Best Nationally Available High APY Liquid Accounts

I’m in that process too. As always, I’ve hit a snag with my identity most likely because I have frozen credit reports and Chex too. They asked me the usual questions (e.g. Which of these were your last car loan with? but also oddly, “Which of these is the closest hospital to you?”). I got the “We will contact you soon about your application.” thing. I should have taken more time to measure distance to the hospitals.

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it’s not only odd, it’s unbelievably stupid. It forces the real person and any potential scammer they’re trying to block to waste time looking at online maps.

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Yes, that was a really peculiar question since it relies on public knowledge. I despise those questions for being ambiguous also. One of the hospitals listed closed five years ago. But do I take that into account in answering the question? Who knows.

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For spouse’s new account, I also received the “We will contact you soon about your application” after the question the question about the closest hospital. (I believe I answered all the questions correctly.) The next day Ally opened the account without any further information. Hopefully, that will happen for you too!

Thank goodness I didn’t get that one. They did ask additional questions since I’ve been at my current address less than 5 years. Once those were answered, the accounts were open. Funds are scheduled to transfer Monday.

For most people in more areas of the country, it’s pretty well known what the closest hospital is (especially when given multiple choice answers). Sure, a scammer could google the answer, but that’s true of other questions - like, in what county is this address located - too.

True. Perhaps the stupid questions are only there to prevent automation (like captcha).

Popular Direct up to 2.26%

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I cannot get onto Ken’s site today. Does anyone else have this problem?

Ken’s site is working for me now. Sorry to say that nothing looks interesting at this point.

As far as Savings rates go, EBSB Direct savings 2.5% is still the best. But, Ally Bank’s Payback Promotion $1000 Bonus is a good deal. (to late to go for it now) I did manage to get in before the closing date & I have until 10/31/18 to get my money deposited.

I took a close look at this deal earlier today. There is no rate guarantee at all and the application process is unprofessional, so I’m remaining with NBD.

Actually you have until 11/5 to get your money in. This date can be found in the terms and conditions.

I did an online chat with them to make sure that the new money transfer in did not have to be in a single transaction. It doesn’t. This person said that the 11/5 date applied to completed transfers that were initiated 10/31 or prior. I’m getting my $99,951 to them by 10/31 just to make sure.

Yes StatGren, like you I have made an earlier $25K deposit to the Ally Bank’s Bonus promo. I have a CD that matures 10/28 & I will ACH the rest of the money the next day. A Rep did say you had to have the funds in transfer mode by 10/31, & completed by 11/5.

I read somewhere that if the full $100K were deposited in a timely manner that this deal would be similar to a 3mo 6.1% CD…:wink:

If you already have an Ally account, then you can login and schedule the transfer. Just set it and forget it!

The following is copied and pasted directly from the Ally Bank terms and conditions for this offer. The bolding is my own:

1% Cash Bonus Promotional Offer: Terms and Conditions

New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000. New deposits must remain in the eligible account(s) through 01/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount. Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.

Kindly note:

There is no mention there at all of a 10/31 date. In particular, there is no mention there of need even to initiate transfer of funds on or before 10/31.

I do readily concede if your funds are not at Ally by 11/5 you are totally out of luck!

You might wonder why, even in some Ally material, there IS mention of a 10/31 date. According to a post on Ken’s website, 10/31 is a nominal date promulgated by Ally to lessen chance of people missing the deal. The post said if you miss 10/31 by a little Ally will be forgiving. But if you miss 11/5 there will be no forgiveness at all. If you miss 11/5, for any reason, you miss out. Period.

To find the yield multiplier for this deal:

Assume for ease of calculation a 2.5 month term (November 1 through January 15).

Divide 12 by 2.5 to get 4.8. Multiply the yield premium of 1% by 4.8 to get 4.8%. So 4.8% is the APY owing to the premium.

Now add to 4.8% the APY of whatever Ally investment you choose. For example, if you go with the Ally OSA your total YTM is

4.8% plus 1.9% which gives you 6.7% APY during the investment interval of November 1 through January 15. If you choose the Ally no-penalty CD instead you can do a bit better.


Thanks shinobi…

You have this deal figured out to the penny. So it’s even better than I figured, 6.7% rather than 6.1% for the 3mo. I choose the Savings account, 1.9% because I had it previously, with a $12 balance.

Hey, do I get no credit for figuring out that $99,951 is the optimal amount to deposit? :slight_smile:

I thought it should be $99901? :slight_smile:

1% x 99901 = 999.01. Round up to nearest dollar = $1000.

Dang it! Didn’t catch the “up” part of that.