Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

[jollystomper]

Just received an email from Ally. Online savings account rate is going down to 1% APR effective tomorrow.

 

[BergLust]

Please report back to us on that. Thanks,

What I have read is the following in their T&C:

• The Cash Bonus will be credited within 90 calendar days from the date you complete all Required Activities. At the time the Cash Bonus is paid, it will be credited to the new Eligible Checking Account. If the Eligible Checking Account is closed, then the Cash Bonus will be credited to the new Eligible Savings Account. Open accounts must be in good standing.
  
• Package Options - Even though Citibank allows customers to change their package type at any time, changing your package may impact your eligibility for this promotion. You are only eligible to earn the Cash Bonus for the package associated with your Eligible Checking Account on the 30th calendar day after the Account Opening Date of your checking account.
• In addition, if you change your package type to one with a lower Minimum Deposit and Minimum Balance during the 60 day maintenance period, you will not fulfill Required Activities. For instance, you may not convert your Citigold Account Package to the Citi Priority Account, Citibank Account, or Basic Banking Packages and still be eligible for the Cash Bonus. You may not convert your Citi Priority Account Package to the Citibank Account or Basic Banking Package, nor can you convert from your Citibank Account Package to the Basic Banking Package and still be eligible for the Cash Bonus.
• For the Basic Banking Package, to waive the $12 monthly service fee, make one qualifying direct deposit per statement period and one qualifying bill payment per statement period, or maintain a $1,500 or more combined average monthly balance in eligible linked accounts. A monthly service fee of $25 and a $2.50 non-Citibank ATM fee apply to the checking account in the Citibank Account Package if a combined average monthly balance of $10,000 or more is not maintained. A monthly service fee of $30 applies to the checking account in the Citi Priority Account Package if a combined average monthly balance of $50,000

So, if I got it right. I'll open the Citi Priority Account Package and a basic savings account. Fund the checking with 50k. Maintain the 50k in the account for 60 days from the date of funding. Then after 60 days, transfer most of the money somewhere else and transfer a little bit to the citi savings account (just to have a small balance). Close the checking account (which has the fee). Wait till the $700 bonus gets in the savings account. Collect the bonus and transfer everything out and close the savings account at Citi.

 

[BergLust]

Do you know offhand what the monthly fees are?

It depends. Look at the link and go to the "compare accounts" table. it's at the bottom.

 

[audreyh1]

So the Ally Bank bonus deal holding period is over, and should be paid by 7/31.

 

[audreyh1]

Just received an email from Ally. Online savings account rate is going down to 1% APR effective tomorrow.

They had to catch up with Amex Bank. Ally usually drops first.

 

[RAE]

So the Ally Bank bonus deal holding period is over, and should be paid by 7/31.

Yeah, I just double-checked today to see what date they should be paying out those bonuses. I made a note on the calendar that it should be deposited into my account by 7/31, or they will be hearing from me.

 

[Sue J]

I got a nice offer from Key Bank earlier this week.

key.com/E4get400

The deal is that you open a checking account with $50, have ONE direct deposit fo $500 or more and they pay a cash bonus of $400. Then you have to keep the account open for 180 days. Monthly service fee is $7 but that is waived with a monthly transfer into the account of $500. Easy enough!

I opened the account online and then went to my Social Security account to change my direct deposit. I was disappointed to find that the earliest this would go to the new bank is Sept, 2020 and my deposit is the 4th Wed of the month. That would not be within the 60 days.

DH gets his pension direct depoisited so we could use that instead. But he's not on the account, so we had to go into a branch and show photo IDs and add him to the account. I mentioned to the banker that my SS direct deposit would not happen in time and she said to call the local office. When we got home I called the local office expecting a long wait time, nope, got answered right away. They are not taking in-person appointments so the phones get answered quickly. I was able to get my direct deposit info changed, effective Aug 26th, within the 60 days for the bank promo.

This offer came in the mail with my name on it and a reservation number so I don't know if it is available to everyone. But if this shows up in your mailbox, it's a nice easy one, if you can get your direct deposit changed in time!

 

[njhowie]

... it's a nice easy one, if you can get your direct deposit changed in time!

Check the Key Bank direct deposit matrix at doctorofcredit.com as it may be even simpler to just use an existing account you may have elsewhere - many successes simply ACHing in from Amex, JPM/Chase, Huntington Bank, Wells Fargo, even Paypal:

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Key_Bank

 

[Dash man]

I got a nice offer from Key Bank earlier this week.

key.com/E4get400

The deal is that you open a checking account with $50, have ONE direct deposit fo $500 or more and they pay a cash bonus of $400. Then you have to keep the account open for 180 days. Monthly service fee is $7 but that is waived with a monthly transfer into the account of $500. Easy enough!

I opened the account online and then went to my Social Security account to change my direct deposit. I was disappointed to find that the earliest this would go to the new bank is Sept, 2020 and my deposit is the 4th Wed of the month. That would not be within the 60 days.

DH gets his pension direct depoisited so we could use that instead. But he's not on the account, so we had to go into a branch and show photo IDs and add him to the account. I mentioned to the banker that my SS direct deposit would not happen in time and she said to call the local office. When we got home I called the local office expecting a long wait time, nope, got answered right away. They are not taking in-person appointments so the phones get answered quickly. I was able to get my direct deposit info changed, effective Aug 26th, within the 60 days for the bank promo.

This offer came in the mail with my name on it and a reservation number so I don't know if it is available to everyone. But if this shows up in your mailbox, it's a nice easy one, if you can get your direct deposit changed in time!

If you look at the details the $7 monthly fee is waived if you deposit $500 each month, or have eight deposits, withdrawals activities during the statement cycle. So put the $500 in, then take it out, move it back again, rinse, repeat.

 

[Sue J]

Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

Check the Key Bank direct deposit matrix at doctorofcredit.com as it may be even simpler to just use an existing account you may have elsewhere - many successes simply ACHing in from Amex, JPM/Chase, Huntington Bank, Wells Fargo, even Paypal:

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Key_Bank

This offer specified that it had to be payroll, SS, pension or govt benefits.

 

[njhowie]

This offer specified that it had to be payroll, SS, pension or govt benefits.

I see that. And I also see folks on doctorofcredit.com indicating that they used the other methods, they posted as direct deposit, and they received their bonus - with dates on their posts in May, June, and July.

 

[audreyh1]

This offer specified that it had to be payroll, SS, pension or govt benefits.

I’ve seen these bank offers with such restrictions, yet any automatic regular deposit from a brokerage account was accepted as qualified.

 

[Sue J]

I see that. And I also see folks on doctorofcredit.com indicating that they used the other methods, they posted as direct deposit, and they received their bonus - with dates on their posts in May, June, and July.

Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.

I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.

 

[brewer12345]

Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.

I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.

Yes, they say all of that, but apparently most of these banks can't distinguish are regular ACH from the specified transfers so if you are willing to ignore the fine print and do what works you can capitalize on it.

 

[Dash man]

This offer specified that it had to be payroll, SS, pension or govt benefits.

I don't see that on the Key Bank website.

 

[njhowie]

I don't see that on the Key Bank website.

It's in the fine print:

You must open a Key Express Checking® (this is the basic banking account in NY), Key Advantage Checking®, Key Privilege Checking®, or Key Privilege Select Checking® account by the expiration date at 11:59 p.m. (ET) and make ONE single KeyBank direct deposit of $500 or more within 60 days after account opening to get $400. Normal account service charges and balance requirements apply to these accounts, including the minimum opening deposit of $50. Direct deposit transactions are limited to: payroll, Social Security, pension and government benefits. Accounts titled as Trust Accounts, Estate, and No Access are excluded from eligibility. Employees of KeyBank, its affiliates and subsidiaries are not eligible for this offer. You must have received a personalized offer/coupon/promotional code directly from KeyBank via mail or email and enter an offer/reservation code at the time of account opening to qualify. Limit one gift per qualifying account. Limit one gift per individual. The value of your gift will be reported on Form 1099-INT and deposited into your account within 60 days of meeting requirements. If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee. Other miscellaneous charges may apply. Offer not available to individuals who have had a KeyBank checking account or a KeyBank Hassle-Free Account® in the last 12 months. Accounts overdrawn or closed at the time of gift payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other offer. KeyBank is not responsible for, and will not honor, promotional offers that appear on non-KeyBank websites or that are not authorized by KeyBank.

 

[Dash man]

It's in the fine print:

I finally found it. They have several pages showing disclosures and only one page where you have to scroll down shows that print.

 

[MJ]

I got a nice offer from Key Bank earlier this week.

I was disappointed to find that the earliest this would go to the new bank is Sept, 2020 and my deposit is the 4th Wed of the month. That would not be within the 60 days.

If you call the SSA directly, you can ask them to change it sooner. I don't know why they don't have that option online.

 

[MJ]

Yes, they say all of that, but apparently most of these banks can't distinguish are regular ACH from the specified transfers so if you are willing to ignore the fine print and do what works you can capitalize on it.

While I have a private pension, I can direct deposit for myself. i'll try to also open an account for my wife using a regular ACH.
This may be a mute question but which would look more legit to Key Bank, an ACH coming from Schwab or Ally?

 

[njhowie]

While I have a private pension, I can direct deposit for myself. i'll try to also open an account for my wife using a regular ACH.
This may be a mute question but which would look more legit to Key Bank, an ACH coming from Schwab or Ally?

You need to use the link to the matrix at doctorofcredit.com which I provided on my comment on prior page:
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Key_Bank

The info there indicates that from both Ally and Schwab it did not count as direct deposit.

 

[Carol1862]

I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?

 

[GalaxyBoy]

I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?

Ally's still at 1.0%, so I'm not sure why you say "no other bank is anywhere close."

 

[audreyh1]

I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?

Lots of banks are offering 1% or slightly better on online savings accounts. https://www.depositaccounts.com/savings/

 

[pb4uski]

I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?

Yes, a lot of online bank savings accounts are in the 1% range. The difference is the CD is locked into 1.01% for its term, but the online savings account could go up or down over that period of time.

 

[Drake3287]

I had a $100,000. 2.90% CD renewal the other day with Summit State Bank here in California and the new rate for 12 months was going to be .55%. After inquiring about any unadvertised special rates going on they agreed to bump it to 1% because a few of the online banks have been offering it. Never thought I'd be happy with 1%!!!

I've had other banks do the same over the years, always worth asking for "special" rates.