That was a new one!! When I started reading this post I was like, “never heard of same day transfer arrivals”.
But my ACH transfers to the Grow Checking are arriving next day & I post to MM Promo that day. I’m closing out as many low paying (2-2.5%) accounts & transferring those funds to Grow as we speak.
This is turning out to be a great find… The funny thing is nothing is mentioned about this MM Promo on Grow Financial FCU site. It was such a mix up on Ken’s site & people can still get in, if they try.
I am happy you made mention of this, pattyb53. I hope other participants here take your post to heart.
I am hanging onto NBD because of the rate lock and for the sake of diversification. Ally was already gone, for me, before Grow showed up. The most noteworthy impact of Grow MM Promo, for me, is that it finally is taking out my AgFed NPCD’s. This is in process.
I do not have all eggs in the Grow basket, but still I thought it worthwhile to have a look at their rating. Wow!! Grow is A-rated, huge, and is the farthest thing from fly-by-night. So I will have no hesitation about increasing my MM Promo balance there, as circumstances dictate, over this upcoming year.
To me, thinking in general, the funds to move first to Grow are those not currently rate locked. That Grow one year rate lock is worth every bit as much as their high 2.75% APY interest rate.
Just saw a post saying Grow MM Promo deal is dead. Did not call them myself.
What a great deal. RIP
Also am seeing indication EBSB high-rate deal for liquid funds might be dead for new, even local, customers. I did not call them. Am not an EBSB customer.
Boy, things appear to be tightening up considerably, liquid funds options narrowing. Will PurePoint be next?
Yes, I am for now. Have not opened more, what with Grow and all.
Sure, Grow MM Promo is my best yielding liquid account at this time. But I will continue to spread liquid funds around a bit. Not everything will go to Grow. I can live with 2.6% APY at PurePoint or even the 2.5% APY at NBD . . . for the sake of diversification. And both of those situations offer me a rate lock. Am in process of cleaning out AgFed at only 2.4%, but it’s not a fire drill exercise . . . just slow and steady depletion.
Slowly, in the fullness of time, more and more funds will end up with Grow. But I still like the PurePoint no-penalty certificates. It would be a shame if they are discontinued. I have been with PurePoint for a while and they have my confidence, as does NBD. Grow so far is great . . . but doing business there remains very new for me.
I have kept my PurePoint opened with the minimum $10K- 2.3%, but I’m thinking of some kind of movement there. I probably should transfer that $10K over to their 2.6% No Penalty CD. (or just plainly move it to Grow MM Promo)
I’m still keeping EBSB 2.5% with a small balance. I’ve transferred most $'s to Grow. Grow is probably locking in a bunch of money in from those of us that play with CD’s. Rates not interesting right now.
Get $100 when you deposit $10,000 or more in new funds into a new or existing Online Savings Account within 10 days of enrollment, and maintain those funds plus your current balance for 90 days. Must enroll by 3/18/19.
3c3… Problem is, Marcus Savings is only paying 2.25% & some of us are getting 2.75% at Grow FFCU MM Promo. So if we take $10K out of Grow to make the extra $100 might not make since.
We have folks here that could figure it out. $10K for 90 days @2.25% + $100 versus $10K @2.75% for 90 days…
Well, you can transfer it out in less than a minute. They have no minimum, so you can leave the account open.
I opened the Marcus account. It took about 6 minutes. If I add the time to confirm the test deposits and transfer the money out, it’s under 10 minutes time for about $90. That’s equivalent to $540 an hour.
For those who don’t have a Discover savings account, they also have a bonus. $150 for $15,000 deposit or $200 for $25,000 deposit (Offer Code NPBE319). The deposit must be made by 4/15 and the bonus will be paid by 4/29, so you need to have the money in there for as little as 2 weeks. Like Marcus, they have no minimum balance. Discover Bonus
Add the time needed to download and import the 1099-INT next year. And the time to transfer the funds out and close the account. If using a tool such as Quicken, time to set up transaction downloads and a new account. MIght be up to 10-15 minutes now.
I’m not saying I would or wouldn’t pass on this deal, but suggesting there is a bit more friction to opening a new account than we sometimes think.
If you have 250k at Grow, you are making around an extra $50 a month or $600 for the year versus a 2.5% account. Opening up a Discover account and a Marcus account is another almost $300…
