So I just tried to transfer over $100K from Ally to Northern Bank. No go… the transfer was over the limit of $5000. I called an spoke to a rep about it being a bad idea if they wanted to gain more money. She said, that they could make an exception & she will get back to me after getting approval from her supervisor.
My preference is using PurePoint to hold liquid funds but they don’t have the best rate. No hassle with transfers, etc. But I will use both EBSB & Northern (if she calls back) 2.5%…
Northern Bank did come back & raised my ACH transfer level.
But in the meantime I finalized a 35Mo CD 3.35% that I didn’t think was going to work out for me. I’m not going to mention the name of the CU because I’m sure none of you could qualify for the location. I do, but my big problem was finishing the application because I don’t know how the download info. My son tried to explain over the phone & gave up & advised that I go to the Staples store & get them to help. It worked, cost me $14. but I was happy to pay. So now I will use the Ally funds to open this CD.
Well I have to say I am really shocked, albeit in a very good way! It appears Northern Bank paid 2.5% interest on funds in the money market account for the entire month of January!!! I thought for sure it would be a blended rate @ 2.26% for most of the month and @ 2.50% percent for the last few days of the month post their email notification but I was wrong. Couldn’t be happier to be wrong in this instance!!! This adds to my continued excellent experience with this bank so far.
Wow, that IS a nice surprise. Now I wish I hadn’t transferred almost all my money out during the month. I had only $5 in the account at the end of the month, but got some decent interest from earlier in the month.
Just when I thought I was out, they pull me back in.
I have been reading clearly (I think) about this offer with Capital One. I can see that your money is basically tied down for 5-6 months. Using a balance of $50K.+ $500 bonus. You must maintain the balance $50K for 90 days & the bonus will be paid 60 days following the 90 days.
Someone, I’m sure, could figure just what a person would earn here. 2% rate + $500= what rate for 5 months??
I’ve had issues with a Capital One credit card in the past, so I am not a Capital One cheerleader. However, I don’t see this offer much differently than the Ally offer. Yes, the holding period is 90 days rather than 60, and the maximum you can put on the table is $50K, not $100K.
Still putting $50K in for an effective interest rate of nearly 6% for 90-100 days seems like a no-brainer to me. Not sure how you are seeing the money tied up for 5-6 months any more than the Ally deal. Two days after the holding period ends, virtually all of the funds can go elsewhere.
I was a little irritated with Capital One during the funding process because it took three days to do the trial deposits, and another week before my funding of the account completed “processing”. However, once it did complete “processing”, the date the deposit was posted was when the ACH process began.
I’m going to go ahead with this one. For a change I have a small Capital One bank here in my small town. It is located in the Safeway store.
Since you mentioned $50K in for an effective interest rate of nearly 6%, sounds good to me. I opened the online account & plan to deposit one of my Alliant CU checks at the Capital Bank. That way I don’t have to go through the small deposits for ACH funding.
Just an FYI - the local branch might not help you on this… a couple years ago I had an issue trying to open one of the Capital One 360 accounts and the branch couldn’t help me – they said its an online only product and they were completely separate from the actual bank locations.