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Any 4% or more savings accounts?

Batsy
Regular Contributor

Re: Any 4% or more savings accounts?

I just applied for the PMCU account. Thanks for the tip, everyone! I made sure to go to DOC and use a referrel link. I used my Chase card to fund $1500 of it, there are some data points of it being coded as a purchase so hopefully I'll get the cash back from that too.

 

I love this community!

Message 31 of 51
CreditGuyInDixie
Super Contributor

Re: Any 4% or more savings accounts?

Glad to see you have found out about the idea of opening a bank account and funding it with a credit card.  It's an idea that really comes into its own when you are doing two things at the same time:

 

(a)  Opening a bank account that is offering a signup bonus

(b)  Using a recently opened CC that also has a signup bonus

 

The large "purchase" on the CC contributes towards the minimum spend requirement for the CC.  So in a short time you can get two big bonuses (depending on the promotions).

 

If the funding codes as a cash advance it is nearly always a bad idea to fund with a CC, but you can research that at DoC before you do it.

 

CC funding of bank accounts nowadays is nothing quite like it was in its balmy days.  For one thing, some banks (like Citi) had back then no limit on the transaction size for the initial CC funding.  I remember funding a Citi savings account with a 17k transaction.  Imagine getting points for all of that plus meeting the card's minimum spend -- all in one transaction.

Message 32 of 51
Kforce
Valued Contributor

Re: Any 4% or more savings accounts?


@CreditGuyInDixie wrote:

  I remember funding a Citi savings account with a 17k transaction. 


So you are the one that closed that door !

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 33 of 51
CreditGuyInDixie
Super Contributor

Re: Any 4% or more savings accounts?

No, I think it was the people who were funding accounts with 100k credit limit cards.

Message 34 of 51
Jon_in_wherever
Valued Member

Re: Any 4% or more savings accounts?

Just wanted to let anyone interested know that PMCU is a HARD PULL to join, confirmed by an email with customer service. However, they did also say that if you apply for a credit card or loan at the same time, they will only use one pull for both the joining and the cc/loan.

Message 35 of 51
AnimalHouse121
Valued Contributor

Re: Any 4% or more savings accounts?

If PMCU is hard pulling for membership, that's new, and a good dp to know. I was sp'd last year when I joined. Also got a cc 6 months later with a sp (it was pre-approved)
Message 36 of 51
Jon_in_wherever
Valued Member

Re: Any 4% or more savings accounts?

OK, just got off the phone with a CSR from St Mary's. Here are the highlights...

 

- Soft pull to join, but they do look at Chex. CSR wasn't sure on sensitivity to the number of recent account openings.

- Joining involves a $5 deposit to a share savings account, which is non-refundable when/if you close the account.

- Rainy Day Savings interest is worded strangely on the rates page. CSR confirmed that for $1k, you would get a blended rate of ~4%.

- CSR reiterated the $25 per month transfer requirement. It can come from either a direct deposit or from a checking (which they have a no fee, no interest one).

- Money transferred does not have to be new to the bank. If you want to burn your one free transfer per month, then it is acceptable to move $25 from savings to checking, then back to savings again.

- A reminder that subsequent transfers are $2 each. (With a $1k balance you'd get enough interest per month to cover two additional transfers, FYI).

Message 37 of 51
Green456
Established Contributor

Re: Any 4% or more savings accounts?


@Jon_in_wherever wrote:

OK, just got off the phone with a CSR from St Mary's. Here are the highlights...

 

- Soft pull to join, but they do look at Chex. CSR wasn't sure on sensitivity to the number of recent account openings.

- Joining involves a $5 deposit to a share savings account, which is non-refundable when/if you close the account.

- Rainy Day Savings interest is worded strangely on the rates page. CSR confirmed that for $1k, you would get a blended rate of ~4%.

- CSR reiterated the $25 per month transfer requirement. It can come from either a direct deposit or from a checking (which they have a no fee, no interest one).

- Money transferred does not have to be new to the bank. If you want to burn your one free transfer per month, then it is acceptable to move $25 from savings to checking, then back to savings again.

- A reminder that subsequent transfers are $2 each. (With a $1k balance you'd get enough interest per month to cover two additional transfers, FYI).


So with $500 we get $2 interest. So we can deposit $25 and withdraw $27?

Message 38 of 51
XtraCredit
Established Contributor

Re: Any 4% or more savings accounts?

I opened a PMCU account this week. It was a soft pull. 🤷🏽‍♀️
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 39 of 51
Batsy
Regular Contributor

Re: Any 4% or more savings accounts?

I, too, opened a PMCU account!

I used a referral code from DOC but didn't receive the $50. Is there a time to wait for that?

They required a lot of info from me. They wanted me to upload driver's license, social security card, rent payment, most recent paystub, and a utility bill.

My rent receipt is handwritten by my landlord and I didn't have a utility bill to share, so I shared my latest letter from social security in place of that with an explanation that I pay my landlord directy for utilities, since they're a shared expense, as they'll see in the handwritten receipt.

Also my paystub was lower for the amount of income listed, so I included two paystubs from two different companies I'm employed with, and also noted in the comments section that I also do contract work for yet another company and am, additionally, self employed.

Apparently all this was enough, because I was approved without any further requests to see more documentaiton!

Message 40 of 51
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