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Old 01-07-2013, 12:50 PM   #21
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Add American Express Bank to the list. Easy to set up and transfers can be scheduled.

ING was recently purchased by CapitalOne. For now, its rates are better than CapitalOne but not as attractive as at Ally or Amex. Not sure what will be happening, but I suspect the rates will drop as they get further absorbed.

-- Rita
ING in Canada was recently purchased by Scotiabank. I am a customer of both. It will be interesting to see how this evolves.
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Old 01-07-2013, 01:02 PM   #22
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ING was recently purchased by CapitalOne. For now, its rates are better than CapitalOne but not as attractive as at Ally or Amex. Not sure what will be happening, but I suspect the rates will drop as they get further absorbed.

-- Rita
Had a capone savings account for a while. Just noticed that the info doesn't show now the capone page but opens the ING website. Their rates have dropped so maybe time find another. Capones rates were the best when I opened back in 08.
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Old 01-07-2013, 01:58 PM   #23
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Had a capone savings account for a while.
Capone? Bet it was tough to make a withdrawal...
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Old 01-07-2013, 02:12 PM   #24
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Capone? Bet it was tough to make a withdrawal...
It's a little easier at Corleone, but you don't want to execute the transaction at a toll booth.
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Old 01-07-2013, 02:54 PM   #25
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The folks at fatwallet keep close watch on this:

Best Nationally Available High APY Liquid Accounts


I have my cash at TIAA-CREF, earning 1.25%. No new accounts, though.
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Old 01-07-2013, 03:14 PM   #26
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I was about to suggest TIAA Direct as well but jon-nyc beat me to it. That is where we keep our cash reserves. I didn't realize they were not accepting new accounts though.
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Old 01-07-2013, 04:50 PM   #27
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It appears some of you don't subscribe to keeping 1, 2 even 3 years of cash on hand once you retire. I only kept an emergency fund when I was working, now I've let cash grow to 2-3 years worth of
I'm not in that camp. I have about a year's worth in VG MMF, another year in a deferred compensation stable value fund, and the rest is going to VFIIX. I think/hope that'll work fine.
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Old 01-07-2013, 05:53 PM   #28
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It appears some of you don't subscribe to keeping 1, 2 even 3 years of cash on hand once you retire. I only kept an emergency fund when I was working, now I've let cash grow to 2-3 years worth of annual expenses.
I think that is prudent. I only keep a little real cash -- although I expanded that to cover most of the current year's anticipated withdrawals this year. But I keep several years worth of withdrawals in the TSP G fund which is as safe as cash. If we get a big down turn I want to be able to rely on that to protect the equities.
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Old 01-07-2013, 06:00 PM   #29
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A ladder of CDs, maturing every six months, works well for me.
I also keep a chunk in a Discover bank savings account earning 0.8% for emergencies.
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Old 01-07-2013, 06:49 PM   #30
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Capone? Bet it was tough to make a withdrawal...
You just need a tommy gun
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Old 01-07-2013, 07:43 PM   #31
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Do you know whether it's possible to electronically transfer funds to the American Express savings account from a brokerage account or a mutual fund account - initiated from the brokerage/mutual fund account?

Fidelity says that bank "non-passbook savings accounts" are eligible for electronic fund transfers, so I'm wondering if the American Express Bank "high yield" savings account would fall in that category.
Audrey,
I can't answer that. But as they are a bank, I can't see why not.

I have tied my credit union account to Amex and transfer back and forth that way. I haven't tried to tie my Schwab account to Amex.
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Old 01-07-2013, 10:46 PM   #32
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I transfer funds between my BOA checking account and my Fidelity accounts all the time. I always initiate it from Fidelity, so I've never paid a fee.
Same here. All of the electronic transfers to and from my BOA account are initiated from the non-BOA account, such as Fidelity and ACH bill payments. Even a large one-time transfer which needed a medallion signature from BOA did not result in a fee.

As to where I keep cash, I do not keep a large cash account anywhere because I have set up a monthly cash flow via bond fund dividends. I don't like the idea of keeping a large amount of money earning next to nothing, I keep just enough in my local bank account to meet minimum balance requirements along with a small buffer or cushion (about $750) to cover small, unforeseen expenses.
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Old 01-07-2013, 11:08 PM   #33
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If you have a mortgage then an offset account with the same institution can be a good option: Offset accounts help lower costs | News.com.au

BUT check the numbers .... I looked into doing this with a bank in Hong Kong a few years ago and was told that while they would do it (in fact they advertised the product extensively at the time), they would charge a slightly higher rate on the mortgage which meant that it only worked for me if I had a lot of money in the offset account.
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Old 01-08-2013, 04:23 AM   #34
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I'm finding this discussion a little strange. Before we closed our account two weeks ago, we have had BoA since they took over BankBoston and we've never been charged for an electronic funds transfer. Is that fee waived for folks with a certain balance? That's got to be it. They make you keep an ungodly high balance making practically no interest in order to have such annoying fees waived. Good riddance!
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Old 01-09-2013, 02:26 PM   #35
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I am willing to store cash for only 1% of the total amount.
The same price financial advisors charge. And I can guarantee you will get the original amount back which is more than they can do.
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Old 01-10-2013, 09:03 AM   #36
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since this got posted I went looking to see what the current rates are for a place to store my emergency/contingency funds. Not much, hard to believe actually thinking 1% is a good deal!

CitBank @1% > $25K https://www.bankoncit.com/product-savings.htm

Barclays @1% https://www.banking.barclaysus.com/index.html

SallieMae bank @1.05% https://www.salliemae.com/banking/money-market/

Ally @ 0.95% Online Banking | CDs | Money Market | Savings and Checking | Ally

CaptialOne has dropped to 0.5% and is in some merger/takeover with ING

Schwab Checking @ 0.25%
Schwab MM @ 0.01%
Vanguard MM @ 0.01%
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Old 01-10-2013, 12:40 PM   #37
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since this got posted I went looking to see what the current rates are for a place to store my emergency/contingency funds. Not much, hard to believe actually thinking 1% is a good deal!

CitBank @1% > $25K https://www.bankoncit.com/product-savings.htm

Barclays @1% https://www.banking.barclaysus.com/index.html

SallieMae bank @1.05% https://www.salliemae.com/banking/money-market/

Ally @ 0.95% Online Banking | CDs | Money Market | Savings and Checking | Ally

CaptialOne has dropped to 0.5% and is in some merger/takeover with ING

Schwab Checking @ 0.25%
Schwab MM @ 0.01%
Vanguard MM @ 0.01%
I checked these out through Bauer Financial (bauerfinancial.com) or bank rate. At Bauer Financial:

Citibank 4 star Excellent
Barclays 4 star Excellent
Sallie Mae 4 star Excellent
Ally 3-1/2 star Good
CapitalOne 3-1/2 star Good (acquiring ING)
Schwab 5 star Superior

ING 5 star Superior


-- Rita
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Old 01-10-2013, 01:31 PM   #38
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We have used Money Market accounts to transfer from CD's or IRA's in the same bank for 20 years... at one time with MM account earning 9%.
Bankrate now lists highest yields. 1%+-
The main reason we do it is for neartime accessibility. In the case of IRA withdrawals, original signatures are needed. This meant 7 days mail, and 2 days processing each way, to obtain cash. With the MM a/c in the same bank, can now do an online transfer from IRA or CD to MM and then to our local banks as needed. Actual time is about 3 days. No cost.

Recently, GE took over the MM and CD/IRA so now have opened savings @ .09... must keep min $100 Bal.
Same deal for transfers... free online.
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Old 01-10-2013, 01:38 PM   #39
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We have used Money Market accounts to transfer from CD's or IRA's in the same bank for 20 years... at one time with MM account earning 9%.
Bankrate now lists highest yields. 1%+-
The main reason we do it is for neartime accessibility. In the case of IRA withdrawals, original signatures are needed. This meant 7 days mail, and 2 days processing each way, to obtain cash. With the MM a/c in the same bank, can now do an online transfer from IRA or CD to MM and then to our local banks as needed. Actual time is about 3 days. No cost.

Probably a better way, but am not money smart.
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Old 01-10-2013, 02:14 PM   #40
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At ER - about a year and a half ago - I opened a Cap One online savings account in which I hold about two years of living expenses (call it an emergency fund). The rate was 1.15%. About every two months they lowered the rate by a tenth or so. I finally got fed up with that game and transferred over to Ally at .95%. No fees, and so far no gimmicks with teaser rates. The transfers from my Fidelity brokerage account are simple. 24/7 customer support.

The fun part is that I haven't touched the account for spending since I opened it. I'm doing fine living on dividends from my taxable account, so far.
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