topic Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000 in Personal Finance

DCU raises Primary Savings 5% APR threshold from $750 to $1,000

DeeBee78 — Tue, 22 Aug 2017 18:27:03 GMT

I thought I posted this last night, but I must not have clicked the post button.

While researching bank account bonuses on Doctor of Credit, I noticed that DCU was listed as offering 5% APR on the first $1,000 in savings. I was confused, because it's been $750 since I became a member earlier this year. I looked at DCU's current rates last night, and sure enough, Primary Savings now offers 5% on the first $1,000.

This means $50 a year in interest on a $1,000. Not a bad place to stash a little liquid cash and earn something on it at the same time. The savings rate drops to a dismal .05% after $1,000, so it's not really worth keeping more than that in the account.

I used to use Capital One 360 for a 1% APR, but even they've dropped to .75% now. I'm currently looking for a new place to stash my savings if anyone has a suggestion.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Tue, 22 Aug 2017 18:55:49 GMT

Here is a quick list on a few i gathered:

Bank	APY	Mininum Opening Deposit	Monthly Fee	Minimum Balance Required to Waive Monthly Fee
Discover	1.15%	$0	$0	$0
U.S. Bank	0.01%	$25	$4	$300
Chase	0.01%	$25	$5	$300
Citibank	0.01%	$100	$5	$500
Bank of America	0.01%	$25	$5	$300
Wells Fargo	0.01%	$25	$5	$300
Fifth Third Bank	1.00%	$50	$5	$500
PNC Bank	1.00%	$25	$5	$300
Capital One	0.75%	$0	$0	$0
Ally Bank	1.15%	$0	$0	$0
GS Bank	1.20%	$0	Unknown	$1

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Tue, 22 Aug 2017 19:59:59 GMT

Someone posted this information in an older thread a few weeks ago but it's more visible in a new thread. Thank you!

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Tue, 22 Aug 2017 20:03:59 GMT

@Anonymous wrote:
Here is a quick list on a few i gathered:

Bank APY Mininum Opening Deposit Monthly Fee Minimum Balance Required to Waive Monthly Fee
Discover 1.15% $0 $0 $0
U.S. Bank 0.01% $25 $4 $300
Chase 0.01% $25 $5 $300
Citibank 0.01% $100 $5 $500
Bank of America 0.01% $25 $5 $300
Wells Fargo 0.01% $25 $5 $300
Fifth Third Bank 1.00% $50 $5 $500
PNC Bank 1.00% $25 $5 $300
Capital One 0.75% $0 $0 $0
Ally Bank 1.15% $0 $0 $0
GS Bank 1.20% $0 Unknown $1

Thank you for the list.

Barclays is also offering 1.20% APY.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

DeeBee78 — Tue, 22 Aug 2017 20:21:37 GMT

@Anonymous wrote:
Someone posted this information in an older thread a few weeks ago but it's more visible in a new thread. Thank you!

I looked to see if this was alredy posted, but couldn't find anything recent concerning DCU.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Tue, 22 Aug 2017 20:47:58 GMT

No problem...I actually got this off Discover's website. Also, see below, just got this email from Discover:

make your savings earn more with a Discover Online Savings Account
1. Open your account with any amount you choose when you apply online by 10/31/17.
2. Enjoy your 1.39% introductory interest rate** with a 1.27% APY for the first 180 days your account is open. After 180 days, you'll still enjoy the then applicable variable interest rate, which is 1.14%/1.15% APY† as of 8/4/17.
3. Plus, you'll always enjoy:
• Earning interest over 5X the National Savings Average*
• No monthly fees or minimum balance requirements
• FDIC-insured to the maximum allowed by law

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Thu, 24 Aug 2017 01:09:53 GMT

@DeeBee78 wrote:
@Anonymous wrote:
Someone posted this information in an older thread a few weeks ago but it's more visible in a new thread. Thank you!
I looked to see if this was alredy posted, but couldn't find anything recent concerning DCU.

I totally understand your frustration. Thanks again for creating a new thread. Now others can easily find the information.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Thu, 24 Aug 2017 01:18:13 GMT

@Anonymous wrote:
No problem...I actually got this off Discover's website. Also, see below, just got this email from Discover:

make your savings earn more with a Discover Online Savings Account
1. Open your account with any amount you choose when you apply online by 10/31/17.
2. Enjoy your 1.39% introductory interest rate** with a 1.27% APY for the first 180 days your account is open. After 180 days, you'll still enjoy the then applicable variable interest rate, which is 1.14%/1.15% APY† as of 8/4/17.
3. Plus, you'll always enjoy:
• Earning interest over 5X the National Savings Average*
• No monthly fees or minimum balance requirements
• FDIC-insured to the maximum allowed by law

Sweet!

You may want to do a quick search to see if they have a sign up bonus.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Thu, 24 Aug 2017 01:57:12 GMT

1k now? SWEET. Thank you. Haven't noticed.

What about Lake Michigan Credit Union? Up to $15k for checking, with 3%? Yes, there's hoops with using a debit card every month, but it's worth a look at least.

...unless we're just concentrating on Savings accounts only.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Gregory1776 — Tue, 29 Aug 2017 20:30:16 GMT

@Anonymous wrote:
1k now? SWEET. Thank you. Haven't noticed.

What about Lake Michigan Credit Union? Up to $15k for checking, with 3%? Yes, there's hoops with using a debit card every month, but it's worth a look at least.

...unless we're just concentrating on Savings accounts only.

@Anonymous is what I'm looking for! I'm looking for a checking account @ ~4%+ I can pass the required # of transactions buy putting 5 bucks of gas in my tank at a time! I thought they were myths! 😂 I usually use Credit Cards, well I have started to, but I want to start earning some high interest on my checking! Going to create another thread rather than hijack this one.....😉😊

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Wed, 30 Aug 2017 02:09:04 GMT

Yeah i recently opened DCU savings and checking for this reason ,i am letting 1000$ sit there earning 5.12% and the rest i am keeping in Consumer Cu IL for 4.59% interest. Their rewards checking gives 4.59% up to 20000$.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Gregory1776 — Wed, 30 Aug 2017 02:56:54 GMT

I'd like to get the 4.59%, don't think ill be spending a grand a month though. 😭😭 not on debit.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Wed, 30 Aug 2017 03:35:51 GMT

You dont have use debit to spend 1000$ a month. You can get their visa signature cash rebate that gives 3% on grocery, 2% on gas and 1% on everything else and use it to spend either 500 or 1000$ a month instead of your checking or debit card . This will give the interest rate of 3.59- 4.59% on your money in checking. But if you dont want their credit card at all then you can simply let your money sit there and do 12 debit transactions ( i do amazon) and get 3.09% for up to 10000$

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

iced — Wed, 30 Aug 2017 14:14:45 GMT

@Anonymous wrote:
You dont have use debit to spend 1000$ a month. You can get their visa signature cash rebate that gives 3% on grocery, 2% on gas and 1% on everything else and use it to spend either 500 or 1000$ a month instead of your checking or debit card . This will give the interest rate of 3.59- 4.59% on your money in checking. But if you dont want their credit card at all then you can simply let your money sit there and do 12 debit transactions ( i do amazon) and get 3.09% for up to 10000$

This had me very interested until I went to their website and read the fine print. Spending $1000/month by itself isn't bad (I can move my mortgage auto-pay over), but it looks like the $1000 has to be spent on a card (bleh). At least it looks like they waive the 12 transaction minimum, though if you forget to log in to the website at least once a month your interest rate falls from 4.59 to 0.01. Ouch.

It's certainly still better than average, though caveat emptor to those who just want to park money somewhere and forget about it for a year.

Re: DCU raises Primary Savings 5% APR threshold from $750 to $1,000

Anonymous — Wed, 30 Aug 2017 17:01:53 GMT

I use credit cards with rewards for my daily purchases for the rewards. By usi g their visa signature card for 500 a month on normal grocery purchase alone earns me 15$ in rewards every month at 3%. This is for me better then using cash or debit which wont earn any rewards. The same money will be used to pay back the card ofcourse. I love logging into online banking often on my smart phone so its not a problem at all. For me personally this is a great set up. I earn 15$ + rewards for using their cc every month for the very expenses that would be there anyways on top of 4.59%. If i had savings larger than 20000$ i would still keep the 20000 here and the rest perhaps in a bank that gives 1.20 to 1.30% on unlimited amount.