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Thread: which bank or both

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    God/dess greenidlady1's Avatar
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    Default which bank or both

    I currently bank with Wachovia and have being doing so for ten years. I am pleased with their services but the company I am employed with has a credit union. Should I open an account there as well or switch? Also, will the credit union be more likely to give me a better interest rate on a loan if I have subprime credit?

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    God/dess Emily's Avatar
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    Default Re: which bank or both

    usually the credit union is better. Do you have a savings account with Wachovia?

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    God/dess greenidlady1's Avatar
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    Default Re: which bank or both

    Yes, I have savings with Wachovia and checking.

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    Default Re: which bank or both

    I have wachovia and I know the savings rates suck. I use an online money market earning just over 5%. What's the credit union give you?

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    Default Re: which bank or both

    I don't know just yet. The thing is I am probably not going to be with this company much longer. I just thought of switching to save money on a loan. I might just ride by there tommorrow and see what their rates are. I don't even know that they would give me a loan. I plan on having a co-signer if I can not do it on my own. My car recently died and I am renting a car for about 140 weekly. I can not continue to do this. So, I hope to get something with a decent interest rate and probably something fairly new. I'd like to keep my payments at 350 or below.

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    Default Re: which bank or both

    Savings and checking accounts get .90%. Money market gets 2.72%. APR on new cars is 5.75 and used is 6.75?

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    Default Re: which bank or both

    well, you can always call and find out. It can't hurt. More than likely, it won't make a huge difference in your monthly car payment.

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    Default Re: which bank or both

    The thing is I am probably not going to be with this company much longer. I just thought of switching to save money on a loan. I might just ride by there tommorrow and see what their rates are.
    One very handy thing about Credit Unions is that 'once a member, always a member'. You should definitely join while you are still eligible i.e. employed by this company. Then later, even if you are working somewhere else, your accounts will already be open.

    Savings and checking accounts get .90%. Money market gets 2.72%. APR on new cars is 5.75 and used is 6.75?
    savings and checking interest rates are pretty bad, and so is the money market rate. It's worth checking out their 3 month CD rate though, because Credit Unions are known for skimping on the savings and checking rates in order to boost the CD rates.

    As to the used car rate of 6.75%, that's not too shabby compared to lots of 'subprime' auto lenders. The next question of course is whether or not they will approve your loan request ... with a co-signer you're probably a shoo-in.

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