Helium sounds funny. After 1 year, that’s a lot of hot air. It will only go up in flames.
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Customers Bank has added a new rate guarantee (June 30, 2020) for its Ascent Money Market Savings Account (2.25% APY). Min opening deposit and min balance is $25k.
via Deposit Accounts https://ift.tt/2MJTmuv Fragile Deal Table updated.
“readers may remember the Ascent MMSA’s original limits of $5k/day and $50k/monthly on ACH transfers, which was a “deal-breaker” for many. Customers Bank revised that policy so that were no limits on ACH transfers initiated from external bank (other than the limits imposed by said external bank). According to CSR, the current limits for ACH transfers initiated from Customers Bank are $25k per day, with a monthly aggregate of $150k.”
There is no excess transaction fee assessed if more than six transactions occur in a statement cycle, but you will receive a warning letter. CSR stated that the Ascent MMSA will be closed following the receipt of a third warning letter.
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This sounds pretty good as a comparison to Alliant CU with a better rate.
Big difference,
Customers Bank minimum balance $25k 2.25% guaranteed 6/30/20, no minimum balance with Alliant CU rate 1.80%.
I like the ACH transfer initiated limits of $25k per day going out.
The ACH transfer maximum of money into Alliant is $100k, don’t know Customers Bank. Is it $25k ?
As this says “Customers Bank revised that policy so that were no limits on ACH transfers initiated from external bank (other than the limits imposed by said external bank).” For example Ally allows 150K out.
Purepoint down to 1.80% from 2.00% APY.
FNBO Direct Online Savings lowered to 1.90% APY
Discover Bank has enabled Zelle. With somewhat low daily limit to start ($600/day*) which they say they may increase, I presume individually based on usage.
IMHO adding a column for Zelle in the Summary table would be useful.
[*] That’s outgoing limit, which in my experience is the only limit with other banks as well (no limit on incoming funds).
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AFAIK most small banks don’t support Zelle, the limits are often low, and transfers aren’t always instant in my limited experience (and with same-day ACH it’s becoming less and less relevant). I don’t think another column would be much use (we already have too many if you ask me).
I’ll just state the obvious. Zelle is VERY useful for peer to peer transfers…covering the cost of 1/2 of lunch etc and from my experience using it at Ally is almost immediately there. I much prefer it over paypal and some of their shady actions.
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Useful, sure. But on the topic of highest interest rates, offering Zelle isnt a factor at all.
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I’ve been using Zelle for money movements between my own accounts, as well as p2p. In this respect it’s just as useful as ACH for which we do have a column, and lets me take more advantage of those High APYs: I’ve now decreased my idle balances in non-interest checking accounts, as I can get funds in there right away as needed. Also: payroll bi-weekly, always on a Friday; part of it goes to a non-interest checking account at a local bank, to avoid the fees there; with Zelle, can move it to where it starts earning interest the same day, as opposed to in several days (with the weekend) by ACH.
At current interest rates and with usually pretty small ($500-$1K/mo?) DD requirements you’re not losing that much in those few days.
Anyway, I have an idea – the “Th” column is a link to a thread about the account. That column is under-utilized. Replace it with a “Z” for Zelle and move the existing thread links to Notes.
I also think the “Dbt” column is not very useful – nobody should ever use debit cards for anything, esp from a high-yield account.
Received the following from Northern Bank Direct today. No mention of a continued rate guarantee for next year but also no immediate plan to reduce from 2.5%(at least that they’re telling us).
*Dear Valued Customer, *
*At Northern Bank, we are committed to providing our customers with the highest level of service and the most innovative banking products possible. *
We are writing to inform you that effective December 1, 2019 we will begin using the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the available principal balance in your account each day.
The new tier structure will be as follows:
** If your daily balance is less than $250,000.00, the interest rate paid on the entire balance in your account will be 2.47% with an annual percentage yield (APY) of 2.50%.*
** If your daily balance is $250,000.00 up to $999,999.99 the interest rate paid on the entire balance in your account will be 1.24% with an annual percentage yield (APY) of 1.25%. *
** If your daily balance is $1,000,000.00 and above the interest rate paid on the entire balance in your account will be .25 % with an annual percentage yield (APY) of .25%.*
Next Steps
*You do not need to take any action. These changes will go into effect automatically. *
If you have any questions, please contact at us 1.800.273.6908, Monday – Friday, 8:00 AM – 6:00 PM.
Sincerely,
Loren C. Swindell
Vice President of Operations
Northern Bank
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I guess it’s nice of them to calculate it daily, so if you go over $250k temporarily the average wont subject you to the lower rate for the full month.
But I’ve found it interesting how someone with a $1-million balance is getting paid less than half the interest as someone with a $250k balance. That’s far worse than them simply saying any amount over $250k will not earn any interest at all.
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Anyone using Brio Direct? They seem to have one of the best rates. How long will they last?
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My guess is that every bank that hasn’t reduced their rate since last week’s FED rate cut will do so shortly. But if they’re at 2.3% now, they’ll probably still have one of the best rates.
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Alliant down to 1.7%. Dunno why they still sound proud of that.
Ally Online Savings drops to 1.70% APY on 11/13/19
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With an ever-so-nice email titled “Why your savings rate is changing”. When rates go up, will they send an email titled “Why your savings rate is not changing?” 