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[xwing]

It would be fine... I've used dozens of random online banks, following the incentives and interest rates. As long as you do the due diligence to make sure it's not a scam, they're all the same. FDIC insured is FDIC insured

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 is a real worry. I always make sure to keep my accounts below $250k. But with so many banks being so similar, it's not hard to diversify a bit.

 

[tsm]

It’s pretty straightforward to get more than $250K FDIC insurance at any given bank. Your individually owned accounts provide $250K, your spouse’s individually owned accounts another $250K, and a joint account with both you and the spouse $250K each or another $500K, so that’s $1M total at one bank. Of course, if you don’t trust your spouse with that much money, then you might have other problems to consider also!

 

[BehindBlueI's]

Bask Bank is at 4.75% now. It's an FDIC insured online only bare bones bank. No ATM access, no branches, etc, you can only move money in and out via transfer to another bank's savings account. I've been using them for a couple of years linked to my USAA account. They came to my attention when interest rates were nothing because you can elect to get your interest in AA frequent flier miles. I think it's 2.5 miles per dollar per year now, but it's at least 2.

 

[dudley0]

Bask Bank is at 4.75% now. It's an FDIC insured online only bare bones bank. No ATM access, no branches, etc, you can only move money in and out via transfer to another bank's savings account. I've been using them for a couple of years linked to my USAA account. They came to my attention when interest rates were nothing because you can elect to get your interest in AA frequent flier miles. I think it's 2.5 miles per dollar per year now, but it's at least 2.

How fast can the transfers happen?

I have some mad money from refinances that I am holding for the next bubble burst in RE. But when a good deal happens I need to have access fast.

It's enough of a concern that I would rather lose the interest than the deal, if that makes sense.

 

[BehindBlueI's]

How fast can the transfers happen?

I have some mad money from refinances that I am holding for the next bubble burst in RE. But when a good deal happens I need to have access fast.

It's enough of a concern that I would rather lose the interest than the deal, if that makes sense.

Takes about 5 days for money to go IN, I've had my money back OUT within 1-2 days, depending on how late in the first day I started the transfer.

 

[indyjohn]

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.

Categorize "emergency". Wondering what emergencies would make that money inaccessible? Not purposely throwing shade, the statement just made me start thinking.

 

[MCgrease08]

Categorize "emergency". Wondering what emergencies would make that money inaccessible? Not purposely throwing shade, the statement just made me start thinking.

Emergency is something unexpected that needs to be addressed immediately. Like the car dies, roof leaks, kid gets sick, basement floods, a death in the family requires me to travel for a funeral, etc.

The money (6 months worth of expenses) is separated out from the regular checking and savings account. It never gets touched unless there is an emergency.

An emergency is not a broken washing machine, new tires for the car, wanting to go on vacation or when a gun I want goes on sale.

 

[rhamersley]

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.

Don't know who you bank with, but I got this from one of my credit unions today.

For an extremely limited time, we are leading the way to: Guaranteed Returns: with a consistent APY for your entire term Locked-In Earnings: keeping your money protected when markets shift Low-Risk Savings: having confidence your money is secure and insured As your credit union, we're committed to being a force for good amongst our members - so build your savings empire with a generous 5.40% APY for 14 months today!

 

[DoggyDaddy]

Don't know who you bank with, but I got this from one of my credit unions today.

​

For an extremely limited time, we are leading the way to: Guaranteed Returns: with a consistent APY for your entire term Locked-In Earnings: keeping your money protected when markets shift Low-Risk Savings: having confidence your money is secure and insured As your credit union, we're committed to being a force for good amongst our members - so build your savings empire with a generous 5.40% APY for 14 months today!

I got the same email. What do they mean by "New Money Only"? Does that mean I can't take money from existing savings and invest in the CD?

 

[rhamersley]

I got the same email. What do they mean by "New Money Only"? Does that mean I can't take money from existing savings and invest in the CD?

It can come from an existing savings, but not in their bank. If you have money sitting in another bank or credit union, you can have them ACH it in once you open the account up.

 

[DoggyDaddy]

It can come from an existing savings, but not in their bank. If you have money sitting in another bank or credit union, you can have them ACH it in once you open the account up.

Well shoot. Lets me out then.

 

[rhamersley]

Important Account Notification...​

In response to the Federal Reserve’s announcement to raise interest rates, we have also taken action. We care about you and want to ensure that our customers continue to receive the best deposit rates. As a result, Merchants Bank of Indiana has made adjustments to the interest rates you earn.

New and Existing FLEX INDEX CD Adjustable-rate CD

New and Existing Money Market Accounts

*Annual Percentage Yield (APY) is accurate as of 5/4/2023. Are you looking for a fixed-rate, fixed-term deposit account? A traditional Certificate of Deposit is a great way to earn higher interest rates than regular savings accounts. Rates on new traditional CDs are posted on our website.

Just an FYI to anyone looking to park some money.

 

[Leo]

I am pretty set on doing business that is locally owned, or at least has a real brick and mortar office where I can drag someone across their desk by the shirt if they will not fix something. I am willing to pay a little extra for real human accountable service.

I have been through too much frustration with a mindless, faceless, non accountable business unit where no resolution was possible. I was even served eviction on my house. I had never even been late and I was years ahead on payments when one of those magic internet banks bought my mortgage and screwed it up.

 

[Destro]

Something to consider, if this is money you don't expect to use, you might consider the longer dated CDs. Many of those are in the 4s. I personally don't expect these short term high rates to last much longer. Some of the 5 years have flirted with 5% lately.