Best CD, MM Rates & Bank Special Deals Thread 2021 - Please post updates here

[Live And Learn]

PenFed 15 month certificate 0.75% available.

 

[Montecfo]

I've pushed quite a bit to T-Mobile Money. No issues to this point.

 

[Willers]

I've pushed quite a bit to T-Mobile Money. No issues to this point.

+1

 

[RetiredAt55.5]

I've pushed quite a bit to T-Mobile Money. No issues to this point.

I have discovered that if you use their app, they have a $3k daily limit for transferring money out to another bank. So customers might want to be sure they set up their other bank to initiate transfers.

I also asked them if they had a separate monthly transfer limit but I couldn't get a definitive answer from them. They gave me details about ATM limits and debit card purchase limits (which I didn't ask about). Sounds like ATM is limited to $500 per day, and ATM/debit card purchases combined are limited to $2,500.

I'm kinda annoyed with them right now since I couldn't find any of this information in their terms and conditions (though trying to read PAGES and PAGES of the TaC within the app on my phone is an exercise in frustration).

 

[Montecfo]

I have discovered that if you use their app, they have a $3k daily limit for transferring money out to another bank. So customers might want to be sure they set up their other bank to initiate transfers.

I also asked them if they had a separate monthly transfer limit but I couldn't get a definitive answer from them. They gave me details about ATM limits and debit card purchase limits (which I didn't ask about). Sounds like ATM is limited to $500 per day, and ATM/debit card purchases combined are limited to $2,500.

I'm kinda annoyed with them right now since I couldn't find any of this information in their terms and conditions (though trying to read PAGES and PAGES of the TaC within the app on my phone is an exercise in frustration).

For my purposes I avoid initiating from T-Mobile. Don't need the brain damage since I usually want to move larger amounts.

So whatever I want to move I pull into E-Trade Bank ( Daily limit $100k) and then push to T-Mobile

 

[Golden sunsets]

I've pushed quite a bit to T-Mobile Money. No issues to this point.

For my purposes I avoid initiating from T-Mobile. Don't need the brain damage since I usually want to move larger amounts.

So whatever I want to move I pull into E-Trade Bank ( Daily limit $100k) and then push to T-Mobile

I opened a Tmo account last month after reading the favorable reviews on this string. I pushed from Ally. It's a significant sum that we don't touch normally, except for a small deposit or withdrawal one time per month, which will be initiated from Ally. So far so good. It doubles the interest we were earning, maintains total liquidity and due to the size is worth the exercise.

 

[audreyh1]

T-Mobile Money - which credit bureau do they use?

OK - I see one article said “ T-Mobile says it doesn’t run a credit check before approving people for the service.”

And we are cellphone service customers, so maybe we don’t need to worry about unfreezing credit reports.

 

[Golden sunsets]

They did not check credit, as far as I know, because our credit is frozen and the account opened instantaneously. As long as you are only planning on using it as a holding account (high yield savings account), it seems to work very well, but I wouldn't want to actually transact any business. Security seems very good. You can't have more than one owner on an account though, which I find odd. They do provide a debit card, but as stated the daily transfer amounts are $3,000 I think.


Note: You can't transfer out even if you wanted to until you receive your ATM card, which took about a week. I think I could have pulled from Ally though, had I needed money transferred out.

 

[audreyh1]

No joint accounts, huh? That’s awkward.

 

[Golden sunsets]

No joint accounts, huh? That’s awkward.

Yep. And you can only have one account per person as well. So any additional money we might like to go there either has to be in DH's name, or added to the account in my name. We have different baskets of money, that my ordered mind feels need to be segregated, and I'm not inclined to mix it all together.

 

[RetiredAt55.5]

No joint accounts, huh? That’s awkward.

Yes, that was problematic why I tried to add the TMobile bank to our Vanguard account. Vanguard wants you to enter all the account owners for the bank, and when I entered the single owner, it said it couldn't add the external bank until I sent them additional paperwork (since our Vanguard accounts have 2 names on the accounts).

But Vanguard is a stickler for some things - I can't redraw money from my Vanguard held 401k without filling our paperwork that my wife and I have to sign and get notarized.

 

[Montecfo]

Yes, that was problematic why I tried to add the TMobile bank to our Vanguard account. Vanguard wants you to enter all the account owners for the bank, and when I entered the single owner, it said it couldn't add the external bank until I sent them additional paperwork (since our Vanguard accounts have 2 names on the accounts).

But Vanguard is a stickler for some things - I can't redraw money from my Vanguard held 401k without filling our paperwork that my wife and I have to sign and get notarized.

The latter is federal law. The former is a bit puzzling.

 

[RetiredAt55.5]

The latter is federal law. The former is a bit puzzling.

In contrast, Ally didn't even ask for the owners on the TMobile account.

For the latter, does that also apply for other retirement accounts, like Roth's and Trad IRA's?

 

[Golden sunsets]

In contrast, Ally didn't even ask for the owners on the TMobile account.



For the latter, does that also apply for other retirement accounts, like Roth's and Trad IRA's?

^^^True this.

 

[creekstone]

No joint accounts, huh? That’s awkward.

What is the process for adding a beneficiary?

 

[Golden sunsets]

My guess is you can't. I've asked the question though in a secure message and will report back.

 

[audreyh1]

I’m going to pass. Too complicated. I already have too many accounts.

 

[Golden sunsets]

My guess is you can't. I've asked the question though in a secure message and will report back.

Heard back. In a nutshell, they don't add beneficiaries or POD's, but they "have a process in place in a situation where they are notified of the death of an owner."

 

[Golden sunsets]

I’m going to pass. Too complicated. I already have too many accounts.

Yeah. I wouldn't call it complicated. I'd call it extremely limited. I guess in the extreme, your will would take over. I suppose that could be complicated depending on your estate. I don't look upon this account as a long term situation, just grabbing some extra interest.

 

[CardsFan]

Heard back. In a nutshell, they don't add beneficiaries or POD's, but they "have a process in place in a situation where they are notified of the death of an owner."

That makes no sense what so ever! Would be deal breaker for me.

Is that even legal? Well I guess it is, but, REALLY?

 

[BergLust]

That makes no sense what so ever! Would be deal breaker for me.



Is that even legal? Well I guess it is, but, REALLY?

I had a similar experience with HMBradly, who had enticing rates. I signed up for an account, and then when I realized there was no TOD or beneficiary possible I decided to immediately close the account. They gave me some line about having a process if there was a death. Said forget it.

 

[Happyras]

I tried T-Mob Money last year and ran into issues setting up transfers, likely due to accounts held as trust versus individual. I tried again yesterday, wow, what a mess. Now all of my log in's for T-mobile service as well as the T-Mobile Money are screwed up, and I have no access to either. Their web site is so broken I have no faith in putting any money there. It is designed for kids. Their security questions are for young folks, who know the first name of their first manager or third grade teacher. 50 years is too long to remember such bogus factoids, they give you little choice on questions. Not worth the pain, I will keep my 0.6% MM at Marcus for now, rates will change soon enough.

 

[Chuckanut]

Their security questions are for young folks, who know the first name of their first manager or third grade teacher. 50 years is too long to remember such bogus factoids, they give you little choice on questions.

No. No. No. You never, never, never, give real answers to those questions. Never. That information can be looked up by the bad guys. Always give fake answers.

First manager: bumblebum
3rd grade teacher: bonecrusher
first dog's name: asteroidbx43

Make sure you write down whatever nonsense you use.

 

[Montecfo]

I think most sites have security questions, or you better hope they do.

 

[aja8888]

No. No. No. You never, never, never, give real answers to those questions. Never. That information can be looked up by the bad guys. Always give fake answers.

First manager: bumblebum
3rd grade teacher: bonecrusher
first dog's name: asteroidbx43

Make sure you write down whatever nonsense you use.

"Banana" is my favorite answer to those kinds of questions.