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Any 4% or more savings accounts?

Green456
Established Contributor

Re: Any 4% or more savings accounts?


@Jon_in_wherever wrote:

I'll try this again, seeing as my previous post was marked as spam, for some reason. I have BECU and DCU (plus a couple of local ones) right now, but one that I'm still doing some more research on is St Mary's Bank out of New Hampshire. They have a Rainy Day Savings that has 5% on balances up to $499, then a blended rate of 3% on balances between $500 and $999. You need to make a $25 transfer from a St Mary's checking account per month, or receive one DD of $25 or more, and you are only allowed one free withdrawal per month. Subsequent ones are $2 each. There's a few things I still need to check out before determining whether it is worth it, but just wanted to mention it.


Do you know if they do soft or hard pull? Seems like an easy $2 per month.

Message 21 of 51

Re: Any 4% or more savings accounts?

APY= $2/year
Message 22 of 51
Jon_in_wherever
Valued Member

Re: Any 4% or more savings accounts?

Pretty sure it's $2/month. They show an interest rate of 4.889% (compared to APY of 5%)

4.889% / 12 = 0.407%

$500 x 0.407% = $2.04

 

And @Green456, no, I don't know about pulls. One more thing I need to get an answer for before I apply. I'll keep you posted.

Message 23 of 51
KLEXH25
Valued Contributor

Re: Any 4% or more savings accounts?

Any time they give you a blended rate, it's best to use this calculator:

https://www.drcalculator.com/calc/blended.html

 

So for DCU, it's 6.17% on the first $1,000 and then 0.25% on anything over that, you can calculate what the blended rate comes out to.

 

Also helps you calculate what you're overall rate is across accounts. So for example, if you're earning 6.17% on DCU $1,000 balance + 2% on another account + 4% on another account, it calculates the blended rate across all accounts.





Message 24 of 51
KLEXH25
Valued Contributor

Re: Any 4% or more savings accounts?


@Green456 wrote:

@Jon_in_wherever wrote:

I'll try this again, seeing as my previous post was marked as spam, for some reason. I have BECU and DCU (plus a couple of local ones) right now, but one that I'm still doing some more research on is St Mary's Bank out of New Hampshire. They have a Rainy Day Savings that has 5% on balances up to $499, then a blended rate of 3% on balances between $500 and $999. You need to make a $25 transfer from a St Mary's checking account per month, or receive one DD of $25 or more, and you are only allowed one free withdrawal per month. Subsequent ones are $2 each. There's a few things I still need to check out before determining whether it is worth it, but just wanted to mention it.


Do you know if they do soft or hard pull? Seems like an easy $2 per month.


($499 @ 5%) + ($500 @ 3%) = $999 @ 3.999% blended rate = $39.95 interest / 12 months = $3.33 a month

 

Corrected:

($499 @ 4.889%) + ($500 @ 2.96%) = $999 @ 3.924% blended rate = $39.20 interest / 12 months = $3.27 a month

 

https://www.drcalculator.com/calc/blended.html





Message 25 of 51
Jon_in_wherever
Valued Member

Re: Any 4% or more savings accounts?

The bolded bit is the thing I don't get (and am waiting on clarification). According to their rates page, St Mary's states "An interest rate of 4.889% will be paid only for that portion of your daily balance that is greater than $25. The annual percentage yield for this tier will be 5.00%.  An interest rate of 2.96% will be paid only for that portion of your daily balance that is greater than $499.99. The annual percentage yield for this tier will range from 3.00% to 5.00%, depending on the balance in the account."

 

By my math, and checking it on that site, I get that the lowest APY will be 4%, not 3%. What am I missing?

Message 26 of 51
KLEXH25
Valued Contributor

Re: Any 4% or more savings accounts?


@Jon_in_wherever wrote:

The bolded bit is the thing I don't get (and am waiting on clarification). According to their rates page, St Mary's states "An interest rate of 4.889% will be paid only for that portion of your daily balance that is greater than $25. The annual percentage yield for this tier will be 5.00%.  An interest rate of 2.96% will be paid only for that portion of your daily balance that is greater than $499.99. The annual percentage yield for this tier will range from 3.00% to 5.00%, depending on the balance in the account."

 

By my math, and checking it on that site, I get that the lowest APY will be 4%, not 3%. What am I missing?


You're correct - it's almost 4% by my calculations above. However, that's only if you have $1k in the account. The rate goes down further if you have more money in the account.

 

https://www.stmarysbank.com/rates/consumer-deposit-rates

 

Edited to Add - Oooooh, I see what you're saying now. Their wording makes no sense if you do the math....





Message 27 of 51

Re: Any 4% or more savings accounts?

4% written in decimal form is .04 not .40... .40 is 40%
Message 28 of 51
Jon_in_wherever
Valued Member

Re: Any 4% or more savings accounts?

I'm assuming that you are talking about my math at the top of the page. I didn't write it in decimal form. I left the percentage symbol there. Less zeros to type when I was writing it out. We didn't start talking about 4% until adding in the blended rate.

 

4.889% / 12 = 0.407%

0.04889 / 12 = 0.000407.

 


@Juslistenaminute wrote:
4% written in decimal form is .04 not .40... .40 is 40%

 

Message 29 of 51

Re: Any 4% or more savings accounts?

ok, i c

Message 30 of 51
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