$50000 minimum!

berlinsmommy said:The internet MM only has a $1k minimum. I'm not sure about the credit card thing though, I have a checking account through them, so I linked my MM to it. I opened the checking account 6+ years ago, but they didn't require that then. What if you open a checking account (they are free), keep $5 in there, and set it up as a linked account?

Linky

Can you comment on the speed of ACH transfers with Zionsbank?

taoufik said:Hi all, I don't think zionsbank is the graetest offer in money marker/savings account. It said $50,000 minmum for interst rate of %5.34....in other words don't even bother.

e-loan has a savings account paying %5.5, and a minmum first deposit of $5,000. sounds like a good deal

What??? Look at my link, it says $1,000. Why is it no one can see that???

Anyway, I cannot attest to the speed of transfers, as I just opened the MM account on Friday, but I'm already unimpressed, they haven't set up the account or transferred the money yet, and I'm an existing customer who opened the MM with a transfer from Zions checking, so you think my account setup would be pretty simple.

FYI you can close your account online by requesting a withdrawal and checking the box that says you are closing the account.

0-49,999.99 = 5.30% APY.

If anyone decides that they want to do this, let me know. I get a $30 referral bonus after your account is opened for 60 days. I will happily split in with you via Paypal. Here are the terms as I understand them:
$100 required to open.
Balances less than $1,000 do not earn interest at all.
Unlimited deposits (this may just apply in my case since all my deposits are funded by my Zions Checking).
Limit of 6 withdrawls per month.
You can get an ATM card (and possibly Visa Debit) for no charge.

I still cannot speak to the speed of the ACH transfers since I have only funded it from my Zions checking, which I am thrilled to say takes ~5 seconds online, so this allows me to keep all my money in my MM (and about $3 in my checking account) since I can transfer it to checking in ~5 seconds if I need it.

What was the deal with the $10?

What are the transfer limitations precisely?

kai2007 said:When I looked into making additional transfers via ACH, I found out that they require you to have a credit card with them.I think that comment is incorrect. I have called Zions Bank to find out specifically about ACH transfers. Here's what they had to say:

1. They currently do not do ACH transfers initiated from your Zions Bank account. There seemed to be to possibility of it in the future, but don't hold your breath.
2. You can however initiate ACH in and out transfers from an external account like GMAC. So as long as you have another ACH capable account (like GMAC), you'll be able to ACH funds in and out of your Zions Bank account.
3. I asked about the credit card requirement for ACH. It sounds as if kai2007 is confused because the CSR indicated that a credit card is only involved with an ACH when doing something like a cash advance from a credit card; not a regular ACH transfer.

Also, the comment about transfer limitations sounds like bunk. The account in question is a savings account not a checking account. All savings accounts are limited to six outgoing transfers a month. By law too I think.

You also don't need to have a minimum $50,000 deposited to get a good rate. You just need the account opening minimum of $1,000. The rate difference between a $1,000 deposit and $50,000 deposit is four basis points. That's 0.04% APY or only 40¢ for the $1,000 deposited for a year!

A good summary of the Zions Bank Deseret Money Market Account comes from the following blog post:
http://bankdeals.blogspot.com/2006/11/update-on-zions-banks-deseret-money.html

Sorry I don't understand this at all. Why wouldn't Zion bank know whether or not there are available funds in a Zion bank account?