now 4.00%, w/visa debit ATM card and starter checks

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w/$5000 min

However, unlike Emigrant Direct, you also get free starter checks AND a visa debit/ATM card (though you may have to ask for the visa, it is free).

Furthermore, you can push/pull ACH from unlimited accounts(albeit w/a fee), vs emigrant's 2 accts w/push/pull, one of which must be an account w/paper checks.

They also have an account aggregation service (MoneyHQ) that includes a broader range of accounts than yodlee (at least in my experience, w/respect to my more obscure accounts, like InteractiveBrokers).

These may be big enough plusses for some to prefer it over emigrant, or at least have both...

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email ED, its time they raise rates again

AND OP WHY ARE YOU >STILL< A NEW MEMBER? <img src="i/expressions/face-icon-small-wink.gif" border=0>

well, it'll take more time before I get cranky <img src="i/expressions/face-icon-small-smile.gif" border=0>

for the lazy:
$5k to open

$5k to get 4.00% rate

$1k to avoid $10 monthly fee

2.5% if <$5k

Quick question, why would anyone bother with an account with a minimum balance over $1 when ED is paying 4%?

I could understand if they were paying more than 4, but they ain't.

yeah just keep your money in emigrant, it's not like offers check writing or anything like that

0.Mybankingdirect offers free starter checks AND visa debit/ATM card! Or at least they did when I signed up within the last 3 months...

1.FDIC restrictions (if you have a lot of money that you want liquid, and are unwilling to commit to CD/other fixed income) -- somewhat unlikely, admittedly...

2.Generally, the flexibility to go back and forth to whoever has a higher rate -- mybankingdirect beat emigrant for some periods of time over the last few months -- admittedly, not much of a gain to be made though.

3.Other services -- mybankingdirect has acct aggregation through moneyhq that covers even more accounts than yodlee. Also, can push/pull anywhere, basically, w/o emigrant's restrictions (admittedly, w/a fee...)

4.Perhaps one is banned by emigrant? <img src="i/expressions/face-icon-small-smile.gif" border=0> Or, more reasonably, is unable to meet some requirement or other that mybankingdirect is willing to waive during applications?

5.Or, perhaps one got a mybd acct when it was temporarily higher than emigrant, and also had an account opening bonus, as well as a penalty for account closures...

I'm sure there are other reasons...

It might work out for people who have >$100k.

bombcar said: [Q]Quick question, why would anyone bother with an account with a minimum balance over $1 when ED is paying 4%?

I could understand if they were paying more than 4, but they ain't.

actually, xpguy, were you being sarcastic? you generally seem on target, so I'm not sure...

synk said: [Q]It might work out for people who have >$100k.

If you have over $100K in cash chances are you are in one of the higher tax bracket then taxable Money Market accounts might not make sense at all. If you are subject to AMT then the only way to go is tax free money market today from someone like vangaurd ( not say they pay best rate just using them as an example) who is currently paying between 2.53%-2.62% depending on the state you live in. And there mim investment is 3K to open and 2.5K to avoid the $10 monthly charge.

Just to highlight my point I will give you the break down if you make over 88K and live in California. Remember if you make more then you effective tax rate would increase too and if you subject to AMT then your rate would really increase alot more of the number I am using.

Single in Ca making 88K a year
Fed Bracket : 33%
Ca State : 9.75%
Tax free rate: 2.53%
Effective taxable yeild: 4.42%

grrarrgh: Just so you know FDIC limit is per institution and not per account unless the accounts are titled differntly.

thanks, i already know -- if you open up a joint, ira, etc, you can structure many times 100k.

fdic limit info

sorry for the ambiguity -- by the unwilling to commit to other CD/fixed income, I meant that if you have the many times 100k amount, it seems unlikely that you would want to commit that much money to a money market account -- for tax reasons, but also liquidity reasons.

my personal motivation had more to do with a combination of
a)checking/debit VISA/ATM ability
b)and less the fact that it had the highest rate at the time, even before acct opening bonus.

Is the rate from a teaser rate?

so far, no -- they've been roughly matching emigrant direct's increases for at least 3 or 4 months.

I'm actually not hugely pro-mybankingdirect -- I just enjoy the optionality of being able to switch back and forth, and the checks+debit visa/atm card are nice.

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