Money set aside for scholarship
Hi Terry,
Love you on WGN and your helpful website info. I have $10,000 that I’ve set aside to fund a small scholarship in my parents’ honor. I want safety so I opened what appeared to be the “right” high-yield savings account. Hit all of the criteria, but AFTER I opened it the confirmed rate was significantly lower that what was advertised (4.2%) and it says mine is earning 1.01%. I read through minimum deposits, rules, etc. I just opened this and would like to back this money out and invest it where I can earn a hire rate that is confirmed. Every dollar will go toward a scholarship award so it matters. I feel foolish (I do my due diligence) but glad I’m catching this early to change course. The company is Axos and I do not believe there is any fee to close the account. What should I do with the money to ensure it’s safety AND help it earn a decent rate?
Thank you!
Terry Says
I think you should call IMMEDIATELY and demand an answer as to why the quoted rate was 4.2% — but you received far less.
Maybe that higher rate required a larger minimum deposit?
Whatever, they should let you out of this deal immediately, and wire your money back to your bank.
If you still have a problem after demanding this, please let me know. (Take names and phone numbers of the people you talk to.)
