Tracer
Recycles dryer sheets
Sounds good. But your existing balance in your account, plus the new funds must remain for the whole period to get the bonus. At least that's the way I read it.
While I have a small CD and a credit card at PenFed, my existing balance in the savings account with this promotion is currently 1 cent. I'll gladly keep that penny in the account to get the bonus. It's kind of a moot point for someone opening this account for the first time to take advantage of the deal.
I'm thinking about dropping $20,000 in there that is currently earning about 5%. Raising that yield by 50% to 7.50% with zero risk, though only for a four month period, seems like a no brainer.
Dtail said:Not only that, but in the fine print it states that it can take up to 60 days to receive the bonus and I believe then to be in good standing the account effectively must stay open for 6 months.
Thus the APY would really be 6%, which is still a nice 6 month return with no risk.
I saw that, but nowhere does it state the entire amount has to stay in the account until the bonus is paid. You could withdraw the amount after 4 months and leave $1.00 in the account. They will simply add your bonus to your $1 balance.
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