Pacific Trust Bank is offering a savings account special with rates guaranteed through 2013. The competitive rates require a large balance. The Special is for the PacTrust ONE account, and it has the following rate tiers: 1.25% APY for balances of $250K and over 1.00% APY for balances of $100K to under $250K 0.50% APY for balances of $25K to under $100K Minimum balance to open is $25K
The account advertises a branch visit, but some readers (including me) have commented that the bank is letting them open the account without a branch visit. PacTrust Bank is located in Southern California
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posted: Mar. 25, 2013 @ 12:51p
Is there a hard inquiry?
posted: Mar. 25, 2013 @ 1:50p
No, when I spoke to a rep about opening the account online, he took all my info by telephone. The only requirment was to have my signature card (which he e-mailed) notarized and returned. The process was painless. The signature card had the account number listed and I proceeded to Alliant Credit Union to start the ACH transfer process of the 2 small deposits. I opened the account with a personal check for $25K, all snail mailed to PacTrust.
FDIC counts beneficiaries for insurance purposes. Setup a living trust and with 5 beneficiaries to be given $5 each.
EDIE will report it as insured for $1.25 million, and IRS will count interest as taxable to the grantor.
posted: Mar. 26, 2013 @ 5:14p
Yes, having beneficiaries for this account is a must. I opened the account with only 1 POD which is fine at this time. I have a couple CD's that mature in July and if nothing beats 1.25% I'll add more beneficiaries to the account. For liquid funds I think PacTrust is the best going at this time.
posted: Mar. 26, 2013 @ 5:55p
please add "ballers only" to title
posted: Mar. 26, 2013 @ 6:47p
Not true! Just trying to make a few bucks in these trying times..
Senior Member - 1K
posted: Mar. 26, 2013 @ 7:02p
pattyB said: True, this does take a larger sum to gain the 1.25% rate. But when the balance drops below $250K, they offer a nice rate of 1.0%, which is respectable in these times.
Are you sure you get 1.25% on everything? It sounds like it could be a progressive tiered interest rate. For example, with 250K you would get:
0% for the first 25K 0.5% for the next 75K 1% for the next 150K
resulting in..... 0.75% effective interest.
So the breakeven of beating the plethora of ~0.75% savings accounts out there is the FDIC limit.
posted: Mar. 26, 2013 @ 8:41p
No, incorrect! I have invested in PacTrust. I have $262K in PacTrust ONE account and the rate on the account shows 1.25% interest on the full amount.
Senior Member - 1K
posted: Mar. 26, 2013 @ 9:37p
pattyB said: No, incorrect! I have invested in PacTrust. I have $262K in PacTrust ONE account and the rate on the account shows 1.25% interest on the full amount.
Ok, good to know. I was just pointing out the possible weasel language used and how some other FIs implement a similar tiered structure.
posted: Mar. 26, 2013 @ 10:32p
pattyB said: No, incorrect! I have invested in PacTrust. I have $262K in PacTrust ONE account and the rate on the account shows 1.25% interest on the full amount. Pics ?
posted: Mar. 27, 2013 @ 12:49a
Senior Member - 1K
posted: Mar. 27, 2013 @ 8:41a
pattyB said: Pics??
Yeah, he's asking for proof pics of your online banking view that the interest you earned was 1.25% of the whole balance.
posted: Mar. 27, 2013 @ 10:10a
He expects me to pull up my account and print it here. Give me a break! He can pull up the site and see the info for himself.
Senior Member - 1K
posted: Mar. 27, 2013 @ 11:10a
pattyB said: He expects me to pull up my account and print it here. Give me a break! He can pull up the site and see the info for himself.
No, he can't. It's not that crazy of a notion, as people have done it here. Black out personal info, show the entry of your interest posting.
posted: Mar. 27, 2013 @ 11:31a
Actually, I'm not that computer savy. He could just phone Pacific Trust Bank and ask them that question. Believe me, I checked all the facts and I am drawing 1.25% interest on my whole balance. Now, when I must withdraw for Bill Pay and my balance drops below $250K, my interest will also drop down to 1.0% until I manage to add more funds to move the balance back over $250K.
posted: Mar. 27, 2013 @ 7:13p
At this point in time, I'm looking for any Bank or Credit Union that offers 1.25% for liquid funds guaranteed thought 2013.(actually any interest rate higher I would accept)
posted: Mar. 29, 2013 @ 10:46a
I recently removed funds from the Stock Mkt! Guess this was a big mistake. Now I'm getting 1.25% with Pacific Trust. Not bad for my liquid funds.
posted: Mar. 30, 2013 @ 10:08a
I just received my 1.25% interest payment today for March. I have the balance of $250K+ and received $120+, so I'm sure of the interest rate.
posted: Mar. 30, 2013 @ 10:27a
$120 / $262,000 = 0.00045801526
1.00045801526 ^ 12 = 1.0055
This means you're earning an annual rate of approximately 0.55%, not 1.25%...unless the $120 was only a partial month's interest for March.
pattyB said: I just received my 1.25% interest payment today for March. I have the balance of $250K+ and received $120+, so I'm sure of the interest rate.
posted: Mar. 30, 2013 @ 12:20p
Actually I opened the account with PacTrust 3/13 with $25K-interest .50% On 3/15 I added to acct and balance was $125K-interest 1.00% On 3/22 I increased the balance to $261K-interest 1.25% So all and all the $120.61 interest was for a partial month at different rates.
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