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Best Nationally Available High APY Liquid Accounts

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acn8892 said:   As most people probably already know, in general you can only make 6 ACH transfers per month for a savings account. With the $5000 per transfer limit at Dime, that makes only $30000/month available to transfer.Can't you link this account as an external account at any other bank and ACH pull whatever amount you need?

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Couple of things:
1. One of the issues I had with Dime that made me look into closing my account was an incident trying to link an external account (which led to the 20-30 minutes on hold and never getting anyone). So after that I stopped trying to link accounts.
2. I did try to pull a larger than $5000 amount from Dime using the account I originally linked when opening the Dime account (Chase, which has it's own $10000/day limit) and this failed.

Maybe another account would work and maybe I did something incorrectly, but not worth it.

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sfchris said:   
acn8892 said:   Just some comments about Dime Community Bank Money Market Account: Overall negative experience. Need to read (and find) the fine print. Main issues:
1. Very low daily ACH transfer limit - $5000. As others have already posted, if you want to move money out of the account for better rates elsewhere (or any other reason), you are severely limited in accomplishing this is in an easy manner for large amounts.
2. Wire transfer for Money Market Account can ONLY be done in person (they do not accept mail, e-mail or phone requests) and there are only 27 branches all located in mainly the Long Island, NY area. Again, severely limiting ability to move money from your account.
3. Lousy customer service. I spent 20-30 minutes on hold on the phone trying to reach an agent and never did get through.

As most people probably already know, in general you can only make 6 ACH transfers per month for a savings account. With the $5000 per transfer limit at Dime, that makes only $30000/month available to transfer. Opened an account at the bank earlier this year to take advantage of what was the then one of the better interest rates available (not the case anymore). When I ran into some issues I decided to move my money elsewhere but ran into all the issues above, so I'm now in the midst of a multi-month effort of transferring money to another bank (I don't live in NY and can't just do an in-person wire transfer). Lesson learned...do your research beforehand and don't just focus on the interest rate! Will not do business again with this bank no matter what the rate.

  Something like this happened to me with another bank. I found I could get the bank to fedex me a check, then I deposited it in Alliant which gave me interest on the same day as long as I waited the 2 weeks for the check to clear.

See if they will fed ex you a check.

  
Interesting. Will give it a try. Thanks for the idea!

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acn8892 said:   
sfchris said:   
acn8892 said:   Just some comments about Dime Community Bank Money Market Account: Overall negative experience. Need to read (and find) the fine print. Main issues:
1. Very low daily ACH transfer limit - $5000. As others have already posted, if you want to move money out of the account for better rates elsewhere (or any other reason), you are severely limited in accomplishing this is in an easy manner for large amounts.
2. Wire transfer for Money Market Account can ONLY be done in person (they do not accept mail, e-mail or phone requests) and there are only 27 branches all located in mainly the Long Island, NY area. Again, severely limiting ability to move money from your account.
3. Lousy customer service. I spent 20-30 minutes on hold on the phone trying to reach an agent and never did get through.

As most people probably already know, in general you can only make 6 ACH transfers per month for a savings account. With the $5000 per transfer limit at Dime, that makes only $30000/month available to transfer. Opened an account at the bank earlier this year to take advantage of what was the then one of the better interest rates available (not the case anymore). When I ran into some issues I decided to move my money elsewhere but ran into all the issues above, so I'm now in the midst of a multi-month effort of transferring money to another bank (I don't live in NY and can't just do an in-person wire transfer). Lesson learned...do your research beforehand and don't just focus on the interest rate! Will not do business again with this bank no matter what the rate.

  Something like this happened to me with another bank. I found I could get the bank to fedex me a check, then I deposited it in Alliant which gave me interest on the same day as long as I waited the 2 weeks for the check to clear.

See if they will fed ex you a check.

  
Interesting. Will give it a try. Thanks for the idea!

  
Also, Alliant enabled shared branching for 24 hours to allow me to deposit the (very large) check. I know they are moving away from that but if you have an Alliant account I would check with them.

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Live Oak up to 1.4% APY

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acn8892 said:   Just some comments about Dime Community Bank Money Market Account: Overall negative experience. Need to read (and find) the fine print. Main issues:
1. Very low daily ACH transfer limit - $5000. As others have already posted, if you want to move money out of the account for better rates elsewhere (or any other reason), you are severely limited in accomplishing this is in an easy manner for large amounts.
2. Wire transfer for Money Market Account can ONLY be done in person (they do not accept mail, e-mail or phone requests) and there are only 27 branches all located in mainly the Long Island, NY area. Again, severely limiting ability to move money from your account.
3. Lousy customer service. I spent 20-30 minutes on hold on the phone trying to reach an agent and never did get through.

As most people probably already know, in general you can only make 6 ACH transfers per month for a savings account. With the $5000 per transfer limit at Dime, that makes only $30000/month available to transfer. Opened an account at the bank earlier this year to take advantage of what was the then one of the better interest rates available (not the case anymore). When I ran into some issues I decided to move my money elsewhere but ran into all the issues above, so I'm now in the midst of a multi-month effort of transferring money to another bank (I don't live in NY and can't just do an in-person wire transfer). Lesson learned...do your research beforehand and don't just focus on the interest rate! Will not do business again with this bank no matter what the rate.

  
A lot of banks restrict outgoing ACH size to mitigate their risk of fraud loss.  But you can initiate the ACH transaction from the other end.

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TIAA Direct Savings up to 0.71%, but I'm pretty sure it was cut from the list (I'm on mobile)

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Salem Five Direct up to 1.35% although that is for new customers only.

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giantsfan2 said:   Salem Five Direct up to 1.35% although that is for new customers only.
  stay away.  they  have "promotional" rates, meaning that your rate will go down, not up. 

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FNBO Direct raised its online savings account rate to 1.15% APY with no monthly fees and no minimum balance requirements.

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RussellJohnson said:   
politics123 said:   
goldsheet said:   https://www.bankoncit.com/high-yield-savings/ 


Earn 1.30% APY on total balances no greater than $100,000 and
1.25% APY on total balances over $100,000.01 (including interest)
Minimum deposit of $100 to open
No account opening or maintenance fees
Daily compounding interest to maximize your earning potential
Free online banking
FDIC insured

  
Bump. So, this would be my third CIT bank account. They seem to like to deprecate "old" accounts and replace them, rather than update their "old" accounts with a new, higher interest rate. As of this moment, I have an account that yields 1.045% ("High Yield Savings Account"), one that yields 1.15% ("Spring High Yield"), and will open this one called "Premier High Yield Account" As soon as I get the bonus interest payments for those accounts, I'll close the old ones and roll the money into the new 1.3% account.

My experiences with CIT bank:

  • They don't answer the phone quickly. When I need to call them, I sit on hold for a while (3-5 minutes). Other online banks (Discover, Ally, etc) answer the phone quickly.
  • ACH works fine
  • They use the same back-office system as other banks I've used, so I'm used the the interface (it's not pretty, but it works)
  • Apparently, need to open a new account every 3 months if you want their best interest rate.  That's the game, folks, now that you know the rules, use to your advantage.


  
Shitty bank.
- Trial deposits are withdrawn individually, potentially putting you over the 6-withdrawal limit at other bank.
- Customer service and phone support is slow
- Website is archaic
- They have kids manning the call center

  Their online support is truly awful.

I tried logging in and kept on forgetting my password. After a few tries, they locked the account. To unlock the account, I need to enter my account number but I have NO idea what that is. I have not received any emails with that information and I'm guessing the only place to get it is once I've logged in.

This is driving me nuts, I'll need to call their phone support tomorrow.

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pduan87 said:   
RussellJohnson said:   
politics123 said:   
goldsheet said:   https://www.bankoncit.com/high-yield-savings/ 


Earn 1.30% APY on total balances no greater than $100,000 and
1.25% APY on total balances over $100,000.01 (including interest)
Minimum deposit of $100 to open
No account opening or maintenance fees
Daily compounding interest to maximize your earning potential
Free online banking
FDIC insured

  
Bump. So, this would be my third CIT bank account. They seem to like to deprecate "old" accounts and replace them, rather than update their "old" accounts with a new, higher interest rate. As of this moment, I have an account that yields 1.045% ("High Yield Savings Account"), one that yields 1.15% ("Spring High Yield"), and will open this one called "Premier High Yield Account" As soon as I get the bonus interest payments for those accounts, I'll close the old ones and roll the money into the new 1.3% account.

My experiences with CIT bank:

  • They don't answer the phone quickly. When I need to call them, I sit on hold for a while (3-5 minutes). Other online banks (Discover, Ally, etc) answer the phone quickly.
  • ACH works fine
  • They use the same back-office system as other banks I've used, so I'm used the the interface (it's not pretty, but it works)
  • Apparently, need to open a new account every 3 months if you want their best interest rate.  That's the game, folks, now that you know the rules, use to your advantage.


  
Shitty bank.
- Trial deposits are withdrawn individually, potentially putting you over the 6-withdrawal limit at other bank.
- Customer service and phone support is slow
- Website is archaic
- They have kids manning the call center

  Their online support is truly awful.

I tried logging in and kept on forgetting my password. After a few tries, they locked the account. To unlock the account, I need to enter my account number but I have NO idea what that is. I have not received any emails with that information and I'm guessing the only place to get it is once I've logged in.

This is driving me nuts, I'll need to call their phone support tomorrow.

  If you have a copy of your statement, the account number should be on there.

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Ally savings 1.20%

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Live Oak Bank's account website is down. I've noticed a lot of banks don't tell you their website is down until after you log in. I wonder if that's because they don't want to announce the downtime to the general public, but only to those who happen to try to log in during the downtime. I also wonder if the downtime might be caused by a large number of new customers trying to access their statements, because today is the first of the month. For all we know, their 1.4% interest rate might have doubled their number of customers, and their website might be unable to keep up.

At first it just gave a delay icon indefinitely, then when I tried again later it gave an "upgrading" screen, then when I tried again later it gave a "maintenance" screen.

ETA:  As of 2:17 PM Eastern Time, it's back up, and seems normal.

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While I was searching for Best Interest Rate for Liquid Accounts for jumbo amt, I came to know this No Penalty CD (offers 1.50% - 11 month) from Ally Bank.  https://www.ally.com/bank/no-penalty-cd/ 

In past, I never chosen CD because: (1) Concept of paying penalty to withdraw my money never fitted in my mind. (2) Freedom of having access to my money whenever I want (3) In upcoming days, if some other bank offers better rate then I can easily go there... 

So, since here website is saying: "With our No Penalty CD, you will not be charged a penalty for early withdrawal. You can withdraw your full balance and interest any time after the first 6 days following the date you funded the account."

My question to experts are:
(1) Is there any catch in this promotion, which they are not mentioning on their site ?
(2) Has anyone found any limit or restrictions, which can prevent or obstruct me to pull out money during 11 month time frame ? For example, Every where Dollar Savings Direct has mentioned to offer 1.40% rate but by reading May 2017 recent review here found that "Can't Withdrawal From External Source", it means one or another way hidden tricks to limit customers taking their money out easily.
(3) Since this No Penalty CD offer is for "CD" and not savings account, I will not be getting up to 6 Free withdrawals per month, and will be one shot withdrawal for whole amount... Is there any other difference for this CD offer, which will not simulate as Saving account ?
(4) For early withdrawals, they are saying they will pay principle + interest. Is that full Interest up to last date of Withdrawals or any word game here ? They are saying: Interest compounded daily,  

Thanks in advance sharing your experience with No Penalty CD offer.

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Nationwide Online Savings is at 1.30%.

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wow5 said:   While I was searching for Best Interest Rate for Liquid Accounts for jumbo amt, I came to know this No Penalty CD...You should post in the stickied CD thread, not here.
https://www.fatwallet.com/forums/finance/682884

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giantsfan2 said:   Nationwide Online Savings is at 1.30%.
  LINK

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DCU now offers 5.12% on first $1000. Good for those that already have an account with them.

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Live Oak:

I tried the online app and failed because I don't have a Mobil Phone. (Required field)

I have a rule with these banks. They don't get a second chance to make a good first impression.

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Treffen said:   Live Oak:

I tried the online app and failed because I don't have a Mobil Phone. (Required field)

I have a rule with these banks. They don't get a second chance to make a good first impression.

  LOL who doesn't have a mobile phone, its 2017!

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Treffen said:   Live Oak:

I tried the online app and failed because I don't have a Mobil Phone. (Required field)

I have a rule with these banks. They don't get a second chance to make a good first impression.

  I called Live Oak and found them very friendly and accommodating for things like this.

Another note about them, though, is that pull ACH takes over a week to credit, and they don't give you interest on said pull ACH until that week is over. 

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scripta said:   
wow5 said:   While I was searching for Best Interest Rate for Liquid Accounts for jumbo amt, I came to know this No Penalty CD...
You should post in the stickied CD thread, not here.
https://www.fatwallet.com/forums/finance/682884

  
Thank You, I was not aware that, there is a separate CD Thread. Thanks for letting me know.

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UFB Direct Money Market Savings 1.41% APY
$5k minimum
https://www.ufbdirect.com/

I need to find out if this is for new money or if they will let us move the money from their 1.30% premium savings.

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CIT increased to 1.35% now (1.3% for $100,000+).

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Tubie said:   CIT increased to 1.35% now (1.3% for $100,000+).
  My premier savings is still showing as 1.30% (really 1.292%)

Hopefully it will update for existing accounts, but with CIT's track record I'm not holding my breath.

EDIT: Showing 1.35% APY (1.341% technically) as of 9/10.

rated:
devyanks90 said:   
Tubie said:   CIT increased to 1.35% now (1.3% for $100,000+).
  My premier savings is still showing as 1.30% (really 1.292%)

Hopefully it will update for existing accounts, but with CIT's track record I'm not holding my breath.

  Also existing CIT Bank Premier High Yield Savings accounts are updated (today) and will get 1.35% APY.

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I've been with Redneck Bank (an online effort from All America Bank) getting 1.25%. Starting Nov 1, you have to change to electronic statements or start paying a $3/month fee. I like paper statements. I've fired banks and credit cards over it.

So I'm looking for a > 1% MM that still offers a paper monthly statement with no penalty/fee for it. Account will be $2-10k, so not jumbo by any means. (long term money goes to the brokerage)

Can anyone point me in the right direction?

I hope this finds you well

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I like paper statements for things I need to pay;  various bills, credit cards and such but the bank account and all it's transactions are always as near as your keyboard, so I really don't see a need for a statement at all, much less a paper one,.

BTW. The Redneck account is paying 1.5%

Try getting used to not getting a paper statement and see if it winds up continuing to bother you.  I go there once a month and balance the account the same as I used to do with paper statements in 'the old days'.

And while I can't be certain of a negative, I don't think you'll find any high yield account that will send free paper statements.  I'm surprised that Redneck did for this long.

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sfchris said:   UFB Direct Money Market Savings 1.41% APY
$5k minimum
https://www.ufbdirect.com/ 

I need to find out if this is for new money or if they will let us move the money from their 1.30% premium savings.

  
I've confirmed this is NOT restricted to new money. I transferred most of my balance from the premium savings to this new account.

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radix023 said:   I've been with Redneck Bank (an online effort from All America Bank) getting 1.25%. Starting Nov 1, you have to change to electronic statements or start paying a $3/month fee. I like paper statements. I've fired banks and credit cards over it.

So I'm looking for a > 1% MM that still offers a paper monthly statement with no penalty/fee for it. Account will be $2-10k, so not jumbo by any means. (long term money goes to the brokerage)

Can anyone point me in the right direction?

I hope this finds you well

  
I don't understand. U close accounts over this? Because you refuse to hit print once per month? Seems you have issues to work thru.

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I like online statements, but it's understandable that some people prefer paper.  However, paper is becoming less and less common, while more and more banks start charging for paper statements.  So even if you do find one you like, it might not last very long, and the interest rate won't be competitive.  You might be better off setting up to display statements from a USB stick, which can hold a huge number of statements.  If you're worried about losing statements, you can easily back up your USB sticks and lock up the backup copies.
 

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Has anyone been able to do an ACH push using the same old Redneck and Evantage Banks' ABA numbers? Do I need to change them to the All America Bank or does the old one still work?

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SummerSoFar said:   
radix023 said:   I've been with Redneck Bank (an online effort from All America Bank) getting 1.25%. Starting Nov 1, you have to change to electronic statements or start paying a $3/month fee. I like paper statements. I've fired banks and credit cards over it.

So I'm looking for a > 1% MM that still offers a paper monthly statement with no penalty/fee for it. Account will be $2-10k, so not jumbo by any means. (long term money goes to the brokerage)

Can anyone point me in the right direction?

I hope this finds you well

  
I don't understand. U close accounts over this? Because you refuse to hit print once per month? Seems you have issues to work thru.

  I wouldn't quit a bank over it, but online statements are problematic because they require you to actively remember to print  or save the statement before they expire. Not everyone is highly organized and diligent.

I've also lost access to credit card statements because the card sponsor switched banks (Fidelity) and the old bank deleted the online statements soon thereafter..

 

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sfchris said:   I wouldn't quit a bank over it, but online statements are problematic because they require you to actively remember to print  or save the statement before they expire. Not everyone is highly organized and diligent.

I've also lost access to credit card statements because the card sponsor switched banks (Fidelity) and the old bank deleted the online statements soon thereafter..
Most banks I've used keep at least 2 years worth of statements available online and can make available up to 10 years worth of statements with a few clicks. You can download them all once a year and it wouldn't be an issue. The case of a branded card switching issuers is an exception, but I'm sure FIA can snail mail them.

...we've gone a bit OT.

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