I know Chase leverages their CPC relationship and that's predicated on the amount of money you have managed with them. Even the mortgage loan officer was trying to upsell me on that hah.
We've gotten a bunch of anecdotal evidence that Chase does play games with this even with dramatically smaller deposits on file than the 250K I believe current CPC levels are at when it comes to reports here, and I'm pretty certain the only reason I got a pre-approval for an Ink was on my personal checking account which was inflated at that point.
BOFA and WF I'm fairly confident do similarly with their own Wealth Management practices, I know BOFA had the Privileges status with their rewards cards where they waived the fees off some pretty decent cards which was based on money on deposit; 50K I think was their stated line.
That said I don't know if Penfed really does the relationship thing based on size of deposit: don't have any experience with them, but generally I suspect virtually all lenders do some sort of relationship banking by default these days, but most CU's will do that on far lower dollar amounts.
End of the day there's far better uses to put 120K into than a bank depository account currently. 2/3 of my assets are sitting in my Chase checking account right now from when I was chasing a bigass mortgage (for me), but something like a week after my now much smaller mortgage closes that money is getting shuffled elsewhere in a hurry. With your cards in your siggy, I'm just guessing you clear the maximum score / best rate UW line from a number of CU's, so what's the hanking for Penfed in particular? Should rate shop anyway if you don't get the best discount in their case, DCU is currently at 675 or similar plus checking account.
@OnTheRebound wrote:
@Andy77 wrote:
Does putting a large amount of cash in my penfed checking or savings help me with an auto loan or credit card CLI with them
I was thinking about depositing 120k
Thoughts
We've been with PenFed for almost 5 years now. Have more than $100K on deposit (CD's, Savings). Had one auto $1K CLI on the Visa about 3 years ago. Never, ever any preapprovals. Although, once, while on the phone with them, they offered a loan, secured by a CD ( why in the hell would I do that?)
As far as helping with a auto loan or CLI? I don't know. Never requested either. But in our case, I'm sure they would approve, secured with a CD.
I'm thinking of moving most of our money from PenFed savings (.05%) to Barclays (1.00%). Last month we earned a whopping $1.00 on over $20K. Their CD rates are among the best though.
Freeing up liquidity in a CD that's well below historical rates and being able to leverage that somewhere else which is offering a higher rate of return, doesn't exactly suck as a plan given the typical yield spread between the underlying CD and the loan.
Not the worst idea I've ever heard of... but if you're not getting any more preapprovals than I am (none) with a $50 deposit that's sat pretty much idle over the past 3+ years, I would suggest to the OP that dumping his stash there makes little to no sense.
On the other hand I'm going to be applying for my CSP while I still have that stupidly large amount in a non-interest bearing account haha. Damned mortgage process, got major pops in both Google and Netflix after cashing out 2/3 of my equity in them, oh well, my fault.