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Anyone have opinions or first impressions on this 1% high yield checking account?
@Anonymous wrote:
doesn't seem like they take themselves very seriously so i don't take them seriously either.
What do you mean? Is it not professional enough?
The 25 bps on the first $2,499 is a deal breaker for me.
@Anonymous wrote:
Mysavingsdirect, 1.25%, no minimums, easy online sign up, link to your checking.
Why get less interest?
What do you mean by "link to your checking"?
It's still a savings account, which means you cannot write checks, and is limited to 6 transactions per month.
Also, I went to the site, it says 1.1% https://www.mysavingsdirect.com/MySavingsDirectWeb/index.jsp
Nice find!
Mysavingsdirect was 1.25% until this month, they just lowered the rate to 1.1%. Grr. Still seems higher than others. Their website UI is good and they are the online presence of Emigrant Bank, so, seem trustworthy.
By link to your account, I mean you need a checking account elsewhere. You fund your MSD account from your checking account (at any other bank) by first doing the micropayment validation (they send you two payments under a dollar and you verify the amounts you got) and then you can use their UI to move money to and from your checking account.
Takes 1 to 2 days to transfer.
They also hold incoming transfers for five business days.
For a savings account I am fine with that, I am using it to sock money away for a planned car purchase, and for an IRA contribution that I will process as a lump sum in February or May.
My employer's payroll lets me put more than one direct deposit account so I have my budgeted monthly saving amount go directly into the MSD account and the rest to cover my bills goes to my checking account (elsewhere). I can confirm that direct payroll deposit and account transfers work and have been happy so far other than seeing that rate drop from 1.25 to 1.1% ![]()
Would love to know the names of institutions that can beat their 1.1% rate. I'm happy with MSD but if can get more elsewhere... I'm not loyal lol