Justin's Banking / Loans Blog

Are You a Rate Chaser?

Rate chasers move money from bank to bank earning the best rates available.



While it's normal to switch for better rates, true rate chasers are fanatical about how much they earn and they switch frequently. They know which bank pays the most, and they'll move for a quarter percent APY.



Does it make sense to work that hard? It depends on how much you have and what your time is worth. Large balances make the endeavor more attractive. However, there are pitfalls. For example, your money might not earn anything for a few days while moving from bank to bank.



A good rate chaser knows about the tradeoffs and how to structure transfers to lose as little interest as possible. Are you one of these people? Tell us how you finally came to admit you're a rate chaser.