Still showing 2% at this hour. However:
For those who do most of their “in and out” business via ACH initiated external to Patriot Bank, there is a comment over on Ken’s Patriot Bank page saying the bank limits such ACH funds movements to $10,000. I would have to see that assertion disproven before this account could possibly be right for me.
Also, this bank apparently is doing heavy screening. I could obviously be in error, but I smell the stench of ChexSystems.
@shinobi I can confirm from personal experience that there is no ACH limit at Patriot for ACH’s made externally. I have used both Alliant and Purepoint to push and pull larger amounts than 10k.
Meanwhile, Personal Savings AMEX has been holding at 1.7% this whole time.
Alliant savings is still at 1.6%.
Today’s message: “Because of the recent Fed rate cuts, interest rates are in flux, and we expect that the volatile rate environment may continue for a while. In the next few weeks, you may see rates on your Alliant deposit accounts decrease; if those changes are made, you will be notified.”
They have historically changed their rates on a monthly basis, even in crises, so a large drop is likely April 1.
FNBO Direct Online Savings dropped to 1.00% APY
More drops today:
Synchrony was 1.7 now 1.5
Mutual One was 1.51 now 1.26
FNBO was 1.5 now 1.0
Customer’s Bank was 1.25 now 0.25
Memory Bank was 1.25 now 0.5
Yup. It’s gonna be a doozy.
Well they have a long history of being competitive especially at the same level of Ally, American Express, Discover etc. so maybe it’ll just be a drop down to 1.5%.
#AprilFools
That would be wonderful. But I don’t have a lot of hope for such a high rate.
For those of us still at Grow at 2.75%, our golden carriage turns back into a pumpkin also on April first. It has been a great run. I will be awaiting Grow’s new rate before making any decisions for the future. They have earned that.
Today’s drops:
Vio was 1.85 now 1.75
Brio was 1.85 now 1.65
Popular was 1.80 now 1.70
Credit Karma was 1.3 now 0.56
I’m surprised that any of them are holding up. I feel like this first wave of drops is a reaction to the first FED cut, not the second one (with obvious exceptions that dropped > 1%).
I mean, what the hell are these banks investing money in right now to get that kind of return?
I guess they’re expecting a quick reversal, and as soon as people can get out and about again, the economy will boom and force the FED into equally quick rate hikes? I cant come up with any other plausible reasons.
But yeah, I’d be expecting top rates to be pushing 1% right now. Maybe a couple holdouts in the 1.25% range. These 1/10 point drops to the 1.7% range are surprising.
I would be most surprised if rates change prior to the election.
Well it lasted 3 more days. Rate dropped to 1.75% today with guarantee only to 4/30/20.
Seems like the number of rate drops are slowing for this week at least. Today’s drops:
Patriot Bank was 2.00% guaranteed through 7/31/20 now 1.75% guaranteed through 4/30/20
HSBC was 1.85% now 1.70%
Virtual Bank was 1.40% now 1.25%
Zion Bank was 0.85% now 0.50%
Although we lost Patriot today, there are still a few other liquid accounts offering 2% or close to, however none with rate guarantees. These offerings are:
Community Wide High Rate - 2% or 1.9%
Limited withdrawals
https://comwide.com/save-and-spend/funds-accounts
First Foundation Online Savings - 2%
Varo Savings - 1.92%
https://www.varomoney.com/savings-account/
CFG Money Market - 1.90%
Thank you, zzz, for your outstanding posts here. They are highly appreciated and very, very helpful.
Today’s drops:
Northpointe Savings and Money Market accounts were 1.65% now 1.05%
Bank5Connect Savings was 1.5% now 1.4%
Today’s drops:
First Foundation was 2.00% now 1.75%
Northfield was 1.65% now 1.25%
Smarty Pig was 1.6% now 1.55%
PenFed was 1.6% now 1.4%
MutualOne was 1.26% now 1.01%
Betterment was 0.78% now 0.30%
And ironically WebBank increased from 1.51% to 1.66%