|
|
|
|
-
-
aprapy
- New Member
posted: Dec. 27, 2005 @ 10:23a 
I just read through some of the terms (of the original offer, pre 12/20 "grand fathered accouts"),
Closing of Accounts: By the Bank: The Bank has the right to close an account or to refuse to do business with any customer at any time. (Wonder if they will use this if the Libor rises past a certain threshold of pain for them.)
Also, there is no mention of a $1,000,000 cap for the "grand fathered accounts". Has anyone confirmed whether there is no cap on the pre 12/20 accounts "grand fathered accounts"?
(luckily :::I think::: I opened an account prior to 12/20, should be interesting to see where the rate goes from here and for how long)
|
-
-
RS4Rings
- Senior Member - 7K
posted: Dec. 27, 2005 @ 10:57a
I doubt they would go closing anyone's account, Would think that terminology is standard on most accounts in case of a problem customer. Also most who have this account probably have a good relationship with the bank and I doubt they want to lose those customers. Also should not be a problem with the Libor rising to high for them as it moves pretty constant to our fed rate so would always give them same spread as when we opened. Not sure about the 1 Million Max. As of todays Libor rate would be 4.47%, Hoping for 4.5% on Jan 1st |
-
-
RS4Rings
- Senior Member - 7K
posted: Jan. 3, 2006 @ 11:31a
Did not get to 4.50% but as of Jan. 3rd it is now paying 4.48% for the grand fathered accounts and 3.96% for new accounts |
-
-
RS4Rings
- Senior Member - 7K
posted: Apr. 4, 2006 @ 6:39a
KwadGuy said:
I thought those who were grandfathered into these accounts were only promised one month of full Libor, after which they are going to be subject to the same Libor-0.5% deal...
Not sure if anyone cares or if any others did open this account with the full Libor Rate but 4 months later and I am still getting full rate, this account is now at 4.92%. Have to like a bank that honors it's original deal |
-
-
aprapy
- New Member
posted: Apr. 5, 2006 @ 8:08a
Hi scott1961,
Can you tell me where you're seeing the 4.92% rate?
I have this (grand fathered) account and for me it is showing a rate of 4.83%.
I also noticed that the BankRate 1 month libor:
(http://www.bankrate.com/brm/ratewatch/1mo-libor.asp)
is showing 4.88%.
Up until this month, the bankrate libor rate had matched the rate on my account. Can you tell me where you look to see what the rate on the account is being set to?
Thank You. |
-
-
RS4Rings
- Senior Member - 7K
posted: Apr. 5, 2006 @ 8:43a
aprapy said:Hi scott1961,
Can you tell me where you're seeing the 4.92% rate?
I have this (grand fathered) account and for me it is showing a rate of 4.83%.
I also noticed that the BankRate 1 month libor:
(http://www.bankrate.com/brm/ratewatch/1mo-libor.asp)
is showing 4.88%.
Up until this month, the bankrate libor rate had matched the rate on my account. Can you tell me where you look to see what the rate on the account is being set to?
Thank You.
The 4.83% that you are seeing on your account is the rate it is paying which would give it an APY of 4.92%, Also Salem site shows the account at 4.42% APY and we get a 1/2 point higher, hence 4.92% APY.
Not sure about that Banrate 4.88%. I use Moneycafe which shows the April rate as 4.862. This is good site as they use the same number as the Wall Street Journal
Moneycafe
I use this site to track the daily movement
Libor rate |
-
-
RS4Rings
- Senior Member - 7K
posted: May. 2, 2006 @ 5:18a
Salem five has now updated the Platinum Checking account and the new rate is 5.04% giving it an APY of a little over 5.14%. Many were critical of this account when I first posted it back in October but is now the best rate on a totally liquid insured account. Also by using this account to fund new CD's and MM's I have received a number of days of overlapping interest giving it a nice little bonus feature |
-
-
RS4Rings
- Senior Member - 7K
posted: Jun. 1, 2006 @ 1:05p
Salem Five has posted the new rate, 4.71% APY for the new accounts and 5.21% for those that are Grandfathered. Even at the 4.71% this is pretty good for a true checking account with unlimited check writing, bill pay and free worldwide ATM |
Close
|
|
 |
|
Not Already A Member?
Sign Up Now!
|
|
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
|
|
|
|
|
