Dang it. Just opened three 12-month CDs at Synchrony. Did not expect to see escalation above 2% quite so soon. And Live Oak is practically my local bank.
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They have branches? Where?
Sorry, I was referring just to their headquarters.
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Your timing is good. Had a Penfed 1.35% 12 month mature on the 17th. Just have to get the money to ally and then can setup the live oak account. I have a synchrony bank 1.25% maturing on the 25th that Iâm going to just re-roll into the current 2% 12 month offering.
I will just mention that in the savings account thread it has Able Banking MMA paying 1.70% for those looking for attractive âno penaltyâ rates.
Virtualbank has a 12 month cd paying 2.11% but Iâm not going to recommend it. A recent review indicated a person getting their funds out of a maturing CD had to wait on a physical check in the mail (allowing them to take advantage of the float time) and the only method to submit the request was via a virtual bank message with no indication how long a reply would take. The bottom line is with live oak paying 2.10% without all these hassles itâs not worth it as all that float time makes the rate uncompetitive. Add to that an EWP of ALL INTEREST EARNED.
Thumbs down. Not even gonna bother adding it to the table. Someone else can if they feel it rates it. You can read more at depositaccounts.com.
thx for post
what is EWP
Early withdrawal penalty
Typically (OK, based on data points Iâve experienced), the EWP is 90 days interest. That means in many cases, it is easy to justify closing out a CD early if new CDs are available now for significantly more. For example, I just closed out CDs earning around 1% maturing in 2019 and 2020 and put into 2% that mature in 12 months. Not only did the increased interest justify 90 loss of interest on the old ones, but I have much earlier access to the money.
famewolf is noting an unusually harsh EWP with Virtualbank.
Iâd say 6 months is the EWP âstandardâ for cdâs less than 2 years with longer ewpâs for 2+ years. 90 Days EWP is being extra nice. At first Ally Bank was the only one I know of that was offering 90 day EWPâs but now you see it with some other banks.
Well do I deposit my cd into live oak on monday(2.10%) or do I deposit it in Able Banking MMA(1.70%) and watch what the rates are doing for a while? It seems like every day another bank is offering a killer rate. Sadly the most recent one offering 2.25% for 15 months was a non nationwide membership.
Why not stay liquid for 90 days, consider it a reduced ewp and see what shakes out. Thatâs what Iâm doing.
Made sense to me. Went with the able banking mma paying 1.70% till I see something come along I canât pass upâŠwhen that happens I will move money from accounts still making 1.40% vs the 1.70% one. Now just have to wait for trial depositsâŠfunding can take up to a weekâŠglad I wasnât in a hurry.
Well apparently Able Banking doesnât want my business. I supposedly set up an account yesterday but now itâs telling me I have to wait up to a week for micro deposits to post to my ally checkingâŠmeanwhile a large amount of funds sits in that checking earning low interest. Their system wonât let me login, wonât let me reset my password stating itâs been locked for security and Iâm unable to get anyone on the phoneâŠafter 20 minutes of hold music and a repetitive message telling me I can press 1 and have them call me back I did soâŠthat was 2 hours agoâŠJust left a second message and told them if they canât get back to me today then donât bother. Iâll take my business elsewhereâŠand of course while typing this they finally called me backâŠgot the account unlocked and password reset (this is just to the application site where I have to enter the microdeposits)âŠtheyâve supposedly sent them but nothing showing on ally sideâŠthen Iâll have to link them from allyâs side and wait on that crap to send the large amount overâŠI did an initial small deposit so it wouldnât be in limbo for an extended time being reviewedâŠas I recall they only allow ach and only 1 external link. Seriously reconsidering. Iâll leave it at that since I suppose itâs offtopic.
Back in March 2017 I invested in Credit Union of New Jersey. Money Market, 1.70% on $1K-$25K new money guaranteed through the end of 2017.
Today I checked to see if their rate would hold up now. NO, the new rate is so low, .01%±. Just luckily for me that I checked on this account. So the money comes out today & looking for a new place to stash.
Are any of these contenders for replacing BND?
Today was an easy signup with Live Oak to get my one year 2.10% cd setup. Iâm still dealing with Able Bankingâs mess and it looks like it will be another week before Iâll be able to get funds into their MMA account (paying 1.70%). I wouldnât recommend them to anyone.
What is the hold up with getting funds into AbleBanking?
I applied todays & things are going well ( at least it seems so)⊠I should get the small deposits showing tomorrow in my personal checking account (where they will get the $250 to open the acct).
I plan to ACH money into Able as soon as the acct shows a âlog inâ.
The Money Mkt rate of 1.70% seems worthy for liquid funds.
My account was approved. I verified my depositsâŠIâve been provided no instructions nor a login for their main site where Iâll then have to link ally as an external fund source or try and do it on the ally side. They showed no sense of urgency and I decided synchronyâs 2% is fine with me. Signed up for Live Oakâs 2.10 on another cd today (one matured on 17th and other today) It took no time at all. The last email I got from Able Banking was on the 23rd stating I had âsuccessfully completed the online application processâ. I sincerely hope you have better results than I did. My time and the interest being lost for a large sum sitting in allyâs low interest savings was worth more to me and itâs not money Iâll HAVE to have in the next year. I have other accounts still liquid or as good as.
Thanks famewolf⊠Since this is Friday & the small deposits havenât shown up yet, I think I will give AbleBanking a chance.
I have an acct with PurePoint paying 160% now & thought with Able paying 1.70% might be worth a wait.
Your experience with AbleBanking is not what I like to hear.
Well just in case it matters they finally sent the emails today around 1pm with the information needed to log (3 days from the micro amounts being verifiedâŠa full week or so from when I started) in even though I had sent an email in the account verification section saying I no longer needed the account. One valuable tipâŠdo NOT give them a google voice number as your text message number. Even though it lets you pick âGoogleâ as the provider the messages do not appear. I had to go through customer service to get that fixed. Iâll use it for something I suppose. The routing # is 211272517 and the account type is savings for linking to some place like ally so you can do transfers from that side (much faster with next day deposits). Youâll have to figure out where to find your account # or call customer service which is who gave me the info.
what is bnd?
I would assume either investing in bonds generically, or more specifically Vanguard Total Bond Market ETF (BND). Traditionally, bond funds have been included in portfolios by many to reduce risk and volatility. However, FDIC insured high yield savings may be worth considering as an alternative.