You are correct. It is 1.90% APY. I just used an online calculator to check.
Ditto. They haven’t touched the checking rate in what seems like years.
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In the old days, the checking wasn’t that much lower than the savings.
This post is regarding movement of funds from Alliant checking to Grow Promo MM using ACH.
Such funds movements are happening for me routinely now with a zero day delay. For example, I initiated a funds transfer at the Alliant website earlier today, before 12:00 noon central time. Those funds were credited to my Grow Promo MM account today.
I think this is pretty cool, sort of like a free wire with no paperwork required.
Exception:
This does not work if you initiate the funds transfer at Alliant on a Friday. At least that did not work for me.
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Interesting. Does Alliant offer same day ACH by default now? I think I will try it and see.
As a note, Fidelity is also offering same day ACH if the amount is not more than $25k. There are two cutoff times in a day - 8am and 12 noon ET.
I think not. My view is the above-reported quick transfer is a happy coincidence, attributable as much to Grow as to Alliant.
I can tell you transfers from PurePoint to Grow Promo MM do NOT happen on a same day basis. It takes overnight. However:
Alliant is different from PurePoint in that Alliant cuts off much earlier in the day. Alliant cuts off at 12:00 noon CT. PurePoint cuts off at 8:00 pm CT.
I think Alliant is doing this, not at the expense of members, but instead is providing an extra measure of service to Alliant members by dispatching transfers quite promptly, which is nice.
Grow, for its part, is crediting ACH inflowing funds straightaway. The outcome of the two financial institutions acting as they do is same day crediting of ACH transfers, as I reported.
Q: Shin, you mentioned PurePoint. Do you think they are acting in bad faith?
Not at all. Because PurePoint’s cut off is so much later in the day, funds they dispatch via ACH almost surely are not arriving until the next day.
But to go back to Alliant and your question, it seems to me likely that all funds ACHed out of Alliant are arriving on a same day basis. This because of Alliant’s (relatively) early cutoff. But other recipients of those funds are choosing, more often than not, to credit the receiving account on the following day and not, as does Grow, on the same day.
I am not sure if Grow is the exception that posts the funds quickly.
As mentioned earlier, I have done several ACH pushes from the Fidelity website. From my notes, I have pushed money to Chase, Schwab Bank, Vio Bank and PSECU. If I submit the request early enough, they all arrive on the same day. In recent times, I have yet to encounter a case where the money is not credited the same day.
My experience with Fidelity’s cutoff time is as follows:
Submit before 8am ET, posts at the other bank at around 1pm.
Submit before 12noon ET, posts at the other bank at around 3.50pm.
The exact time of posting depends on the bank since these are probably processed in batches.
I submitted a push from the Alliant website early this morning to Fidelity. Will see if it posts on Fidelity today.
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Didn’t work for the Alliant to Fidelity transfer. The funds posted on Fidelity the next day (not same day).
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This has been around for awhile now from Alliant’s end if money is sent from another institution offering same day transfer, but most institutions have been slow to move forward with it. I assume Grow has a similar same day ACH policy that if ACH funds are received by a certain cut off time they are credited same day.
This only says that Alliant will post the credit same day if it receives funds before the cut off time. Unfortunately, it does not say anything about whether Alliant is sending out (push) ACH the same day.
OK. I found the link. This link says that Alliant is NOT doing same day outbound ACH.
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Another data point, this time for movement of money via ACH from Grow to Alliant:
I initiated the ACH at the Alliant website yesterday. The withdrawal at Grow showed up later that same day, BUT ONLY with status of “pending”.
As we all know, such a pull initiated at Alliant today will actually be credited to my Alliant account, and be available, tomorrow, i.e., overnight availability. Even though Grow received the withdrawal order same day, their having left it in pending status overnight avoids loss of interest. Not too bad.
Great deal for you!
Now for me, it’s a little different. ACH Alliant to Grow movement. First day to Grow checking then I move funds to Grow Promo. Still happens in 1 day but takes 2 movements.
How do we explain Shinobi’s experience if it’s not same day ACH?
Maybe they cant offer outbound same-day ACH without the cooperation of the receiving bank to post the receipts the same day? Thus they dont want to offer what will be perceived as a “guarantee” of same day receipt, when it’s entirely out of their control? It’s always better to have giddy customers like shinobi, than pissed off customers because the money was posted a day later than expected.
Yet another data point. You could label this one: “There is something about Fridays”
I wanted funds in my Alliant account this coming Monday. Did not want to wait until Tuesday. It is a serious amount of dough, but not a gargantuan amount.
Anyway, I decided to take some same day risk regardless. I initiated the ACH on the Alliant website yesterday, Friday. Hope was, of course, that the funds would not be yanked out of my Grow account until this coming Monday, on a “next day” basis. Otherwise I stood to lose three days of interest. That was the risk.
It worked out. As before, Grow treated Friday as special. The withdrawal is not even showing as “pending” at Grow today (Saturday). It is not showing at all. I’m sure it will appear on Monday.
Q: Shin, do you have an explanation?
No. I’m providing data points here, not explanations. I can only tell you ACHes on Friday are special. Now whether that is happening at Alliant or at Grow . . . . or both . . . . I dunno.
Can say, though, that I am happy and pleased with this outcome.
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That’s why we have TGIF. LOL.
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It looks like the savings rate went down to 1.8% APY this month. Checking appears unchanged.
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Groan 
1.8% leads me to thinking “I should move Savings money out, & pretty soon”. I’ve kept money in Alliant Savings to pay bills etc. But with the rate going down, might as well move all liquid money to Grow. Wonder if Grow has a bill pay?