My EBSB account changed from 2.50% to 2.02%. I’m taking funds out immediately.
But, my Northern Bank savings is still showing 2.50%. I don’t have many $'s there right now.
Grow FFCU savings will be paying 2.75% for the rest of the year. So that account will get most liquid funds
When did you first open it? I think I was a little later to this party, maybe there’s an unstated rate lock that ran out for you first? Otherwise I’m confused why you rate would change but mine wouldnt? Or am I missing something?
@pattyb53 What balance do you have in your account right now and what was it before your last withdrawal? I don’t remember what the balance tiers were on the account when I opened it for the 2.5% rate but the current account for new customers(which only pays 1.8%) lists the following tiers(maybe there were similar tiers on the account when we all opened?):
No interest will be paid on balances less than $10, balances $10 to less than $10,000 earns 0.50% APY, balances $10,000 to less than $2 million earns 1.80% APY and balances $2 million and over earns 0.80% APY.
I think I had around $40K before I withdrew money last. I decided to go with Grow 2.75%. I now have around $2K left in EBSB. Maybe the lower balance caused the change to 2.02%.
EBSB was great while it lasted. I remember when they lowered their rate earlier & mine stayed at 2.5%.
I have mine down to just over 10k as I’m doing bonuses at a number of other banks simultaneously so 25k isn’t the magic number, maybe 10k or 5k. @pattyb53 didn’t give a round number as to what her account balance is currently.
If this does end up being the beginning of the end for EBSB 2.5%, there are currently 4 other banks paying 2.5% for those that don’t have Grow’s 2.75% deal. They are Investor’s Bank MM(no min balance requirement), Customer’s Bank HYS(25k min balance requirement), Western State Bank MM(no min balance requirement), Redneck/All America Bank(no min balance requirement but each account has a max of 50k at the 2.5% rate).
I recalled customers bank also having brought back their 2.5% MMA but when I checked the rates on their website I found:
Smart rate shoppers like you want your money in an account that pays a greater yield. Now you can save smarter with the higher-yield Ascent Money Market Savings Account. Open an account today and start earning a minimum rate of 2.25% APY guaranteed thru June 30, 2020. Minimum deposit of $25,000 required to earn the quoted APY.
so I’m not really sure if it is still available or not.
Is there any guaranteed time frame on the Customer’s Bank 2.5% account: ? I am not seeing any…fine print says
Annual Percentage Yield (APY) as of 4/1/2019. This is a variable rate account and the APY and interest rate may change at any time after account is opened. Minimum balance requirement to open and obtain APY on savings account is $25,000. L
No, there’s no guarantee on any of the accounts currently paying 2.5% as far as I know. If I were opening up a new one, I would probably go with Investor’s Bank since they just raised their rate from 2.4% to 2.5% 5 days ago. They held steady at 2.4% for quite some time so that makes me think they will keep the 2.5% steady for at least awhile moving forward but with none of them having guarantees, it’s really just a gamble as far as which one is the best to open. I also like that the Investor’s Bank account doesn’t have a minimum deposit to open the account and earn the interest rate.