I was going by the writeup from Ken’s website which says you must keep a minimum of fifty bucks in savings. I am merely your humble reporter here. I have not personally researched this deal; only just copied and pasted the words from Ken’s site.
Sounds like you are looking in depth, which I have not done. Suggest you go with whatever your close examination of the detail reveals.
At this time I am not jumping on this deal personally, so have no need for close inspection. I posted the deal with the thought it could possibly be of interest to others.
Patty. Disregarding the jokers down below, it is not complicated. I view it as a savings acct paying 3%. Going for my 7th month in a row at this rate. Just do not use any funds and keep full amt earning 3%. if you want to you can withdraw but in my case it would only be for an emergency. Why give up 3%? Disregard the part about saving a certain %. I have DD of SS and works perfectly. I have paid WFargo CCard bills and BOA bills from acct but small payments mainly just to see how fast this works (2 biz days). After about 3 months they offer you their credit card that bumps you up to 3.5%. You spend 100.00 monthly on the card and also get 3% back in your most popular spend cat. I just use it 1x per month for 105-115.00 purchase at Shoprite online and get the 3%. I was notified 2 weeks ago that on 4?1 my rate will go to 3.5%. Only way you get their CC is by them offering it to you via the website. Seems very professional so far and great, easy to use web interface. They even notify you if a DD did not come in during the month. My SS comes on the 21st and on the 16th I get notified that they did not get a DD yet. Then 1 day after my SS hits, I get notified that they received the DD and I am still at the highest int rate. Its easy. And no rate chasing or hoops to jump thru. As long as this is viable, who knows. I didnt think Biden would last 2 months either but who knows.
One more question?
You have $70k saved now. So what happens when you reach $100k on the monthly dd?
The following month your dd will move you into the low %interest bracket, because you are now over the $100k?
Or can you withdraw the $100k & start over?
You would just lower your dd to not put much more money in there, but enough to qualify for their dd rule. So then you have $101,000 in there, but whatever, still almost 3% effectively.
If you start over, you lose a quarter of good interest.
well personally I have a while to get to 100K,but over 100k, according to the FAQ, they pay zero. But you can open for a family member if you want and have 2 separate accts. My wife has the same acct with her pension funds DD. She has about 35K.
@shinobi Good find, thanks for posting! The membership application states “I understand that I must keep at least $50 in my account at all times.”. On the account page for savings account, it says it’s $50 to open. As a current member, do you have a savings account and do you always have to keep $50 in it similar to how many credit unions require a base savings account but most typically with $5?
Unfortunately, we are unable to offer you an account at this time. This can happen for a number of reasons - especially if some of your personal information has recently changed.
I do have a savings account. I am not doing the deal I posted, at least not yet… At the present time I have $3 in my savings without any problem. Please bear in mind I have not done the research and I do not know the rules. It is possible I’m getting away with just three bucks because of my age or because I am somehow grandfathered and therefore protected from a $50 requirement.
Are you sure it’s $3? Or is it a $53 balance, with the available balance being $3? I’ve yet to find a credit union that did not put some sort of hold on the balance that represents the share of ownership.
If you look at the paper application, it does specify a minimum of $50 to open the savings. What’s not specified is an ongoing minimum or what amount is on hold for the ownership requirement.
No, not to my knowledge. Haven’t had a turn down in “I don’t know when”.
So the only thing I can figure is, the opening of acct is very short. They require a mail address for the debit card. I get no mail at physical address, so I listed my PO box for address. If truly interested in account I could have searched for a phone # & called. So address could have been “the turn down”.
