There is some limited discussion of this in the High APY Liquid Accounts thread, but I thought it would be useful to have a dedicated thread. It’s somewhat timely, because rising interest rates are making rate-chasing more worthwhile.
Desirable features for a hub account include high ACH transfer limits, fast transfer times, and ability to link many accounts. No holds, and a competitive interest rate are also preferable.
This is on my mind because I had been happy with Ally because of their high limits, and I was getting 1-business-day transfers. But recently I noticed that I’ve been demoted to 3-business-day transfers. It’s not that big a deal, but I’d rather not lose the extra days of interest.
I called Ally, and eventually found out that my account was demoted because some trial deposits to a linked account (Insight, RIP) were not returned. I’m stuck with 3-day transfers for 12 months from the non-returned trial deposits.
I’m curious to hear what you guys are using, and what their specs are. I had heard good things about Alliant, but the newish $25k limit on outgoing transfers is non-ideal.
Here are the full details for Ally:
Incoming transfer limits: $500k/day and $1M/30 days
Outgoing transfer limits: $150k/day and $200k/30 days
Transfer speed: 3-day transfers, with chance of 1-day transfers on qualified accounts.
Not sure if there is a limit on number of linked accounts, but I have 12.
Another nice thing is that they don’t put holds on new funds.