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03-07-2020, 08:56 PM
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#121
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Got it. I guess I've got used to seeing some really nice juicy rates offered by some CUs that after a little research I figured out that I didn't qualify to join.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-08-2020, 08:07 AM
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#122
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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Quote:
Originally Posted by Momcpa
Not disappointed that I "couldn't become a member" per se. Disappointed that I didn't get the better rate that they were offering. Also disappointed that we couldn't qualify in case they continue to have good rates in the future.
Always looking for good rates to continue building my CD ladder. It was over 2% today.
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Have you used depositaccounts.com to monitor CD rates? It has a lot of details on eligibility requirements, rate alerts, customer contacts etc. I think it’s always good to ask for an exception to whatever the standard policy is. They might say yes!
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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03-08-2020, 09:50 AM
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#123
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,093
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Quote:
Originally Posted by statsman
We have far more money in our trust savings account (single inheritor) than I am comfortable with, exceeding the $500k insured limit. DW worked in banking for 40 years and has zero fears about the financial institution in question, but she understands if I want to move out some of the funds.
I would move some of the funds to someplace else, but all I see are recommendations for online accounts and some obscure credit unions that are a complete unknown to me. I guess insurance is insurance (FDIC or NCUA). Not seeing a lot available here outside Austin, TX. Those that are pay less than the money market rate we're earning on the excess funds.
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I've used online banks, for many years, without issues. I do ONLY use online banks that have been around for years, and are listed on the FDIC site (name,address,etc).
I certainly recommend ALLY bank, as it's easy to use and is competitive in the rates paid ( which means might not be the highest all the time, but close enough to the highest for me).
I have found a brick & mortar bank usually pays the worst or no interest, which is why I use online for savings & CD's and brick & mortar for checking account.
I just ACH transfer (it's free) between the two types to move money.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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03-08-2020, 12:29 PM
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#124
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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Quote:
Originally Posted by Sunset
I've used online banks, for many years, without issues. I do ONLY use online banks that have been around for years, and are listed on the FDIC site (name,address,etc).
I certainly recommend ALLY bank, as it's easy to use and is competitive in the rates paid ( which means might not be the highest all the time, but close enough to the highest for me).
I have found a brick & mortar bank usually pays the worst or no interest, which is why I use online for savings & CD's and brick & mortar for checking account.
I just ACH transfer (it's free) between the two types to move money.
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Exactly the same scenario for me.
Ally has an intuitive website and allows for very high daily transfers, if one wants to catch a special deal at another financial institution which might be limited in time.
__________________
TGIM
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03-08-2020, 12:43 PM
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#125
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Thinks s/he gets paid by the post
Join Date: May 2019
Posts: 2,816
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I just had a one year Ally renew at 2% + 05% bonus, but the one year is now 1.75%. I have another one coming due in about a month - so I hope there's something better available by then, maybe the 13 month or no-penalty.
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03-08-2020, 02:24 PM
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#126
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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Quote:
Originally Posted by GenXguy
I just had a one year Ally renew at 2% + 05% bonus, but the one year is now 1.75%. I have another one coming due in about a month - so I hope there's something better available by then, maybe the 13 month or no-penalty.
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Can someone remind me please of the Ally bonus details? I'm actually falling out of Ally lately but maybe the bonus would help keep me onboard. I have moved everything out of there as it matures because I always find better places to lockup CD money. I have the minimum in the savings right now and the no-penalty CD looks OK.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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03-08-2020, 04:18 PM
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#127
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
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Just locked in the NFCU 17 month 2.25% add on cd (not ira) with a CC. I will transfer the balance next week.
Thanks to all here that have recommended them. Wish I got on the bandwagon earlier.
Even the regular CD rates are around 2%.
And, I can't say enough about the customer service via telephone.
I am sure this forum has saved/made me 10's of thousands of dollars with simple things like this.
Thanks all.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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03-08-2020, 06:05 PM
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#128
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Thinks s/he gets paid by the post
Join Date: May 2019
Posts: 2,816
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Quote:
Originally Posted by jazz4cash
Can someone remind me please of the Ally bonus details? I'm actually falling out of Ally lately but maybe the bonus would help keep me onboard. I have moved everything out of there as it matures because I always find better places to lockup CD money. I have the minimum in the savings right now and the no-penalty CD looks OK.
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Three of one of my one year high yield CDs recently renewed at 2.05% due to the .05% bonus.
They had emailed me in advance:
GenXguy, you recently received a maturity notice with details about your maturing CD. Did you know you'll get an extra 0.05% added to your new interest rate when your CD renews? It's our way of thanking you for banking with us.
What do you need to do to get the loyalty reward?
Nothing — it's automatically added when your CD renews. Want to change terms? No problem. Your loyalty reward will be added to any CD you choose.
To change terms or add funds, you will need to manage your CD account on your desktop computer or through the Ally Mobile app.
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03-08-2020, 06:40 PM
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#129
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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Thanks GenX, I think I pulled me last CD funds out early.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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03-08-2020, 07:31 PM
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#130
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Upstate
Posts: 2,950
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Quote:
Originally Posted by statsman
We have far more money in our trust savings account (single inheritor) than I am comfortable with, exceeding the $500k insured limit. DW worked in banking for 40 years and has zero fears about the financial institution in question, but she understands if I want to move out some of the funds.
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I would never keep a balance substantially over the FDIC/NCUA limit. There is no real benefit for doing so (other than a bit of convenience).
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03-09-2020, 09:41 AM
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#131
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Recycles dryer sheets
Join Date: Jul 2018
Posts: 329
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I noticed my CIT available balance still less the $300 BONUS money after the 90 days. I called and CIT Bank 90 days are really more like 114 days. CIT has several things that extend the 90 days you need to keep your money in CIT Bank. Once you open the account you have 15 days to fund it. The clock does not START until these 15 days have passed. Then you have the actual 90 days. Then CIT has another 7 days to review it before you can get your BONUS on the 8 day. I still Like CIT Bank just hate all the small print.
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03-09-2020, 09:46 AM
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#132
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Originally Posted by Bruno
I noticed my CIT available balance still less the $300 BONUS money after the 90 days. I called and CIT Bank 90 days are really more like 114 days. CIT has several things that extend the 90 days you need to keep your money in CIT Bank. Once you open the account you have 15 days to fund it. The clock does not START until these 15 days have passed. Then you have the actual 90 days. Then CIT has another 7 days to review it before you can get your BONUS on the 8 day. I still Like CIT Bank just hate all the small print.
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I'm going in today to start my 5th/3rd account. I am planning to fund it as required for the bonus, plus some additional. I'll keep it open and use it for automatic payments on our new mortgage. So it won't really matter if they skim a few days as per your example. I'll only shut it down if I find another good bonus deal in the future.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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03-09-2020, 12:23 PM
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#133
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,570
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I had been rolling TBills in my taxable account due to the high state income tax here. With rates collapsing to under 0.50%, I guess I’m going back to the banks.
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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03-09-2020, 12:25 PM
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#134
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Recycles dryer sheets
Join Date: Feb 2015
Posts: 58
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Quote:
Originally Posted by gcgang
I had been rolling TBills in my taxable account due to the high state income tax here. With rates collapsing to under 0.50%, I guess I’m going back to the banks.
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You can run but you can’t hide. Bank rates will follow Treasuries...
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03-09-2020, 12:33 PM
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#135
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,570
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Quote:
Originally Posted by aza455
You can run but you can’t hide. Bank rates will follow Treasuries...
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lol. For rates this low, it’s hardly worth bothering with.
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03-09-2020, 12:50 PM
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#136
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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I'm starting to feel like a freaking genius for loading up on those 3.5% and 3.0% CDs last summer.... while it is true that I haven't received the runup that bond funds have, the 3.0%-3.5% return for the next 4 1/2 years seems pretty juicy right now!
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-09-2020, 01:29 PM
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#137
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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I know how you feel. The only way to benefit from the bond fund run up is to sell. Then you lose the divvy and need to find a new home for the funds. That’s OK for drawdown mode but If you’re not ready to spend I prefer the CDs.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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03-09-2020, 02:14 PM
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#138
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
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I only wish I had followed your lead back then, but I did not think I would qualify for membership at NFCU (Dad served in WWII, but I have zero paperwork).
Finally applied last month, and managed to lock in a 3% 37 month IRA CD, and just locked in a 2.3% 17 month Share CD. Should have both of these fully funded over the next few weeks.
On a side note, does anyone know if the regular CD's offered by NFCU are add-on, like these specials? They still are offering 2% CD's, which looks pretty good right now, and I have some other CD's maturing over the next few months. If they are add-on, it might make sense to fund one now with seed money for the future additions.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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03-09-2020, 02:50 PM
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#139
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Similiar situation here.. Dad served but after WWII.. but they accepted my enrollment and thankfully never asked for documentation... I think there might be some somewhere but it would be a scavenger hunt of my Dad's old desk and files.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-09-2020, 02:51 PM
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#140
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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I got the GTE 3.05/3.30% 5 yr CD's and will put more into it this week with my maturing Ally CD.
Also bought the Fidelity TSY bond fund on 02/19 for 5.5% of our portfolio, so getting a little extra juice there too.
Still lots of losses overall. Will continue to stay the course and will never consider working again.
__________________
TGIM
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