Those are some of the features I am excited about since at some point I would like to live in Europe for part of the year.
Yes, it seems like they certainly have some perks for people living in Europe. I was trying to investigate International Bill Pay more as a service to send money to other countries, but it seems it is mostly Europe-centric (I am looking at some smaller countries not in Europe) and also not sure exactly how much they charge. In any case, they certainly have a lot of features to explore.
Well my Patriot account dropped from 2.22% to 1.75% yesterday and today dropped to 0.75% so that gravy train has now officially ended - it sure was good while it lasted! Thanks goodness for TIAA 1.40% locked!
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So NBD Money Market dropped to 1% on 7/1/20 meaning that they’ve now held that rate for 1 full month. On the other hand First Foundation Online Savings, also with no ongoing min balance but 1k to open, dropped to 1.20% on 6/19/20 and has held that rate ever since so about a month and a half. NBD’s rate is in the middle of the pack but First Foundation is a true rate leader. It’s going to be interesting to see if these accounts paying 1% plus are going to drop below 1% at some point or are going to continue to hold at 1% or above.
Agreed. My thought is it could happen tomorrow, Monday, tomorrow being the first business day of August.
I checked the terms and it looks like, if you don’t have a checking account with Service CU, you CAN qualify for the $100 by opening an Everyday Checking account as an existing member:
*In order to qualify for the $100 referral promotion, referrer must have a Service Credit Union checking account. Referred friend (referee) must be a member of Service Credit Union or eligible for membership with at least $5 in a primary savings account, must open a checking account with Service Credit Union, and must have direct deposit totaling at least $500 into the new checking account within 60 days of opening. Referee must qualify for Service Credit Union membership in order to open the account. Once all criteria are met, $100 will be deposited to the referrer’s checking account and the referee’s checking account. There is no limit to the number of referrals members may make. If the total of gifts received equals $600 or more in a taxable year, the credit union will issue referring member a 1099-MISC. The credit union will issue on behalf of the referee a 1099-INT for the $100 as income. Promotion runs from 06/22/2020 to 12/31/2020 and is subject to change or be canceled at any time.
When you do open the account, it will ask whether someone referred you via the Pays 2 Know promotion, and you’ll have to enter someone’s code.
With that said:
(i) I haven’t tried this personally as I joined Service CU as part of the promotion (i.e., was a new member)
(ii) this promotion has nothing to do with the savings accounts per se, although if your significant other also joins to double the available amounts, it is a nice $300 for both if you refer them.
Hope that helps! Just wanted to clarify as I also thought it was for new members only but looks like the terms allow existing members who open a checking account.
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This sounds like the same service offered by Andrews FCU. I have not used it so I cannot advise much. I mention it because maybe someone who has Andrews or another CU with the same service can comment.
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For some reason I had not been able to get into my Northern Bank acct. This morning I took the time to call a rep, & now acct is open for me. I have $33.26 & yes the rate is showing 1%. Good news!
Agreed. I was so certain both Alliant and NBD would cut as of first of August.
Thank goodness nobody here listens to anything I say . . . or think.
Again, I have an old Andrews FCU acct with $12.07. I logged into acct to check out this offer. I see no good offers at all. Nothing!!
To an extent, it’s hard to imagine a bank cannot get a positive return on 1% capital costs. So we’re at a point of trying to compete for deposits, while not giving up more than they have to. And obviously, someone has to be at the top of the rate charts.
For a place like NBD, I dont know what they actually do with their deposits. In fact, they may “flip” them to another institution (using layman terms), where they’re getting a higher rate or they need to maintain a certain volume of deposits dictated by the agreement. There’s a lot about back office banking we arent privy to.
Do you have to keep your accounts below the threshold or do they give the the high % for the first $500 and first $3000 regardless of how much is in the account? Their language is a bit confusing.
My understanding of the terms is as follows:
For Primary Savings, you get 5% on funds up to $500. Any funds over that get 0.25%. You don’t have to keep your account below the threshold.
*Annual Percentage Yield (APY) is accurate as of the last dividend declaration date of 08/01/2020 and subject to change without notice. Dividends paid on average daily balances of $500; variable APY of 5.00%. If average daily balance exceeds $500, the remaining balance will receive variable APY of 0.25%. A minimum deposit of $5 is required to open a Primary Savings account.
I think there is a typo above, it should say “dividends paid on average daily balances of $500 and less” just like the below.
For Holiday Savings, my understanding is you get 3% up to $3,000, rest 0.25%.
*Annual Percentage Yield (APY) is accurate as of the last dividend declaration date of 08/01/2020 and subject to change without notice. Dividends paid on average daily balances of $3,000 and less at 3% APY. If average daily balance exceeds $3,000, the remaining balance will receive dividend rate of 0.25% APY. Funds are disbursed on the first business day in November via transfer to a Service CU account of your choosing at time of account opening. One Holiday Club account allowed per primary account holder. To qualify for a Holiday Club account, you must be an existing member or establish membership by opening a primary savings account with a minimum deposit of $5.
Hope that helps!
How did you generate your referral code? My $100 posted like clockwork after 7pm PT, I had deposited a check mobile deposit earlier in the afternoon.
You have to have an available balance in checking AND $5 available in primary savings then can go to Love Service Credit Union? - Service Federal Credit Union and type your email and you’ll get an email instantly. I recommend moving $5 from your checking (available from your check deposit) to savings. The credit card funding takes some time to become “available.” There’ll be a link to click in that email that will expand to a message with your referral code.
I guess I’ll post my referral code if anyone finds it helpful also:
P2K0417023935
Link to sign up is Checking - Service Federal Credit Union
Thank you!
Hmm, that didn’t seem to work for me. When I put my email address in that box it just sent an email that says:
Dear Member,
Thank you for your interest in Service Credit Union. Keep an eye on your inbox for the latest updates regarding Service Credit Union products and services, financial education, events and promotions.
If you wish to change the types of emails you receive from Service Credit Union, please visit our Communication Preference Page to update your preferences.
Sincerely,
Service Credit Union
Marcus was cut from 1.05% to 0.80%.
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Hmm, that is really odd.
Just to clarify, you have $5 AVAILABLE in Savings as well as an AVAILABLE balance (probably your whole deposited check so >$500), correct?
By default, you have $5 in Savings, but it is not available as you have to keep a $5 minimum. For me, the referral generation only worked after I transferred an extra $5 (thus making a total of $10 in Savings, $5 available) from Checking to Savings after depositing the check as my credit card funding didn’t show as available at that time.
If the above is true, only thing I could suggest would be to wait a day or two and try again. The email you receive from them once you enter the email address SHOULD say:
It Pays 2 Know
As a member-owner of Service Credit Union, you know we’re all about community. That’s why we’re offering $100* to both you and a friend if you refer them to open a checking account with us.
…
There is then a “Click here” link at the bottom that opens a separate message that has your code.
Thanks!
I transferred $261 from the checking to the primary saving, however i did not transfer anything to the Holiday Club Saving.
I don’t think you have to have anything in holiday checking.
You may just want to give it a few days & try again.
As far as I can tell scouring the interwebs, people are still able to generate new codes after signing up (mine is from when I joined before my first post about it).
Some people do need to wait a few days, and I thought the “available balance” trick would do it as it worked for me, but perhaps not all accounts work the same way.
Sorry, I don’t have more insight at the moment.