My only complaint with Indymac is that they keep rotating the accounts and you need to keep asking them to move your money into their latest highest rate account. This account will eventually be a low rate and another account will have the higher rate. This is the 3rd account change I've made with them.

Well maybe I have another complaint. After my account was changed, and I verified other accounts to start transfers, I noticed there is a monthly limit of $25k inbound and outbound. So I am guessing, by the time 2 months go buy so that you can actually have $50k in it, the rate will not be worth it anymore. Oh well, I guess I just have to keep looking on where to go after 9/28 when FNBO is no longer at 6%.

Like Sleepybum said if you push in/pull out via outside bank you shouldn't have a problem. I personally haven't used Indymac's system to push/pull since no one has reported how many days it takes. Etrade push of 100k showed up at Indymac the following day.

Anyone can confirm whether there will be a hard pull for opening their MMA account?

no hard pull for me for CD's, checking, or MMA this year but of course YMMV.

nm ..got it.

doglar said:Just got my package in the mail and got the weird impression that my first $10k is only earning 1.7% apy, the next $15k 1.8% and anything above $25k is getting the 5.75 rate. Of course the interest won't be credited until the end of this month. Can anyone confirm otherwise?

For 50k, that is an equivalent of 3.75% and for 100k it is equivalent to 4.75%, for 150k 5%...

I think once you reach the higher level you get credit for all of your money at that higher level for that day. At least thats how mine looked. I will PM you the numbers from August and you can figure it out.

Also, confirmed last week that my cashiers check was indeed free.

I have practically all the top yielding accounts. Usually "ckecks" and checking accounts are not what I deal with. The welcome letter saying "We have opened a CHECKING account per your request with the following terms." (They capitalized the Checking word - not me). At first I thought they had made a mistake, because CHECKING is usually not associated with the highest yielding interest accounts (my highest yielding checking with billpay etc, is 4.75% and it does not allow paper checks - the highest that allows paper checks is 3.75% - why wasn't FNBODirect a "checking"). Then I thought the rate on the letter would confirm what I opened... in the same letter the "Rate/Annual Percentage Yield: VARIABLE" (they capitalized this too - instead of stating 5.75 or whatever). I checked online, and the account is a First Rate MM and it is a "checking" account. I wish they weren't so bold with the word "CHECKING" everywhere and wished they used the term "MONEY MARKET" instead or something that might not make you think you have a mere "checking account". Because of these weird things, and knowing that most high yield internet rates rarely allow "checks" (to avoid letting the money "get away" too easily - and they supposedly capitalize on being entirely electronic (no paper checks) which allows the higher rates etc..and because I never got checks with my 3 previous Indymac accounts) (especially when their money transfer website severely limits inbound and outbound transfers to $2500 transfer per day and 25,000 per month - lowest I have ever seen in an internet only account and laughable when the rate "kicks in" at $25k)...so I got weirded out. I have sent an email to the bank to get a response to this.

I have no evidence that I am getting the correct rate...not in correspondence with my account number, not by login into my account ...that is the entire problem. I am really going to get 5.75 on the entire balance when the balance exceeds $25k? I do not want park my money at 4% right now when I can get a much better rate. (but that's just me I am sure)

Bank of Toledo has all kinds of hoops you have to jump through and a great 0.25% rate if you fail to jump through one of the hoops. And notice that it does not include "check writing" as one of the perks of their 6% rate "checking" account. Only checking accounts yielding under 1% interest have "check writing" available as listed as one of the perks. (I was referring to straight up checking rates - no intro teaser rates & no hoops or juggling or obstacle course to go through each month - this is like a sale w/ 50% off - just entices spending to "save" - something we don't need as a society).

To earn the Bonus Rate, perform the following requirements each cycle:
10 Check Card Transactions
One Direct Deposit or ACH Auto Debit
Receive Electronic Statement
* and handover your firstborn child
*6.01 Annual Percentage Yield (APY) paid on all amounts each cycle if the minimum requirements are met. If you do not meet the requirements per cycle, your account will still function as a free checking account earning 0.25% APY, however it will not receive ATM refunds for that time period. Rates as of June 12, 2007. We may change the interest rate and APY at any time after the account is opened. No Minimum Balance Required. However you must deposit a minimum of $100.00 to open this account. Available to Personal Accounts only. No monthly service charge.

A checking account with a maximum of 3 checks...who would have thought of it...who would suspect
the web page (see link in thread) about the First rate account does not state the word "checking" anywhere ...ability to write 3 checks per cycle usually does not make the account a "checking account". I would expect the bank to know the difference between an MMA and a checking account and the laws pertaining to each type...or what if this really WAS a checking account? Hey, I hope I am wrong....for all our sakes. Hopefully, this is not a cleaver marketing ploy to get us to put our money there for a 4% rate. They sure don't make their lives easier with all the ambiguity ...

why not clear up the potential confusion like ing
http://home.ingdirect.com/products/products.asp?s=ElectricOrange
"For example, if your balance is $55,000, you earn a great 5.25% APY on the entire balance. "
Who's pocketing YOURRe wallet?

I too had that issue ..But after you log in click on "First Rate Money Market link" under ACCOUNT NAME . On the right end of the black bar there is a ACCOUNT INFO link . Click that and a popup comes up which shows 5.60% interest which is about 5.75% APY.

doglar said:I have no evidence that I am getting the correct rate...not in correspondence with my account number, not by login into my account ...that is the entire problem. I am really going to get 5.75 on the entire balance when the balance exceeds $25k? I do not want park my money at 4% right now when I can get a much better rate. (but that's just me I am sure)

Bank of Toledo has all kinds of hoops you have to jump through and a great 0.25% rate if you fail to jump through one of the hoops. And notice that it does not include "check writing" as one of the perks of their 6% rate "checking" account. Only checking accounts yielding under 1% interest have "check writing" available as listed as one of the perks. (I was referring to straight up checking rates - no intro teaser rates & no hoops or juggling or obstacle course to go through each month - this is like a sale w/ 50% off - just entices spending to "save" - something we don't need as a society).

To earn the Bonus Rate, perform the following requirements each cycle:
10 Check Card Transactions
One Direct Deposit or ACH Auto Debit
Receive Electronic Statement
* and handover your firstborn child
*6.01 Annual Percentage Yield (APY) paid on all amounts each cycle if the minimum requirements are met. If you do not meet the requirements per cycle, your account will still function as a free checking account earning 0.25% APY, however it will not receive ATM refunds for that time period. Rates as of June 12, 2007. We may change the interest rate and APY at any time after the account is opened. No Minimum Balance Required. However you must deposit a minimum of $100.00 to open this account. Available to Personal Accounts only. No monthly service charge.

A checking account with a maximum of 3 checks...who would have thought of it...who would suspect
the web page (see link in thread) about the First rate account does not state the word "checking" anywhere ...ability to write 3 checks per cycle usually does not make the account a "checking account". I would expect the bank to know the difference between an MMA and a checking account and the laws pertaining to each type...or what if this really WAS a checking account? Hey, I hope I am wrong....for all our sakes. Hopefully, this is not a cleaver marketing ploy to get us to put our money there for a 4% rate. They sure don't make their lives easier with all the ambiguity ...

why not clear up the potential confusion like ing
http://home.ingdirect.com/products/products.asp?s=ElectricOrange
"For example, if your balance is $55,000, you earn a great 5.25% APY on the entire balance. "
Who's pocketing YOURRe wallet?