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?
And also, if I left, I definitely wouldn’t be eligible to rejoin. Moving and changing jobs has ended that.
I agree with the others who recommended having both. I like to have multiple banks just so I don’t lose everything if one account gets compromised.
Just keep it open. Can’t hurt. I’ve got accounts at 3 credit unions (1 online, 2 local). Being in the military years ago, I saw a lot of people who’s accounts were hacked and how much it sucks to have no money at all, so I don’t keep all my money in one place.