Best Nationally Available High APY Liquid Accounts

Best Nationally Available High APY Liquid Accounts
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#749

Credit unions are member owned institutions that are not-for-profit and exist to benefit members. They have fields of membership and, since you have to be eligible to join as a member, it never surprised me they would do a hard pull, if only to verify address and that the applicant is eligible.

I find it more surprising when no hard pull is done.

NFCU is one of the CUs I joined.


#750

American Express Personal Savings up to 2.1%


#751

I take it back, sort of. NFCU did a hard pull but I did apply for a credit card. Andrews did not.

Re Chex … my Chex is frozen but I may have thawed it temporarily. I’ve requested a report and will update how CU membership appears.

There is nothing in my credit report that would tell them whether or not I was eligible at NFCU.


#753

I am not aware of Hard Pulls from a credit union or other financial institution for the purpose of opening an account having less of an affect than a Hard Pull for a credit card. Do you have anything more than your experience when it comes to this thought?


#754

Alliant doesn’t Hard Pull either.


#755

Agreed. A hard pull should only be done when someone is requesting to borrow money. If a credit union does it for any other reason, they are not following the rules and should be avoided.


#756

They did for me.

Here’s a couple of interesting links:

https://ficoforums.myfico.com/t5/Personal-Finance/List-of-Credit-Unions-that-do-not-require-hard-pull-for/td-p/4896209

[https://www.bankcheckingsavings.com/hard-pull-or-soft-pull-for-opening-a-bank-account/]


#757

Alliant is listed in your first link as a soft pull, not a hard pull.


#758

Sorry to let you down. I’ve only ever seen score impact from opening of CCs. But cannot say for certain about financial institutions.

From other’s posts here, it’s possible some financial institutions give us a break. And that might be the basis for my gut feel. But CC issuers almost never offer us a break.


#759

I think that people get confused over why the hard pull is done. It is deceptively easy to be applying for credit without realizing it (e.g. Schwab and overdraft or margin accounts).

But simply joining a CU should not involve a hard pull. Per Equifax’s own position on it, for example, https://blog.equifax.com/credit/how-pulling-your-credit-report-impacts-your-credit-score-and-other-credit-score-facts, a hard pull means you are applying for credit.

All the more reason to keep your credit frozen at all times so you know when a hard pull is being done.


#760

I am really not trying to be rude but I am going to be honest.

I never look at the wiki. The wiki is way out of date. Virtual Bank is up to 2.36%, Popular is also up to 2.36%, and Citizen’s is up to 2.25%. I don’t imagine the regulars who are posting in this thread, like myself, look at the wiki daily, weekly, or ever. The wiki would be helpful to newbies to savings rates and/or to new users perusing the site’s forums to see a forum that is up to date and actively managed. I do not understand and probably never will why this site does not use unpaid moderators to do the work of keeping wiki’s up to date and ensuring appropriate conversation like most other forum based websites do. I contribute what I feel is useful information. I’m not doing housekeeping on the wiki for whoever owns this site. I’m happy to take my posting elsewhere if my opinion on this is not popular.


#762

Agreed. A hard pull is a hard pull is a hard pull.

(Insert your own joke here)


#763

Well, words mean things. A “hard pull” is just a short hand way of saying “an application to borrow money.” If a CU does a hard pull in the absence of a request to borrow money from them, then they are misrepresenting your application to your credit report. Doesn’t bother me because I keep my credit frozen at all times except when I want a hard pull to happen.


#764

I don’t disagree with you. Given that there are very few contributors here on Fragile Deal, I don’t see the point of trying to maintain a chart that is more current and more accurate a dozen other places.

Scripta started this thread. Perhaps he or she will agree that replacing the wiki with a link to, say, https://www.bankrate.com/banking/savings/rates/ will be more useful than the wiki.

That still leaves open posts like zzz’s that call our attention to something new and interesting.


#765

When the table was requested by several of us initially all that was required was bank, date and interest rate for the most part…now there are alot of additional fields, we are required to sort the data to ensure it’s in the right place in descending order etc and some folks at one point were rather demanding about “you need to add that to the table” to the two or three of us who were actually doing the updates as if they couldn’t add it just as easily has resulted in at least for me, no interest in updating it.


#767

There’s no way to know whether an inquiry was done for new membership, checking account, or credit account. The impact on the score is exactly the same – in my experience it’s approximately 2-4 points, depending on the scoring model and everything else in the report. Also “financial institutions” doesn’t make sense the way you wrote it, twice – credit cards are issued by financial institutions.


#768

Disagree.

Whoever owns this site is a group of FWF members, spending their own money on it without any advertising or referrals. You’re not doing anyone any favors except the regular members themselves.

Are you kidding? Bankrate sucks. Our wikis have been way better than most others, IMO. I’m just tired of updating it. I don’t get any special benefit for doing that, just a free “service” to the community. When I post rate updates I also update the wiki at the same time.


#769

For what it is worth…

I think the Wiki is great and the perfect tool for this type of thread.

And… it is a great way to show the info to folks who don’t normally use this forum, and that will (over time) increase the user count here.


#770

Marcus by Goldman Sachs up from 2.05 to 2.25 this morning.


#771

PurePoint up from 2.15% to 2.35% this morning as well.