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

[Golden sunsets]

I’m going to try TD Bank Beyond Savings promo. $200 for new account w/ $20k for 90 days.

What great timing. I happened to check our Citi balances today to see if the $1,400 in bonus's had posted and they had, after only 4 months from opening date, so I transferred the 50K x 2 from each of the Citi Savings to the Citi Checking and have arranged for Ally to pull the money. Should be in our Ally accounts by Monday. That's an annualized yield of 4.2%.

I now will take $44,500 of that money and open two TD Beyond checking and two TD Beyond savings accounts in DH and my names and start the bonus period for another $1,000 ($500 each). I think we'll have to leave the funds on deposit for the full 6 months in order to insure that they do not withhold the bonus upon closing of the accounts before 6 months. I calculate that it is still an annualized 4.494% interest rate.

Jazz, do you intend to withdraw the funds earlier than 6 months? If you do please let us know if you got all the money out.

 

[Another Reader]

Just got an email from Marcus for an 0.7 percent 18 month CD. Wonder if there is an add-on for AARP?

 

[jazz4cash]

Jazz, do you intend to withdraw the funds earlier than 6 months? If you do please let us know if you got all the money out.

I’ll be looking for guidance for how long the account has to remain open. I know it takes 90 days to earn the bonus and probably 6 months to kept from having it clawed back. The rates don’t favor keeping the account open any longer than necessary.

 

[Golden sunsets]

I’ll be looking for guidance for how long the account has to remain open. I know it takes 90 days to earn the bonus and probably 6 months to kept from having it clawed back. The rates don’t favor keeping the account open any longer than necessary.

Don't take my word for it, but I just spoke with TD and the accounts have to be opened for 90 days and the bonus has to be paid within 140 days, so the accounts can be closed as soon as the bonus is received. That bumps the return if one opens both the checking and the savings, up to 11.587% annualized, if my math is correct.

 

[BergLust]

Don't take my word for it, but I just spoke with TD and the accounts have to be opened for 90 days and the bonus has to be paid within 140 days, so the accounts can be closed as soon as the bonus is received. That bumps the return if one opens both the checking and the savings, up to 11.587% annualized, if my math is correct.

Hey there. I may be reading your post wrong, so forgive me if I am. I just read the details of the offer, because I've not gone through a TD Bank promotion yet, and am considering it. The way I read it, the account needs to be open for 6 months.

Here is the link for the promotion I was reading about:

https://checkingbonus.tdbank.com/Digital500.html

Down at the bottom of the page in the disclosure section here are the terms related to how long the account has to be open:

"Once the offer criterion is met, the bonus will be credited to the new personal checking and/or savings account no later than 140 days from the account opening date. Account(s) must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus. If the checking and/or savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank reserves the right to deduct the bonus amount from that account at closing. TD Bank may issue you an IRS Form 1099-MISC or other appropriate forms reporting the value of the bonus. Offer may be withdrawn at any time and is subject to change. TD Bank employees and Canadian cross-border banking Customers are not eligible.Once the offer criterion is met, the bonus will be credited to the new personal checking and/or savings account no later than 140 days from the account opening date. Account(s) must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus. If the checking and/or savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank reserves the right to deduct the bonus amount from that account at closing. TD Bank may issue you an IRS Form 1099-MISC or other appropriate forms reporting the value of the bonus. Offer may be withdrawn at any time and is subject to change. TD Bank employees and Canadian cross-border banking Customers are not eligible."

The question that always comes in my mind, is how can a bank claw back promotion money if the account value is 0 when you close the account? In other words, if you move all money out....then after the transfer is settled, call them to close the account. I've always followed the rules of the promotions....so I have no experience with this kind of "game"....but it has always been a question in my mind.

 

[Sunset]

....... The way I read it, the account needs to be open for 6 months.

Here is the link for the promotion I was reading about:

https://checkingbonus.tdbank.com/Digital500.html

.......
The question that always comes in my mind, is how can a bank claw back promotion money if the account value is 0 when you close the account? In other words, if you move all money out....then after the transfer is settled, call them to close the account. I've always followed the rules of the promotions....so I have no experience with this kind of "game"....but it has always been a question in my mind.

For many of these promotions, I have noticed the account has to be open for 6 months. At the same time the minimum to avoid fees is often very low.
Example at Chase I put in $15K for 3 months for a bonus. (expired now).
To keep the account open without fees I just left $300 in there for another 3 months.
When it has low minimums like that, I don't even consider breaking the rules, as being barred from ever getting a promotion in the future would be much more expensive.

 

[Golden sunsets]

Sunset and Berglust. Yes I was aware of the 6 mo requirement as well. I was relating a convo I had with the CR I spoke with this morning. She said it must be open 90 days to receive the bonus, so don't close them before 90 days. Once the bonus is paid then you can close them. We actually received the offer in the mail and the offer makes no reference to the 6 month requirement. As you say what are they going to do if the account has been cleared out. I did wonder if they would place a hold on the account for the amount of the bonus until the end of the 6 months. I still haven't decided what to do yet and will mull it over until 11-3 when they will have to have paid out the bonus and then see. I can see pulling 100% of the money from Ally and then going in to close the accounts. I pulled the money from Citi yesterday via Ally. The Citi accounts show a 0 balance today. The money will show up in Ally on Monday.

Interestingly Peoples United has a $300 and a $400 offer starting today. You have to live in their service area though. The $300 only requires a $7,500 minimum balance and $2,500 in DD's within 60 days, so we could do 2 of those. Not sure yet. At some point the bonus' become too small.

 

[jazz4cash]

My notes also say the TD Bank account must remain open 6 months. I spoke to customer service today to confirm the 140 days to payment and $2500 min balance to avoid fees. The reps are very friendly but it seems to be a crapshoot to actually speak to one. I’m in no hurry as the savings promo is available till august and the funds are currently tied up with other promo deals.

 

[jazz4cash]

...I just spoke with TD and the accounts have to be opened for 90 days and the bonus has to be paid within 140 days, so the accounts can be closed as soon as the bonus is received....

I think this part is not correct. I think the accounts need to remain open for 6 months.

 

[Dtail]

I think this part is not correct. I think the accounts need to remain open for 6 months.

Effectively correct. See post #255.

 

[jazz4cash]

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 wasn’t sure if these would be acceptable. Apparently they are but it’ll take another month to reach 140 days. Then I’ll need to maintain $2500 minimum for a total of 6 months to avoid fees.

 

[ShokWaveRider]

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

 

[Gotadimple]

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]

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]

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]

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]

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

 

[pn3069]

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]

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]

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]

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]

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]

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

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’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!

 

[Montecfo]

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]

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.

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!

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.