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@Anonymous wrote:
@DaveInAZ wrote:
@Green456 wrote:That's $5 per month. Not bad.
$5.141667 per month if you count the pennies & fractions - $61.70 per year divided by 12.
Since any money above $1000 only earns 0.25% interest, one does not earn $61.70 interest per year, but "only" $60.07. So the average monthly earning is $5.01.
I didn't count anything over $1,000. Unless my Excel spreadsheet is lying to me, $1,000 at .0617 (6.17%) is $61.70 annually. $1,000 earning $60.07 annually is only .0607, 6.07% interest. DCU's current interest on the first $1,000 in savings is 6.17%, not 6.07%.
But it's not worth arguing over pennies & fractions. But I did screw up this month, I left $1,000.01 in my savings this month, so that penny is going to earn only .25%.
So basically i just just put 1K in the account and monthly peel off the excess or should i keep like 995 in the account and peel off the rest ?
@DaveInAZ wrote:
@Anonymous wrote:
@DaveInAZ wrote:
@Green456 wrote:That's $5 per month. Not bad.
$5.141667 per month if you count the pennies & fractions - $61.70 per year divided by 12.
Since any money above $1000 only earns 0.25% interest, one does not earn $61.70 interest per year, but "only" $60.07. So the average monthly earning is $5.01.
I didn't count anything over $1,000. Unless my Excel spreadsheet is lying to me, $1,000 at .0617 (6.17%) is $61.70 annually. $1,000 earning $60.07 annually is only .0607, 6.07% interest. DCU's current interest on the first $1,000 in savings is 6.17%, not 6.07%.
But it's not worth arguing over pennies & fractions. But I did screw up this month, I left $1,000.01 in my savings this month, so that penny is going to earn only .25%.
The 6.17% is the APY and not the actual rate used to compute the interest. The actual rate is 6.00%. For balances up to $1000 DCU computes the interest as follows
(Begining Balance) * 0.06 * (Numbers of days in the statement period) /365 (rounded to two decimals)
If you leave the interest in the account and the interest would earn the same 6.00%, then after 12 months you would have 1061.67 in your account. But since any amount above $1000 only earns 0.25% you actually will only have $1060.07.
Now if you withdraw the earned interest each month and keep the balance at $1000 at all times, you will earn exactly $60 interest annually.
I was going to post a new thread but deadline is tomorrow (11/30/18) so I'll post it here in case if anyone is interested.
Great Lake CU is offering a special 7 months CD @ 7% up to 7k. Deadline is 11/30/18, new members expect HP on TU for membership, will pull Chex but not inquiry sensitive, nationwide with $5 donation to join.
I have not decided if an HP is worth $285, but I think it's a no brainer if you're already a member.
@Anonymous wrote:I was going to post a new thread but deadline is tomorrow (11/30/18) so I'll post it here in case if anyone is interested.
Great Lake CU is offering a special 7 months CD @ 7% up to 7k. Deadline is 11/30/18, new members expect HP on TU for membership, will pull Chex but not inquiry sensitive, nationwide with $5 donation to join.
I have not decided if an HP is worth $285, but I think it's a no brainer if you're already a member.
It's even less of a gain than that if you factor in the gain from a comparable savings/CD/high yield account holding that money for a similar period of time. The gain is only as much as the next best offer rather than $0.
That's true in most cases but since most of my available loose funds are tied up at Ally for the 1% bonus until Jan 15, this will have to come out of my business checking that pays 0 interest. Probably not going for it though, 7 months limitation is probably not worth opening another CU relationship with HP.
@iced wrote:
@Anonymous wrote:I was going to post a new thread but deadline is tomorrow (11/30/18) so I'll post it here in case if anyone is interested.
Great Lake CU is offering a special 7 months CD @ 7% up to 7k. Deadline is 11/30/18, new members expect HP on TU for membership, will pull Chex but not inquiry sensitive, nationwide with $5 donation to join.
I have not decided if an HP is worth $285, but I think it's a no brainer if you're already a member.
It's even less of a gain than that if you factor in the gain from a comparable savings/CD/high yield account holding that money for a similar period of time. The gain is only as much as the next best offer rather than $0.
Thanks to this thread I set up a savings and checking the other day. I wanted somwhere better to park some cash then the .2% rate my CU was giving me on my savings.
Application and setup was painless. I used their online chat help service which answered most questions, and ended up calling in and speaking to a CSR on a few more who was very helpful. So far a good experiece with this CU.