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I haven't tried DD on that, just transferred over funds from elsewhere. I've gone off 12 month CDs at present as recent ones matured at the 1.85% range (which was great when I opened, now looks bad). If rate increases slow down though, they look good again. First Internet Bank at 2.89% does sound good.
I opened a 24-month CD with First Internet Bank at 3.11%.
I know interest rates my rise again in 2020, but for now that sounds good to me, and it's not that long a commitment.
@Anonymous wrote:
Thanks guys, so $25k minimum or any monthly deposit greater than $100 will qualify for the rate. Still leaning towards Memory Bank, $50 minimum to get 2.40%, they also have a free checking that pays 1.6% with no requirements, could come in handy. Hopefully DaveInAz reads this post and gives us ACH details on Memory Bank.
I opened a checking+savings with Citibank for the $500 bonus, because think about it, how long would it take to earn $500 on $15k at the current interest rates? Even for $50k it would take five months.
And after I get the bonus, I'll shop around for other options.
@Anonymous wrote:I haven't tried DD on that, just transferred over funds from elsewhere. I've gone off 12 month CDs at present as recent ones matured at the 1.85% range (which was great when I opened, now looks bad). If rate increases slow down though, they look good again. First Internet Bank at 2.89% does sound good.
I opened a 24-month CD with First Internet Bank at 3.11%.
I know interest rates my rise again in 2020, but for now that sounds good to me, and it's not that long a commitment.
Well, even now, ConnectOne Bank, 3.15 for a 23 month CD!
Well, even now, ConnectOne Bank, 3.15 for a 23 month CD!
Maybe I missed it , oh well. Not a big deal.
I mean, the difference on $50k is literally $20 a year.
@Anonymous wrote:
Thanks guys, so $25k minimum or any monthly deposit greater than $100 will qualify for the rate. Still leaning towards Memory Bank, $50 minimum to get 2.40%, they also have a free checking that pays 1.6% with no requirements, could come in handy. Hopefully DaveInAz reads this post and gives us ACH details on Memory Bank.
OK, for Memory Bank -
1. Any fees for ACH push/pull?
- No
2. Limitations for number of external accounts you can add?
- Not sure, I have 4 linked currently
3. Any daily/monthly ACH limitation (dollar amount)?
- Well, again not sure, I haven't done more than $1k so far
4. How quick is the ACH operation? Push/pull? How long do they hold funds after ACH pulling funds into this account?
- It was a standard 3 day, as in schedule a pull on a Wednesday and it was credited to my account Friday morning and no hold, available immediately. They had an "Express Transfer" that was a $3 fee as I recall, but a month or so ago I noticed there was now no fee for that. I have a direct deposit going into a local CU that I don't want to change for a couple reasons. So the past two months I've scheduled to the Wednesday transfer and the funds were credited & available in Memory Bank Thurs. morning, no fee.
The one drawback is Memory currently offers the only one checking & one Money Market. I opened the checking last May when they offered a $100 new account bonus, no longer available. Then they sent me an email last July for the money market which I opened. When logged in I don't see any option to add a new account. And you can fund new accounts with a credit card, not sure if there's a limit, I did $500 each for both accounts on a BoA CC and it coded as "professional services", no cash advance fee.
.
I'm pretty happy with Memory Bank, and they've been right on top of being competitive on interest rates, I received an email yesterday that the MM was raised to 2.4%, while checking has been 1.6% for awhile. So I keep most of my funds in MM and schedule a couple transfers per month from MM to checking for up coming bills, easily staying under the 6 withdrawals per statement limit. You can call them at 877-757-3400 Monday to Friday7:30 am to 8:00 pm EST for any question.
Thanks Dave, I knew you can smell the phrase "Memory Bank" from 5 miles away. I'll probably see you at Memory in a few days.
Well, even now, ConnectOne Bank, 3.15 for a 23 month CD!
They don't offer it now, btw: https://www.connectonebank.com/About/Resources/Rates/Personal-Account-Rates
That's the reason I haven't seen it listed on depositaccounts.com or bankrate, or any of those sites.
Their current promotion is 2.76% for 13 months: https://www.connectonebank.com/About/Resources/Rates/Online-Account-Rates