Thanks shinobi. I have checked with Patriot Bank & am confident I understand the ACH rules.
This is an online MM Savings account 2.26%. The MM account has the checking account abilities for withdrawing funds ( max of 6 per month). ACH transfers are handled as usual with no max on incoming. I use Alliant CU max $25K.
Believe me, “I didn’t just get off the turnip truck”. Depending on my needs, I my not even use this account. $100 deposit can just sit there if something better for liquid funds is available.
This is smart thinking. I probably should invest a hundred bucks myself for the same reason. But first I have to find a way to extricate myself from this darn turnip truck!!
Am posting this for information only. Not all of us are able to be as fortunate as pattyb53. For everyone else, and for those who happen to be PurePoint customers or willing to become one, just this reminder that PurePoint continues to offer their thirteen month NPCD at the “not horrible” rate of 1.9% APY.
I concede 1.90% APY is not close to pattyb53 territory. However there is this upside: the thirteen month rate lock is longer than the one she got at Patriot. And that is not chopped liver.
Look, way things are going, who knows, it could turn out to be all about rate lock length. Thirteen months is a swell rate lock. Much more will become known, but only in the fullness of time.
The Marcus deal is pretty good. It works out to be about 6% plus the current 1.7% the account is paying. And it’s open to existing customers as well as new ones. It just needs to be new money.
We’re in luck - we can all be winners almost the same as @pattyb53. Patriot Bank is back with a rate lock on the their online money market account. It is now 2.21% locked until 7/31/20.
This is the link for the Customer’s Bank account in case anyone needs:
Between Customer’s and Patriot, personally I like the Patriot Bank account better for two reasons:
Although the interest rate is negligibly lower at Patriot(2.21 vs 2.25), the rate lock is a month longer(7/31/20 vs 6/30/20).
The buy in and the ongoing requirement is much lower at Patriot($100 opening and no ongoing min balance) vs Customer’s(25k opening and ongoing min balance).
The Unify 2.25 CD is interesting at 5k opening balance. It provides a nice 19 month rate lock while keeping your money essentially liquid with the 2 penalty free withdrawals. It also is an add on CD allowing unlimited deposits ongoing which is an added bonus.
The footnotes say there are conditions/limitations to the fee-free withdrawals, but merely state they’re in the disclosures. They may be significant, or may be near-meaningless formalities. But be sure to verify those conditions before diving in.
Patriot Bank MM liquid requires $100 to open, 2.26% good until 7/31/20. OR
Unify FCU 19 mo CD 2.25% requires $5000 to open+ add-on feature.
I choose both. Reason is I’m trying to off set lowering % rate. And at same time needing a holding place for funds until things improve in the near or far future.
The Federal employment report for January will be released at 8:30 am ET, slightly more than one hour from now.
A good report mitigates in favor of the Fed holding interest rates steady. The release this month comes very late because last Friday was the final day of January.
I’m poking my head up and re-evaluating my banking. I’ve been with Alliant and they have my primary checking and savings account, and have had it for the last 9 years. I like the one-stop shop they offer in terms of a competitive savings rate and a checking account with perks, but I wonder if I’m missing out on other opportunities by doing this. Who competes with Alliant in this space in offering a high-yield savings with a checking account that has decent benefits like ATM rebates, etc? Maybe a bank or CU that’s offering a high sign-up bonus?
I like having a single financial institution - many of you guys go hog wild with rate chasing and while I admire you, that’s just not for me.
HSBC Premier caught my eye - we’d easily meet the requirements but I’m curious if there are others I should be looking at.
Bank5Connect pays 0.76% on checking and 1.85% on savings. Atm reimbursements up to $15 a month. Free check order. Alliant is down to 0.45% for checking and 1.6% for savings so I’m considering this myself. Is @craig10x around? I think he tried them awhile back so might have some good info on them.
Depending on my needs, I my not even use this account. $100 deposit can just sit there if something better for liquid funds is available.
