Golden State Bank will DOUBLE your money market rate

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http://www.goldenstatebank.com/2459/mirror/files/GSBWebAd.pdf 
website said: WE’LL DOUBLE YOUR RATE
Bring Us Your Most Recent Statement For An Existing Money Market Account From Another Banking Institution And We Will Double Your Interest Rate For A Minimum Of One Year

* Branch visit REQUIRED
* Min balance to earn rate is $10k
* Max balance $500k
* Statement must be from the last 3 months
* Offer expires Aug 31.
 

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not much experience in opening bank accounts out of area, do they require you to live or work nearby? (or would it be valid to stop by on a vacation to open it)

Would be for a fam member and looks like would be cutting it close on times (whether they pull the offer early or not), he'd have to go open an all america account, and wait for the 8/21 statement and we'd then have a vacation last week of august to go by the bank....

There'd be no lost $$ if it didn't work, vacation near there was already on schedule (well, unscheduled but at some point...), plus Southwest Points = no cancel penalties....

seems like a pretty good deal

Bend3r said:   not much experience in opening bank accounts out of area, do they require you to live or work nearby? (or would it be valid to stop by on a vacation to open it)

Would be for a fam member and looks like would be cutting it close on times (whether they pull the offer early or not), he'd have to go open an all america account, and wait for the 8/21 statement and we'd then have a vacation last week of august to go by the bank....

  seems like a lot of work for a couple bux


Chemical Bank
Disclaimer
* Branch visit REQUIRED
  
 "Now what you wanna do is go down to forty-ninth street, that's the main customer service branch. Ask for Mr. Fleming. He'll help you."

 

rufflesinc said:   
Bend3r said:   not much experience in opening bank accounts out of area, do they require you to live or work nearby? (or would it be valid to stop by on a vacation to open it)

Would be for a fam member and looks like would be cutting it close on times (whether they pull the offer early or not), he'd have to go open an all america account, and wait for the 8/21 statement and we'd then have a vacation last week of august to go by the bank....

  seems like a lot of work for a couple bux

  True but it's more than a couple bux.

In this case, it would theoretically be ~$7000.  $500k at 2.5% (potentially) for 1yr vs 1.05% (The all america bank account is limited to $35k, so that's why it's not vs 1.25%).   It would more than pay for the vacation.

0.0145*500000= $7250

Called and they said you have to open account in person. Never heard of the bank but looks like a 3 branch operation and their website doesn't even have a link to their rates.

Bend3r said:   
rufflesinc said:   
Bend3r said:   not much experience in opening bank accounts out of area, do they require you to live or work nearby? (or would it be valid to stop by on a vacation to open it)

Would be for a fam member and looks like would be cutting it close on times (whether they pull the offer early or not), he'd have to go open an all america account, and wait for the 8/21 statement and we'd then have a vacation last week of august to go by the bank....

  seems like a lot of work for a couple bux

  True but it's more than a couple bux.

In this case, it would theoretically be ~$7000.  $500k at 2.5% (potentially) for 1yr vs 1.05% (The all america bank account is limited to $35k, so that's why it's not vs 1.25%).   It would more than pay for the vacation.

0.0145*500000= $7250

  If you have $500K liquid like that, I'd imagine it's better off doing something else rather than sitting in a money market account.

Chill99 said:   
Bend3r said:   
rufflesinc said:   
Bend3r said:   not much experience in opening bank accounts out of area, do they require you to live or work nearby? (or would it be valid to stop by on a vacation to open it)

Would be for a fam member and looks like would be cutting it close on times (whether they pull the offer early or not), he'd have to go open an all america account, and wait for the 8/21 statement and we'd then have a vacation last week of august to go by the bank....

  seems like a lot of work for a couple bux

  True but it's more than a couple bux.

In this case, it would theoretically be ~$7000.  $500k at 2.5% (potentially) for 1yr vs 1.05% (The all america bank account is limited to $35k, so that's why it's not vs 1.25%).   It would more than pay for the vacation.

0.0145*500000= $7250

  If you have $500K liquid like that, I'd imagine it's better off doing something else rather than sitting in a money market account.

  Sure, but as I said it's not for me.  I'm over 100% in the market with my funds....  And usually the suggestion if you have a large bank balance (after previously not having liquid funds) to let it sit around at least 6 months or so before you decide what to do with it.  This applies in this case and the person doesn't want to lock into a multiyear CD.   2.5% >>>>> nothing.

This actually isn't a bad deal. If you currently have a money market paying more than 1% APY and have a decent sized amount ($100k+) to put into an MMA, it can be worth $1k+ easily. It can maybe pay for the tickets to get to/from LA since you have to visit their LA branch to open it with a few hundred in play money left over.

Only caveat - just make sure the rate you'll be getting with them before you buy the tickets


============

EDIT: I forgot to add, you don't want to put in more than $250k per account type or else you're really "loaning" the money to them (ie - unsecured loan) with no recourse if they fold. Up to $250k is presumably FDIC insured.

Pretty good deal for ones bond allocation. You'd get close to the US 10 year rate without any term risk.

Although I suspect most people here are young and working and have very little allocated to bonds.

TravelerMSY said:   Pretty good deal for ones bond allocation. You'd get close to the US 10 year rate without any term risk.

Although I suspect most people here are young and working and have very little allocated to bonds.
 

  
Close to 10 year rate? More like close to US 30 year rate. US 10 year is at 1.6% and US 30 year is at 2.3%.

Assuming you currently have a MMA paying around 1.1%-1.2%, doubling that would place you very close to the 30 year treasury.

Too bad I can't borrow at close to nothing secured by the account. Yes. I'll take 500k at 2.5% if you'll lend it to me at .5%.

TravelerMSY said:   Too bad I can't borrow at close to nothing secured by the account. Yes. I'll take 500k at 2.5% if you'll lend it to me at .5%.
  Lightstream just needs to start offering unsecured mortages?

I wonder if credit unions count

Does "existing money market account" mean a savings account doesn't count?

Branch visit REQUIRED   where do u see this? thx

It is FAKE promotion. I called them to ask detais and they told me to apply if I am locally. Today i called them to ask for theier working hours and told them that i will be there in 30-45 min. I was driving to the branch when they called me to ask me what is my address. I provided them with my address (Los Angeles address ... 7 miles away from there office) and they told me that I am no local with them ... that they  Target only Glendale people. If I still want to apply they need to send my application to the upper department and asked just to send them the copy of my last statement. I took a picture on my last statement and e-mail it. One hour later , Sonia called me to ask for the last 3 months statements from the MM account. Then I told them that nothing is on their website (local to Glendale only,3 statements) , she answer me that they can charge the requirements anytime. When I heard that, I just said "thank you... Please , disregard my application", and hung up. End of story.

barcabucu said:   It is FAKE promotion. I called them to ask detais and they told me to apply if I am locally. Today i called them to ask for theier working hours and told them that i will be there in 30-45 min. I was driving to the branch when they called me to ask me what is my address. I provided them with my address (Los Angeles address ... 7 miles away from there office) and they told me that I am no local with them ... that they  Target only Glendale people. If I still want to apply they need to send my application to the upper department and asked just to send them the copy of my last statement. I took a picture on my last statement and e-mail it. One hour later , Sonia called me to ask for the last 3 months statements from the MM account. Then I told them that nothing is on their website (local to Glendale only,3 statements) , she answer me that they can charge the requirements anytime. When I heard that, I just said "thank you... Please , disregard my application", and hung up. End of story.
  tinstaafl learned the hard way

I emailed them a question a month ago and they never replied.



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