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  • Pepi

    Expert
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    1   0   0
    Nov 7, 2010
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    Hartford City 47348
    Any of you guys use Discover bank system? I use their credit card but not the bank system. They are offering 200 bucks on a 25,000 deposit and 3.54% APR. Just wondering how safe this would be?
     

    planedriver

    Sharpshooter
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    5   0   0
    Dec 20, 2009
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    Beware of accessibility. I’ve been there and done that. Admittedly $25k isn’t a lot of money unless you don’t have it. Small locally owned banks are worth much more than the bloated, fee driven banks who make return by originating overnight loans. (If you don’t know how overnight loans work or what they are you should look it up.)

    Suit yourself but this capon isn’t in it for the frustration that comes with what you are considering.
     

    Ark

    Grandmaster
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    25   0   0
    Feb 18, 2017
    6,735
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    Indy
    I moved some savings into CIT recently at 4.6%. I like my credit union but their quarter percent or whatever on savings is a freaking farce right now.
     

    rhamersley

    Master
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    0   0   0
    Jan 9, 2016
    3,699
    113
    Danville
    Any of you guys use Discover bank system? I use their credit card but not the bank system. They are offering 200 bucks on a 25,000 deposit and 3.54% APR. Just wondering how safe this would be?
    I've used several online banks in the past, but not Discover. I've had no problem with any of them in terms of my money, but I was in when interest rates were dropping through the floor and kept switching to keep above 1/2 percent. Now, I have a money market with Merchants Bank of Indiana that makes 4.5% apy. I'm thinking about switching some money into their "flex CD" that moves with the interest rates from the fed that's currently paying 5.39% for either 12/24/36 months. but haven't pulled that particular trigger yet.
     

    MCgrease08

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    37   0   0
    Mar 14, 2013
    14,373
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    Earth
    I keep my emergency fund in an online money market account with Ally and I am getting above 4%. Better than a traditional savings account, but still not gonna make me rich. Anything above and beyond the emergency fund gets invested.
     

    Pepi

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    1   0   0
    Nov 7, 2010
    1,199
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    Hartford City 47348
    Beware of accessibility. I’ve been there and done that. Admittedly $25k isn’t a lot of money unless you don’t have it. Small locally owned banks are worth much more than the bloated, fee driven banks who make return by originating overnight loans. (If you don’t know how overnight loans work or what they are you should look it up.)

    Suit yourself but this capon isn’t in it for the frustration that comes with what you are considering.
    SO? With my own money invested in their bank they do overnight loans? This is a saving and checking account with Discover.
     

    planedriver

    Sharpshooter
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    5   0   0
    Dec 20, 2009
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    SO? With my own money invested in their bank they do overnight loans? This is a saving and checking account with Discover.
    yep….. that’s the game. The way it’s done, on 100mm say, an overnight note is issued to Japan as an example. They (Japan in this example) use the credit to cover options, audits or whatever, then return the money plus interest before your bank’s opening the next day. Actually it’s a little like a domestic sweep account.

    Same thing applies to weekends. Think international date line and how long money could be kited. Btw as far as I’m concerned this is kiting money but what do I know.
     

    Bigdog357

    Marksman
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    7   0   0
    Mar 4, 2015
    165
    28
    Indiana
    I am dumping excess cash into Brokered CDs right now 12 mo @5.05% 24 mo @4.8%.
    4 to 6 month US Treasuries are paying 5.2%. To much volitivity in the market for me right now.
     

    Pepi

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    1   0   0
    Nov 7, 2010
    1,199
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    Hartford City 47348
    yep….. that’s the game. The way it’s done, on 100mm say, an overnight note is issued to Japan as an example. They (Japan in this example) use the credit to cover options, audits or whatever, then return the money plus interest before your bank’s opening the next day. Actually it’s a little like a domestic sweep account.

    Same thing applies to weekends. Think international date line and how long money could be kited. Btw as far as I’m concerned this is kiting money but what do I know.
    Thanks for the info! Screw that
     

    WebSnyper

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    56   0   0
    Jul 3, 2010
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    I wouldn't move 25k for a $200 bonus, unless you were already going that way.

    That said, I did just open an additional account at fidelity and only had to deposit $50 to get $100.
     

    Pepi

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    1   0   0
    Nov 7, 2010
    1,199
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    Hartford City 47348
    I wouldn't move 25k for a $200 bonus, unless you were already going that way.

    That said, I did just open an additional account at fidelity and only had to deposit $50 to get $100.
    Really wasn't the bonus it was the APR they are paying that caught my eye. Instead of doing this, I rolled over a lot of IRA money into CDs that are paying a bit over 5 percent. My real worry is I have over the FDIC amount insured in my Credit Union bank. and need to move a little money to stay safe.
     

    WebSnyper

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    56   0   0
    Jul 3, 2010
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    Really wasn't the bonus it was the APR they are paying that caught my eye. Instead of doing this, I rolled over a lot of IRA money into CDs that are paying a bit over 5 percent. My real worry is I have over the FDIC amount insured in my Credit Union bank. and need to move a little money to stay safe.
    That definitely makes sense to diversify.
     

    WebSnyper

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    Jul 3, 2010
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    If you are worried about FDIC limits, many places (Fidelity does I know) offer cash mgmt accounts that will sweep the funds into different banks as you direct to be able to not have an issue with $250k FDIC limits, but let you manage and see it all from the Cash Mgmt account portal of the provider.
     

    JettaKnight

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    6   0   0
    Oct 13, 2010
    26,517
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    Fort Wayne
    Any of you guys use Discover bank system? I use their credit card but not the bank system. They are offering 200 bucks on a 25,000 deposit and 3.54% APR. Just wondering how safe this would be?
    I do.

    I took advantage of that deal a few years ago and have been quite happy. I moved all my savings from my local FCU to that account since 3Rivers started nickel and diming me - not to mention the insulting rates.

    Since then, I been laddering 1 year CD's with them. If you want to cash out a CD early*, you have to call, but otherwise, their only banking is top notch.


    They are FDIC insured, just like any other bank. The great rates are the result of (A) limited transactions and (B) online only. I've moved money back and forth to my FCU; available the next day, so now worries there.



    * I did this once when it was better to take the penalty and open a new CD was far better. This thread remains me I'm due to open another CD.
     
    Last edited:

    JettaKnight

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    6   0   0
    Oct 13, 2010
    26,517
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    Fort Wayne
    Really wasn't the bonus it was the APR they are paying that caught my eye. Instead of doing this, I rolled over a lot of IRA money into CDs that are paying a bit over 5 percent. My real worry is I have over the FDIC amount insured in my Credit Union bank. and need to move a little money to stay safe.
    Yeah, that should be a real concern given the rapid collapse of banks like Silicon Bank.
     
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