I think you’re thinking of a money market fund, not a money market account?
Bank Money Market accounts are always FDIC insured…Money Market Funds purchased through a brokerage are not…
zzz and craig10x, you are quite right. Why, then, would a current CIT customer not move everything from HYS to MM account?
I can’t imagine there would be any reason not to unless someone doesn’t know about this new higher rate account or is too lazy to call in to increase their rate. I imagine that’s why CIT puts out a new account a few times a year rather than automatically raising the rate on their current offered account. They realize that X % will just leave their money in the old account with the old rate. Those would definitely not be FW people!
Honestly why wouldn’t you just use their 11 month no penalty cd which is paying 1.85%? You can get the money out at any time so it’s just as good in my opinion.
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I can answer that. Surely for some individuals their 11 month deal is attractive.
The deal does not work for me because I house my “rate chaser” dough in such accounts as this. When a hot CD deal surfaces I need quick (read “instant”) access to my money, lest I miss out on the scorching hot deal everyone is chasing at the same time I am. Posters on Ken’s website state it can take two to three days to access CIT 11 month no penalty money. That, for me, is simply unacceptable. When I need my money I do not have even a day to waste.
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Also, the no penalty CD withdrawal is all or nothing. So if you needed $5K out of your $50K CD, you’d have to cash out completely. OK, you could then open a new $45K one, but still.
The standard for no-penalty CD withdrawal ease is being set, right now, at Ally Bank. At Ally you can do it yourself, online. The time taken depends on your own ability to navigate their website. It is a very quick withdrawal process. There is no involvement of Ally Bank personnel. And that is a good thing.
AgFed also offers quick access to one’s no-penalty CD funds.
In neither instance does the process consume two to three days. Two to three days is an outrageous amount of time for such a thing. Two to three days is not serious, it’s more like “you gotta be kidding!”.
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Any of these offer quick posting of funds like Fidelity Cash Management or Penfed? I’m thinking of these that submits a ACH credit next day - eg. will post paychecks on Thursdays instead of Friday.
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Purepoint is such an annoying bank. I set up a transfer last night to push a few thousand dollars out. I had to get a code to log in on the same desktop I always use, but that’s a different annoyance.
They called me 3 times today when I wasn’t available and then apparently canceled the transfer when I didn’t respond. They also called to confirm a transfer the only other time I did one with them. Is this SOP with them? I’ve made hundreds of transfers with other institutions and had never had to confirm a relatively small transfer before this.
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Appreciate the heads up. I am a PurePoint customer but I was not aware of such foolishness as this.
Purepoint ACH transfers? Do 'em all the time, respectable amounts of money involved, too, but always initiated at Alliant, never at PurePoint.
Appears to me like PurePoint is security crazy, principally I bet to protect themselves. Security is a good thing in any event. But when you have to move funds really fast, obsessive security protocols can be a PITA.
Just posting a data point that I’ve been pleased with CIT Bank. Transaction downloads to Quicken work well (important to me), unlike a few other online banks that I’ve tried. Last year, I tested ACH transfers out from CIT, Synchrony and Discover (same amount, same target). CIT won the race by a mile.
Last night, opened a CIT Money Market account (1.75% APR) and moved funds from CIT High Yield Savings (1.55% APR). The entire process took about 20 seconds, and transactions have cleared this morning.
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So I guess the secret is not to initiate the transfer with Purepoint. Normally, I do pulls instead of pushes, but I was pushing the money into NWFCU and I remember them being slow on pulls in the past (although they have improved the interface and hopefully transfer speed).
On a side note, I realized I could still add a few thousand more into NWFCU’s 3 year 3% add-on CD that has 6 months left until maturity. For anyone who has one and is below the $100K max, 3% for basically a 6 month CD is a great deal.
That happens I guess, when a cookie or temp file on your computer gets changed or deleted. I have 3 or 4 other online banks that do the same thing.
Anyone ever heard of Bank7? Per DoC, they’ve got HYS and MMA at 1.8%. I’ve never heard of it and don’t know how sustainable the rate is. Website says it’s not a promotional rate, but is, of course, subject to change at any time.
Anyone have any feedback/review of Salem Five Direct? Are their rates consistently high? Is their site easy to use? Are there actual ACH fees???
Never used them, but they’ve been on our list for a long time, though rarely at the top IIRC. But I wouldn’t take the hard inquiry for a measly 0.05%.
Their rates are pretty consistent, but never really at the top of the list. SalemFive jumping to 1.85% is a pretty good indication we will see 2% rates much sooner than later, and they’ll settle back into the middle of the pack.
Yes, there’s a $3(?) fee for initiating ACH transfers out.
Live Oak Bank just raised their online savings account to 1.70% APY
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Just passing this along for anyone who missed it. For those doing the MACU 2.25% addon cd that requires you to put in $10 a month it’s really easy to bump that up to $20 and get the extra cash…[ I deposit $10 into savings each month and then the cd auto pulls $10… ]
Article from Doctor of Credit:
SaverLife is a non profit that is offering you $10 for every month you save $20, up to a maximum of $60.
The Fine Print
You must be at least 18 years of age
Our Verdict
For those asking about the legitimacy of this offer, it’s provided by non profit EARN. It’s also been mentioned on mainstream sites such as USA Today. They seemingly fund it from corporate sponsors (Capital One, J.P. Morgan Chase and others). One of the most difficult things about saving money is creating good habits, this type of reward is the perfect way to get people into these good habits. Once you’ve started saving money, please make sure it’s in a high interest account as compound interest is a beautiful thing.
Part of the reason I like writing this blog is helping people save that wouldn’t otherwise be able to do so. If you currently can’t afford to put aside $20 a month, then look into things such as credit card bonuses and bank account bonuses to bring in some additional income. Having an emergency fund you can tap into when you have an emergency can save you many times over (avoiding having to pay high interest rates on credit cards, not to mention less stress). The nice thing about this particular bonus is that you can do it without opening a new account in most cases.
Hat tip to reader XenaWP
The post SaverLife – Get $10 Every Month You Save $20 ($60 Maximum) – Use Your Existing Account appeared first on Doctor Of Credit.
via Doctor Of Credit [Expired] SaverLife - Get $10 Every Month You Save $20 ($60 Maximum) - Use Your Existing Account - Doctor Of Credit