I posted that on the CD thread because, as you point out, those are short CDs and not (supposedly) liquid funds. But your post raises implicitly a much larger point:
Given the shape of the yield curve now, the traditional bright line between liquid funds and (even short) longer term CDs is becoming blurred. This is forcing us all to make a choice, with the usual and customary “rules” having become a bit smudged. Here, again, everyone will have a different opinion and approach. I wrote about my own approach in response to another of your questions, here:
I’m in the process of closing mine, and it just has a small balance in it, so i can’t really check…but i guess you will continue to get the 2.05% since they did make a 12 month guarantee…However, that means new customers will be getting 1.95% instead and i think it also indicates they probably will not be upping the 2.05% rate for those already getting it (as the majority of online banks eventually get near or reach their rate)…
Thank you for recently opening or applying for a new Northpointe Bank Ultimate Savings account. Our 2.05% APY* Ultimate Savings offer will be closing for new applications as of Monday, July 9th at 6pm ET.
This change does not affect your account – your application was submitted prior to this date and is therefore locked in at 2.05% APY* for at least 12 months from the date of account opening.
Please let us know if any questions, and thank you for banking with us.
Sincerely,
Bill Clancy
Vice President, Deposit Banking
*Annual Percentage Yield effective 07/09/2018. After the twelve (12) month promotional period, rate may change based on prevailing market rates. Promotional interest rate applies to accounts with balances between $25,000.00 - $1,000,100.00. Rates are subject to change without notice. Tier 1 $0.00 - $24,999.99: 1.12% APY, Tier 2 $25,000.00 - $1,000,100.00: 1.95% APY, Tier 3 $1,000,100.01+: 1.12% APY. Fees may reduce earnings on the account. All new accounts are subject to Northpointe Bank approval. Not valid with any other offers.
I got it too (even though i am closing mine)…Oh, you are definitely guaranteed to continue getting it for 12 months…However, as i mentioned, the fact that they lowered the rate for new applicants indicates to me that you should likely not expect any increases on the 2.05%…In fact, what they might well do is simply bump up the new applicants to the 2.05% which will make it sound like they upped their rates…Meanwhile, you will simply stay the same…
I will just have to wait for the next great deal. Some things are annoying…Live Oak’s 1 year cd was 2.10% and is now 2.50% but I’m 6 months in and ETF is 3 months interest so not worth changing it right now.
This reminds me I need to add entries to google calendar to remind me when these guaranteed rates expire although odds are the money will be moved before that’s an issue.
Was the Northern guarantee also 12 months?
update It was guaranteed until June 30, 2019 rather than x months.
I wonder what’s going on with LiveOak. Their savings account has been stuck at 1.7% for quite awhile. They had previously been consistently competitive.
Thanks for updating the APY and date. Please remember to also sort the table by APY (highest first), then by “Since” date (earliest first). It’s not automatic – have to manually cut&paste the rows.
Thank you for doing so, scripta, assuming you were the one that sorted it for us.
Would it make sense to have a threshold for just deleting stale entries that are no longer interesting at all? Say, any entry that is not in the top eight APYs that is more than six months old. Do we really need to list 1.30% from 04/21/17, for example.
The “Since” column indicates on which date the APY last changed. Being a year old doesn’t make it stale, just means the bank hasn’t changed rates in a long time.
Yes, I agree that some entries no longer qualify as “best” and should be removed. I haven’t done so because we don’t have set rules for how to do this, and because if they raise their rates, adding them back would require searching through edit history to get the information for all the columns. And I just realized that deleted rows could be saved in a post, so they’ll be easier to find. Not sure I agree about “top eight”. I think the rules should be something like top 25 and/or within approximately 0.5% of the leader.
Don’t want to tell you all how to do business here but if you’re going to go deleting banks, it may make sense to check them first. Colorado is actually at 1.9% and belongs in the main table…
If u completed a pull in at nbd, what was the time frame & days done in & out of external bank? example: if submitted at nbd on fri, what day of the week does it get into nbd & out of external bank? thx. I know this is not the best method & max per xfr is $5000/ 20,000 per month, but I like to know my options
