Best Nationally Available High APY Liquid Accounts

Best Nationally Available High APY Liquid Accounts
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#605

I’m alternating between thinking it is OK and it is not OK to move the funds around for the Ally promotion.

I think I will put the money in the NP CD. If the rates on the NP CD hikes, I will send Ally a message to ask if it is OK for me to break the CD and purchase another one (and still stay on the bonus). If they say yes, then I’ll do it, and I will have a written record.


#606

Back to our regularly scheduled programming…

In a rare advance notice, Redneck/All America Bank is raising their Mega MM accounts to 2.25% effective 10/22.


#607

[quote=“glitch99, post:606, topic:2349”]
In a rare advance notice, Redneck/All America Bank is raising their Mega MM accounts to 2.25% effective 10/22
[/quote]`

Hmmmm. The advantage there over NBD would be gaining an extension of the guarantee period . . . . if there is a guarantee period at Redneck.


#608

Guaranteed rates are rather rare. It’s only something relatively unknown banks do when jumping onto the scene, to waylay concerns over their durability.

Typically, for most banks a rate guarantee is otherwise known as a CD.


#609

FNBO raised savings rate to 2.00%


#610

If you were manipulating income to qualify for ACA subsidies, I could understand wanting to minimize taxable income.


#611

I’m taking a shot in the dark here . . which is always risky.:grinning:

But my guess is you might be unfamiliar with the IRMAA.


#612

The election does not influence FED rates. FED is an independent body that does what it deems necessary, and it does so slowly and carefully. The election results may influence non-FED rates, like short- or long-term mortgages, the stock market, the people’s feelings and beliefs about the economy (which may actually influence the economy eventually). But the interest banks pay on deposits are tightly related to the FED rates, and elections do not influence FED rates.


#613

Both All America and Redneck cap these accounts at 50k each while NBD does not have such a cap.


#614

Why would one use any of these when EBSBDirect has a better rate?


#615

That makes sense, but only if you are close to the cutoff for subsidies and/or cost share reduction level and have no other way to lower your MAGI (in that case, you might also want a lower interest rate account, which doesn’t really fit with this thread). I just put a calculated amount in a self-employed 401k to lower my income to where I want it for the ACA.


#616

EBSB was added to the list 2 weeks ago. What is the chance they will remain competitive? Probably not very good. My finances are complicated enough without opening a new savings account every 2-3 months.


#617

Yes they hope people will forget (and many will), and also to build confidence so that people are ready to commit now as opposed to waiting for better rates. I haven’t checked Ally, but usually there is a clause for any CD, even the ones with penalties, that the bank can refuse to break the CD. In reality, this rarely happens. I read about some isolated cases a few years back by some smallish bank, but it got resolved eventually.


#618

The cut-off date to sign up for the ALLY Bonus deal is 10/21. Just signed up!!

I have a CD with Veridian that matures 10/28 & will use those funds. We have until 11/5 to get all the money into Ally to complete the Bonus Deal. Sounds like a winner…:wink:


#619

I’m in that process too. As always, I’ve hit a snag with my identity most likely because I have frozen credit reports and Chex too. They asked me the usual questions (e.g. Which of these were your last car loan with? but also oddly, “Which of these is the closest hospital to you?”). I got the “We will contact you soon about your application.” thing. I should have taken more time to measure distance to the hospitals.


#620

it’s not only odd, it’s unbelievably stupid. It forces the real person and any potential scammer they’re trying to block to waste time looking at online maps.


#621

Yes, that was a really peculiar question since it relies on public knowledge. I despise those questions for being ambiguous also. One of the hospitals listed closed five years ago. But do I take that into account in answering the question? Who knows.


#622

For spouse’s new account, I also received the “We will contact you soon about your application” after the question the question about the closest hospital. (I believe I answered all the questions correctly.) The next day Ally opened the account without any further information. Hopefully, that will happen for you too!


#623

Thank goodness I didn’t get that one. They did ask additional questions since I’ve been at my current address less than 5 years. Once those were answered, the accounts were open. Funds are scheduled to transfer Monday.


#624

For most people in more areas of the country, it’s pretty well known what the closest hospital is (especially when given multiple choice answers). Sure, a scammer could google the answer, but that’s true of other questions - like, in what county is this address located - too.


Establishing identity (when opening an account) using questions