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Old 07-02-2020, 04:05 AM   #541
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Sneaky CapitalOne, as soon as I dropped the $100k in to the accounts for the $900 bonus, before the 6/30 deadline, they went from 1.15 to 0.8% on 7/1. So net bonus dropped from $687 to $600 over the 2% I’m still getting at DERI. Still worth it. I wonder if they knew they were going to drop well below the going rate for HY savings, and put out that offer to counter the expected exodus of cash.
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Old 07-02-2020, 05:00 AM   #542
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Any other recommendations or comments about the Citi offer?

]


Is this offer from Chase still available?

https://www.doctorofcredit.com/chase...savings-bonus/
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Old 07-02-2020, 05:04 AM   #543
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Thanks for having a look! I too think it seemed quite straight forward. They do note that it could take up to 90 days after the 60 day period to provide the promotion payment, and if you have less than the 50k in linked accounts (after the 60 days) they will charge you a monthly fee. I do not have anything else at Citi. I'm not sure if I could product switch after the 60 days to a lower tier account..and still be eligible for the promotion payment. I may inquire about that.
At the current ~ 1% online savings rate, the 5 month return would be $208, which is still ~ 500 less than the 700 bonus.
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Old 07-02-2020, 05:38 AM   #544
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I looked at the Citi deal last fall and decided at the time that it wasn't worth it as the interest rate on the savings account that you needed to open was very low, compared to Citi's high yield savings account, which does not qualify as one of the two accounts you must open. Also assuming you move the money out as soon as possible, I would be assessed monthly maintenance fees unless I leave at least $15,000 in the accounts until the bonus is paid and you move all the funds out. At the time I didn't like getting practically nothing as a rate of return when I was receiving over 2% at Ally.

Now however, with HY rates low everywhere, it's more about the cash bonus. The $700 (less up to 3 monthly maintenance fees) looks pretty attractive. Will mull over doing this to see if it's worth all the hoops I'll have to jump through.

Also if this deal is through year end, I could do this twice with the same $50,000, once in my name, pull all but $1 out after 60 days, rinse and repeat in DH's name with the same $50,000. Total $1,400 less up to 6 monthly maintenance fees.
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Old 07-02-2020, 05:44 AM   #545
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I looked at the Citi deal last fall and decided at the time that it wasn't worth it as the interest rate on the savings account that you needed to open was very low, compared to Citi's high yield savings account, which does not qualify as one of the two accounts you must open. Also assuming you move the money out as soon as possible, I would be assessed monthly maintenance fees unless I leave at least $15,000 in the accounts until the bonus is paid and you move all the funds out. At the time I didn't like getting practically nothing as a rate of return when I was receiving over 2% at Ally.

Now however, with HY rates low everywhere, it's more about the cash bonus. The $700 (less up to 3 monthly maintenance fees) looks pretty attractive. Will mull over doing this to see if it's worth all the hoops I'll have to jump through.
It is also getting to where the monthly online savings % is closer to the monthly maintenance fee, i.e. leave the monies in there for 5 months to avoid the fees.
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Old 07-02-2020, 06:20 AM   #546
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It is also getting to where the monthly online savings % is closer to the monthly maintenance fee, i.e. leave the monies in there for 5 months to avoid the fees.
Do you know offhand what the monthly fees are?
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Old 07-02-2020, 07:15 AM   #547
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Ditto. We opened the 4 year at GTE last year at 2.94% for 4 years and added the funds from our Navy Fed CD 3.25% which matured this week. Will add to it each year as our ladder matures until 2023 unless of course rates return to previous competitive terms.
Thanks for the reminder about the GTE account I opened. I just added my checking account to send them some $$$. Anyone know what the limit is for inbound $$$ transfer w/ GTE?
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Old 07-02-2020, 07:30 AM   #548
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Thanks for the reminder about the GTE account I opened. I just added my checking account to send them some $$$. Anyone know what the limit is for inbound $$$ transfer w/ GTE?
$5,000 per day I believe. However if you initiate the transfer from the other institution I don't believe there is a limit. I pushed a large amount from Ally to GTE.
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Old 07-02-2020, 07:46 AM   #549
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Do you know offhand what the monthly fees are?

I've concluded that for me it's not worth it, as the $50,000 would be coming out of an Ally no penalty CD paying 1.95%. The maintenance fee at Citi is $30 a month if keeping less than the $50,000 in for the 5 months that I would need to(60 days then 90 more days). So either a net bonus of $580 to $610 depending on the number of full months to avoid the maintenance fee. I then would not have the same 1.95% to put the money back into. Others may make a different choice depending on where the money is currently and what it is earning.
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Old 07-02-2020, 09:48 AM   #550
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I've concluded that for me it's not worth it, as the $50,000 would be coming out of an Ally no penalty CD paying 1.95%. The maintenance fee at Citi is $30 a month if keeping less than the $50,000 in for the 5 months that I would need to(60 days then 90 more days). So either a net bonus of $580 to $610 depending on the number of full months to avoid the maintenance fee. I then would not have the same 1.95% to put the money back into. Others may make a different choice depending on where the money is currently and what it is earning.
Sorry for the lack of response. Was out playing Pickleball.
Agree with you in your situation.
However if one is in a not locked in current ~1% HYS account, then it could be worth it, with rates only going lower to even out against the fee vs. interest.
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Old 07-07-2020, 04:10 PM   #551
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Just received an email from Ally. Online savings account rate is going down to 1% APR effective tomorrow.
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Old 07-07-2020, 06:11 PM   #552
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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.
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Old 07-07-2020, 06:15 PM   #553
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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.
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Old 07-07-2020, 06:15 PM   #554
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So the Ally Bank bonus deal holding period is over, and should be paid by 7/31.
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Old 07-07-2020, 06:15 PM   #555
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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.
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Old 07-07-2020, 07:18 PM   #556
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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.
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Old 07-11-2020, 05:29 PM   #557
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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!
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Old 07-11-2020, 05:40 PM   #558
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... 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/knowl...sits/#Key_Bank
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Old 07-11-2020, 05:54 PM   #559
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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.
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Old 07-11-2020, 08:08 PM   #560
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Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

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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/knowl...sits/#Key_Bank


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