Best Nationally Available High APY Liquid Accounts

Finance
1003

OK, I (finally) have something to report:

My test deposit, from Alliant, was in my Grow MM Promo account this morning . . . early.

However, importantly:

The Alliant test withdrawal, which we all know they attempted, was NOT honored by Grow!!

Q: So Shin, you made money on this deal. Right?

Yes, I made a whopping $0.95, but that is certainly NOT the point. The point is that, as other posters have said, the Grow MM Promo account does not permit ACH withdrawals. In this regard it appears to me akin to NFCU’s savings account, which possesses the same wacky characteristic.

Q: So now you have to establish a second ACH link at Grow, this time to your savings?

That certainly appears to be the case. But I can move funds right now directly into Grow’s MM Promo, so I’m a happy camper.

1004

I just discovered something at Grow that really bothers me.

The small transfer deposits that I made a couple days ago count against the 6 electronic movements that we are allowed each month. Yesterday I ACH transferred money into Grow Savings. Today when I transferred those funds over to the MM Promo account, it showed I had 2 electric transfers left. That’s it for the month!!

I certainly called & asked about the electric transfers left for the month. NO GO! She said this is the state law. She said I could mail a check, but no more than 1 more ACH this month.

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1005

Regulation D is a pestilence, pattyb53. This is unvarnished fact which survives any and all possible challenge or doubt.

The problem with ACHing money first into Grow savings, thence from there transferring over into Grow MM Promo, is that the consequent withdrawal from savings runs up the Regulation D count in your Grow savings. 'Tis better to deposit the money, via ACH, straightaway into your Grow MM Promo. Leave savings out of it except when you need to withdraw funds from Grow itself. At that point, of course, you have no choice but to use savings.

I posted above a formulation for anyone’s Grow MM Promo account number for ACH purposes. Use that as a starting point, call them, and check to be certain you have constructed the number correctly.

This Grow MM Promo account is looking really, really good. I am so pleased to have it and I feel very fortunate. Thanks again to you, pattyb53, for your leadership. You are the best!

ETA

On a personal note I am finally commencing closing of my old AgFed NPCD accounts. It has taken a long time for something to come along to cause that. The Grow MM Promo account is that “something”.:wink:

1006

OK shinobi. I think you must have had a very competent rep that opened your MM Promo acct number for ACH purposes. The rep that helps you out makes a big difference, & they all don’t give the same advice.

So my story is, I made a second call after my original post today. The second rep helped me a lot. She said what are you trying to achieve? I said I want a Grow MM Promo acct # for ACH purposes. She said we don’t have such a thing. (of course I know they do) But she told me I should open a Checking # & I wouldn’t have to worry about Reg D count. So she opened this one, it’s called “Cash Back Checking Acct”. No fees involved because my MM Promo acct will have a good balance to offset the $200. minimum balance required.

I do have to get the small deposits again for the Checking Acct. But I’m much happier now with this Grow FFCU MM Promo 2.75%…

1007

That’s interesting. I was told all of the checking accounts they offer have a $5 monthly fee which can be waived by having a monthly or more often direct deposit and 5 debit card transactions a month. This is why I didn’t open one.

1008

Yes zzz. Grow has 2 different Checking Accts.

I decided not to take the Checking acct you mentioned. We are really only here for their 2.75% MM Promo acct. I choose the Cash Back Checking Acct. It requires 200. monthly balance for no fee. The Rep said as long as I have a fair amount of 's in the MM acct, that would off set the fee.

As I said earlier, it makes a big difference, the Rep you end up with, when calling. Some are smarter & more helpful than others.

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1009

OK, guys, I am back here posting with egg on my face and offering my apology. What I posted up thread was true at the time . . . honest. But then stuff changed, stuff I did not see coming.

First, that ninety-five cents I posted about, the trial deposit, WAS withdrawn from my MM Promo. But the withdrawal was delayed and dated one day later than the deposit. We all know, with Alliant, the trial deposit and trial withdrawal are sent simultaneously. I have no explanation as to why they became separated at Grow.

Q: Shin, you said direct withdrawals from MM Promo accounts are impossible. Have you changed your mind?

I now have no opinion on that question. So many other posters have indicated direct withdrawals from MM Promo are disallowed, I am in no position to disagree. Yet my $0.95 WAS withdrawn, directly, on a delayed basis. I cannot explain it.

Q: Anything else?

You bet. On 5 March I initiated, at Alliant, a direct ACH deposit targeted for my Grow MM Promo account. This was the deposit intended to put me over the $1000 threshold so I would start earning 2.75% on my MM Promo account.

Q: Today is March sixth. Any problems with the aforementioned ACH?

Just the opposite. The EXACT amount of money I ordered Alliant to send, via ACH to Grow, on the fifth . . . . actually appeared in my Grow MM Promo account dated March 5!

Q: Shin, that is impossible. Have you seen your doctor recently? Perhaps you should schedule an appointment with your ophthalmologist?

Honest to God that is what I’m seeing this morning! I never before have experienced ACH service that fast. And, sorry, I obviously can offer no explanation whatsoever. I am nonplussed.

1010

Sounds like all is well. I guess it doesn’t matter how you get there. It’s the results that count!!

My story is turning out good also. I now have 3 accounts with Grow: Savings, MM Promo & Checking. I added the small deposits to the Checking & this morning I added funds to the Checking, which should show up there tomorrow.

One thing that bother’s me a bit. You can’t see the 2.75% rate in the MM Promo acct. The Rep said we will see the rate when it posts at the end of the month. So we will see…

1011

Agreed. I am confused but it’s a good kind of confusion. :grin:

Anyway, somebody over on Ken’s website finally posted about getting the MM Promo deal . . . despite Ken’s erroneous “update”.

But Ken’s Grow blogpost over there has by now become so buried I doubt many of his visitors will see that post.

Even still today 2.75% APY continues to be an outstanding rate of interest for liquid accounts. Ken really let his readers down.

And I agree it would be a good thing if we could see the interest rate right now. Guess we will have to hope for the best.

1012

Glad you two were able to get in. Was a little to much jumping through hoops for me especially at same time as closing out of wells fargo and transferring my roth and traditional ira, banking and checking accounts elsewhere. I stayed with them way to long with issue after issue occurring with them.

1013

Understood, Famewolf. And nobody is blaming you for wanting out of WF. What a trash landfill that bank has become.

But, hey, I believe the Grow deal remains open even now! If you’re finally finished at WF and into the clear air, there is lots of information up thread right here and nothing stopping you from taking a shot at Grow. We never should look back. Always must focus on the future. And 2.75% APY on liquid funds continues to be the best liquid deal out there . . . at least as far as I know.

It’s time to get crackin’!!

1014

Did yall ever nail down whether the $5 fee for Checking is waived if you have the MM? Still in middle of WF. Funds from liquidation of brokerage account were supposed to be available TODAY so I could wire them…not in the account when I checked. I agree it’s a good deal.

1015

pattyb53 is the expert on Grow checking. Or of course you could just telephone the credit union. I do not have a Grow checking account and I’ve no plans at this time to sign up for one. For me the direct deposit into Grow MM Promo is working amazing. This also makes savings available for six withdrawals/month, more than I ever will need, assuming I cannot withdraw directly from MM Promo. Either way, withdrawals are covered.

1016

This post is for information only. If even one person is helped, well, that is the intent:

Post taken down because it contained bad information provided me by a Grow rep. Guess I should have spoken with more than one rep.:slightly_frowning_face:

1017

to anyone who has done an ach transfer out of purepoint, was it out of purepoint & in the external bank same day or did you lose a day or more if interest? thx

1018

pulled day you begin transfer and arrives in external bank the next day…

1019

I believe it disappears from your account immediately and shows up in the other account the next day, so you lose a day of interest. Note that if you haven’t previously transferred to the same external bank, their fraud department will call you to confirm (annoying). In that case, I don’t think the money disappears until after you confirm the transfer.

1020

badlands said Purepoint allowed 10 linked accounts… has it been changed to 3?

1021

Nope, still ten. However:

When you delete a linked account at PurePoint online . . . it really does not go away . . . even though it appears to go away.

You must telephone them and request that they actually erase the account you thought you deleted.

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1022

Oh my goodness it just happened again!!

Earlier today, before 12:00 noon CT, I initiated at Alliant a second movement of funds via ACH to Grow. It is now just after 10:00 pm CT and those funds are already in my Grow MM Promo account, dated today and earning interest!!!

That is same day ACH service with no loss of interest. Why wire funds when ACH gets them there the same day?

I can recall, fifteen years ago give or take, when funds moved via ACH took three days to arrive. Now it’s the same day! Will wonders never cease?

ETA

Well, that was all wrong. Except it wasn’t.

Q: Huh? It was but it wasn’t?

Exactly. What I wrote above was accurate at the time and actually happened as I reported. However:

This morning I log into my account and they have changed the date of the deposit to today . . . even though the money had to have been there last evening since I saw it.

Q: What is your new bottom line?

Apparently the funds do arrive the same day, but they are ultimately credited to your Grow account as if they had arrived a day later.

Q: Problem?

Not at all. That is what I would have anticipated in the first place. Just never realized ACH money moved as fast as it appears now to be moving. Struggling to keep up with such modern banking developments.