Just as an additional data point, my funds hit my Ally account on 11/1. I later received the same email you received.
My Savings Direct up to 2.4% and Popular Direct up to 2.36%
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EBSB High Yield Savings back at the same rate as 2 months ago - 2.5%
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Anyone know if that high rate is guaranteed for a while, like maybe for a year as other banks have done?
Cause if they lower the rate it “ain’t hardly” worth the trouble to apply and move your dough in and then have to move it right back out within a month or two.
Also, you can’t add beneficiaries…it’s probably going to be a money market mutual fund with SIPC coverage…Additionally, you have to open a Robinhood Brokerage account, although you are not required to use it…
why do you keep posting and then deleting your posts?
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New offering: Bay State Savings Bank Money Market 2.35%
https://www.baystatesavingsbank.com/assets/1544562401-SmileWorcesterCountyDec20186.pdf
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Virtual Bank has increased the APY on their eMoney Market account to 2.36%. You must keep at least $100 on deposit at all times or face a fee each month.
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Other increases:
CIBC 2.16 increased to 2.39
Amex 2.00 increased to 2.10
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Life is more pleasant when stuff works out well.
Personal anecdote
Months ago I tried to open liquid money account at Virtual Bank. Had all sorts of problems getting things going. First, I was trying to put the large opening deposit on a credit card. Second, they put me through ChexSystems and promptly rejected my application based on what they learned there. They even sent me a formal “we don’t wantcha” kiss off letter. I figured : I’m toast.
But after passage of some time my card was charged and my account was opened regardless the above. So what did I do? I shut up and laid low, not wanting to remind them what a scoundrel I am.
More time passed. I finally pulled out the CC money having made my dough via a nice reward. Interest rates ascended and the interest rate at Virtual did not. I cleaned the account out completely except for the $100. Things thereafter were quiescent for a long time. I was waiting. They were doing nothing. But my account remained open.
Then suddenly this week Virtual Bank finally comes to life and yesterday I ACHed a bundle of dough down there to garner the new 2.36% APY.
Virtual Bank is a good bank. It has an A+ rating on Ken’s website. Am happy camper.
shinobi, I love to read these little money stories you write. You usually make out ok. But, my question, why not put liquid savings in EBSB Savings 2.5% instead of Virtual Bank 2.36%?
Sorry, pattyb53, this is the internet. Were I to answer you honestly my post would likely draw an unfavorable response from others.
Suffice it to say I do a lot of things by feel. I’m not always right, but I get more right than wrong. I have a good feeling about Virtual Bank, and I like the people there. They have been very fair with me.
Do you remember a while back when I was negative about going into Banco Popular? It’s something like that.
I’m sure shinobi has some hair-brained conspiracy theory to justify it , but with an account already set up it isn’t worth the hassle of opening an entirely new banking relationship over a small fraction of a percent rate difference. I really don’t know what y’all mean when referring to “a bundle of cash”, but I’d think it’d have to be well into 7-figures to be worth chasing anything less than a quarter percent difference.
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In the case of chasing rates for FDIC ensured money it’s barely worth the effort for .25% for many of us. Sure open one and spread it out making a bit more than your lowest rate. If your lowest $250k FDIC bank is making 2.0% and you can earn 2.36% it is definitely worth chasing. That .36% difference is making you $900 per year extra on $250k. Wouldn’t most all of us set up a new banking relationship for that amount?
Shinobi is retired and why not make money as a hobby. I’m all for it if that’s what excites you. I love earning miles and cashback for credit card MS and bank account signup bonuses. It’s well worth my time and effort to do so. It pays between 1.5-4x per hour more than my OT work rate.
Go shinobi! I have actually followed a few of you with money choices for many years. I’m also retired & sometimes it’s like a game, CD’s, Savings etc. But in the end it’s making more money & living well. 
Anyone else surprised we haven’t seen much upward momentum in savings account rates since the last fed hike? I have been waiting to jump in at EBSB thinking others would at least match if not beat the 2.5% rate after the last rate hike by the beginning of the new year but it’s looking less and less likely. Kind of disappointing!
With the recent stock “adjustment” banks have less reason to offer you higher rates since so many people will panic, pull all or some of their money out of the market and put it into “safe” products such as savings and cd’s. That’s not to say the rates won’t go up but if so, it’s going to be a slower process. That’s why many locked into 4% products with 4 or 5 year spans when we had the chance.
At a time when there is scant little great news for us savers, we have to seek solace where we can. This is small ball. Again, for emphasis, only small ball here. Still I have been doing this deal for several years and I have no plans to quit now at this even higher rate:
DCU has once again raised the interest rate on the credit union’s “first $1000” offer. Last year the rate was 5%. The APY is now up to 6.17%. Here is a link to the offer:
Link to DCU $1000 offer at new, higher, rate
The new interest rate becomes effective on January 2, 2019.
Q: Shin, are you in?
I was in and I’m remaining in. I do not leave money lying in the street.
BTW, this is liquid dough so if you ever should have need of funds you can just withdraw your money without penalty, everything except for five bucks.
Have located yet another small money deal on a liquid account:
Premier Members Credit Union (PMCU) is offering 4% APY on the first $2000 invested in their money market account. Here is the offer:
Link to PMCU 4% small money deal
Q: But Shin, PMCU is in Colorado. Can anyone join?
Yes, but it will cost you five bucks. Here is the link to your way in:
Notice where it states:
If you do not meet any of the criteria above, you may choose to join through our affiliation with Impact on Education the primary charity for the Boulder Valley School District. Doing so is simple, and no additional action is needed on your part.
How long are these rates good for?