Wilshire State Bank Installment Savings 4.34% APY, no withdrawal penalty, $100k max

There might be problems if you automatic transfer your fund from another bank??

Let's say, you set up your automatic transfer from another bank on 20th each month, then you set up another automatic transfer from your checking to your rainbow.

If 20th of the month is saturday or sunday, then your money might not be in your checking on time. If you have 5 accounts with them, you might get charged whatever fees X 5, am I correct?

I'll do it month by month, or set up automatic transfer at least 5 days before the due date.

anybody was successfully able to setup a automatic monthly transfer from Simple checking to Rainbow savings from the online banking?

tsanju said: internetle said: feitao said: Terrible customer service. After calling 866 886 2265 three times today, a representative finally picked up and she transferred me to a voice mail.

Try email, you will get a specific person to handle your account and questions. Don't call the general number. I have a specific person that I talk to, she always pick up her phone. She sounds like a woman you want to handle everything for you,

me too .. there is this person who responds everything on email. Very prompt and the response is also very fast.

I total agree that they have terrible customer service.

1)- I called this number 866 886 2265, and she sent me to a voice mail twice. The third time I asked her why nobody answered the phone, and she finally grabbed someone for me.

2)- I emailed this email address minjeekim@wilshirebank.com, she ignored my email most of time.

VerbalK said: SUCKISSTAPLES said: Looks like "installment savings" is the next small bank gimmick after Rewards Checking

I called it somewhere.

 

It looks to me like the max is 100 K

So here is the catch for these types of account... you lose ALL the interest if you miss a deposit or withdraw early. Basically it's like a CD, except with a much higher, albeit UNGUARANTEED, APY. And basically once you are in, they got you by the shorthairs because you'd be hard pressed to leave if rates drop since you'd lose all the interest. I have a feeling that bank would keep the rates higher than nation cd and savings rates, but I wouldn't want to risk it.

This looks like a very profitable product for banks if it works. It cuts down on rate chasers, it is easy for a customer to miss a deposit and forfeit the proceeds, it encourages customers to use other bank products and direct deposit. I'd need at least 5 percent for term under a year to get me will to bite though.

Not if you play it right. I have these installment savings set to expire every 6 months with my bank. My automatic deposit is set to 10 dollars a month ( so no missing chance). If I take it out before the deadline I get penalized for 3 months worth of interest. If i see something coming I just hold off putting more money than the automatic deposit. If something does come up, I really wouldn't worry about loosing 3 months of interest as the principal is absolutely necessary in that situation

Banking Guy still lists Wilshire State Bank as one of the highest yields around..

rtw03 said: I have seen some people mention using GMAC to push to the Rainbow account. How do you get the account set up as an external account at GMAC without going over the three deposits per quarter limit on the Rainbow account?

Possibly push 3 months worth of installments instead of just one month after the trial deposits?

1) open a simple checking account
2) push money from GMAC to simple checking
3) setup automatic transfers between simple checking and rainbow savings (need to fill a form and send it to them)

rtw03 said: I have seen some people mention using GMAC to push to the Rainbow account. How do you get the account set up as an external account at GMAC without going over the three deposits per quarter limit on the Rainbow account?
So far, my CSR has been very responsive to emails. I'd just explain the issue. They'll probably just let you subtract your trial deposits off your first push (so that the total of the three deposits is your monthly contribution).

So can a guy have all thier cash in thier elink savings and earn the 2.75% then transfer from that?

How are people with eLink accounts avoiding service fees on the regular checking account? Wilshire's site says you need "Daily minimum balance of $500 or monthly average balance of $1,000" to avoid a $7 monthly fee.

they probably just open the simply checking which doesn't have a minimum balance

Is that elink FDIC insured or a money market?

wyzgie01 said: they probably just open the simply checking which doesn't have a minimum balance No, because you can't open the eLink account with that.

Wilshire eLink savings account probably don't have ACH capability so it is not like Etrade/GMAC/HSBC. But if you like 2.75% interest then there is nothing wrong with this savings account (except for the min balance req)

So when you open the rainbow savings do you then have to wait to get the elink savings or should one create that after they submittent the intial app for rainbow? I just sent that in today and made a depost but am not sure what sort of savings it will go into by default. Anyone have experience?

I'd like to point out the FW effect on Wilshire State Bank...

I opened my account when it was first advertised here, 4/13. Just this last week I decided to open a second account in my husbands name, 5/7.
I compared the account numbers, mine was approximetly 1935, my husband 4225. Quite a few signups.

People must have swamped Wilshire State Bank.
Goes to show when we FW's see a decent deal we run in mass.

pattyb53 said: I'd like to point out the FW effect on Wilshire State Bank...

I opened my account when it was first advertised here, 4/13. Just this last week I decided to open a second account in my husbands name, 5/7.
I compared the account numbers, mine was approximetly 1935, my husband 4225. Quite a few signups.

People must have swamped Wilshire State Bank.
Goes to show when we FW's see a decent deal we run in mass.
For most banks, the last digit of the account number is a checksum digit, and it's the other digits that are assigned sequentially. So that would mean they went from 193 to 422 in three weeks. 76 accounts a week is still pretty good, but not outrageously amazing.

pattyb53 said: ThePessimist said: [For most banks, the last digit of the account number is a checksum digit, and it's the other digits that are assigned sequentially. So that would mean they went from 193 to 422 in three weeks. 76 accounts a week is still pretty good, but not outrageously amazing.
In that case, it seems to me like it would be 422-193=249.
I'm not a mathmatician but it's still not bad. We do make a difference...right, but it was more than a week between the two applications; ThePessimist's number was per week.

ThePessimist said: [As mttatkns said, my number was per week. 229/3 is about 76.
I actually am a mathematician, and I know how to spell it too!
Pessimist...Please give me a break!!

My point, FW members do make a big difference.
When we "make a run" on a bank or CU, we almost "shut" their phone service down.

Silly question: How are you guys setting up automatic transfer into wilshire checking account from external account? I tried on fidelity, it allows me to do one time transfer but not repeating transfers.