Today’s drops:
SmartyPig was 1.30% now 1.25%(note this is a tiered account and this rate is only paid on up to a $2,500 balance)
Rising Bank High Yield Savings was 1.10% now 1.00%
So we’re only left with 4 accounts that pay 1.25% or more on liquid money that I’m aware of. This is getting sadder and sadder by the day with no end in sight. I’m going to take a gamble and get in at National Cooperative and see what happens. I’m just not banking on Patriot holding the 1.40% rate next month when mine drops from 2.22%. Of course I have my RCA too but only good for 20k @ 3.3%.
National Cooperative Bank Impact Money Market - 1.52% - 5k min balance required to avoid $25 fee
Patriot Bank - 1.40% - new sign ups have rate guarantee through 8/31/20 and then drop to “prevailing rate”
https://bankpatriot.com/mm/money-market.html
CFG High Yield Money Market - 1.25% - requires 25k minimum balance to get 1.25% rate, balances between 1k and 24,9k earn 1.15%
Virtual Bank eMoney Market Special - 1.25% - this has been their rate since 3/20/20 so they’ve been very stable with this account
https://www.virtualbank.com/rates
I think at this point, you are better off playing the sign up bonus game with any funds you have available than to rate chase. DoC has an extensive list of offers on both checking and savings accounts.
I have been very happy with Alliant in terms of operations and reliability, not so happy with them on APY. I snagged a nice bonus a few months back with a CIBC savings account and have been debating if I should open a Chase checking/savings account to pair with our trifecta. I generally don’t like to mix banking and credit with the same institution though - shutdowns and any outages become more difficult to deal with.
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Indeed. I’d prioritize sign up bonuses with available money in most all cases that make sense rather than leaving it sitting around in a low rate return. Sign up bonuses often yield 10-50% or more even when tied up for 6 months.
I currently have 3 bank accounts that require a $5k monthly DD to waive fees and I am able to transfer that $5k around to cover all 3 of their monthly DD for the month. $1,300 in bonuses yielding 52% APY on that $5k (closing the accounts after 6 months).
PurePoint Financial, on their homepage, continues at this hour to trumpet a 1.01% APY interest rate for their online savings account. I see that as well when I log into my PurePoint account, but we all know a rate change can take a day to be reflected there. Anyway:
PurePoint of course offers better ancillary account features than does NBD. Hence at the same interest rate you want your dough at PurePoint. Also, PurePoint continues to offer their instant interest feature. So looks like today I will be ACHing money from NBD to PurePoint and picking up three days of double interest.
Gonna wait a little longer to schedule the move. This because, when they are gonna make a change, PurePoint always changes their interest rate on a Friday. Have to wait for them to wake up out there on the west coast, rub the sleep out of their eyes, and decide what they’re gonna do.
Can’t hardly imagine looking at 1% interest on savings with a happy face. But it’s true.
I did manage to get in on that TIAA mm 1.40% guaranteed for 1 yr. Still sitting there with $500 to open.
Most of my liquid over in Patriot Bank, now at 1.40% but no guarantee. So who knows how long?
Once in a while we luck out on a deal. Last year I picked Unify FCU add-on CD 2.25% matures 7/24/21.
Yeah, Alliant is disappointing, but waht’s the alternative? Everyone else is dropping. I’ve used Alliant for over 10 years at this point, the ease of mobile deposit and same day ACH’s will probably keep me there.
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Are you in on one of the Packages?
Citi Priority 3.96% $50k at least plan on money out for 90 days.
My Patriot Bank lowered savings 1.40% right after I made a sizable deposit.
Now I’m going to withdraw funds from Patriot Bank. I’ll open that Citi Priority 3.96%, $700 bonus for $50k. Wish me luck to see if it works out to be 3.96%- $50k for 90 days wait.
Virtual Bank dropped to 1.00%.
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Thank you zzz, for posting. I closed my Virtual Bank account only recently and was experiencing a smidgen of remorse prior to your post.
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I moved $50k out of Patriot Bank & ACH’d into Alliant CU…
I applied for the Citi Priority Acct Package.
The new eligible Interest Checking & Savings account are opened now. Must fund the acct within 30 days. Maintain minimum balance $50k between accts for 60 days. After all required activities are met, the $700 bonus will be deposited into acct within 90 days.
Note: If you choose to keep entire $50k in one account, any other acct that maintains a zero balance for 90 days is subject to closure.
I plan to keep the entire balance in the Interest Checking acct.
Yes I noticed that too. Good of you to point it out. I doubt they’d aggressively cancel the account but better be safe than sorry.
I cannot recall the difference in interest rate between their Citi Savings and the Interest Checking but for the 60 days, I’ll leave the money in whichever has the higher yield.
Past the 60 days, I’ll probably open a citi accelerate checking and dump the money there - save a few cents to keep the other accounts open -. As long as you have the $50k in any combination of checking or savings, it should be good enough to avoid the monthly fee until you get the bonus.
After that it’ll probably be on to other bank bonuses elsewhere since I doubt the rate will be good enough to compete.
P.S.: I’m not sure if this belongs in this thread since it’s not really about high APY liquid accounts (although citi accelerate savings belongs in that discussion). So if this offends folks, feel free to move it to another thread about bank bonuses.
For what it’s worth, now that I looked at the accounts, the Citi Savings account shows 0.04% APY vs Interest Checking 0.03% APY.
For 60 days on $50k, a difference of $3.33 interest vs. $2.5 interest pre-tax LOL. What will we do with all that interest money? 
Yes, not worth bothering with the interest on this account. We are only interested in that $700 bonus.
I now have the account opened & can see it online. I talked to a rep this morning about funding. I originally thought I could handle the funding online. But, they only fund with Bank accts & Alliant CU would not go through.
The rep was very capable & my funding should show up in the acct by the 10th. Furthermore I will move the money by ACH.
That must be due to Alliant (although odd they’d have an issue with such a large CU). But I did not have any issue transferring $50k from Chase online.
But Chase is listed as a bank. I could have waited & had funds ACH’d to my local bank & it would have accepted. But by phone is ok, probably not many days lost.
I have another CD that matures the middle of the month. When those funds are available I plan to open a second Citi Priority Package. That 3.96% APY is better than anything going these days. Of course it is for a short period of time.
Ally’s savings rate down to 1.0% from 1.1% effective tomorrow July 8.
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Today’s drops:
Live Oak Bank Savings was 1.15% now 1.00%
Comenity Direct High Yield Savings was 1.10% now 1.00%
Envision Bank Savvy Savings was 0.80% now 0.70%
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An intriguing liquid accounts troika this morning finds PurePoint, Ally, and NBD (Northern Bank) all sporting the very same interest rate, a rip roaring one percent!
Depositors at those three esteemed financial institutions will experience difficulty containing their exuberance.
(not)
On a serious note, I wonder which of the three will be first to break down below the 1% threshold. I’m smelling PurePoint on Friday. Surely hope I’m wrong!