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ChrisP5 (Missouri)
Posts: 165
Posted:
Does anyone have any reccomendations for banks currently offering decent rates on their savings, MMAs and CDs? Does anyone use ING Direct or any of the other online banks? Most of our local banks aren't offering above .5% on savings/MMAs.
MicheleD (Kentucky)
Posts: 4,491
Posted:

ChrisP5 (Missouri)
Posts: 165
Posted:
I didn't intend for my post to be SPAM but I would like to thank you for that lovely picture. I have spent quite a bit of time looking around at the different online banks only to call and find out that most of their specials are only for personal customers. I have also called most of the local banks and found that they have some pretty crappy rates right now. I am sure that many associations are faced with trying to maximize their investment dollars right now and I thought that perhaps someone might have found a hidden treasure that they could share with the rest of the group. Even with our associations limited reserves I estimate that we could earn at least 200-300 extra dollars per year by finding a better rate than we have now.
BrianB (California)
Posts: 2,820
Posted:
I use ING, among other online banks.

but not for HOA... there are pros and cons of using online banking for HOA's. I would have loved it, with my small HOA and no one really caring how things went, as long as stuff got paid. However, for a larger HOA with need for more "professional level" of transparency, online banking can be scary, and would need solid oversight.
JamesG (Connecticut)
Posts: 83
Posted:
We use ING Direct for Business. They currently offer CD rates as high as 2% for 12-months. Not great, but a whole lot better than local bank CD's or money market accounts.

This must be established as a business account and must be linked to a local business banking account. You also need to submit paperwork proving that you are a legit association.
JonD1
Posts: 2,350
Posted:
When searching for places to put our money I use Bankrate.com

You can search for CDs and MMs using different terms, different areas including online banking institutions and the returns for both regular CDs and Jumbo CDs (which offer higher rates).

Right now with the interest rates at all time lows tough to makes your money work much for you after a 2% return and then paying taxes.

Low rates are good for some but bad for others with money to invest.

Good luck in your search.
ChrisP5 (Missouri)
Posts: 165
Posted:
I used bankrate but a lot of the places I called, at least the ones offering rates above 1.5% told me they only applied to personal accounts, have you found that as well? Sadly we are nowhere near qualifying for jumbo CDs based on our balances but almost anything has to be better than our 0.2% rate that our money is curretly earning.
ChrisP5 (Missouri)
Posts: 165
Posted:
Quote:
Posted By JamesG on 12/29/2009 8:36 AM
We use ING Direct for Business. They currently offer CD rates as high as 2% for 12-months. Not great, but a whole lot better than local bank CD's or money market accounts.

This must be established as a business account and must be linked to a local business banking account. You also need to submit paperwork proving that you are a legit association.

James - Is the process pretty easy with their business side after providing the paperwork listed on their website or do they make you jump through a bunch of hoops to open a savings or CD?
MaryD3 (District of Columbia)
Posts: 6
Posted:
NCB is running a special depsosit rate for Community Associations Nationwide.
Term APY
6 months 1.00%
12 months 1.75%
18 months 2.10%
24 months 2.25%

Please contact me if you would like more information or an application form.
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Mary Alex Dundics, Vice President, NCB
Official HOATalk.com Sponsor
NCB offers Banking Solutions for Community Assocations

www.ncb.coop/hoa
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