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atikovi said: JoBuNYC said: Looks like Ready Saver Savings is down to 1.50%?

http://www.readysaver.com/saver.aspx


That was one of my secret (from Fatwallet) savings accounts still paying 2% up until two weeks ago. Then it dropped to 1.75% and someone posts it on Fatwallet, so now it goes down to 1.50%. Thanks a lot. At least I still have one savings account left paying 2.30% up to $100K and I'm not givin it up to nobody here.


Are you sure? I just checked the TCB rate and was quoted 1.5%

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Yes I get a special rate. New customers can't have it.

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atikovi said: JoBuNYC said: Looks like Ready Saver Savings is down to 1.50%?

http://www.readysaver.com/saver.aspx


That was one of my secret (from Fatwallet) savings accounts still paying 2% up until two weeks ago. Then it dropped to 1.75% and someone posts it on Fatwallet, so now it goes down to 1.50%. Thanks a lot. At least I still have one savings account left paying 2.30% up to $100K and I'm not givin it up to nobody here.

Careful with those "secret" banks. When you ask for your money, they might say, "Senor, we have no record of your deposit".

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Danvers Online down to 1% from 1.35%

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RS4Rings said: Danvers Online down to 1% from 1.35%Danvers sucks. Long live SbOT.

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DavidScubadiver said: RS4Rings said: Danvers Online down to 1% from 1.35%Danvers sucks. Long live SbOT.
That's the savings account, Stil 4.01% for RCA, $100k max for me. Danvers the real hometown deal king

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RS4Rings said: DavidScubadiver said: RS4Rings said: Danvers Online down to 1% from 1.35%Danvers sucks. Long live SbOT.
That's the savings account, Stil 4.01% for RCA, $100k max for me. Danvers the real hometown deal king
I don't want to trot out the same tired arguments for why your bank sucks (it closed during a snow storm, it has no community room). So lets just leave this alone...

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Guys, this is a rate thread, meant for "quick in/quick out" information on liquid account RATES and ACCOUNT DESCRIPTIONS/REQUIREMENTS only. Maybe we should suggest a "Discussion Thread for Liquid Accounts", similar to what is in the Financial Forum for CD's. That would serve as a place to discuss the merits of/debates about various banks, experiences with opening, etc. with regard to liquid accounts. This thread would then be cleaner and quicker for the purpose originally intended which was to simply list and update bank and credit union rates.

We certainly DO need a place where experiences and opinions are freely expressed on this "liquid account" subject, but it seems like it would be more appropriate as a "stand alone" thread to keep this one lean for perusing rates.

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Mr. Frugality,

This thread was specifically established for discussion, as opposed to the previous thread (The "Mother"). The info on rates is in the Quick Summary. This is the thread for the discussion of the merits of various banks and for discussion of experiences and opinions freely.

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Argyll:

I've been around here all through the older threads (the "mother", the "daughter", et al) with all the annoying "rules and regulations" they had in effect, so I, too, was pleased to see the current thread which eliminated many of their annoyances and limitations. And I realize the rates are posted in the quick summary as I have done numerous updates there in years past and currently.

My point was simply a suggestion that "debates" and opinions on the merits of individual banks and bank policies tend to "clutter up" the basic reason for a rate thread, which is to list and alert readers to current and changing liquid account rates as efficiently as possible sans any additional verbage. Hence, the reasoning for having two "stand alone" threads ala the CD approach here on FatWallet; one thread only for listing and alerting readers to rates and changes in rates and another for discussing and debating bank rules, regulations, requirements, reasons for choosing a particular institution, etc. Both are important and have their place; however, having a separate thread exclusively for rates and alerts to rate changes and a second thread for disscusions would allow the information on each to be accessed more efficiently and with greater clarity of purpose.

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Mr. Frugality:

It's not a bad idea; I just think it's unnecessary. Rates are clearly stated in the QS and there are plenty of updates in messages being posted. I think the QS is for the rates and the thread for discussion of those rates and the banks. Discussion of various bank regulations and requirements is apropos and valuable.

Since this was the thread specifically established for discussion, if there is enough desire for a rate only thread, then another one should be established, instead of altering the rules of an existing thread.

Personally I look at the QS and, if I have questions or comments, use the board to post. It works fine for me; anyone wanting rate only info should consult the QS.

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There's a saying that a good compromise won't make anyone 100% happy. IMO, discussion in this thread is fine, but common sense says that going off on long tangents, such as extended debates about the merits of one bank over another, is simply unproductive. Given enough data, people can decide for themselves. The purpose of the thread was to focus on rates, but not to inhibit discussion, especially if it's relevant to the rates or the specific accounts mentioned herein. At least, that's my take on things.

For general discussion of banking regulations and the like, IMO an existing thread (or new thread if appropriate) is the place for any extended discussions. Sometimes talking about a specific issue takes up more bandwidth than the issue itself.

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I agree with glxpass. In some cases, even a small amount of supplementary info can markedly change the the practical evaluation of a specific rate move. It's logical for such info to be prominently highlighted with, or in close proximity to, the rate-change post. This takes on even more importance given that the QS isn't always updated when new rate info is posted, even if it should be.

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SFGI is now 1.51% (down from 1.65%)...

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Alliant CU Share Savings and Interest Checking REMAINING AT 1.50% apy for the month of June....
(I confirmed today with my contact in management at Alliant Cu)...

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These liquid accounts are proving very helpful in mentaining acconts .They are still considered "liquid" unlike say CD's which don't allow any withdrawals.Thank you for all these Considerations.

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Redneck bank says they are "sold out" i.e. not accepting applications.

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FNBO's Online Savings Account dropped from 1.25% APY to 1.10% APY.

*Updated QS*

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I see Heartland Community Bank Interest Plus checking is now at 3.25% APY as of May 12, 2010

I suck at updating the quick summary, can someone else handle it?

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First Trade Union High & Mighty Savings drops from 1.50% to 1.25%

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First New England platinum rewards checking down to 2.00% for month of MAY (with relationship account)! When did this happen, I received no notice!

Edit: They told me they made a mistake and paid the interest for May at 2.5%. Not sure about the June rate.

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It is a real shame that you have to check your accounts to see what the interest rate is. Seems that only a handful of banks provide us with notice of their lower rates.

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It looks like their rates dropped for several accounts (Table says effective 6/1). I didn't receive any notice for May also and noticed that it is 2%. Maybe it is a glitch. And their MM account is not earning interest for amounts less than $50K now. I put $2500 their to qualify for the relationship account.

Platinum - 2% (Relationship), 0.899% (general)
Rewards - 3.5%, 2.5%

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DavidScubadiver said: It is a real shame that you have to check your accounts to see what the interest rate is. Seems that only a handful of banks provide us with notice of their lower rates. I agree. HSBC is the only bank of mine that sends an e-mail each time the rate changes.

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I dont know much about the rules and regulations on these liquid MMA accounts but last Febuary I found a local bank paying 1.85% on anything over 100K. I ended putting the FDIC limit in there for me and my wife, and watched the rate fall to 1.75% in March and 1.65% in April.

On May 27th I withdrew almost all the funds and moved it to a higher yielding account at a CU.

Now my question is: everytime I logged onto online banking in May I saw my interest rate was 1.65% and my accrued interest was XXX.XX up to the day I withdrew on the 27th. This morning, June 1st I logged in and saw the interest paid was nothing close to my accrued interest on May 27th and my interest rate dropped to .8%. I went to the bank and I was told they changed the rate and "they had the right to backdate the rate to the first of May" and that "They have until the last business day in May to do that" they also told me "the 1.65% I saw on online banking during May was only an indication, and subject to change at any time"

So I ended up getting HALF the interest I thought I was getting for the month of May with the balance I was maintaining (500K), that was a big loss!

So my question, is this legal? Can they get away with this?

Any experts here have any advice?

thks

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baileyranger said: I dont know much about the rules and regulations on these liquid MMA accounts but last Febuary I found a local bank paying 1.85% on anything over 100K. I ended putting the FDIC limit in there for me and my wife, and watched the rate fall to 1.75% in March and 1.65% in April.

On May 27th I withdrew almost all the funds and moved it to a higher yielding account at a CU.

Now my question is: everytime I logged onto online banking in May I saw my interest rate was 1.65% and my accrued interest was XXX.XX up to the day I withdrew on the 27th. This morning, June 1st I logged in and saw the interest paid was nothing close to my accrued interest on May 27th and my interest rate dropped to .8%. I went to the bank and I was told they changed the rate and "they had the right to backdate the rate to the first of May" and that "They have until the last business day in May to do that" they also told me "the 1.65% I saw on online banking during May was only an indication, and subject to change at any time"

So I ended up getting HALF the interest I thought I was getting for the month of May with the balance I was maintaining (500K), that was a big loss!

So my question, is this legal? Can they get away with this?

Any experts here have any advice?

thks
Depends on the account agreement with the bank. More than likely, they are right, but you can read your agreement to find out what the details of terms were.

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Southern Community Bank (readysaver.com) seems to be using delay tactics on withdrawal in response to rate drop. They are proceeding but it's a struggle requiring customer service assistance.

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So what are the current top RCA accounts available for any one in US? I see Danvers is one, are there any other banks offering a higher rate? Also, are there any banks that only need 10 debit transactions a month?

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cutemitu said: So what are the current top RCA accounts available for any one in US? I see Danvers is one, are there any other banks offering a higher rate? Also, are there any banks that only need 10 debit transactions a month?
See http://www.depositaccounts.com/checking/reward-checking-accounts.html. You can use the filter accounts button to further refine your search.

ETA: You can expand a selection to see a summary of the RCA requirements, including number of transactions. A number of the 4% accounts (not Danvers) still require only 10. It looks like Danvers is at the highest nationally available rate of 4.01% APY. The other FI at that rate has a cap of only $10K. There are a few choices at 4.0% APY.

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I'm kinda new to all this, but the 4% checking accounts seem kinda like penny stocks. Is this stuff seriously reliable? Specifically you can look at the Evantage Bank's website as well as the AmericaNet website and see they are replica's of one another. Furthermore they're both based out in the midwest... Any reason for that?

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rolandstrat920 said: I'm kinda new to all this, but the 4% checking accounts seem kinda like penny stocks. Is this stuff seriously reliable? Specifically you can look at the Evantage Bank's website as well as the AmericaNet website and see they are replica's of one another. Furthermore they're both based out in the midwest... Any reason for that?

They seem to be a waste of time. Most are capped at a $10,000 balance that gets that 4% rate so compared to a 1.50% saving account you get about $20 more per month in interest at that amount. There are a lot of hoops you have to do as well such as 12 specific transactions to get that rate and if you miss just one you loose the interest for the whole month. Since most families make over $20 an hour, and it will take a few hours a month managing the account, I don't think it's worth it.

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I really wouldn't say that "most" are cappped at 10K. However, most do pay less than 4%.

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Hmm I see. So given that it seems like the best bet would be to go with a simple checking account like Charles Schwab...

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rolandstrat920 said: Hmm I see. So given that it seems like the best bet would be to go with a simple checking account like Charles Schwab...

I don't know Charles Schwab or what kind of checking account he has but many on this forum would suggest Alliant CU or Incredible Bank for a checking account. The rates are better than savings accounts so you can keep all your liquid money in one account instead of transfering funds all the time to cover checks, and the billpay feature is free and easy.

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Does anyone use redneck bank? That has to be the ghettoest web interface I have ever seen. Looks like it was designed pre-Frontpage+Geocities days. Like back when Gore invented the internets.

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This seems so strange to me. Given that there are checking accounts that offer comparable returns (in fact better returns) than a savings account, why do people continue to poor money into savings accounts that deliver ~1% APY?

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rolandstrat920 said: This seems so strange to me. Given that there are checking accounts that offer comparable returns (in fact better returns) than a savings account, why do people continue to poor money into savings accounts that deliver ~1% APY?

Laziness? Not liking changes in their life? I don't know. I asked a similar question here about how or why there exist such accounts like Wachovia MMA paying 0.02% or Fidelity Municipal MMF paying 0.01% to name a few, and if anyone acutally has money in those accounts when there are so many others paying a lot more.

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>>>DOWN

ClearSky Savings

was 1.50% APY......NOW 1.40% APY

Updated Quick Summary

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>>>VERIFIED and/or UPDATED

on Quick Summary

Rates (APY's) for the following institutions: Bank of Internet, Dollar Savings Direct, Shore Bank, Presidential Bank, Nationwide, Danvers Bank, Savings Square, Alliant CU, Discover Bank, EverBank , Evantage/Ameribank/Redneck Banks, Incredible Bank, IGo Banking, American Express Bank, Ally Bank, CNB Direct, CapitalOne, CapitalOne Costco, 1st Constitution.

Refer to Quick Summary for details.

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There is another topic with savings accounts with high APYs.
edit: looking at these, many of the links are for online savings accounts .These accounts are really helpful in building confidence in people..

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