Yeah that felt like a kick in the nuts. Unfortunately Alliant is leading the charge on rate cuts. The big bank account bonuses are gonna beat Alliant’s interest pretty soon, even on sizable balances.
My Patriot Bank (2.26 apy ended 6-30-20) down to 1.75apy on 7-1 down to 1.403apy 7-2-20
Sorry, zzz. I do not have that account. My entire liquid money situation is at present in a shambles. Am scrambling to recover.
No, it did not. But after viewing the post over on Ken’s page I figured I needed to dig deeper. So that is what I did, and that is when I found the change down to 1%.
Makes me so angry. Looked 7/1-1.75%, today 7/2-1.40%. Problem, yesterday I moved fund over to gain the 1.75%. What the ----.
Same here. These monthly or daily % changes are about to drive me crazy.
I always keep a modest amount of $'s in Alliant for a quick emergency transfer when needed. This morning I depleted most money out of Alliant, leaving $100+ in savings.
Keep up & if you discover some miracle let us know.
Today’s drops:
SmartyPig was 1.30% now 1.25%(note this is a tiered account and this rate is only paid on up to a $2,500 balance)
Rising Bank High Yield Savings was 1.10% now 1.00%
So we’re only left with 4 accounts that pay 1.25% or more on liquid money that I’m aware of. This is getting sadder and sadder by the day with no end in sight. I’m going to take a gamble and get in at National Cooperative and see what happens. I’m just not banking on Patriot holding the 1.40% rate next month when mine drops from 2.22%. Of course I have my RCA too but only good for 20k @ 3.3%.
National Cooperative Bank Impact Money Market - 1.52% - 5k min balance required to avoid $25 fee
Patriot Bank - 1.40% - new sign ups have rate guarantee through 8/31/20 and then drop to “prevailing rate”
https://bankpatriot.com/mm/money-market.html
CFG High Yield Money Market - 1.25% - requires 25k minimum balance to get 1.25% rate, balances between 1k and 24,9k earn 1.15%
Virtual Bank eMoney Market Special - 1.25% - this has been their rate since 3/20/20 so they’ve been very stable with this account
https://www.virtualbank.com/rates
I think at this point, you are better off playing the sign up bonus game with any funds you have available than to rate chase. DoC has an extensive list of offers on both checking and savings accounts.
I have been very happy with Alliant in terms of operations and reliability, not so happy with them on APY. I snagged a nice bonus a few months back with a CIBC savings account and have been debating if I should open a Chase checking/savings account to pair with our trifecta. I generally don’t like to mix banking and credit with the same institution though - shutdowns and any outages become more difficult to deal with.
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Indeed. I’d prioritize sign up bonuses with available money in most all cases that make sense rather than leaving it sitting around in a low rate return. Sign up bonuses often yield 10-50% or more even when tied up for 6 months.
I currently have 3 bank accounts that require a $5k monthly DD to waive fees and I am able to transfer that $5k around to cover all 3 of their monthly DD for the month. $1,300 in bonuses yielding 52% APY on that $5k (closing the accounts after 6 months).
PurePoint Financial, on their homepage, continues at this hour to trumpet a 1.01% APY interest rate for their online savings account. I see that as well when I log into my PurePoint account, but we all know a rate change can take a day to be reflected there. Anyway:
PurePoint of course offers better ancillary account features than does NBD. Hence at the same interest rate you want your dough at PurePoint. Also, PurePoint continues to offer their instant interest feature. So looks like today I will be ACHing money from NBD to PurePoint and picking up three days of double interest.
Gonna wait a little longer to schedule the move. This because, when they are gonna make a change, PurePoint always changes their interest rate on a Friday. Have to wait for them to wake up out there on the west coast, rub the sleep out of their eyes, and decide what they’re gonna do.
Can’t hardly imagine looking at 1% interest on savings with a happy face. But it’s true.
I did manage to get in on that TIAA mm 1.40% guaranteed for 1 yr. Still sitting there with $500 to open.
Most of my liquid over in Patriot Bank, now at 1.40% but no guarantee. So who knows how long?
Once in a while we luck out on a deal. Last year I picked Unify FCU add-on CD 2.25% matures 7/24/21.
Yeah, Alliant is disappointing, but waht’s the alternative? Everyone else is dropping. I’ve used Alliant for over 10 years at this point, the ease of mobile deposit and same day ACH’s will probably keep me there.
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Are you in on one of the Packages?
Citi Priority 3.96% $50k at least plan on money out for 90 days.
My Patriot Bank lowered savings 1.40% right after I made a sizable deposit.
Now I’m going to withdraw funds from Patriot Bank. I’ll open that Citi Priority 3.96%, $700 bonus for $50k. Wish me luck to see if it works out to be 3.96%- $50k for 90 days wait.
Virtual Bank dropped to 1.00%.
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Thank you zzz, for posting. I closed my Virtual Bank account only recently and was experiencing a smidgen of remorse prior to your post.
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I moved $50k out of Patriot Bank & ACH’d into Alliant CU…
I applied for the Citi Priority Acct Package.
The new eligible Interest Checking & Savings account are opened now. Must fund the acct within 30 days. Maintain minimum balance $50k between accts for 60 days. After all required activities are met, the $700 bonus will be deposited into acct within 90 days.
Note: If you choose to keep entire $50k in one account, any other acct that maintains a zero balance for 90 days is subject to closure.
I plan to keep the entire balance in the Interest Checking acct.
Yes I noticed that too. Good of you to point it out. I doubt they’d aggressively cancel the account but better be safe than sorry.
I cannot recall the difference in interest rate between their Citi Savings and the Interest Checking but for the 60 days, I’ll leave the money in whichever has the higher yield.
Past the 60 days, I’ll probably open a citi accelerate checking and dump the money there - save a few cents to keep the other accounts open -. As long as you have the $50k in any combination of checking or savings, it should be good enough to avoid the monthly fee until you get the bonus.
After that it’ll probably be on to other bank bonuses elsewhere since I doubt the rate will be good enough to compete.
P.S.: I’m not sure if this belongs in this thread since it’s not really about high APY liquid accounts (although citi accelerate savings belongs in that discussion). So if this offends folks, feel free to move it to another thread about bank bonuses.
For what it’s worth, now that I looked at the accounts, the Citi Savings account shows 0.04% APY vs Interest Checking 0.03% APY.
For 60 days on $50k, a difference of $3.33 interest vs. $2.5 interest pre-tax LOL. What will we do with all that interest money? 