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-   -   Best CD, MM Rates & Bank Special Deals Thread 2021 - Please post updates here (https://www.early-retirement.org/forums/f28/best-cd-mm-rates-and-bank-special-deals-thread-2021-please-post-updates-here-107187.html)

Gumby 01-01-2021 07:24 AM

Best CD, MM Rates & Bank Special Deals Thread 2021 - Please post updates here
 
New Year, new thread.

njhowie 01-01-2021 10:12 AM

On 12/30, harley posted:

Quote:

Not sure if this has been mentioned, but Chase has a deal going where if you're not an existing customer you can start a checking account (with Direct Deposit) and get $200, open a savings account ($15K for 90 days) and get $200, or do both and get $500. I'm not eligible having done the last deal, but I thought I'd pass it on in case anyone is interested.

https://account.chase.com/consumer/b...asehome_3/hero
There is also a $150 savings offer for $10k with same terms.

https://account.chase.com/consumer/banking/NV29427

Yesterday I opened $15k/$200 savings under DD's existing Chase account using harley's link. That link is no longer working this morning.

Today I opened the $10k/$150 under my Chase account, and another $10k/$150 under DW's Chase account.

It's been just a month over 2 years since we last did these with Chase.

njhowie 01-01-2021 01:46 PM

Citizens Bank is also offering similar offer to Chase's for both checking and savings:

https://www.citizensbank.com/promo/cash-offer-600i.aspx

retire to nature 01-01-2021 01:57 PM

Happy new year to everyone!!

I had a guest from my Airbnb. He is from Pakistan. He introduce me a Pakistan bank product.

It can be invested to USD so no exchange rate etc.

5.5-7% based on investment period.

https://www.sbp.org.pk/RDA/index.html

I didnt dig up much. welcome to know to pros and cons.

I haven't decided to invest there though. I just wanted to share with you here.

Hope we have a better year and stay safe.

Thanks.

REWahoo 01-01-2021 02:07 PM

^ Yikes!

Gumby 01-01-2021 02:25 PM

I think "Location: STL" must mean "streets of Lagos".

mn54 01-01-2021 02:33 PM

but it says it's risk free. what could go wrong?

pb4uski 01-01-2021 02:36 PM

Quote:

Originally Posted by REWahoo (Post 2536939)
^ Yikes!

plus it is only open to non-resident Pakistanis as I read so of limited use here.

Quote:

Q1. Who can open a Roshan Digital account?

A. Non-Resident Pakistanis and resident Pakistanis with wealth declared abroad can open a Roshan Digital account with Standard Chartered.
https://av.sc.com/pk/content/docs/pk...ar-account.pdf

retire to nature 01-01-2021 03:36 PM

Quote:

Originally Posted by Gumby (Post 2536957)
I think "Location: STL" must mean "streets of Lagos".

I am not sure it is about me in STL?? Couldn't get correct Lagos meaning. It say Nigeria. It means my reply sounds like a scam?

He stayed my place in a month to get a fund for his start up business. He used to be a banker in Pakistan.

my location in STL is nearby Cortex, BioSTL etc, a lot of venture business.

so we talked about things deeply. He is not a flaky guy about the information he gave me.

He mentioned of Pakistan only, but I must not catch it right.

retire to nature 01-01-2021 03:54 PM

Quote:

Originally Posted by pb4uski (Post 2536969)
plus it is only open to non-resident Pakistanis as I read so of limited use here.



https://av.sc.com/pk/content/docs/pk...ar-account.pdf

so it was for only Pakistanis right? non resident Pakistanis- means Pakistanis but live in abroad. did i understand right?

I was thinking foreigner would be ok to invest.

RunningBum 01-01-2021 03:59 PM

Let us know how it goes.

rk911 01-01-2021 06:25 PM

a snowball in you know where would have a better chance.

Sunset 01-01-2021 07:23 PM

I think I'll just buy lottery tickets instead, more of a sure thing. :o

audreyh1 01-02-2021 09:35 AM

Some confusion on my part on when Ally pays interest on their CDs. I have pay at maturity selected for all my CDs, but it was my understanding that there would also be a payment of accrued interest on Dec 31 of each year.

Turns out that for CDs with periods less than 12 months, there is no Dec 31 payment of accrued interest. So the No Penalty CDs at 11 months pay nothing on Dec 31. Only my two 14 month CDs paid accrued interest on Dec 31.

Reduces my 2020 taxable income. I have several No Penalty CDs maturing in Jan, Feb and March 2021.

CountingDown2014 01-02-2021 09:49 AM

audreyh1 - That's interesting/annoying. I am in the same boat and was expecting that interest to be included in 2020. Guess I am going to have to update my 2021 planning. Thanks for the info!

calmloki 01-02-2021 10:00 AM

Quote:

Originally Posted by audreyh1 (Post 2537386)
Some confusion on my part on when Ally pays interest on their CDs. I have pay at maturity selected for all my CDs, but it was my understanding that there would also be a payment of accrued interest on Dec 31 of each year.

Turns out that for CDs with periods less than 12 months, there is no Dec 31 payment of accrued interest. So the No Penalty CDs at 11 months pay nothing on Dec 31. Only my two 14 month CDs paid accrued interest on Dec 31.

Reduces my 2020 taxable income. I have several No Penalty CDs maturing in Jan, Feb and March 2021.

Very Good! At mostly 1.5% on the CDs this won't make a huge difference, but selling an old 9-plex last year means anything I can keep out of the 35% bracket is very welcome.

audreyh1 01-02-2021 10:08 AM

I think online at Ally you can modify how often interest is paid while the CD is still open, so for those wanting interest to be paid during a given year, they can change to quarterly or whatever.

Sunset 01-02-2021 11:21 AM

I also have some CD's maturing next year, that didn't pay my interest.
I was thinking this makes everything a bit harder, as isn't interest in the USA taxable the year it's earned, regardless of when paid ???

It's a small amount, and perhaps Ally includes the interest in the tax statement (if it's taxable) so I won't have to do extra effort ???

audreyh1 01-02-2021 12:37 PM

I don't think so, because I have interest bearing accounts that pay interest, say mid-month, even though I have earned a bit more by the end of Dec. They don't have to pay me a bit more on Dec 31.

I had to go back to Dec 2018, at which time I was holding 5 No Penalty 11 month CDs at Ally. Looking at the 2018 1099-INT, none of these CDs are listed for accrued interest during 2018. They didn't pay out until maturing or early withdrawal in 2019, so they didn't count against my 2018 taxes.

There must be some rule about paying accrued interest within a 12 month period.

Sue J 01-03-2021 02:02 PM

An update from a promo that we started in Oct 1, 2020 -
Quote:

I heard about this Dollar Bank promo offer this morning on the radio. I know it's good in OH, VA and PA.

https://www.dollar.bank/Personal/Workplace-Banking/Offers/Get-$400

The bonuses are paid out in steps, some as debit card rebates, some as checking account credits (hmm, what's the difference?) and then the last $100 at your one year anniversary. Checking account has a $5 monthly fee unless you have $2500 average collected balance or six payments https://www.dollar.bank/Personal/Ban...ation-Schedule

The bonuses are tied to the amount of direct deposits within 90 days.

I feel like somebody at the bank is going out of their way to invent new hoops to jump through! Dollar Bank is local to us and DHs pension direct deposit would get us the bonuses for that requirement. My Social Security deposit is already tied up from a previous bank promo (Key Bank $400) for a few more months.

We may go ahead and do this one. Our cash is sitting at DiscoverBank earning .60% as of this morning. I could park $2500 at Dollar Bank and get something out of it.

I just called Dollar Bank and asked some questions. You are issued a debit card and need to make $100 in purchases and then they refund $100 of that.

There is no credit check when you apply. There are verification questions based on public info.

"Average collected balance" can be satisfied by just leaving $2500 in there which is what I would do.

This promotion can all be done online, you don't have to go into a branch. This offer is for OH, PA and parts of VA in the Virginia
We got the $100 in debit card refund early on, right after making a purchase just over $100. DH's pension deposit went to this bank account on Nov 1 and Dec 1 and the $200 promo bonus has just posted on Jan 1, 2021! So we have received $300 of the $400 that we are eligible for.

We will keep this account open until the last $100 bonus posts on our 1 year anniversary. To avoid fees we are keeping a minimum balance of $2500. So that $100 is like getting 4% on our $2500. This is instead of having it at Discoverbank which is paying .5%.

This one had a lot of steps and takes a year to complete for the last $100 but was easy enough once we got it set up.

Gigabit77 01-15-2021 09:39 AM

HYSA Alert - Buyer Beware!
 
Just thought I'd pass along a recent experience chasing after highest yield on cash accounts for my monthly retirement paycheck. Last July based on a postal mail ad for HYSA and subsequent google search I opened a High Yield Savings Account called "Accelerate Savings" with citiBank. It has been a nightmare and I'm in the slow process of closing the account as we speak. Although my problems with the account may not apply to everyone, you should at least be aware of the limitations they impose on you getting your money back out when you need it. First, there is a $15,000/month limit on transfers to other institutions, and $10,000 per transaction and/or per day. The clock resets each time you make a transfer so it is hard to use up the entire $15,000 every month. I've found it impossible to set a monthly check for $10,000 due to previously staggered withdrawals unless I skip a month all together and start over. When I tried to close the account out today on the phone I was told they can't do it over the phone, I have to use their mobile app or website. AND I can only withdraw $50,000 maximum every 24 hours and each withdrawal carries a $30 fee! They make it not only difficult but expensive to take your own money out and use it. Bottom line, ask lots of questions based on your planned usage before you make a deposit in a HYSA from citiBank. This would be a real shocker if planned for an emergency account and a sizeable amount was needed. Other institutions may charge in a similar fashion but I can't say from experience. I'm moving the money as fast as I can to my Fidelity Brokerage Account and taking the small hit on interest rate. They have no limits on frequency or amounts. Lesson learned the hard way!

calmloki 01-15-2021 10:10 AM

Quote:

Originally Posted by Gigabit77 (Post 2544043)
Just thought I'd pass along a recent experience chasing after highest yield on cash accounts for my monthly retirement paycheck. Last July based on a postal mail ad for HYSA and subsequent google search I opened a High Yield Savings Account called "Accelerate Savings" with citiBank. It has been a nightmare and I'm in the slow process of closing the account as we speak. Although my problems with the account may not apply to everyone, you should at least be aware of the limitations they impose on you getting your money back out when you need it. First, there is a $15,000/month limit on transfers to other institutions, and $10,000 per transaction and/or per day. The clock resets each time you make a transfer so it is hard to use up the entire $15,000 every month. I've found it impossible to set a monthly check for $10,000 due to previously staggered withdrawals unless I skip a month all together and start over. When I tried to close the account out today on the phone I was told they can't do it over the phone, I have to use their mobile app or website. AND I can only withdraw $50,000 maximum every 24 hours and each withdrawal carries a $30 fee! They make it not only difficult but expensive to take your own money out and use it. Bottom line, ask lots of questions based on your planned usage before you make a deposit in a HYSA from citiBank. This would be a real shocker if planned for an emergency account and a sizeable amount was needed. Other institutions may charge in a similar fashion but I can't say from experience. I'm moving the money as fast as I can to my Fidelity Brokerage Account and taking the small hit on interest rate. They have no limits on frequency or amounts. Lesson learned the hard way!

Yeah, I feel your pain. Citi is well known as Sh*ti because of their practices - they don't make it easy to make money off of them.
A work around for you: have an account with Ally or Discover or the like; link the Ally account with Sh*ti; then pull any amount you want from Sh*ti rather than trying to push money from Citi. Might take a week to get a new account opened with Ally and the link set up, but smooth sailing thereafter.

Sunset 01-15-2021 10:56 AM

OP - that is terrible. I've been lucky enough to stay away from Citi due to some small similar treatment of CD's that DW had.

Whenever I open an account for "temp" purposes, I push money in and pull money out from my main account. I do this just so I don't give the "temp" account control of my cash in my main account. (This is probably silly, but that way I don't have to worry about dead accounts lying around with confirmed access to my main account).

Maybe that has saved me from withdrawal issues from some of my "temp" accounts.

Bruno 01-15-2021 01:18 PM

I got this email today from Marcus.

Get a $100 Savings Bonus when you deposit $10,000 in new funds to a Marcus Online Savings Account.

Another Reader 01-15-2021 02:29 PM

Quote:

Originally Posted by Bruno (Post 2544153)
I got this email today from Marcus.

Get a $100 Savings Bonus when you deposit $10,000 in new funds to a Marcus Online Savings Account.

Beat me to it. You have to leave the money in for 90 days. Deadline is February 12.

RE2Boys 01-15-2021 02:36 PM

Quote:

Originally Posted by Bruno (Post 2544153)
I got this email today from Marcus.

Get a $100 Savings Bonus when you deposit $10,000 in new funds to a Marcus Online Savings Account.

Wish I got this offer, would have been glad to comply. Just moved all funds out of Marcus just a week ago. Logged in but didn't see any notices that it would apply to me.

Sojourner 01-15-2021 02:48 PM

I've been playing this game for a while (i.e., chasing small sign-up/transfer bonuses from various banks and brokerages), but I think I've ultimately decided—at least for now—that the amounts are too low to bother with. Why go to the trouble of opening a new bank account somewhere, transferring a bunch of money in, waiting for weeks or months, then getting a mere $100 or $200 or $300 in return? I've found that I can quite easily make that much by selling a few put or call options in a fairly low-risk way every month. Obviously, that is not going to appeal to everyone, but it works for me. The $$$/effort ratio is far better, IME, even though the risks are a bit higher.

audreyh1 01-15-2021 02:57 PM

Quote:

Originally Posted by Gigabit77 (Post 2544043)
Just thought I'd pass along a recent experience chasing after highest yield on cash accounts for my monthly retirement paycheck. Last July based on a postal mail ad for HYSA and subsequent google search I opened a High Yield Savings Account called "Accelerate Savings" with citiBank. It has been a nightmare and I'm in the slow process of closing the account as we speak. Although my problems with the account may not apply to everyone, you should at least be aware of the limitations they impose on you getting your money back out when you need it. First, there is a $15,000/month limit on transfers to other institutions, and $10,000 per transaction and/or per day. The clock resets each time you make a transfer so it is hard to use up the entire $15,000 every month. I've found it impossible to set a monthly check for $10,000 due to previously staggered withdrawals unless I skip a month all together and start over. When I tried to close the account out today on the phone I was told they can't do it over the phone, I have to use their mobile app or website. AND I can only withdraw $50,000 maximum every 24 hours and each withdrawal carries a $30 fee! They make it not only difficult but expensive to take your own money out and use it. Bottom line, ask lots of questions based on your planned usage before you make a deposit in a HYSA from citiBank. This would be a real shocker if planned for an emergency account and a sizeable amount was needed. Other institutions may charge in a similar fashion but I can't say from experience. I'm moving the money as fast as I can to my Fidelity Brokerage Account and taking the small hit on interest rate. They have no limits on frequency or amounts. Lesson learned the hard way!

A lot of places have daily and monthly transaction limits. However, I have never been limited by those if I initiate the transfer from the receiving institution.

rk911 01-15-2021 03:10 PM

Quote:

Originally Posted by Sojourner (Post 2544193)
...the amounts are too low to bother with. Why go to the trouble of opening a new bank account somewhere, transferring a bunch of money in, waiting for weeks or months, then getting a mere $100 or $200 or $300 in return....

+1

RE2Boys 01-15-2021 03:32 PM

Quote:

Originally Posted by RE2Boys (Post 2544183)
Wish I got this offer, would have been glad to comply. Just moved all funds out of Marcus just a week ago. Logged in but didn't see any notices that it would apply to me.

Found that this offer is open to both new and existing customers of Marcus. See: https://www.marcus.com/us/en/savings/osa-savingsbonus-1

I had an account with zero balance as moved my funds about a week ago, now moved the $10K back.

I hate the offers that require so many debit card transactions or direct deposits. Too convoluted and easy to make a mistake, but easy to do a one time transfer.

target2019 01-15-2021 03:51 PM

Banks should simply send money to us, just like rich Uncle Sam!

njhowie 01-15-2021 04:23 PM

Quote:

Originally Posted by rk911 (Post 2544210)

Quote:

Originally Posted by Sojourner
...the amounts are too low to bother with. Why go to the trouble of opening a new bank account somewhere, transferring a bunch of money in, waiting for weeks or months, then getting a mere $100 or $200 or $300 in return....
+1

In removing the remainder of the original post, you left out exactly what is wrong with the argument.

We're currently in a 90 day $200 for $5000 offer. To make $200 in a high yield savings account yielding 0.5%, you'd need to have $40,000 sit in it for a year.

When interest rates are so low, the bonus offers are well worth the bother in my view.

jazz4cash 01-15-2021 04:32 PM

I might do the Marcus offer but I wonít open a new account just for a few hundred $ bonus. The language in the linked Marcus offer is unintelligible.

njhowie 01-15-2021 04:34 PM

Quote:

Originally Posted by RE2Boys (Post 2544226)
I had an account with zero balance as moved my funds about a week ago, now moved the $10K back.

That may be too close that they do not consider it new money. You may want to consult with them to verify.

Dtail 01-15-2021 04:41 PM

Quote:

Originally Posted by njhowie (Post 2544250)
In removing the remainder of the original post, you left out exactly what is wrong with the argument.

We're currently in a 90 day $200 for $5000 offer. To make $200 in a high yield savings account yielding 0.5%, you'd need to have $40,000 sit in it for a year.

When interest rates are so low, the bonus offers are well worth the bother in my view.

+1 especially with a savings account vs. a checking account which typically requires more hoops to jump through.

njhowie 01-15-2021 04:42 PM

Quote:

Originally Posted by jazz4cash (Post 2544255)
I might do the Marcus offer but I wonít open a new account just for a few hundred $ bonus. The language in the linked Marcus offer is unintelligible.

$100 for $10,000 is towards the low end of offers at this time. But, we've done a few Marcus offers in the past, and you just put the money in, don't touch it, and they pay exactly on time. No other requirements. They are very good.

Also, you can open the account, and once the bonus is paid, drop the balance down to zero and just leave the account open - there are no fees for zero balance. When they come up with another bonus offer in the future, the account will already be there and you can move the funds in. That's where we are today - got the email(s) this afternoon, accounts are already open, will move money in closer to the deadline.

jazz4cash 01-15-2021 07:10 PM

On the Marcus bonus, it looks like the account balance before the transfer is not available for withdrawal for 90 days. I think I did one other one like that and I drew down the account to minimize the amount locked up. I canít believe the banks are doing this but they must think it works. My Penfed 5% CDs matured finally so I could do this without jumping through too many hoops.

rk911 01-15-2021 07:38 PM

Quote:

Originally Posted by njhowie (Post 2544250)
In removing the remainder of the original post, you left out exactly what is wrong with the argument.

We're currently in a 90 day $200 for $5000 offer. To make $200 in a high yield savings account yielding 0.5%, you'd need to have $40,000 sit in it for a year.

When interest rates are so low, the bonus offers are well worth the bother in my view.

my point is that for $100 or $200 is just not worth the effort involved. that's not going to change our lives one bit. our monthly income/spending is significantly in the black and our NW is in the low 7-figures. chasing those kind of rewards or juggling bunches of credit cards for points, for us, is just not worth the effort.

calmloki 01-15-2021 07:59 PM

Marcus is really good for these bonus amounts - think we've done 3 in the last year and a half for different amounts. I'd prefer to have 3% (I'm sloppy and figure a 3 month requirement uses our money for 4 months) on more than $20K, but we had $5.52 sitting in each of our two accounts from the last time I drained them, so just enrolled and moved $20k. Real easy when you have remote accounts already set up.

njhowie 01-16-2021 02:14 AM

Quote:

Originally Posted by rk911 (Post 2544382)
my point is that for $100 or $200 is just not worth the effort involved. that's not going to change our lives one bit. our monthly income/spending is significantly in the black and our NW is in the low 7-figures. chasing those kind of rewards or juggling bunches of credit cards for points, for us, is just not worth the effort.

For us, it's $1000 to $2000 a year. That doesn't change our lives one bit either. However, when you put some context around it, like "It pays our auto insurance for the year" or "It pays our electric bills for the year", well, then the hour or two I spend on it a year is well worth the effort. I'm retired - time is the one thing I have an abundance of.

I like having my money work for me. I keep a money market statement from March 2010 tacked to the wall right in front of my computer showing "30 Day Yield: 0.01%" just to remind me what receiving $1.74 over a 3 month period for $72,000 looks like. Never again. $100, $200, $300 for clicking a few buttons and letting my money sit in one bank's computer versus some other? Who would believe they actually pay so much for doing so little? 10 or 20 years ago who could have imagined such a thing? I'll pick up the $100 bill every time I see it on the ground - it's not too much effort for me.

Dtail 01-16-2021 05:02 AM

Quote:

Originally Posted by njhowie (Post 2544465)
For us, it's $1000 to $2000 a year. That doesn't change our lives one bit either. However, when you put some context around it, like "It pays our auto insurance for the year" or "It pays our electric bills for the year", well, then the hour or two I spend on it a year is well worth the effort. I'm retired - time is the one thing I have an abundance of.

I like having my money work for me. I keep a money market statement from March 2010 tacked to the wall right in front of my computer showing "30 Day Yield: 0.01%" just to remind me what receiving $1.74 over a 3 month period for $72,000 looks like. Never again. $100, $200, $300 for clicking a few buttons and letting my money sit in one bank's computer versus some other? Who would believe they actually pay so much for doing so little? 10 or 20 years ago who could have imagined such a thing? I'll pick up the $100 bill every time I see it on the ground - it's not too much effort for me.

Some of the same arguments are made for folks not interested in managing CC rewards, which admittingly is a little more work, but not too much more.

calmloki 01-16-2021 09:22 AM

Hunh. This morning Ally bank says our 1.9% CD has matured and is now sitting in our Ally savings account earning 0.5%. I'm going to move $10K of it over to a Navy FCU addon CD I set up that matures in November that pays 1.34%. Figure that will earn about $73 more than if I let it sit in Ally at current rates. It will take less time than typing this out has. Why would I not take the extra $73 and the satisfaction that comes from having the money working a bit harder? How is that different than maximizing bank bonus money?

Chuckanut 01-16-2021 09:38 AM

The Vanguard Short Term Investment grade fund is looking better and better these days.

Sojourner 01-16-2021 11:38 AM

Quote:

Originally Posted by Dtail (Post 2544473)
Some of the same arguments are made for folks not interested in managing CC rewards, which admittingly is a little more work, but not too much more.

Even though I've stopped chasing bank account sign-up/transfer bonuses, I view larger CC bonuses a bit differently. For example, I'm currently eyeing the Chase Ink Business Cash CC and its $750 sign-up bonus. If used for booking travel through the Chase UR portal, the bonus is actually more like $935... and that's after-tax money. This is better than getting a $1,000 taxable bonus from a bank or brokerage account sign-up deal. IMHO, that passes my threshold for "worth my time and effort", whereas the smaller, taxable bank sign-up bonuses generally don't.

GenXguy 01-16-2021 12:01 PM

I have a few NFCU CDs coming up for renewal, all 3%. Just checked their renewal rates - .55% for 12 month, .6% for 18 month.

I would consider moving to Ally for .6% on a 12 month, but I think NFCU has a limit on transferring out.

Timeisprecious 01-16-2021 12:06 PM

Quote:

Originally Posted by target2019 (Post 2544237)
Banks should simply send money to us, just like rich Uncle Sam!

RIIIIIIIGHT! :laugh:

Sojourner 01-16-2021 12:23 PM

Quote:

Originally Posted by GenXguy (Post 2544648)
I have a few NFCU CDs coming up for renewal, all 3%. Just checked their renewal rates - .55% for 12 month, .6% for 18 month.

I would consider moving to Ally for .6% on a 12 month, but I think NFCU has a limit on transferring out.

The difference between 0.6% and 0.55% amounts to a mere $50 over an entire year for a $100,000 CD (for example). Just pointing out the tiny amounts of money under consideration here.

Dtail 01-16-2021 12:34 PM

Quote:

Originally Posted by GenXguy (Post 2544648)
I have a few NFCU CDs coming up for renewal, all 3%. Just checked their renewal rates - .55% for 12 month, .6% for 18 month.

I would consider moving to Ally for .6% on a 12 month, but I think NFCU has a limit on transferring out.

Perhaps move it from the Ally side.

Montecfo 01-16-2021 01:28 PM

Quote:

Originally Posted by Chuckanut (Post 2544571)
The Vanguard Short Term Investment grade fund is looking better and better these days.

I put a bit of my maturing CD money in the market neutral Merger Fund (MERFX), per discussion in last years thread. It is merger arbitrage, pays interest once a year. I'm guessing I will earn 2-3 percent in this low rate environment where I expect there will be a lot of merger activity.

I also bought a closed end fund which invests in bank loans, which have been out of favor (10 pct discount to NAV) recently. Definitely more risk than a CD but I expect little change in short rates in this unique year.

And I still have CDs at 3.3 pct and one maturing mid-year. And my MM at CFG Bank appears to be holding now at .72 pct.

rrppve 01-19-2021 01:25 AM

MYGAs to replace CDs
 
With CD rates so low, Iíve switched to investing maturing CDs into insurance company issued MYGAs, which are very similar. You can find 3% for 5 year MYGAs. Granted they are not FDIC insured. One advantage is that taxes on earnings are deferred until the money is withdrawn.

jazz4cash 01-19-2021 08:19 PM

Quote:

Originally Posted by rrppve (Post 2546024)
With CD rates so low, Iíve switched to investing maturing CDs into insurance company issued MYGAs, which are very similar. You can find 3% for 5 year MYGAs. Granted they are not FDIC insured. One advantage is that taxes on earnings are deferred until the money is withdrawn.



+1. I locked one in just before rate dropped from 3.05 to 2.5 for A rated insurer. If I was buying today Iíd accept B+ to get 3%. It took 5 weeks to fund. I really like the 10% /yr withdrawal feature even though I shouldnít need to do that. I have a bit of room to add-onto my NFCU CD. I am very surprised by some of the riskier suggestions to replace FDIC CDs.

audreyh1 01-19-2021 10:05 PM

Quote:

Originally Posted by GenXguy (Post 2544648)
I have a few NFCU CDs coming up for renewal, all 3%. Just checked their renewal rates - .55% for 12 month, .6% for 18 month.

I would consider moving to Ally for .6% on a 12 month, but I think NFCU has a limit on transferring out.

You can pull from Ally once you have a bank transfer link established. Limits are very high, and NFCU limit will not apply.

Ally is currently offering a 15 month 0.65% CD special. You may have to google it as Ally doesnít include the offer in their standard CD list.

Mike1968 01-20-2021 07:16 AM

Quote:

Originally Posted by audreyh1 (Post 2546490)
You can pull from Ally once you have a bank transfer link established. Limits are very high, and NFCU limit will not apply.

Ally is currently offering a 15 month 0.65% CD special. You may have to google it as Ally doesnít include the offer in their standard CD list.


Here is the link to the Ally 15 month(Select CD) special:


https://www.ally.com/go/bank/15m-select-cd/

pb4uski 01-20-2021 08:23 AM

Sad that 0.65% for 15 months is attractive enough to be worthy of mention... but those are the times that we live in.

audreyh1 01-20-2021 08:36 AM

Yes, it’s still better than MM funds at brokerages, and most high yield savings accounts which can continue to drop further.

The extra 0.5% bonus for renewing an Ally CD at least brought it to 0.7%.

pb4uski 01-20-2021 08:41 AM

Quote:

Originally Posted by audreyh1 (Post 2546576)
Yes, itís still better than MM funds at brokerages, and most high yield savings accounts which can continue to drop further.

The extra 0.5% bonus for renewing an Ally CD at least brought it to 0.7%.

You mean 0.05% bonus... right?

Dtail 01-20-2021 01:18 PM

Quote:

Originally Posted by pb4uski (Post 2546580)
You mean 0.05% bonus... right?

Yes.:)

audreyh1 01-25-2021 06:09 PM

Quote:

Originally Posted by pb4uski (Post 2546580)
You mean 0.05% bonus... right?

Right, sorry!

audreyh1 01-25-2021 06:11 PM

The Ally 15 month "Select" promotional CD offer has been extended to 5/04/21 and is currently still offered at 0.65%.

If you rollover a maturing Ally CD you get an additional 0.05% interest rate bonus added.
https://www.ally.com/go/bank/15m-select-cd/

BergLust 01-25-2021 11:09 PM

Quote:

Originally Posted by audreyh1 (Post 2549655)
The Ally 15 month "Select" promotional CD offer has been extended to 5/04/21 and is currently still offered at 0.65%.

If you rollover a maturing Ally CD you get an additional 0.05% interest rate bonus added.
https://www.ally.com/go/bank/15m-select-cd/



Well, this may be one I look into. Thanks for the tip. The end of last year I did the Citi bonus offer: deposit 50k for 60 days and get $700 bonus. I just got the bonus deposited and am in the process of closing that account. Need to park the money somewhere.

Dtail 01-26-2021 01:43 AM

Quote:

Originally Posted by audreyh1 (Post 2549655)
The Ally 15 month "Select" promotional CD offer has been extended to 5/04/21 and is currently still offered at 0.65%.

If you rollover a maturing Ally CD you get an additional 0.05% interest rate bonus added.
https://www.ally.com/go/bank/15m-select-cd/

This offer automatically renews into a 12 month CD, so one would need to actively manage this aspect if not wishing to do so.
Easy to do, but just need to be aware of.

audreyh1 01-26-2021 08:39 AM

Quote:

Originally Posted by Dtail (Post 2549747)
This offer automatically renews into a 12 month CD, so one would need to actively manage this aspect if not wishing to do so.
Easy to do, but just need to be aware of.

Very easy to do. You might have to wait until within 12 months of maturing, but then you can change renew options online to move funds to savings or whatever.

60 day interest early withdrawal penalty too, which is about as good as it gets for a penalty.

jazz4cash 02-01-2021 09:25 AM

Quote:

Originally Posted by audreyh1 (Post 2549813)
Very easy to do. You might have to wait until within 12 months of maturing, but then you can change renew options online to move funds to savings or whatever.

60 day interest early withdrawal penalty too, which is about as good as it gets for a penalty.

There is also a 10 day grace period starting on the maturity date if you need to make changes

roadyrunner 02-01-2021 09:34 PM

Marcus Bank Goldman Sachs has 0.70% APY bonus savings available:
https://www.marcus.com/us/en/savings...e=TIM-N2W-U53P

pb4uski 02-01-2021 10:12 PM

For 3 months...
Quote:

... Simply open an Online Savings Account as a new customer by clicking below, and for 3 months, you could earn an Annual Percentage Yield (APY) that's 0.20% higher than the stated APY available at marcus.com.

jazz4cash 02-03-2021 01:41 PM

I received a flyer in the mail but cannot find any details online......

M&T Bank MyChoice Premium Checking Bonus offer
Open new account by 2/26 with promo code CA
Maintain average monthly balance of $10k for March and April
Bonus of $350 will be credited by 5/31.

$50 close out fee if account is closed within 180 days. Offer not available in all regions

njhowie 02-03-2021 02:29 PM

Quote:

Originally Posted by jazz4cash (Post 2554758)
I received a flyer in the mail but cannot find any details online......

M&T Bank MyChoice Premium Checking Bonus offer
Open new account by 2/26 with promo code CA
Maintain average monthly balance of $10k for March and April
Bonus of $350 will be credited by 5/31.

$50 close out fee if account is closed within 180 days. Offer not available in all regions

I did this deal a couple years ago. Had to go in to the local branch to do it. The account was set up very quickly - in and out in 20 minutes. Bonus was credited when indicated. Closed account after the 180 days past. Once you pass the window for the bonus, you can lower the balance to the minimum to avoid fees.

jazz4cash 02-03-2021 03:25 PM

Quote:

Originally Posted by njhowie (Post 2554782)
I did this deal a couple years ago. Had to go in to the local branch to do it. The account was set up very quickly - in and out in 20 minutes. Bonus was credited when indicated. Closed account after the 180 days past. Once you pass the window for the bonus, you can lower the balance to the minimum to avoid fees.



According to the fine print you should be eligible if itís been more than 12 months. I just tied up my disposable cash in the Marcus promo and donít really wanna jump thru hoops or start up with a new bank.

njhowie 02-03-2021 03:50 PM

Quote:

Originally Posted by jazz4cash (Post 2554805)
According to the fine print you should be eligible if itís been more than 12 months. I just tied up my disposable cash in the Marcus promo and donít really wanna jump thru hoops or start up with a new bank.

Thanks - will look into it...but we've also loaded up on other promos already so not much free cash floating around here either. Have one with Marcus, two with Citi, and two with Chase.

jazz4cash 02-03-2021 05:03 PM

M&T Bank has another promo that is $250 for opening a new account with "qualifying" direct deposits of $500 within 90 days. That might actually be better if you can pass the qualifying direct deposit test, I can't.

Dtail 02-03-2021 06:45 PM

Quote:

Originally Posted by audreyh1 (Post 2549813)
Very easy to do. You might have to wait until within 12 months of maturing, but then you can change renew options online to move funds to savings or whatever.

60 day interest early withdrawal penalty too, which is about as good as it gets for a penalty.

On a semi related matter, I didn't know until today that interest on a no penalty 11 month Ally CD is not credited at year end for tax purposes, but only at maturity and thus taxed in that associated year.

audreyh1 02-03-2021 07:03 PM

Quote:

Originally Posted by Dtail (Post 2554894)
On a semi related matter, I didn't know until today that interest on a no penalty 11 month Ally CD is not credited at year end for tax purposes, but only at maturity and thus taxed in that associated year.

Yes! I discovered this on Jan 1 and was quite delighted that my taxable income for the year was lower than expected!

RetireAge50 02-03-2021 07:48 PM

Had some Navy Federal cdís mature today. Moved it over to T-mobile savings 1% until I can find something better. This is available to everyone even if you do not use T-Mobile and is FDIC insured.

BergLust 02-03-2021 11:46 PM

Quote:

Originally Posted by RetireAge50 (Post 2554915)
Had some Navy Federal cdís mature today. Moved it over to T-mobile savings 1% until I can find something better. This is available to everyone even if you do not use T-Mobile and is FDIC insured.



Any downside to this T-Mobile checking at 1%. Right now I have some money in Ally at 0.5%. Obviously 1% sounds better. :-)

RetireAge50 02-04-2021 06:36 AM

Quote:

Originally Posted by BergLust (Post 2554958)
Any downside to this T-Mobile checking at 1%. Right now I have some money in Ally at 0.5%. Obviously 1% sounds better. :-)


It doesnít have the fanciest web page or app (and everything is pink[emoji254]). The rate has remained 1% so may not adjust upward if rates move in the future.

Chuckanut 02-04-2021 09:48 AM

Quote:

Originally Posted by BergLust (Post 2554958)
Any downside to this T-Mobile checking at 1%. Right now I have some money in Ally at 0.5%. Obviously 1% sounds better. :-)

Here's anther plus:

Quote:

No account fees and over 55K no-fee ATMs.
It's an interesting time when one looks at the one-time bonus payment and the no-fee ATM and thinks that is where the big money is made with deposits these days.

Does anybody know which credit monitoring service they use? That would need to be thawed.

jazz4cash 02-05-2021 03:19 PM

Is there a bonus at T-Mobile?

BergLust 02-07-2021 12:43 PM

Quote:

Originally Posted by jazz4cash (Post 2555879)
Is there a bonus at T-Mobile?

Do not think so.

BergLust 02-07-2021 12:45 PM

https://www.doctorofcredit.com/new-b...eck-hmbradley/

Hi all: What do you think about this one? FDIC insured. soft pull. Good interest rate potential (3%). 1% at the onset and as long as you can manage a real direct deposits and don't have a lot of money moving out, it seems good.

mn54 02-07-2021 12:46 PM

the only "bonus" is the 4% interest on the first $3k.

mn54 02-07-2021 12:49 PM

Quote:

Originally Posted by BergLust (Post 2556992)
https://www.doctorofcredit.com/new-b...eck-hmbradley/

Hi all: What do you think about this one? FDIC insured. soft pull. Good interest rate potential (3%). 1% at the onset and as long as you can manage a real direct deposits and don't have a lot of money moving out, it seems good.

does the monthly direct deposit have to be from an employer? can it be from another savings account?

njhowie 02-07-2021 02:32 PM

Quote:

Originally Posted by mn54 (Post 2556993)
the only "bonus" is the 4% interest on the first $3k.

Be aware, the 4% on the first 3k is not for everyone...

Quote:

*How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month. Deposits posting on or after the last business day of the month count toward the next monthís qualifying deposits. Promotional deposits are not eligible toward the $200 in deposits. If you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. This added value is subject to change. Balances above $3,000 in the Checking Account earn 1.00% APY. The APY for this tier will range from 4.00% to 2.79% depending on the balance in the account (calculation based on a $5,000 average daily balance). Customers who do not qualify for the 4.00% APY will earn 1.00% APY on all Checking Account balances for any month(s) in which they do not meet the requirements listed above. APYs are accurate as of 12/7/2020, but may change at any time at our discretion. Fees may reduce earnings. For more information, see Account Disclosures / Terms and Conditions or go to our FAQs.

njhowie 02-07-2021 02:38 PM

Quote:

Originally Posted by mn54 (Post 2556996)
does the monthly direct deposit have to be from an employer? can it be from another savings account?

https://faq.hmbradley.com/hc/en-us/a...irect-deposit-

Quote:

For our accounts, we define direct deposits as those deposits made by the customerís employer, a federal or state government agency, retirement benefits administrator, or alimony. These generally include payments made by corporations and other organizations. We do not consider deposits to an account that are made by an individual using online banking or other payment provider such as PayPal or Venmo as direct deposits. HMBradley shall make the final determination as to whether a deposit qualifies as a direct deposit for purposes of qualifying for Savings Tiers.

pb4uski 02-07-2021 02:53 PM

Quote:

Originally Posted by BergLust (Post 2556992)
https://www.doctorofcredit.com/new-b...eck-hmbradley/

Hi all: What do you think about this one? FDIC insured. soft pull. Good interest rate potential (3%). 1% at the onset and as long as you can manage a real direct deposits and don't have a lot of money moving out, it seems good.

I wonder if there is a game to be played here. The interest paid is based on how much you saved in the previous quarter, a direct deposit is required and they do not pay interest on balances above $100,000. And first quarter is 1%.

I have a small pension that is $1,500/month. So I open an account and direct my deposit to that account and take nothing out. For first 3 months I get 1%... not bad. Based on the first 3 months I qualify for 3% for the second 3 months, so I dump in $75k on the first day of that second quarter bringing my balance up to $79,500... I get 3% that quarter and each subsequent quarter until by total reaches $100k. Then I do a $35k withdrawal that drops me to 0.5% for that next quarter (I think) but get 3% each quarter after that.

No time to model it out now but it might be worth the effort.

Obviously it would need to be MY account at an FDIC insured bank.... but it looks like it is an FDIC insured bank from a brief glance.

njhowie 02-07-2021 02:55 PM

Quote:

Originally Posted by BergLust (Post 2556992)
https://www.doctorofcredit.com/new-b...eck-hmbradley/

Hi all: What do you think about this one? FDIC insured. soft pull. Good interest rate potential (3%). 1% at the onset and as long as you can manage a real direct deposits and don't have a lot of money moving out, it seems good.

Don't expect it to last over the longer term and consider how much you'll make assuming you stick to your normal way of banking.

The reason I say this is that there are numerous Fintechs out there doing similar things to entice new customers. One with a high yield (Beam Financial) froze depositor money and it took some time for folks to get their money out (see https://www.americanbanker.com/news/...rs-of-fintechs ). I'm really not sure if it's been resolved, but the company has been in a lot of hot water with regulators. Another Fintech some here are familiar with from a bonus promotion early last year is simple.com. They offered a decent bonus and yield, but it was very awkward - they were pitching their own savings model to "help" customers. By mid-year they were reducing their yield just as quickly as everyone else, and just recently gave up, with parent bank taking control. Another Fintech gave a higher yield depending on how much exercise you did. They've essentially given up as well.

So, for any Fintech, take the time to investigate carefully and try to find what others have to say. I would not expect savings/checking yields above 1% (at this time) to last unless they are making money off of you or your activities...and then you need to consider how much you have to do to get the great yield and/or bonus...or what they are doing to be able to pay you the higher interest rate.

BergLust 02-07-2021 11:17 PM

Quote:

Originally Posted by pb4uski (Post 2557100)
I wonder if there is a game to be played here. The interest paid is based on how much you saved in the previous quarter, a direct deposit is required and they do not pay interest on balances above $100,000. And first quarter is 1%.

I have a small pension that is $1,500/month. So I open an account and direct my deposit to that account and take nothing out. For first 3 months I get 1%... not bad. Based on the first 3 months I qualify for 3% for the second 3 months, so I dump in $75k on the first day of that second quarter bringing my balance up to $79,500... I get 3% that quarter and each subsequent quarter until by total reaches $100k. Then I do a $35k withdrawal that drops me to 0.5% for that next quarter (I think) but get 3% each quarter after that.

No time to model it out now but it might be worth the effort.

Obviously it would need to be MY account at an FDIC insured bank.... but it looks like it is an FDIC insured bank from a brief glance.



This is very similar to what I was thinking. And the way you describe the timing on rate changes is also how I understand it.

BergLust 02-07-2021 11:20 PM

Quote:

Originally Posted by njhowie (Post 2557102)
Don't expect it to last over the longer term and consider how much you'll make assuming you stick to your normal way of banking.

The reason I say this is that there are numerous Fintechs out there doing similar things to entice new customers. One with a high yield (Beam Financial) froze depositor money and it took some time for folks to get their money out (see https://www.americanbanker.com/news/...rs-of-fintechs ). I'm really not sure if it's been resolved, but the company has been in a lot of hot water with regulators. Another Fintech some here are familiar with from a bonus promotion early last year is simple.com. They offered a decent bonus and yield, but it was very awkward - they were pitching their own savings model to "help" customers. By mid-year they were reducing their yield just as quickly as everyone else, and just recently gave up, with parent bank taking control. Another Fintech gave a higher yield depending on how much exercise you did. They've essentially given up as well.

So, for any Fintech, take the time to investigate carefully and try to find what others have to say. I would not expect savings/checking yields above 1% (at this time) to last unless they are making money off of you or your activities...and then you need to consider how much you have to do to get the great yield and/or bonus...or what they are doing to be able to pay you the higher interest rate.



I am curious about their business model and will be poking around trying to understand it.

jazz4cash 02-08-2021 07:03 PM

Quote:

Originally Posted by BergLust (Post 2556992)
https://www.doctorofcredit.com/new-b...eck-hmbradley/

Hi all: What do you think about this one? FDIC insured. soft pull. Good interest rate potential (3%). 1% at the onset and as long as you can manage a real direct deposits and don't have a lot of money moving out, it seems good.



Talk about complicated! Iíd be tempted to give it a shot but Iím not clear on the rules for taking withdrawals from the account. It seems like you lose the perk if you withdraw over 80% so a portion of your funds are locked up. It emphasizes several times it has to be a ďrealĒ direct deposit so I presume the rules are restrictive as to what qualifies. Iíd also need to be comfortable with Hatch Bank.

BergLust 02-08-2021 07:43 PM

Quote:

Originally Posted by jazz4cash (Post 2557865)
Talk about complicated! Iíd be tempted to give it a shot but Iím not clear on the rules for taking withdrawals from the account. It seems like you lose the perk if you withdraw over 80% so a portion of your funds are locked up. It emphasizes several times it has to be a ďrealĒ direct deposit so I presume the rules are restrictive as to what qualifies. Iíd also need to be comfortable with Hatch Bank.

It is a little convoluted. But, if you're not doing a lot of ins and outs, it seems pretty good.

The way I read it is if you withdrawal >80% of all deposits (not just direct deposits), then the next quarter your interest rate goes into a lower tier. The downside to this type of account is that you/I have a quarter where we deposit next to nothing, and we want to withdrawn almost any amount >$0, we get kicked out of the tiers and make 0% for the following quarter. I suppose we could play a back and forth game Quarterly with another institution and when/if that situation happens move everything out and start a deposit only process again to get in to the 3% tier....

In the end, you're right...IF you're planning on touching the money. If you just need a place to park money I think it's one of the best "no brainer" options out there, for $100k @ 3%.

gozer 02-09-2021 08:06 PM

Quote:

Originally Posted by BergLust (Post 2554958)
Any downside to this T-Mobile checking at 1%. Right now I have some money in Ally at 0.5%. Obviously 1% sounds better. :-)

I previously kept my excess cash on hand with DiscoverBank. It was earning 2% before the pandemic. When it goes up again, money will move back to DiscoverBank.

Through changing situations my mobile carrier changed from Verizon to Sprint and now to T-mobile. So I have access to the T-mobile money account with the 4% rate on the first $3000 dollars. 1% on everything else. To get the 4% you have to be a T-mobile customer and deposit $200/month into the account. The 4% starts as soon as the money is posted, before it is even available. I earned $0.09 on a $220 dollar deposit with a zero available balance. This was for 1 or 2 days of interest when I first opened the account.

Numerous people do the $200 with scheduled transactions in and out of the account. I do it by having my monthly investment draw spend a couple of weeks in T-mobile money before being forwarded onto my brick and mortar bank. Everything is scheduled transactions, nothing to actively manage. I would not have a paycheck, pension, tax refund, stimulus check or anything like that directly deposited in T-mobile money, but I will store the money there for the extra interest. I want minimal hassles if I drop the account in the future. It is my "side bank." Just using it for the interest.

I would not use T-mobile money as a primary bank account. It is missing features you might need. Notary or medallion signature guarantee services for example. It also has fewer text alert features than most banks I have dealt with. If you want to deposit cash, you would end up paying a fee for someone like Walmart or Green Dot places to convert the cash to an electronic transfer and send it in. If you switch phone carries you lose the 4% deal.

BergLust 02-09-2021 08:52 PM

Quote:

Originally Posted by gozer (Post 2558505)
I previously kept my excess cash on hand with DiscoverBank. It was earning 2% before the pandemic. When it goes up again, money will move back to DiscoverBank.

Through changing situations my mobile carrier changed from Verizon to Sprint and now to T-mobile. So I have access to the T-mobile money account with the 4% rate on the first $3000 dollars. 1% on everything else. To get the 4% you have to be a T-mobile customer and deposit $200/month into the account. The 4% starts as soon as the money is posted, before it is even available. I earned $0.09 on a $220 dollar deposit with a zero available balance. This was for 1 or 2 days of interest when I first opened the account.

Numerous people do the $200 with scheduled transactions in and out of the account. I do it by having my monthly investment draw spend a couple of weeks in T-mobile money before being forwarded onto my brick and mortar bank. Everything is scheduled transactions, nothing to actively manage. I would not have a paycheck, pension, tax refund, stimulus check or anything like that directly deposited in T-mobile money, but I will store the money there for the extra interest. I want minimal hassles if I drop the account in the future. It is my "side bank." Just using it for the interest.

I would not use T-mobile money as a primary bank account. It is missing features you might need. Notary or medallion signature guarantee services for example. It also has fewer text alert features than most banks I have dealt with. If you want to deposit cash, you would end up paying a fee for someone like Walmart or Green Dot places to convert the cash to an electronic transfer and send it in. If you switch phone carries you lose the 4% deal.


Got it. Thanks for the info. I'm not a T-Mobile customer, so I would simply get the 1%. I have other bank accounts that cover "full service" things, so that's not a problem for me. Just looking to park some cash. But, good point! Thanks again!

jazz4cash 02-10-2021 11:38 AM

Quote:

Originally Posted by jazz4cash (Post 2554758)
I received a flyer in the mail but cannot find any details online......

M&T Bank MyChoice Premium Checking Bonus offer
Open new account by 2/26 with promo code CA
Maintain average monthly balance of $10k for March and April
Bonus of $350 will be credited by 5/31.

$50 close out fee if account is closed within 180 days. Offer not available in all regions

Well, I went against my gut and opened one of these accounts. I forgot about the 180 day requirement. It was super easy to open online (10 minutes, no proof of identity required). Now I'm having issues trying to fund the account. BoA doesn't like the info I provided to add them to bill pay so I can send the $25 minimum. $350 on $10k for 2 months is 21% annualized.

BergLust 02-10-2021 08:42 PM

Well, here's what I've done. I've opened up two accounts for a $500 and $600 bonus:

Huntington 25 Checking:
  • Receive a $500 sign up bonus when you make at least $15,000 in total deposits within 60 days. I deposited $25,000 to avoid the monthly account maintenance fee.

BT&T Checking and Savings:
  • Step 1: Open a checking account and complete qualifying direct deposits totaling at least $500 within 90 days of account opening. Also to avoid the maintenance fee on the account I'll maintain a monthly balance of $1,500. To guarantee the deposits are "clean", I'm going to route some of my paycheck from my employer to this account.
  • Step 2: Open any new BB&T savings or MMA account deposit a rang of balances within 30 days and maintain for 90 days after account opening. I opened the free eChecking account and am in the process of depositing $25,000. This correlates to the bonus range of $25,000Ė$49,999.99 and brings a $600 bonus after maintaining in the account 90 days....along with completing Step 1, of course.
  • SPECIAL NOTES: Have to open the two accounts on the same day and use Promotion code BCNGJ when opening the accounts.
  • SPECIAL NOTES: If you want to try this, and you don't have an address in one of the qualifying states, their sister company SunTrust has the same promotion running in other states.

Lastly, to be forward thinking, beyond 90-ish days, in a couple weeks I'll open up a HMBradley account and start adding some deposits to work towards the 3% savings rate. If no other good (low effort, high value) bonuses arise I'll park some money there for a while. Small deposits in Q1 to move from 1% savings rate to 3% savings rate. Then a Big deposit in Q2, such that even if I pull out up to 80% of the deposited amount I'll stay in the 3% savings rate tier through Q3.

jazz4cash 02-10-2021 10:44 PM

I canít believe the banks retain enough new money to justify these large bonus offers. I was thinking it permits them to leverage these deposits to make more loans based on reserve requirements but now I understand the Fed has set the requirement to 0%.

njhowie 02-11-2021 01:44 AM

Quote:

Originally Posted by BergLust (Post 2559179)
Well, here's what I've done. I've opened up two accounts for a $500 and $600 bonus:

Great job! With HY savings accounts paying 0.5%, that's the equivalent of $220,000 needing to sit for a year...and you're getting it for $50,000 in just a few months.

Here's a Huntington link which has been continually updated with some of their offers for the past year:
https://www.huntington.com/checking-...bonuses-offers


The Asterisk-Free offer of $150 for $1000 deposit and no minimum balance is a great one.

I did a BB&T offer without direct deposit two years ago, but the bonus amount was lower. I believe it was just a checking account, no minimum balance, just had to do 5 or 10 bill pays in 60 days after opening account for $150 bonus. They gave me a real difficult time opening the account (they claimed security issue when applying online) and made me drive to the closest branch about 25 minutes away. Aside from that, it all worked out, and they paid when they said they would.

BergLust 02-11-2021 09:08 AM

Quote:

Originally Posted by njhowie (Post 2559248)
Great job! With HY savings accounts paying 0.5%, that's the equivalent of $220,000 needing to sit for a year...and you're getting it for $50,000 in just a few months.

Here's a Huntington link which has been continually updated with some of their offers for the past year:
https://www.huntington.com/checking-...bonuses-offers


The Asterisk-Free offer of $150 for $1000 deposit and no minimum balance is a great one.

I did a BB&T offer without direct deposit two years ago, but the bonus amount was lower. I believe it was just a checking account, no minimum balance, just had to do 5 or 10 bill pays in 60 days after opening account for $150 bonus. They gave me a real difficult time opening the account (they claimed security issue when applying online) and made me drive to the closest branch about 25 minutes away. Aside from that, it all worked out, and they paid when they said they would.

Nice and thanks for the link! And thanks for the confidence/data point on BB&T. I had never heard of them before but they do have brick and mortar banks and of course are FDIC....so that gives more confidence.

BergLust 02-11-2021 09:14 AM

Quote:

Originally Posted by jazz4cash (Post 2559207)
I canít believe the banks retain enough new money to justify these large bonus offers. I was thinking it permits them to leverage these deposits to make more loans based on reserve requirements but now I understand the Fed has set the requirement to 0%.

Someday, I'd love to see data that shows why businesses think these bonus offers are a good idea for their business. I suspect the data would show that maybe I'm not their target client/audience. If anyone has some sort of report, I'd love to see it. There my be a Harvard Business Review or The Economists article (or something like that) somewhere on it....but I've not spent the time to look.

njhowie 02-11-2021 10:02 AM

Quote:

Originally Posted by BergLust (Post 2559333)
Someday, I'd love to see data that shows why businesses think these bonus offers are a good idea for their business. I suspect the data would show that maybe I'm not their target client/audience. If anyone has some sort of report, I'd love to see it. There my be a Harvard Business Review or The Economists article (or something like that) somewhere on it....but I've not spent the time to look.

My guess is that they rely on some percentage to not be like us, going for the bonus and then looking to close the account. I see those with direct deposit requirements as a direct attempt to make it more difficult and a hassle to close the account...you need to put the same effort again to move or stop the direct deposit. Additionally, they're likely also figuring some percentage of folks will hit a gotcha and not meet all the requirements for the bonus - maybe they withdrew the funds or closed the account too soon, or racked up some fees. Lastly, they'll likely keep some percentage after the bonus is paid which they figure will generate fees over time.

They probably have enough past data points to be able to make the determination of what kind of offer will bring in some amount of future revenue.

calmloki 02-11-2021 10:16 AM

Quote:

Originally Posted by BergLust (Post 2559333)
Someday, I'd love to see data that shows why businesses think these bonus offers are a good idea for their business. I suspect the data would show that maybe I'm not their target client/audience. If anyone has some sort of report, I'd love to see it. There my be a Harvard Business Review or The Economists article (or something like that) somewhere on it....but I've not spent the time to look.

Not data, but my guess is that most people are really bad at follow through. Bright shiny offer attracts the suckers in hordes and only some manage to meet requirements while even fewer hew close to the rules and take advantage of the poor banks.

Golden sunsets 02-15-2021 01:07 PM

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.


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