Based on requests within this thread , there is some interest to have a centralized place for discussion for those who keep large balances in the bank.
And references many of the banks in The "Daughter" thread, since many accounts offer high rates with lower balance requirements. This thread can be a place for discussion of those banks as they relate to large balances, how they handle large deposits, etc.
Additionally, lets list other banks that dont fit in the "Daughter" thread but may be good for those with large deposits (IE promo rates, short term restricted accts, etc) = anything that would be relevant to someone with over $25k to deposit, etc. This generally means only the very HIGHEST rate accounts should be discussed here (currently thats about 5%), but if there are other reasons you like and use a lower yield account for large deposits, list them as well and explain why they might be a good choice for those with large deposits.
I dont want to constantly update this thread, and I ask the FWF community to help. Please post any lists, banks, links to existing threads, etc in the QuickSummary.
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HSBC 6% new money promo till April 30 (see below for details)
DIME BANK 6.0% for 3 months promo..possible 7% for some targeted customers! FW thread
EVERBANK 6.01% promo rate for first 3 months. Completely liquid checking account, plus $50 from satisfaction guarantee if you make 3 billpay payments and cancel within 30 days after promo rate expires. FW thread
Countrywide Bank Savings 5.40% APY $50,000 - $2,499,999 5.25% APY $10,000 - $49,999 ACH originate: YES, next day, but with only one bank, ACH target: YES, checks: NO, debit card: NO Fatwallet discussion
Bank of America Money Market Savings Account through AAA 5.38% APY $50,000+ 5.11% APY $10,000 - $49,999 $1,000 to open, $2,500+ to avoid fees ACH originate: NO, ACH target: YES, checks: YES, ATM card: YES, debit card: see below BofA checking account customers can add a AAA money market account link onto their existing checking debit card. Some representatives incorrectly claim that accounts domiciled in different states cannot be linked on a single debit card (or ATM card) because they fail to realize the additional system entry steps needed to create multi-state links. Fatwallet discussion Fatwallet discussion
Zions Bank Deseret Money Market 5.34% APY $50,000+ 5.30% APY $0 - $49,999 $100 to open ACH originate: NO, ACH target: YES, checks: YES, debit card: YES Not available to residents of Utah. Fatwallet discussion
E-Loan Savings Account 5.25% APY $0+ $5,000 to open. No fees for low balance, but E-Loan reserves right to close your account if balance is below $500 for 90 days in any 12-month period. ACH originate: YES, ACH target: NO, checks: NO, debit card: NO Fatwallet discussion
Presidential Bank Premier Savings 5.25% APY $0 - $34,999 3.00% APY $35,000+ $5,000 to open, no minimum balance, free inbound ACH, fee outbound ACH originate: NO, ACH target: YES, checks: NO, debit card: NO check deposits earn interest: DAY OF DEPOSIT Fatwallet discussion
DiscoverBank 5.20% APY $50,000+ 5.20% APY $25,000 to $49,999 5.14% APY $10,000 to $24,999 $2,500 to open and avoid fees
Umbrella Bank Pot o' Gold 5.15% APY $50,000+ 5.10% APY $25,000-49,999 5.05% APY $10,000-$24,999 5.05% APY $5,000-$9,999 5.00% APY $1,000-$4,999 $1,000+ to avoid fees ACH originate: NO, ACH target: YES, checks: YES, debit card: YES check deposits earn interest: DAY OF DEPOSIT Fatwallet discussion
Gloucester County Federal Savings Bank CyberSaver 5.09% APY $25,000+ 3.50% APY $0 - $25,000 promo: 1st 90 days on all accounts 5.28 APY $100 to open, no minimum balance ACH originate: NO, ACH target: YES, checks: NO, debit card: NO check deposits earn interest: DAY OF DEPOSIT Fatwallet discussion
Corus Bank 5.15% APY $0.01+ Managed Money Market ($100 to open, $10,000+ to avoid fees) 5.15% APY $100,000+ Ultimate Interest Checking ($50 to open, 10,000+ to avoid fees)
HSBC Bank OnlineSavings Account (ACH) 5.05% APY $1+ ACH originate: YES, 4 business days, ACH target: YES, checks: NO, debit card: YES [This is an ATM Card, not a Debit Card. It can't be used to purchase something.] Promo rate: 6.00% APY for "new money" from 1/26/07-4/30/07 Note: HSBC ACH transfer results in 2 days lost interest if initiated on Monday, Tuesday. Up to 4 days lost interest if transferred later in the week. Fatwallet discussion Fatwallet discussion
Not sure how people fell about this Bank of America Master Relationship Account requires min $50K to aviod fees it not an FDIC account but a sweep account.
1 of the sweep options is US GO bond sweep account which pays 4.03% but if you have over $100K at all times you can request to get Institutional version of the same sweep which pays 4.38% the interest rate is not as high as others one posted here. Bank of America sure has alot of benfits that the other high yeild accounts just dont have.
Btw this account is only for California residents.
What are your experiences with Jumbo CDs? It appears to me that at this time, there is little (if any) premium available in the market for large CDs, meaning I can find equivalently high rates for $1000 and $100,000 CDs (maybe give or take a few basis points). Can anybody point out any advantage of pursuing a large $$$$ value CD then? Any experiences with negotiable CDs?
Is it wise to deposit $200,000 on this high-yield account or do I have other options such as T-bill? I am looking for features such as liquid, high APR, no risk. So buying GOOG stock is not preferred.
The highest yielding UTMA savings account I was able to find is with Hudson United Bank, recently merged with TD Banknorth: 3.50%. You need only $300 to avoid monthly fees. Unfortunately, you must open it in a branch. I do not know if TD Banknorth offers a similar account.
76hhma said:Very useful and informative thread, thanks DYS.
There may be at least two purposes for these types of accounts:
1. Balance transfers (BTs) from 0% interest credit card offers.
2. Emergency reserve.
Both require some level of liquidity. There are other reasons why some stay liquid, I stay very liquid (90%cash 10% equities. Main reason is I have reached the point where I could live off of the interest from my savings as long as rates stay over 4% and with being liquid I can position my money to earn best rates. I like the fact that unlike a stock portfolio I am up every year instead of some up and some down years.
scott1961 said:Main reason is I have reached the point where I could live off of the interest from my savings as long as rates stay over 4% and with being liquid I can position my money to earn best rates.
1. Isn't is irrelevant what the rates are without adjusting for inflation? 2. Wouldn't a CD ladder serve your purposes better?
scott1961 said:76hhma said:Very useful and informative thread, thanks DYS.
There may be at least two purposes for these types of accounts:
1. Balance transfers (BTs) from 0% interest credit card offers.
2. Emergency reserve.
Both require some level of liquidity. There are other reasons why some stay liquid, I stay very liquid (90%cash 10% equities. Main reason is I have reached the point where I could live off of the interest from my savings as long as rates stay over 4% and with being liquid I can position my money to earn best rates. I like the fact that unlike a stock portfolio I am up every year instead of some up and some down years.
Good point, Scott.
The cash part of my portfolio usually goes to some "principal preservation" mutual funds that offer higher returns that those stated here.
Another (maybe OT) point is that you may be too conservative for your portfolio according to "typical" asset allocation. Even at age 80, one would want at least 20% - 30% in equity. But that is your own choice with your risk tolerance as you indicated.
Thanks for creating the thread. I would find it very useful.
Added Stearns Bank although 4.41% is below Superior Savings, it has 4 individually chartered banks so it maybe of interest to those w/ high balance but don't want to deal w/ multiple banks in order to maintain FDIC insurance protection. Some other items, should this list also include high balance&HY short-term CDs (3-6 months) as well as liquid accounts? Personally I would find the addl info useful. Also how about accounts that do not have FDIC/NCUA/ESI insurance?
blueyale said:how do you guys move large amounts around to chase yields?
1. Multiple HY accounts allow you to write checks as deposit/balance transfer from one account to another existing or new account without having to move the fund to a low interest or no interest checking account. In some cases/banks, there is a couple of days when your deposit earns interest at both the source and target institutions as the source institution still has the deposit but the new one starts earning interest the day that the account is opened.
2. Always maintain a relatively HY (4%) 'bridge' account with multiple links allowed (ie. CapOne, Meadows CU etc.) where you maintain all of your accounts so that you can move money back and forth or to new account and earn atleast 4% in the mean time.
3. When it is available, open a no fee/no min balance account to transfer CD balance into and link this account to the 'bridge' account so that you can ACH non renewal CD fund without waiting for the check in the mail.
And then there's of course Amboy Direct when you don't even have to use any of the above methods.
EugeneV said: 1. Isn't is irrelevant what the rates are without adjusting for inflation? 2. Wouldn't a CD ladder serve your purposes better? If inflation goes up then FED goes up and Deposit rates go up. That is why I like being liquid or no longer than one year out on CD's. CD laddering is part of what I consider being liquid, Is just that right now many MM's paying close to one year CD's so have not been doing any but getting very close. I have an account right now that pays the 1-Month Libor rate and that greatly simplifies rate chasing as it stays just ahead of our FED rate. As of right now it's about 4.63% and is a totally liquid checking account. Makes it a great account to use for bill paying and linking as you get that interest right up till the last second
76hhma said: Another (maybe OT) point is that you may be too conservative for your portfolio according to "typical" asset allocation. Even at age 80, one would want at least 20% - 30% in equity. But that is your own choice with your risk tolerance as you indicated. Maybe too Conservative? That is a huge understatement. At only 44 I know that my allocation is considered plain dumb. I am an extremist and always go too far one way or the other. Was trading like a crazy man during the dot-com days and luckily lost my nerve and got out before it burst. Have not done a trade on my own since and now devout just a couple hours a week monitoring rates and moving money around. Not the greatest returns but zero stress and sleep great, And I find you can put a value on that
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