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

[Bongleur]

Quote:

Originally Posted by sengsational The one-month and three-month Treasury bill yields turned negative Wednesday.

OT for this thread, but does this mean that short term Treasury index funds must buy them? Hopefully they will buy at auction so "only" a zero rate? Maybe need a thread talking about this...

[jazz4cash]

Quote:

Originally Posted by Bruno Got enrolled for my extra $100. Its not great but i like doing business with Marcus. https://www.marcus.com/us/en/savings...100PromoHeader

I forgot all about this. I enrolled but I wasn't sure if I got my qualifying deposit in on time. I just noticed $100 hit my account on the 19th.

[Gotadimple]

American Express Bank changes interest rate on its high yield savings account from 1.6% to 1.5% effective today.

- Rita

[njhowie]

Federal Reserve scraps transfer limits on bank savings accounts

WASHINGTON (Reuters) - The U.S. Federal Reserve announced Friday that banks can now allow account holders to make an unlimited number of withdrawals and transfers from their savings accounts.

The central bank updated its rules to scrap the six-per-month limit that had previously existed for such accounts. The Fed said the move would help ensure people can access their funds "at a time when financial events associated with the coronavirus pandemic have made such access more urgent."

[Spock]

Quote:

Originally Posted by njhowie Federal Reserve scraps transfer limits on bank savings accounts WASHINGTON (Reuters) - The U.S. Federal Reserve announced Friday that banks can now allow account holders to make an unlimited number of withdrawals and transfers from their savings accounts. The central bank updated its rules to scrap the six-per-month limit that had previously existed for such accounts. The Fed said the move would help ensure people can access their funds "at a time when financial events associated with the coronavirus pandemic have made such access more urgent."

Place your bets on how long it takes banks to update their software to allow more transfers....

[njhowie]

Quote:

Originally Posted by Spock Place your bets on how long it takes banks to update their software to allow more transfers....

If their developers and designers are worth their salt, it is simply a parameter in a database table somewhere that they just update, from 6 to say 9999.

[audreyh1]

Quote:

Originally Posted by njhowie Federal Reserve scraps transfer limits on bank savings accounts WASHINGTON (Reuters) - The U.S. Federal Reserve announced Friday that banks can now allow account holders to make an unlimited number of withdrawals and transfers from their savings accounts. The central bank updated its rules to scrap the six-per-month limit that had previously existed for such accounts. The Fed said the move would help ensure people can access their funds "at a time when financial events associated with the coronavirus pandemic have made such access more urgent."

Whoa! Surprise!

[copyright1997reloaded]

Quote:

Originally Posted by njhowie If their developers and designers are worth their salt, it is simply a parameter in a database table somewhere that they just update, from 6 to say 9999.

Coming from someone with 30+ years of experience...I would not be surprised in the least that many will have hard coded values.

FWIW, I teach this stuff - and go over situations like this with DBMS students (i.e. pro's and con's of having the value as a constant in a program or obtained via query.) But that is because I lived it (and have scars from it), I seriously doubt many learning the craft are taught these kinds of things.

ETA: By hard-coded, it could also be a compile-time value. But this would also require a program re-compile and thus the need for a testing cycle. Even a change to a value in a table would likely require a run though a system test cycle to ensure nothing else breaks (but would still be faster to implement).

[pb4uski]

That is interesting in that I recently set up my Navy Federal bank account with Vanguard and Vanguard sent to small deposits to my account and a withdrawal equal to the two small deposits combined. I later got a letter from Navy Federal saying that they did not allow transfers out from a share savings account to another financial institution based on the 6-transactions per month limit and that it should be on my checking account (but I don't have a checking account with them). So it sounds like the restriction will change.

[jazz4cash]

Quote:

Originally Posted by pb4uski That is interesting in that I recently set up my Navy Federal bank account with Vanguard and Vanguard sent to small deposits to my account and a withdrawal equal to the two small deposits combined. I later got a letter from Navy Federal saying that they did not allow transfers out from a share savings account to another financial institution based on the 6-transactions per month limit and that it should be on my checking account (but I don't have a checking account with the m). So it sounds like the restriction will change.

So did they allow the withdrawals or not? Did you have > 6 for the month?

I never knew they would not allow more than 6 withdrawals. I have exceeded the limit a time or two and it only resulted in a finger wag. I've seen financial institutions threaten to penalize account holder, impose a fee, or convert the account but never seen them say they would not allow you to get your funds.

It was a dumb rule anyway, interpreted differently at various banks as I recall.

[Golden sunsets]

Quote:

Originally Posted by pb4uski That is interesting in that I recently set up my Navy Federal bank account with Vanguard and Vanguard sent to small deposits to my account and a withdrawal equal to the two small deposits combined. I later got a letter from Navy Federal saying that they did not allow transfers out from a share savings account to another financial institution based on the 6-transactions per month limit and that it should be on my checking account (but I don't have a checking account with them). So it sounds like the restriction will change.

That happened to me as well when I set up the account at Navy and tried to establish a link to Ally. The easiest thing to do is set up a checking account as Navy and use it as the transfer account. That will require an extra step on PB's part to move the money into the interest bearing account at Navy, unless they have some sort of automatic transfer option that you could set up.

[fisemper]

Quote:

Originally Posted by pb4uski That is interesting in that I recently set up my Navy Federal bank account with Vanguard and Vanguard sent to small deposits to my account and a withdrawal equal to the two small deposits combined. I later got a letter from Navy Federal saying that they did not allow transfers out from a share savings account to another financial institution based on the 6-transactions per month limit and that it should be on my checking account (but I don't have a checking account with them). So it sounds like the restriction will change.

I have a MM with NFCU and that account is the only one I have had any notifications of withdrawal limits. Never any issues with share savings.

[pb4uski]

Quote:

Originally Posted by Golden sunsets That happened to me as well when I set up the account at Navy and tried to establish a link to Ally. ...

I don't expect to do many transfers to/from this account or even Navy Federal generally... so it isn't a big deal to me either way... I was just surprised that Navy Federal's policy was that I could do ACHs to the share account but not out of the share account and the reasoning was lame. But I suspect that may change with the Fed's changes.

[Spock]

Quote:

Originally Posted by njhowie If their developers and designers are worth their salt, it is simply a parameter in a database table somewhere that they just update, from 6 to say 9999.

The 6 transfers limit has been in place for so long that it can creep into a lot of different places... "oh... that never changes, go ahead and hard code it".

Regardless of the implementation technique, banks are running reduced hours on short staff it has taken a week just to get an email response sent directly to a bankers direct mailbox (not using the generic "contact us" email access). I don't think implementing (and testing??) this change is going to be high on their priority list.

[REWahoo]

Quote:

Originally Posted by Golden sunsets The easiest thing to do is set up a checking account as Navy and use it as the transfer account.

Exactly what I did last week. Navy has a free, no minimum balance, no frills "EveryDay Checking" account that works nicely for this purpose. Takes only a couple of minutes to set up online.

[Chuckanut]

Quote:

Originally Posted by REWahoo Exactly what I did last week. Navy has a free, no minimum balance, no frills "EveryDay Checking" account that works nicely for this purpose. Takes only a couple of minutes to set up online.

I tried to enlist so I could open an account with them, but apparently the Navy has found out we older folks get CV19 easily. This is a No No in today's Navy. Poo, poor, pitiful me.

[pb4uski]

Sounds like age discrimination to me. You should sue.

[Richard4444]

Here's what I don't understand: The Fed is printing lots of money. That means increased inflation, which should mean a higher yield on CDs, MM, etc. But I guess I am wrong, so what am I missing?

Thanks, Rich

[pb4uski]

More money doesn't necessarily mean inflation... that money needs to be chasing goods in order to end up with inflation. Right now, people are sequestered and not spending money so even though there is a lot of money out there it isn't chasing goods... ergo, no inflation.

[harley]

Quote:

Originally Posted by Richard4444 Here's what I don't understand: The Fed is printing lots of money. That means increased inflation, which should mean a higher yield on CDs, MM, etc. But I guess I am wrong, so what am I missing? Thanks, Rich

That's what I've been saying since 2009. So I guess we're both wrong.