Ally up to 1.50%

[MJ]

There are no such limits if you initiate the transfer from the source institution (assuming the source institution has much higher limits). I had no trouble transferring in a larger amount via ACH, initiating it at my brokerage.

Yes, I know but you normally have to wait 2 to 3 business days to confirm the trial deposits to establish a link before you can do an ACH which may take an additional 2 to 4 days to complete. That is why I did a (free) wire transfer today which will be completed by tomorrow afternoon.

 

[Gotadimple]

Amex Bank now up to 1.75% on High Yield savings. Was 1.65% this time last month.


- Rita

 

[MJ]

Yes, I know but you normally have to wait 2 to 3 business days to confirm the trial deposits to establish a link before you can do an ACH which may take an additional 2 to 4 days to complete. That is why I did a (free) wire transfer today which will be completed by tomorrow afternoon.

I just wanted to provide update regarding wiring funds to Andrews federal CU. While the wire transfer from Cit Bank was free, on unbeknownst to me, Andrews charged $10 for incoming wires. This the 1st time I ever experienced non-commercial institutions charging for incoming wires. Of course, I did a little footwork and as a courtesy they waved the fee. Apparently, they started charging the fee the beginning of June.

I mention Cit Bank early and wanted to remind people that their money market rate is 1.85% APY .

 

[audreyh1]

I just wanted to provide update regarding wiring funds to Andrews federal CU. While the wire transfer from Cit Bank was free, on unbeknownst to me, Andrews charged $10 for incoming wires. This the 1st time I ever experienced non-commercial institutions charging for incoming wires. Of course, I did a little footwork and as a courtesy they waved the fee. Apparently, they started charging the fee the beginning of June.

I mention Cit Bank early and wanted to remind people that their money market rate is 1.85% APY .

Ouch! Surprise! Thanks for the warning.

I have never wired funds to deal with a CD purchase.

 

[jazz4cash]

I’m currently waiting for AFCU to initiate the trial deposit process with my bank so I can use ACH to xfer funds.

 

[audreyh1]

Through Fidelity I used their fast login scheme to link to my Andrews account and I was able to transfer the funds to the Andrews Base Savings account and buy my CDs very quickly.

Initially through Andrews I set up a transfer from my bank account just for the required $5 in the Base Savings account. If I recall - the Fidelity transfers actually got there before the pull from my bank account did - yep, by a couple of days!

Once you have the account and routing number you can initiate a transfer from another financial institution.

Andrews has pretty low daily and monthly ACH transfer limits. It's best to send the funds from another account with higher transfer limits.

 

[audreyh1]

I’m currently waiting for AFCU to initiate the trial deposit process with my bank so I can use ACH to xfer funds.

Andrews has pretty low daily and monthly ACH transfer limits. It's best to initiate a fund transfer from another account with higher transfer limits.

 

[MJ]

Although it has been hit or miss, Ally gives you the option to verify an ACH link right away. This time it worked and I got verified within 30 seconds with Andrews.

 

[audreyh1]

Although it has been hit or miss, Ally gives you the option to verify an ACH link right away. This time it worked and I got verified within 30 seconds with Andrews.

Good deal!

 

[simple girl]

I’m currently waiting for AFCU to initiate the trial deposit process with my bank so I can use ACH to xfer funds.

Me too. I applied WEDNESDAY and my application is still pending. I called Friday to confirm everything was ok with the application. They confirmed all was well but that they are swamped due to all of the promotions.

At this rate I'll be lucky if the 9 month CD is still available by the time my account is opened.

 

[jazz4cash]

Me too. I applied WEDNESDAY and my application is still pending. I called Friday to confirm everything was ok with the application. They confirmed all was well but that they are swamped due to all of the promotions.



At this rate I'll be lucky if the 9 month CD is still available by the time my account is opened.

What’s pending...your application to open an account or your transfer request?

 

[Dave J]

When I applied 2 years ago, folks reported over 2 week wait just to get an account open.

 

[kevdude]

I usually have our cash sitting in Vanguard's Prime Money Market, currently at 2.05%. Merrill has a preferred deposit that is currently at 1.82%, but you need to have an initial investment of $100,000, but it's ok to drop below that afterwards.

For those that are looking for high yield savings accounts (not cd's), are you looking to banks rather than money market funds at a brokerage such as Vanguard due to FDIC insurance? Just curious.

 

[wolf]

Suppose to be 2 more rate increases this year. ? My plan is to wait for 4-5% Cd rates.
3%/5yr was non-existent a few months ago. Now very common. Patience.

 

[audreyh1]

What’s pending...your application to open an account or your transfer request?

I suspect it is the application process. It took quite a while before I got notification of approval. I also did not know what to do when I got approved on the application. There was no indication of how to open an online account - no email instructions. It was complicated by the fact that over the Xmas holidays I was traveling and did not have access to my snail mail. I didn’t know if I had been mailed relevant account information - actually I don’t think I was - I didn’t have my account number!

So when I received a customer survey email I spelled out in detail the difficulty I had and that I had missed the deadline for their offered CDs because I hadn’t had access online in time to transfer funds. A couple of weeks later, I get a call from a branch manager of one of the Andrews branches, and he tells me I am still eligible to buy a special CD because I had applied before the deadline. So he gave me my account number, and set me up online access to my account right there while I was on the phone. And I was able to a l to get the transfers done. As it happened, around that time the CD became available as a standard CD anyway.

 

[Dave J]

I had a good amount mature at Navy Fed the 1st week of July. I transferred it to my Ally account and took out 5 different amount 2 year bump your rate Cd's that are currently 2.5%. I can raise (bump) my rate up 1 time in the next 2 years. If rates skyrocket, I can exit with a 60 day EWP . I wanted to stay with an institution I already had a relationship with. I currently have PenFed, Navy Fed, Andrews and Ally accounts and some local credit unions. Unless I could get a lot more with a reasonable EWP, I was not going to rate chase for a couple tenths of a percent. I really like to 60 day EWP. YMMV, this is what I did.

 

[Golden sunsets]

I usually have our cash sitting in Vanguard's Prime Money Market, currently at 2.05%. Merrill has a preferred deposit that is currently at 1.82%, but you need to have an initial investment of $100,000, but it's ok to drop below that afterwards.

For those that are looking for high yield savings accounts (not cd's), are you looking to banks rather than money market funds at a brokerage such as Vanguard due to FDIC insurance? Just curious.

Kevdude. Can you give us a bit more on the Merrill 1.82% account? Is it available in their private investment group, or Merrill Lynch only? We are Merrill Edge customers(all self directed accounts) as opposed to Merrill Lynch, but we are part of their wealth management client group. And all of our brokerage activity is through them. Also BOA for banking. I'd like to know more on the vehicle you describe: name, ticker, anything else?


Sent from my iPad using Early Retirement Forum

 

[simple girl]

What’s pending...your application to open an account or your transfer request?

My application to open an account.

 

[audreyh1]

I had a good amount mature at Navy Fed the 1st week of July. I transferred it to my Ally account and took out 5 different amount 2 year bump your rate Cd's that are currently 2.5%. I can raise (bump) my rate up 1 time in the next 2 years. If rates skyrocket, I can exit with a 60 day EWP . I wanted to stay with an institution I already had a relationship with. I currently have PenFed, Navy Fed, Andrews and Ally accounts and some local credit unions. Unless I could get a lot more with a reasonable EWP, I was not going to rate chase for a couple tenths of a percent. I really like to 60 day EWP. YMMV, this is what I did.

I didn’t notice Ally was offering that on their 2 year raise your rate CD.

I’m noticing the 2.8% 2 year CD offered by Wells Fargo through Fidelity.

I’m think that by year end 3% might be available for 2 year CDs.

I actually think the long rates will creep up a bit. There is a huge pressure building from the Fed unwind of $40B a month in bonds, going to $50B a month starting in Oct. So far long rates have resisted but I wouldn’t be surprised to see a turn.

 

[kevdude]

Kevdude. Can you give us a bit more on the Merrill 1.82% account? Is it available in their private investment group, or Merrill Lynch only? We are Merrill Edge customers(all self directed accounts) as opposed to Merrill Lynch, but we are part of their wealth management client group. And all of our brokerage activity is through them. Also BOA for banking. I'd like to know more on the vehicle you describe: name, ticker, anything else?


Sent from my iPad using Early Retirement Forum

We use Merrill Edge as well. The rate is in the Deposit Account and Money Fund Rates at the bottom of the Merrill Edge page for me. The product is called Preferred Deposit and the rate sheet is updated daily. You need to talk to one of their reps in order to move money into it.

Edited to add I believe it’s FDIC insured as well.

 

[jazz4cash]

I had a good amount mature at Navy Fed the 1st week of July. I transferred it to my Ally account and took out 5 different amount 2 year bump your rate Cd's that are currently 2.5%. I can raise (bump) my rate up 1 time in the next 2 years. If rates skyrocket, I can exit with a 60 day EWP . I wanted to stay with an institution I already had a relationship with. I currently have PenFed, Navy Fed, Andrews and Ally accounts and some local credit unions. Unless I could get a lot more with a reasonable EWP, I was not going to rate chase for a couple tenths of a percent. I really like to 60 day EWP. YMMV, this is what I did.

I could’ve written this exact post except my big NFCU CD matured in April ‘17.

 

[Montecfo]

Anyone have experience with Main Street Bank, Fairfax, Va?
Looks like very competitive rates right now. 2.8% on 15 mo CD.

 

[njhowie]

Anyone have experience with Main Street Bank, Fairfax, Va?
Looks like very competitive rates right now. 2.8% on 15 mo CD.

Great rate - be careful of fine print ... automatically renews to 12-month CD unless you notify them not to.

 

[jazz4cash]

Great rate - be careful of fine print ... automatically renews to 12-month CD unless you notify them not to.

I thought they all did the auto renewal. I assume the maturity instructions can be changed and include a grace period but seldom check the full disclosure. Haven’t been burned yet and don’t generally have enough in one CD to make it a critical mistake.

 

[audreyh1]

I thought they all did the auto renewal. I assume the maturity instructions can be changed and include a grace period but seldom check the full disclosure. Haven’t been burned yet and don’t generally have enough in one CD to make it a critical mistake.

By default all banks and credit unions set a CD to auto renew. Now some allow you to change that when you purchase: PenFed, Andrews. Others let you change it after the fact online, although you might have to be within one year of maturity to do it: Ally. Others require you to call in to change the auto renew: Synchrony.

I set up reminders in my calendar.

The Synchrony instructions sounded like I had to wait for the new grace period after renewal to retrieve the CD proceeds, but when I called in they said I could call in with instructions ahead of time. So that’s what I did with the others. I don’t know if there is a window for that.