Account 3% Yield - liars.

Check out: Bankoholic Money Market Rates Survey.

It seems 1.6% percent is still pretty high relatively to all that is available out there.

PS. At this juncture in time, would it be prudent to invest in stocks and higher yielding bonds rather than 0% APY money market accounts? Consider a mix of 30 large cap companies with yields between 4% - 7%. Like ATT and Verizon. Don't take it as a recommendation by little ol' me - just thinking aloud.

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