Discover 1.10%
1 Like
I have Bask Bank 1.60% savings. Good holding place for liquid funds.
Now, would most of fragile folks open another new savings (Brio) just to gain the extra 1.80%.
Wondering minds!
I’m not going to add Brio just yet. Things are changing too fast. I already had Bask, so that one was easy.
A minimum of $10.50 monthly for Wells Fargo Business Direct Pay would eat up a lot of interest. I am guessing you used it for a real business purpose or purposes of simulating DD for another account bonus?
1 Like
Yeah. You’re right that its not worth it if the only thing you use it for is mimicing a SoFi DD. But I’ve been using it for years to mimic DDs for all manner of account opening bonuses. The $10/mo gets paid for with with my first bonus of the year usually.
I originally opened the account at WF for a legit sole proprietor business, but when I found another bank I prefered, I went into a WF and renamed my business “Meed Payroll Services,” so when my WF Direct Pay payments come into my bank account, the deposit literally says “Meed Payroll,” so there is never any question that I’m getting a direct deposit.
5 Likes
No. (and it’s not an extra 1.8%. It’s an extra 0.2%)
I don’t open bank accounts for a little extra interest. I open them if the bank has a bonus. Figure how much .2% is for how much you have sitting in Bask. Lets say you have $100,000. If Brio stays 0.2% higher than Bask for a year and you keep all your money there that whole time, you made $200 by opening that account.
Or you could open a bank account offering a bonus, move over WAY less than $100,000, get the bonus (plenty are more than $200) in a much shorter timeframe than a year, leaving upwards of $95,000 still in Bask. And then, do it all over again with another bank offering a bonus.
Opening accounts takes time and effort. Moving money takes time and effort. New accounts show up on your chex report (and some banks care about that). If you’re willing to go through that time and effort for $200, why not do an account where you get the $200 much quicker and without tying up $100k
3 Likes
Feel free to add me to the “Meed Payroll.” Just kidding! Thanks for the tip!
4 Likes
At my last job, I got my coworkers into bank bonuses and did this for them. This was during the heyday of referral bonuses for neobanks like Varo, Chime, SoFi, and some other one I can’t remember. I made around $1,000 just off 4 co-workers’ doing my referrals.
2 Likes
BrioDirect - a good rate but jeez…
“Naming beneficiaries cannot be done using the online application. A Beneficiary form will be mailed to you and needs to be returned notarized and “in its original form” via snail mail.”
2 Likes
Like what? They can’t restrict external ACH pulls, can they?
Marcus Savings 1.20%, NPCD 1.25%
4 Likes
UFB Direct Savings was 1.51% now 1.66%
CFG High Yield Money Market was 1.30% now 1.65%
Sky One FCU Money Market was 1.25% now 1.40%
CIT Savings Connect was 1.20% now 1.35%
Marcus Online Savings was 1.00% now 1.20%
Alliant High Rate Savings was 1.00% now 1.05%
CIT Money Market was 0.85% now 1.00%
CommunityWide FCU High Rate Quarterly was 0.80 now 1.20%
TIAA Money Market was 0.70% now 0.90%
Northpointe Bank Ultimate Money Market was 0.65% now 1.25%
CIT Savings Builder was 0.65% now 0.70%
Northpointe Bank Ultimate Savings was 0.65% now 1.25%
Countrywide FCU High Rate Monthly was 0.60% now 0.70%
Self Help Money Market was 0.40% now 0.53%
5 Likes
I was happily surprised that Marcus changed my NPCD rate automatically to the 1.25%. Couple of weeks ago I had to manually close the CD and re-open it to get their new rate.
1 Like
" At Marcus, our high-yield Certificate of Deposit comes with our 10-Day CD Rate Guarantee . Open a CD and deposit at least $500 within the first 10 days. If the rate on your selected CD term goes up during this time, you’ll get that rate — automatically."
3 Likes
Thanks, that explains it.
Ivy Bank 1.7%
investors weigh slowing economy and falling interest rates
wonder if i should lock in these “high” rates via a CD etc at this time…
For those of you around in the 80’s did you lock in high rates for long periods of time. CDs?
You got me. My multi-processing brain got overloaded and confused CD profits with biblical prophets.
Brio took 5 days to post my ACH opening deposit. Initiated on and deducted from my other bank on 6/30. and didn’t post to my Brio account until late 7/5. So basically lost $30 interest. Was this because it was an opening deposit? Or over the holiday weekend? Most other banks are as quick as next day.
So you opened the account on Thursday, they initiated the withdrawal on Friday, and credited it the next day on Tuesday (given the Monday holiday)? The 5-day delay seems to be more a coincidence of your timing, than anything the bank did.
2 Likes