topic Re: Discover Rate Increases in Personal Finance

Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 13:13:27 GMT

Savings bumped to 1.40% and 12 month bumped to 1.76% today. MMA is 1.25% as well.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 13:20:02 GMT

Definitely getting competitive out there!

Got some Capital One mailer recently about a $200 bonus on $10,000 (2%!) for their MMA I think. Seriously considering it.

I have to code something to help me figure out any minimums at each savings account along with the opportunity cost of SUB on some of those accounts.

I imagine Alliant will bump their rate soon.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 13:43:41 GMT

@Anonymous wrote:
Definitely getting competitive out there!

Got some Capital One mailer recently about a $200 bonus on $10,000 (2%!) for their MMA I think. Seriously considering it.

I have to code something to help me figure out any minimums at each savings account along with the opportunity cost of SUB on some of those accounts.

I imagine Alliant will bump their rate soon.

I have a few dozen Excel formulas... Combined with a couple charts everything stays pretty nice.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 13:47:49 GMT

@Anonymous wrote:
I have a few dozen Excel formulas... Combined with a couple charts everything stays pretty nice.

I am porting all of my spreadsheets to my web app -- I still us Excel/Google Sheets to figure out the code/math needed then port it to JS. This way, I just enter all my data once and it'll be useful for whatever extrapolation or comparison I need.

One of the features I'm going to add to my app is a daily activity when I log in -- for example, it might decide that I haven't updated Alliant's APY on savings in 60 days so it'll prompt me for that. I just type it in and when I go to my savings accounts screen it will show me how much I'm missing out on compared to whatever the highest APY account is. Speaking of which, I also need to add the feature to remind me when a SUB required deposit period is over.

I love my spreadsheets but I hate having to re-enter data on all of them. Plus I downloaded a mobile JS/CSS library this weekend to review so I can do it all from my smartish phone. Spreadsheets on my phone kinda suck.

Re: Discover Rate Increases

SkyCommander — Thu, 18 Jan 2018 16:29:07 GMT

Did this just happen today? I'm pretty stoked about it I think Discover wants my 5k savings I sent to my Amex account back.

Re: Discover Rate Increases

arkane — Thu, 18 Jan 2018 16:35:06 GMT

Heh is it sad I still choose to bank with Barclays even though there's no difference in APY? In my defense I opened a Discover savings just for the $200 bonus, and since there were no minimum maintenance requirements, I pushed out all my funds as fast as I could once the bonus posted (which was literally the day after the funds settled, so kudos to Discover for that).

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 16:37:22 GMT

Yeah looks like today.

Right now I have my ditch money at Sync at 1.45% but DSD is 1.60% and Marcus is 1.5%. So I'm losing out on probably $5/month in interest and need to find a better way to semi-automate shifting around funds.

Re: Discover Rate Increases

arkane — Thu, 18 Jan 2018 16:40:55 GMT

pssst ableBanking is at 1.7% if you're the minmaxer type like me. At this rate I might actually be able to somewhat keep up with inflation

Re: Discover Rate Increases

SkyCommander — Thu, 18 Jan 2018 16:41:56 GMT

@Anonymous wrote:
Yeah looks like today.

Right now I have my ditch money at Sync at 1.45% but DSD is 1.60% and Marcus is 1.5%. So I'm losing out on probably $5/month in interest and need to find a better way to semi-automate shifting around funds.

Would you be coming out close to even though because of the transfer times sending money between different banks?

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 16:42:49 GMT

Haven't tried able yet but I believe that's a MMA not a simple savings which means you probably have to give notice to transfer, right? And they have a right to delay transfers for a period of time (similar to DSD's plan).

I don't want to have to delay a transfer from my ditch money. The reason it isn't in an MMA is in case I need to ditch ASAP, lol.

But I'd consider a MMA for anything past 90 days of ditch.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 16:44:25 GMT

@SkyCommander wrote:
Would you be coming out close to even though because of the transfer times sending money between different banks?

Depends on the banks. In fact, one of my goals for my wealth web-app I'm developing is to track the transfer times as ACH pulls or pushes between any two banks.

ACH push is super fast from most modern web banks -- maybe a day out and maybe a day in. So it's not a massive loss as long as it's a quick process. If it takes more than 5 minutes, forget it if your balances are small.

Re: Discover Rate Increases

SkyCommander — Thu, 18 Jan 2018 16:57:34 GMT

@Anonymous wrote:
@SkyCommander wrote:
Would you be coming out close to even though because of the transfer times sending money between different banks?
Depends on the banks. In fact, one of my goals for my wealth web-app I'm developing is to track the transfer times as ACH pulls or pushes between any two banks.

ACH push is super fast from most modern web banks -- maybe a day out and maybe a day in. So it's not a massive loss as long as it's a quick process. If it takes more than 5 minutes, forget it if your balances are small.

Here is a possible DP for you to use.

Made a push ACH transfer from my Discover checking to Amex savings 1/10.

Amex kicked it back and returned into Discover checking 1/18.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 16:59:46 GMT

I don't have Amex savings (yet) -- what was their rejection reasoning?

Re: Discover Rate Increases

SkyCommander — Thu, 18 Jan 2018 17:03:22 GMT

I'll have to call them and find out why. It only says ACH reversal. All the money is there so I'm not overdrafting and now I can't do any kind of transfer out of Amex savings.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 17:08:03 GMT

Is the account not in your name, or in a joint name?

Have you ever pushed or pulled a transaction between the two accounts prior?

Re: Discover Rate Increases

SkyCommander — Thu, 18 Jan 2018 17:14:09 GMT

I'm the sole owner of the account. I did have an ACH push from Discover before and it went through fine. This is the 2nd transfer and it was kicked back to Discover. I'm so frustrated with the Amex account now I'm considering closing it and move it all back to Discover. I'm not locked out of the account.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 17:24:25 GMT

Amex Savings doesn't get the best reviews from people I trust -- some going back more than a few years. I've seen a few horror stories with emergency F-U money that wasn't available because Amex said so.

The last thing I need with my emergency money is a headache. I don't need to make $50 more a year in interest if it means I have to jump through hoops.

So far, Alliant and Discover are just top notch and speedy. Not as fast as Chase, but Chase pays 0.01% (0.0001 lolol) so there's that.

Sync is newish to me and not bad but I haven't really pounded on it yet. I should do a test transfer of $5000 soon just to see.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 17:28:20 GMT

@Anonymous wrote:
Haven't tried able yet but I believe that's a MMA not a simple savings which means you probably have to give notice to transfer, right? And they have a right to delay transfers for a period of time (similar to DSD's plan).

I don't want to have to delay a transfer from my ditch money. The reason it isn't in an MMA is in case I need to ditch ASAP, lol.

But I'd consider a MMA for anything past 90 days of ditch.

I jumped on the Cap One $200 deal few months ago, easiest $200 I've ever made. $200 bonus posted literally the day after I deposited 10k and was free to move my money immediately afterwards. I have since pull and push in and out of this account as if it's a savings account without having to give notice of any kind, the only limit is the same 6 withdraws per period like all savings accounts. I was going to close it but decided to keep it open since there is no fee or minimum although you earn a lower rate when balance drops below 10k, it now sits at less than $5 balance and mainly acts as a portal for the 2 CDs (part of a 10 ladder CD 6 months apart spread out in 4 different institutions) I have with Cap One, it will get my "ditch" money if and when it beats out rates from Synchrony or Marcus.

Re: Discover Rate Increases

SkyCommander — Thu, 18 Jan 2018 17:34:36 GMT

All the more reason to cancel the account. I have a feeling Amex is holding my money hostage now 3k that won't transfer out. Discover has always been top notch.

Re: Discover Rate Increases

Anonymous — Thu, 18 Jan 2018 17:37:16 GMT

Yeah I'll do the Capital One very soon.

I also probably should diversify a bit more this year and maybe keep 66% in the highest yield but 16% in the fastest access with the rest somewhere else "just in case".

My CD ladder plans are being delayed a bit due to someone posting the returns on i-bonds up in the 2.XX% range for up to $10,000 a year, so that would be ridiculous to skip on the first $10,000.