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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)

jazz4cash 06-17-2021 04:30 PM

I forgot to mention my conversation with TD Bank about whether my direct deposits satisfied the requirement. I set up monthly ACH transfers from my 401k to my new TD Bank checking. The direct deposit requirement description is a bit gray so I wasnít sure if these would be acceptable. Apparently they are but itíll take another month to reach 140 days. Then Iíll need to maintain $2500 minimum for a total of 6 months to avoid fees.

ShokWaveRider 06-19-2021 11:10 AM

I wonder if now the FED has postulated about possible rate adjustments if rates will start to climb?

Gotadimple 06-20-2021 10:29 AM

Quote:

Originally Posted by ShokWaveRider (Post 2622540)
I wonder if now the FED has postulated about possible rate adjustments if rates will start to climb?

Not til the Fed actually makes a rate change. The banks need to earn something on their required deposits with the Fed before they can offer higher savings rates to customers.

- Rita

audreyh1 06-20-2021 10:37 AM

Quote:

Originally Posted by ShokWaveRider (Post 2622540)
I wonder if now the FED has postulated about possible rate adjustments if rates will start to climb?

Whatever was going to happen would already have happened this past week. That’s with respect to treasuries. The shorter and mid rates went up some, the longest rates came back down after a spike. How treasuries correspond to bank rates hard to say - those are more tied to the Fed Funds rate and don’t generally change until the Fed rate changes.

jazz4cash 06-20-2021 07:04 PM

Quote:

Originally Posted by Gotadimple (Post 2622847)
Not til the Fed actually makes a rate change. The banks need to earn something on their required deposits with the Fed before they can offer higher savings rates to customers.



- Rita



There are no required deposits. The Fed lowered reserve requirements to zero. Instead of loaning a dollar Of deposits out ten times, banks are free to create money out of thin air by simply making loans. As long as the reserve requirement remains at zero they have no incentive to attract deposits.

pn3069 06-21-2021 06:08 AM

Any experience/feedback with M1 checking account?
 
I just recently noticed M1 Finance has a checking account (provided by Lincoln Savings Bank Chicago) obviously FDIC insured.

They only allow individual checking account but pay 1% apy on the account balance (once signed up for their m1plus membership - first year free).

I am thinking of parking a chunk of cash upto the FDIC limit there but want to hear any experience from folks here. The annual interest rate is quite compelling.

Thanks.

jazz4cash 06-21-2021 06:45 AM

No experience but curios to know if there is a fee for yr 2.

pn3069 06-21-2021 06:54 AM

Quote:

Originally Posted by jazz4cash (Post 2623120)
No experience but curios to know if there is a fee for yr 2.

M1 plus membership $125 annually but waived for first year.

If we deposit $250K... it yields $2,500 per year so covering the cost of the membership should be ok.

Again, as the Fed raises rates M1 should bump the rate higher (I hope)

Montecfo 06-21-2021 07:02 AM

Quote:

Originally Posted by pn3069 (Post 2623112)
I just recently noticed M1 Finance has a checking account (provided by Lincoln Savings Bank Chicago) obviously FDIC insured.

They only allow individual checking account but pay 1% apy on the account balance (once signed up for their m1plus membership - first year free).

I am thinking of parking a chunk of cash upto the FDIC limit there but want to hear any experience from folks here. The annual interest rate is quite compelling.

Thanks.

Well you could also try T-Mobile Money, also FDIC insured, also 1 percent minimum.

No membership fee.

pn3069 06-21-2021 07:12 AM

Quote:

Originally Posted by Montecfo (Post 2623130)
Well you could also try T-Mobile Money, also FDIC insured, also 1 percent minimum.

No membership fee.

I will look into this. Thanks.

Golden sunsets 06-21-2021 09:13 AM

Quote:

Originally Posted by Montecfo (Post 2623130)
Well you could also try T-Mobile Money, also FDIC insured, also 1 percent minimum.

No membership fee.

Have you had experience with the T Mobile ch ac? How long does it take to transfer money in or out to/fr another institution?

Willers 06-21-2021 02:13 PM

Quote:

Originally Posted by Golden sunsets (Post 2623198)
Have you had experience with the T Mobile ch ac? How long does it take to transfer money in or out to/fr another institution?

I have a t-mobile money account and my transfers have taken about 2 days on average. They need to be pulled out or pushed in from another institution because they have a $3K limit on transfers from their end.

Sue J 06-21-2021 02:20 PM

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

Originally Posted by Golden sunsets (Post 2623198)
Have you had experience with the T Mobile ch ac? How long does it take to transfer money in or out to/fr another institution?



Iíve pulled from my home brick and mortar bank and also pushed from DiscoverBank. Transfer times were comparable to other online banks. Two or three days, but that may have included a weekend day.

I did notice that my May interest was posted early, which was surprising!

Montecfo 06-21-2021 02:32 PM

Quote:

Originally Posted by Golden sunsets (Post 2623198)
Have you had experience with the T Mobile ch ac? How long does it take to transfer money in or out to/fr another institution?

I do not originate transactions from within TMOB as they they have some low restrictions. I use my brokerage for ACH as they have really high limits, and it takes 1-2 days.

Golden sunsets 06-26-2021 06:49 AM

Quote:

Originally Posted by Willers (Post 2623317)
I have a t-mobile money account and my transfers have taken about 2 days on average. They need to be pulled out or pushed in from another institution because they have a $3K limit on transfers from their end.

Quote:

Originally Posted by Sue J (Post 2623321)
I’ve pulled from my home brick and mortar bank and also pushed from DiscoverBank. Transfer times were comparable to other online banks. Two or three days, but that may have included a weekend day.

I did notice that my May interest was posted early, which was surprising!

Quote:

Originally Posted by Montecfo (Post 2623323)
I do not originate transactions from within TMOB as they they have some low restrictions. I use my brokerage for ACH as they have really high limits, and it takes 1-2 days.

Thanks guys. I pushed from Ally and it took 2 days. I have a remaining big chunk to push, but will wait until 7/1, after next month's deposits to my regular checking occur. I also note that I can't use the account yet to push or set up payments even if I wanted to, because I haven't received the debit card yet. I opened the account on Wednesday. I don't plan to do much with this money. It's there to earn interest primarily. There will be one transaction monthly of a small amount normally, usually a deposit in, but occasionally a small withdrawal out.

Live And Learn 07-10-2021 12:55 PM

PenFed 15 month certificate 0.75% available.

Montecfo 07-10-2021 01:01 PM

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

Willers 07-10-2021 01:20 PM

Quote:

Originally Posted by Montecfo (Post 2631795)
I've pushed quite a bit to T-Mobile Money. No issues to this point.

+1

RetiredAt55.5 07-10-2021 07:45 PM

Quote:

Originally Posted by Montecfo (Post 2631795)
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 07-10-2021 07:58 PM

Quote:

Originally Posted by RetiredAt55.5 (Post 2631940)
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


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