Comments on: Discover Your Money Personality http://www.mynewchoice.com/2007/08/17/discover-your-money-personality/ Debt free, financially independent and retired early Sun, 31 Jan 2010 22:17:54 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Mark Andersen http://www.mynewchoice.com/2007/08/17/discover-your-money-personality/comment-page-1/#comment-10363 Mark Andersen Sat, 18 Aug 2007 02:32:57 +0000 http://www.mynewchoice.com/2007/08/17/discover-your-money-personality/#comment-10363 The other thing to note is that in the future, as interest rates go up again, the CDs will start outperforming the savings/money market accounts again too. Also note that part of the reason online banks offer better rates is because their customers will forget how to access their money. They won't actually say that of course, but if grandma moved all her money to an online account and then passed away, who would know how to access it? If the family didn't know she had an account there, they won't notify the institution of the death, meanwhile the institution is using all of that retirement money. The other thing to note is that in the future, as interest rates go up again, the CDs will start outperforming the savings/money market accounts again too.

Also note that part of the reason online banks offer better rates is because their customers will forget how to access their money.

They won’t actually say that of course, but if grandma moved all her money to an online account and then passed away, who would know how to access it? If the family didn’t know she had an account there, they won’t notify the institution of the death, meanwhile the institution is using all of that retirement money.

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