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Old 02-15-2021, 01:51 PM   #101
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Well we have $300,000 maturing on 2/17 in 3 no penalty CD's that were yielding 1.95% each. I had been planning on holding my nose and renewing into new 11 mo no penalty CD's that would yield .55%, but I decided to take $100K of that and set up the Citi Priority Account package ($50K each) which will net us $1,400 after 5 months(60 day requirement and up to 90 days to pay out the bonus). The same money would generate $229 by my math at Ally, so it seems like a no brainer. I don't intend to touch the money once at Citi, so I don't anticipate any hassles. We'll see.

I'd be up for doing a few more of these with the other $200K, but after reviewing this thread and the 2-3 websites that aggregate these offers, I don't see any other low hanging fruit. Some decent offers have geographic limitations and others require too many hoops, such as direct deposits, or the amounts seem too puny to me.

If anyone has any suggestions, I'm all ears.

I just finished the Citi Priority package. Deposited money to meet the requirements and didn't touch. All went fine. Depending on the state you live in, you might be about to do a similar thing with Huntington, for $500 bonus for $25K. I mentioned the above in a recent post.
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Old 02-15-2021, 03:20 PM   #102
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I just finished the Citi Priority package. Deposited money to meet the requirements and didn't touch. All went fine. Depending on the state you live in, you might be about to do a similar thing with Huntington, for $500 bonus for $25K. I mentioned the above in a recent post.
Thanks for commenting BergLust. Can you tell me, did Citi take the whole 90 days to payout the bonus? And did you completely close the accounts as soon as you were paid out? That is my intention, seeing that there is a $30 monthly maintenance fee for any combined balance less than the $50K. I'm thinking of doing a pull from Ally of 100% of the funds as soon as the bonus hits. What was your experience?
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Old 02-15-2021, 03:27 PM   #103
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Thanks for commenting BergLust. Can you tell me, did Citi take the whole 90 days to payout the bonus? And did you completely close the accounts as soon as you were paid out? That is my intention, seeing that there is a $30 monthly maintenance fee for any combined balance less than the $50K. I'm thinking of doing a pull from Ally of 100% of the funds as soon as the bonus hits. What was your experience?
They took most of the 90 days after hitting the 60 day requirement. I opened the account on on 7 September 2020 and funded sometime shortly after that. The bonus was deposited on 20 January 2021 and I closed the account on 27 January 2021. I left the 50K in there, even after the 60 day period....simply so I didn't get hit with the $30/month charge.
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Old 02-15-2021, 03:30 PM   #104
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They took most of the 90 days after hitting the 60 day requirement. I opened the account on on 7 September 2020 and funded sometime shortly after that. The bonus was deposited on 20 January 2021 and I closed the account on 27 January 2021. I left the 50K in there, even after the 60 day period....simply so I didn't get hit with the $30/month charge.
Thnx. Oh and I am not in Huntington's territory.

Also setting up the Citi Accounts for two different SS #'s was quick and easy.
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Old 02-15-2021, 04:28 PM   #105
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Will look to do the 50k Citi package.
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Old 02-15-2021, 04:39 PM   #106
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Will look to do the 50k Citi package.
My math says it's a 3.36% annualized return if you leave the money there for 5 mos.
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Old 02-15-2021, 04:47 PM   #107
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My math says it's a 3.36% annualized return if you leave the money there for 5 mos.
I concur.
I have the GTE CD deal for 3.05%, but would need to remove some monies before maturity, so would incur a 6 month penalty on the withdrawal.

So looking to do multiple bank deals for now.
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Old 02-15-2021, 04:49 PM   #108
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.... If anyone has any suggestions, I'm all ears.
Do you have any appetite for non-FDIC insured programs?

I'm in Toyota IncomeDriver Notes and Dominion Energy Reliability Investment Notes. Both are currently paying 1.5% and function similar to an online savings account in that you can deposit or withdraw money whenever you desire. GM has a similar program that is also currently 1.5% that I'll probably set up an account for.

So far I have relatively small amounts in each but I have a couple taxable account CDs maturing in May and some more in August and I think at least some of the money will go to these.
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Old 02-15-2021, 05:10 PM   #109
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Do you have any appetite for non-FDIC insured programs?

I'm in Toyota IncomeDriver Notes and Dominion Energy Reliability Investment Notes. Both are currently paying 1.5% and function similar to an online savings account in that you can deposit or withdraw money whenever you desire. GM has a similar program that is also currently 1.5% that I'll probably set up an account for.

So far I have relatively small amounts in each but I have a couple taxable account CDs maturing in May and some more in August and I think at least some of the money will go to these.
Yes PB. I spent the morning looking at alternatives. I looked at the Toyota Notes at 1.5%. I also looked at all of the options on short term investment grade funds, TE funds and the MYGA's. One reason I was going to renew in no penalty CD's is I could jump to any of these options easily and don't have to make a decision now. i still need to check out the Dominion Energy option. Soooooo.

One thing I'm curious about is the return on intermediate term TE's. We have a chunk in VWITX. The YTD return on that intermediate term TE fund is up for the year (I think .85%), even though the 10 year treasury has been rising of late. If I thought that return would hold I might throw some more money into that arena, pick up a cool $1,000 from Merrill Lynch for establishing a new account and invest more in VWITX. Thoughts on the intermediate term TE yield holding in the face of a rising 10 year treasury?
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Old 02-15-2021, 05:17 PM   #110
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Yes PB. I spent the morning looking at alternatives. I looked at the Toyota Notes at 1.5%. I also looked at all of the options on short term investment grade funds, TE funds and the MYGA's. One reason I was going to renew in no penalty CD's is I could jump to any of these options easily and don't have to make a decision now. i still need to check out the Dominion Energy option. Soooooo.

One thing I'm curious about is the return on intermediate term TE's. We have a chunk in VWITX. The YTD return on that intermediate term TE fund is up for the year (I think .85%), even though the 10 year treasury has been rising of late. If I thought that return would hold I might throw some more money into that arena, pick up a cool $1,000 from Merrill Lynch for establishing a new account and invest more in VWITX. Thoughts on the intermediate term TE yield holding in the face of a rising 10 year treasury?
On a side indirect note, if you are establishing a ML account, perhaps look into getting cash rewards CC's. Perhaps you have these already.
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Old 02-15-2021, 05:54 PM   #111
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On a side indirect note, if you are establishing a ML account, perhaps look into getting cash rewards CC's. Perhaps you have these already.
Thanks Dtail. The vast majority of our accounts are at BOA/ML, including Taxable and Retirement accounts. We are in their wealth management system, including 3 cc's with the relatively attractive rewards program.
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Old 03-01-2021, 09:08 AM   #112
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Just to help keep things in perspective.....

From today's WSJ:

emphasis added

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Germany’s biggest lenders, Deutsche Bank AG DB +2.61% and Commerzbank AG CRZBY 0.69% , have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them. The banks say they can no longer absorb the negative interest rates the European Central Bank charges them. The more customer deposits banks have, the more they have to park with the central bank
.
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Old 03-01-2021, 11:55 AM   #113
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Sounds like I better start clearing out some space under the bed.
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Old 03-01-2021, 12:22 PM   #114
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Sounds like I better start clearing out some space under the bed.
I've heard a an old coffee can buried in the back yard works well also.
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Old 03-01-2021, 03:06 PM   #115
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I've heard a an old coffee can buried in the back yard works well also.
Gal's Dad buried cash in their backyard in desert climes after WW2 and spending some POW time in Germany. Am told that after his death they dug it up and it was not in good spendable condition. Imagine better seals are available now.
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Old 03-01-2021, 03:46 PM   #116
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Sounds like I better start clearing out some space under the bed.
I thought it was IN the mattress......
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Old 03-01-2021, 05:27 PM   #117
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I thought it was IN the mattress......
I'm too much of a princess for that.
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Old 03-02-2021, 06:39 AM   #118
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Gal's Dad buried cash in their backyard in desert climes after WW2 and spending some POW time in Germany. Am told that after his death they dug it up and it was not in good spendable condition. Imagine better seals are available now.
In case Gal finds any more buried cash, consider getting the help of the Bureau of Engraving and Printing. They can help with petrification or burying.

https://www.moneyfactory.gov/service...edemption.html
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Mutilated Currency Redemption

The BEP’s Mutilated Currency Division provides free mutilated currency redemption services for individuals and institutions, such as businesses and financial institutions, in possession of United States mutilated currency notes. On average, the BEP receives more than 22,000 requests for examination of mutilated currency for possible redemption each year, with an estimated value in excess of $35 million.

Mutilated currency is currency which has been damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable. Currency notes can become mutilated in any number of ways. The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.
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Old 03-02-2021, 07:12 AM   #119
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Interesting that their site mentions deterioration by burying. Must be relatively common.

Iím sure with a few layers of protection that I could preserve cash. Vacuum pack, put in Tupperware, and put that in a styrofoam box type of thing. The thing is, itís just a lot easier to bury my gold bars. Midnight Gardening
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Old 03-02-2021, 07:16 AM   #120
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Interesting that their site mentions deterioration by burying. Must be relatively common.
Yeah, and rodents. I can see people sticking cash in the walls only to have the mice chew on it.

You frequently hear about the old 50% rule. That's more of a commercial bank/Fed rule. Well, it turns out the BEP is willing to go way beyond that. It is good to know for future reference.
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