Best Nationally Available High APY Liquid Accounts

Finance
943

Yes glitch 99, the funds were received by EBSB on 2/21, but do not show available until 2/27. Isn’t that the pits?

Hindsight, I would have started earlier, having heard of this deal last week. I could have moved the funds to Alliant checking account & tried the cell phone deposit at Andrews. I see they do that now.

shinobi, I just called Andrews to see if they would move the money by using the routing & acct number method. The answer was no. Too bad for me, but there are other good deals that come along if this doesn’t work. (I hope)

944

Just like when depositing a check, the deposit posting to your account balance does not indicate the funds have been received by the bank.

945

That is a tough break, pattyb53 . . . a very tough break.

You would be limited to $25,000. But if the money is available at EBSB tomorrow (Wednesday), and once you have confirmed that availability, you could early in the morning your time do an ACH pull from EBSB into your Alliant account. The money would be available in Alliant next day Thursday. Thursday morning early you slingshot the funds to your Andrews account and it is there Friday in time to get the deal you want, which closes this coming Saturday, March second.

Alternatively, and I think a better option, would just be to wire the funds tomorrow, once they become available, direct from EBSB to Andrews. That way there is no limit on the amount you could transfer. Only problem for you with an eastern to eastern wire is need for you to initiate your wire very early in your day, but of course not so early here in the east.

The above options assume you already have made the proper ACH connections or have already spoken with EBSB about wiring funds and understand their procedures, precautions, security measures, and so forth. Financial institutions, some of them, can be rather persnickety about wiring funds when you are unable to appear in person to order the wire. But the ACH, within the Alliant $25,000 limit, should work for you straightaway provided all of your accounts are already connected . . . . which they should be.

Back now to liquid accounts:

I’m having a bit of fun myself today with the accounts I opened this morning at PurePoint. I assumed the money, currently in Alliant savings, will not be withdrawn from Alliant checking until early tomorrow (Wednesday) morning. Then I got cold feet. :smile:

So I set up Alliant’s free overdraft protection just in case.:wink:

The game plan all along, if this goes as planned (nothing is ever for certain), is to transfer the funds manually before 6:00 am tomorrow morning from savings to checking, thus limiting the Regulation D hit to just a single withdrawal. But if it turns out I need my backup, and plan B kicks in instead, there will be three Regulation D charges, possibly taking me up to six for the month. With a bit of luck that will not happen.

So anyway, I’m hoping for the best. Alliant runs its ACH files on central time, and I’m on eastern time, so I’ve got 'em by an hour.:smile:

946

I’m on the fence about that purepoint NPCD. Can I transfer funds to them DIRECTLY to open the cd without having to open the savings first (thereby tieing up the money for several days)?

947

Well, first thing you must do is to become a PurePoint customer. I really do not know how to do that without opening a PurePoint savings account. However:

There probably IS a way. Just telephone them and ask.

Once you are a PurePoint customer opening the NPCD is easy, with your dough going straight into the NPCD from an external account you have linked prior.

OK, come to think of it, I am aware PurePoint telephone reps have the ability to open a NPCD for you. You would presumably send them a check to get started? I really dunno. Since I became a PurePoint customer quite a while ago, doing business there without a savings account is not territory I ever have explored. Best thing, for certain, would be for you to telephone them, explain what you are seeking to do, and ask for guidance.

As for the account itself, it’s a good one . . . . but only within the realm of liquid funds. It’s a good account for money you seek, for your own reasons and purposes, to keep liquid. It is good because the interest rate is very competitive, as is the rate guarantee. Why keep liquid funds in a situation, for example, where the interest rate is lower and there is a shorter rate guarantee, or no rate guarantee at all?

948

I have same question as famewolf “I’m on the fence about that purepoint NPCD. Can I transfer funds to them DIRECTLY to open the cd without having to open the savings first (thereby tieing up the money for several days)?”

If anyone call & finds out the answer, please post.
Does purepoint do 2 trials in & OUT when linking an external account?

Is there an upper limit to the amount of an ACH transfer initiated at purepoint?
Is there a limit on # of external accounts linked at purepoint?

I could not find this info in any of the online documents.

$10,000 min to open savings or NPDC and $10,000 in savings to earn 2.35 rate, correct?

949

I have been getting 2.1% from American Express since 11/22/18.

950

I redeemed an Ally NPCD with the funds going to Ally savings, and opened the Purepoint NPCD, pulling the funds from Ally savings. I was wondering if the redeemed funds going into Ally savings counts for Regulation D?

951

The funds going into Ally savings does not count against you with Reg D. However:

If PurePoint pulled funds out of Ally savings, then that withdrawal would increment your Reg D score at Ally.

952

Can someone remind me what the rate guarantee’s on the 2.5% for East Boston and Northern Savings Banks? Trying to figure out which was shorter.

953

I believe the NBD rate guarantee extends to mid-year 2019. I do not believe EBSB offers a rate guarantee, but pattyb53 would know more about that than myself. I am not an EBSB customer and she is.

ETA

Yes, confirming now the NBD rate is locked until June 30, 2019.

954

EBSB rate 2.5% now for members. (at least for me)
Don’t know how long this rate will last. No guarantee, I assume until rates in general start to drop.

955

No guarantee.

956

Here’s the answers I got to the questions I asked @ Purepoint as they may be relevant for others here.

You can open JUST a cd with no savings or you can open both. The $10,000 minimum is across all accounts so having the money in the cd would allow you to have a small amount in savings should you choose to do so. You can fund the cd directly from an external bank which will be linked to the account and available to receive the funds should you close the cd. The easiest method is the online process which would let you do everything in one place…application, funding and online account access setup.

On an unrelated note…I received an email from Bank A saying “I noticed you had not taken advantage of our new high rate and…” It appeared to be a canned email but did have a persons name and email attached so I decided to reply back and told them the reason I had moved my funds out was because even with the overall trend of interest rates going down several banks were still offering 2.5% for checking/savings and 2.6% for a 13 month NP CD. I said something like “When Bank A has competitive rates I’d be willing to move my funds back.” I got an email back in a fairly quick amount of time from the indicated person who not only said they would offer me 2.5% but offered a 12 month rate guarantee. I inquired whether he would match the 2.6% and have not heard back. Probably not as I assume he would have done so initially. This was when I asked about the rate guarantee on the other two. I think it would be worth my time to move funds even if the rate was the same because they are willing to guarantee it for a whole year. Obviously Purepoint is to be preferred but I liked his “go get em” attitude. Sometimes it does pay to be the squeaky wheel. Before anyone asks, I’m not comfortable passing on the name of the individual or bank until he approves it. No need to burn my bridges however if someone wants to know I can ask in email and get back to you.

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957

Interesting report. Look forward to hearing who bank A is after you get approval.

This reminds me of a note on CIT Bank’s web site (shown below). I’ve called that number several times and they read me the rates posted on the web site. I say, but your message says to call this number to see what you might be willing to do if I’m ready to move money out. Their answer is basically … sir, we don’t know what you are talking about.

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958

I was curious…with Purepoint Financial, what is the maximum amount you can transfer by ach from an external bank account (using their system) per day and per month? And does interest start from the day they receive the funds?

959

Not sure about the max per day and month but interest is earned on the amount as soon as you submit the transfer request as long as it’s before 9pm on a business day. For instance if you submit a transfer prior to 9pm on Friday of a holiday weekend, you would earn double interest for Friday, Saturday, Sunday, and Monday. Nice feature!

960

Just looked at their disclosure. Looks like max is 250k a day and 1M every 30 days.

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961

I think all banks are required to pay interest from the day they receive the funds (assuming they pay interest that is). The advantage of doing it on the purepoint side is they give you interest from the time you submit the request before they even have the actual funds and you continue to earn interest on the source because it hasn’t been pulled yet…combine a weeked with a holiday and you have @shinobi’s fav thing…double interest on the same money. :wink:

Keep in mind the limits you are looking at are ACH limits…they do not affect wires in any way and they are not included in externally initiated requests. You could max out your monthly amount in purepoint and then still initiate an external move which would be processed…at least that’s exactly what I did at Ally in the same situation.

962

Thanks Guys! Just Opened the Online Savings (i have had accounts with them in the past, so still able to log in on the online banking) and once i get a lot of funds over, will also open the No Penalty CD…That is nice that interest starts immediately (when you schedule the transfer in before 9 PM)…They have a nice set up on the online banking and it’s very easy to instantly link new external accounts and manage beneficiaries… :slightly_smiling_face: