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rated:
sfchris said:   
Argyll said:   Re: Connexxus 

"Conditions for Early Withdrawals:   You are allowed one withdrawal, without penalty, from the principle amount. Upon early withdrawal, the remaining certificate balance will continue to earn at its current rate, until the certificate’s maturity."

https://www.connexuscu.org/File%20Library/Disclosures/Share%20Certificate/12-Month-Step-Up-Certificate_Full-Disclousure.pdf 

If you withdraw in the first six months, the rate remains at 1% the rest of the term.  At  7-9 months it would remain 1.5%. Only if you waited until the tenth month to withdraw would you continue to earn the 2% being paid then.

The only time you can withdraw once without losing out on the high rate is months 10-12.

Connexxus is a little sneaky.  They are known for hidden fees and conditions.

 

 

  I do NOT agree with your interpretation. I think they are a little sloppy and copied this wording from unchanging CDs that allow withdrawls. They have some misspelling and other sloppiness on their site as well.

I think "current rate" means "as usual" - meaning whatever you have left continues to earn what you expected - 1.0%, then 1.5% then 2.0%. But by all means call them and ask if you think this CD might work for you. You have 2 more days.

Also please provide a citation for this statement "They are known for hidden fees and conditions."

  Argyll,

I contacted Connexuscu about this CD and unfortunately you are correct. If you withdraw early you are penalized by being stuck on the tier of interest you are on for he remainder of the time left on the CD. Just as you said.

Very sneaky and not good business practices.


 


 

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@ scanchain: The e-mail only mentioned the savings... no mention about the checking...but we should know on sunday (feb 1st) which is when the new savings rate takes effect. Only 2 more days to find out...

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HotSalami said:   Savings rate change to .90% as of 2/1!  Alliant must have felt the heat.  Notified by email:


HotSalami,
Your savings account rate just increased to 0.90% APY*. 

At Alliant, we’re always looking to help you earn more. The best part? All you need is $100 or more in your Alliant savings account. No phone calls. No emails. Nothing. It’s that easy. 

  I have a small money market account ($6,000) at Ally that pays .85%. I just threw a grand from that over to my Alliant savings account when I got the email. I'll leave $5,000 at Ally in case they raise the rate. Also decided to move a grand from Capital One 360, as I've given up hope of that account ever moving from .75%. It's become fairly useless at this point.

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LearningCurve said:   I have a small money market account ($6,000) at Ally that pays .85%. I just threw a grand from that over to my Alliant savings account when I got the email. I'll leave $5,000 at Ally in case they raise the rate.
Ally's savings rate is .99%. Most of my money is still there. At least the .90% matches Redneck Bank's MM, which hopefully put some pressure on them...

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HotSalami said:   
LearningCurve said:   I have a small money market account ($6,000) at Ally that pays .85%. I just threw a grand from that over to my Alliant savings account when I got the email. I'll leave $5,000 at Ally in case they raise the rate.
Ally's savings rate is .99%. Most of my money is still there. At least the .90% matches Redneck Bank's MM, which hopefully put some pressure on them...

  I said I have a money market account. 

rated:
0.9% on savings is a long-overdue improvement.  If Alliant had done that last month they might have held onto more of my dough, now at Ally.

Still, better late than never.  I continue to have a decent chunk of change at Alliant, so this will help.

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LearningCurve said:   I said I have a money market account. 
I know -- I did read your message... I don't know why Ally has the disparity with their MM account's rate (it wasn't always that way). Why not open an Ally savings account as well? Your money is already there.
  

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shinobi1 said:   0.9% on savings is a long-overdue improvement.  If Alliant had done that last month they might have held onto more of my dough,
I might agree but too little too late for me. Been with Alliant probably 5 years since they had one of the highest rates around, but not the last year or two. Only kept a minimal balance to use for the billpay.  Jan 1 I started using my Cardinal Bank bill pay with my checking account there (1% checking to $100K) so I keep close to that maximum balance and don't have to constantly transfer money in to cover a payment. Really like their billpay layout better as well.

rated:
It is nice that they finally stepped it up a bit to .90%...If they could just see their way to getting it another .10% for March 1st, it would probably help attract new members since it would be more competitive with other online savings accounts (1.00%), with the added bonus of a lot of great banking features that they offer...let's hope 

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craig10x said:   It is nice that they finally stepped it up a bit to .90%...If they could just see their way to getting it another .10% for March 1st, it would probably help attract new members since it would be more competitive with other online savings accounts (1.00%), with the added bonus of a lot of great banking features that they offer...let's hope 
 
I agree with you.  Another 0.1% would be a big deal and would for certain attract more money which, sadly, might not even be wanted at this time.  But Alliant is such a superb provider of virtually all other services, I can understand if our credit union has to keep rates a tiny bit lower.  0.9% might be the best they can do until spring.  Alliant remains the absolute best credit union out there, bar none!!    

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shinobi1 said:   Alliant remains the absolute best credit union out there, bar none!!    
 

  Their ach transfers have been stellar.

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HotSalami said:   
LearningCurve said:   I said I have a money market account. 
I know -- I did read your message... I don't know why Ally has the disparity with their MM account's rate (it wasn't always that way). Why not open an Ally savings account as well? Your money is already there.
  

  Because I've opened a few bank accounts in the past couple of years (I'm admittedly a bit of a rate chaser) and Ally is ridiculously Chex-happy. They are constantly pulling. I get my Chex report once a year and there are multiple Ally pulls on there for no real reason, as I only have one account with them, and it's not a loan product. And I'm trying to be choosier in the accounts I open lately.

I think a lot of places have a disparity between MM and savings because of the increased access to MM accounts, which come with checkbooks. You sacrifice a little interest for the increased level of availability. When I opened this account, it had the highest rate out there, so I put all my liquid savings in it. And as I was planning to move, I wanted the checkbook for the security deposits that would be coming out of my savings . 

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FrozenBiker said:   
shinobi1 said:   Alliant remains the absolute best credit union out there, bar none!!    
  Their ach transfers have been stellar.

  I agree with this. I only opened my account a few months ago, and I have already switched all my regular banking to it. I keep looking for the catch, but haven't seen one yet.

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LearningCurve said:   Because I've opened a few bank accounts in the past couple of years (I'm admittedly a bit of a rate chaser) and Ally is ridiculously Chex-happy. They are constantly pulling.
I opened a savings with them in 2009 and a checking in 2010. I just went through all of my historical ChexSystems reports and only see the original inquiries from 2009 and 2010, which rolled off of my report in 2012 and 2013 respectively. You may want to have a chat with them if they are indeed pulling your report incessantly.

Which section are these inquiries appearing (Initiated or Not Initiated by consumer action)?
  

rated:
LearningCurve said:   
FrozenBiker said:   
shinobi1 said:   Alliant remains the absolute best credit union out there, bar none!!    
  Their ach transfers have been stellar.

  I agree with this. I only opened my account a few months ago, and I have already switched all my regular banking to it. I keep looking for the catch, but haven't seen one yet.

  LOL

Agreed.  I've been a member since (just) before starting this thread, and I still have not found any "catches".

I have found a lot of good stuff and positive surprises, though!!

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