Synchrony Bank HYS now at 1.75%
Northern Bank Direct Money Market up to 2.26%. $5,000 minimum. Account appears to come with free checks and debit card.
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Been looking hard at the NBD deal and it appears to me a good one. However, I’ve not as yet applied. Am awaiting possible fallout from tomorrow’s anticipated Fed rate increase. Already have too many liquid accounts. Hope one of 'em will jump their rate up to NBD’s after tomorrow.
Course “bird in the hand” etc. If NBD withdraws their deal I will likely have regrets. It is a good deal.
That’s just to good a deal for me to pass up. I’ve got a no penalty 1.85% cd with CIT Bank that’s going to have to move.
I tried to open Northern Bank Direct application today.
I can’t get past the section where you check mark the 3 options toward the end of the application. You must pull up each one to read before you can check. When I open the option to read first, then close it, I lose the whole application. I tried 3 times. Very frustrating! Guess I will call the number listed & ask for advice.
Try control clicking it to have it open in a new tab then you should be able to checkbox it. I’m waiting on my micro deposits then will see how much trouble cit bank gives me to close the no penalty and get the money to ally where I can transfer to northern…assuming I can get THAT setup after the initial $5000 to open account. The only thing I wish they’d do is guarantee the rate for 12 months as others did…if they decide to change it 90 days down the road is going to be annoying. For whatever reason the blog entry about northern did not get emailed to me so first I heard of it was the posts today so thanks everyone! Assume the FDIC limit (without any extra effort to stretch it) the .4% increase from 1.85% to the 2.26% would result in over $1000 of interest in a year’s time.
I stand corrected…the rate IS guaranteed to last until at least June 30, 2019.
I just opened the NBD account. If another rate leapfrogs it in the next few days, I won’t bother funding it.
I have a lot of accounts with various institutions with only a few dollars that I keep open in case they become the rate leader again. What I don’t like about NBD is that their minimum is $5K and this:
“Interest is compounded monthly and credited monthly. If you close your account before the interest is credited, you will not receive the accrued interest.”
Other things to know:
*$5K per day/$25K per month max initiated with their ACH (unlimited with transfers initiated from other banks).
*$3 for withdrawals initiated from their ACH system (apparently none from other banks, although there was some contradictory info on this)
I believe the $5K is minimum to open the account, but there’s no minimum balance requirement for the interest rate (there is a $250K maximum for the rate).
Thanks famewolf… Using the control button worked & I was able to checkbox it.
I filled out the application for Northern Bank D this morning & finished in just a few minutes. Small deposits should be there tomorrow. Yesterday I tried 3 times & couldn’t get the checkbox issue to complete.
As shinobi said “bird in the hand”. So if rates increase, I’ll just move my money.
The Fed did jump their rate another quarter point earlier today, as everyone expected would happen.
It’ll be interesting to see if other banks and credit unions, aside from NBD, react to this change by the Fed. I hope they do.
Fed guidance from Powell is pointing to TWO additional 0.25% hikes in the Federal Funds rate in 2018:
Almost like in football. Anyway, my observation:
The situation regarding interest rates on liquid money is very fluid with a strong bias to the upside.
shinobi, do you suppose this Northern Bank Direct 2.26% is the additional hike the Fed Funds rate is talking about?
I plan to go ahead with NBD as a placement for the Navy CD’s that matured yesterday. Looking back at some of my CD rates, I believe this NBD rate is actually above some of these old CD’s.
Hike! Hike! shinobi, are you going to go for this one?
Interest compounded monthly vs daily is pennies so no concern there. Closing account before interest is credited is mildly annoying but you know about it so you just work around it. Neither is a minor much less a major issue.
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By The way…to Patty and others here that have Northpointe Bank as i do…i checked with a rep…They pay the interest on a quarterly basis for the Ultimate Savings Account (which is why there was no payment at end of May for us, though your accrued interest shows in your account, of course)…
Being that the end of June is the end of a quarter, you will see posted interest this month…
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The Fed controls, and can set, short rates. I think the NBD offering was (is) a move they made in anticipation of yesterday’s widely anticipated interest rate increase.
I’m still not in at NBD. It has nothing to do with the sort of misgivings I had with Popular Direct. I continue to believe the NBD deal is a good deal.
But I usually go with my gut on this stuff and my gut is saying “wait and see”. My gut, BTW, is too often wrong . . . but it’s all I have.
Anyone know how to get our full Account # and Routing from Northern once micro deposits have been validated? I’d like to get Ally Linking setup. Cit Bank will do free wiring directly to northern which is tempting but agfed has the same 1.85% and is the one bank not listed on personal capital so moving THAT would make my finances easier to see at a glance rather than a manual entry on personal capital which will be out of date. If a second bank offers a similar rate then I’ll move BOTH where they can get the higher rate. Better to get out of 12 months cd’s and into liquid accounts.
Sorry, famewolf. As I wrote up thread, I have not opened an account at NBD. Therefore I’m unable to respond to your inquiry.
Perhaps another poster will answer you. Hope so. I think quite a few participants here are opening at NBD.
Oh, wait. I understand now. You clicked on the “reply” beneath my last post instead of clicking on the general “reply” in the blue box at the bottom of the thread. You were not really wanting to reply to my post specifically, even though that is what you did. If you want to reply to the thread generally, you must scroll to the bottom and click on the “reply” in the blue box.
famewolf, I have an acct opened with Northern BD. Just follow the instructions on the e-mail they send. Go to www.nbtc.com & click on “finalize your account” link. (top of the page). Follow the instructions.
Routing # 011303097.
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are the small deposits also 2 out?
@shinobi Sorry…about that. Yeah I meant to do a general post. They replied back with a secure message that had the info so I started the ally mico deposits.
@pattyb53 I’m already past the finalizing. I have an account and am now setting up deposits via ally (from ally side).
I’ve about decided though it’s just both simpler AND cheaper to do a wire…all the time you spend moving money around/sitting in lower interest accounts and waiting for it to clear (even though some banks give you interest in the interim not all do) usually adds up to more than the fee.