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Want to park Emergency Fund in High Yield MMA or Savings on Internet bank. Any banks you like?

1,362 748 October 5, 2018 at 11:54 AM
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Last Edited by minifigg October 5, 2018 at 11:58 AM
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Hi! I have a one year emergency fund I want to park in an online bank yielding above 2%.
I have enough in easily accessible checking to deal with a short term emergency. I have no debt and am using this as a long term emergency account only. I need and have a year for a lot of reasons, so please don't tell me it is too much.

I have been watching bankrate.com and it has a lot of banks that are FDIC insured with no check writing (which I don't need for these funds). I have experience with online only banks (Emigrant Direct, RIP).

Any that you use/like? I already have funds parked in Capital One, but have no loyalty to them. FWIW, I could switch accounts there and get 1.85% as of today, but I really want the extra APY if I can get it.


The amount is over $25,000 so a minimum deposit will not be a problem.

Thanks!


TL;DR, Any Online Banks you rec for high yield savings/MMa's 2% or above? Which do you use? Thanks!

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check ESBS Direct for high yield statement savings.

https://www.ebsbdirect.com/high-y...gs-account


High Yield Statement Savings

*Annual Percentage Yield (APY) as of 10/04/18. No interest will be paid on daily balances less than $5,000, daily balances $5,000 to $1,000,000 earns 2.50% APY, balances greater than $1,000,000 earns 0.25% APY. Rate subject to change without notice. $50 minimum to open account. Personal accounts only. New money or existing customer must deposit additional money from another financial institution. Please refer to the Agreements and Disclosures for more information. Offer may be withdrawn without notice at any time. You must be a U.S. Citizen to open this account.

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Quote from mamabear209
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check ESBS Direct for high yield statement savings.

https://www.ebsbdirect.com/high-y...gs-account


High Yield Statement Savings

*Annual Percentage Yield (APY) as of 10/04/18. No interest will be paid on daily balances less than $5,000, daily balances $5,000 to $1,000,000 earns 2.50% APY, balances greater than $1,000,000 earns 0.25% APY. Rate subject to change without notice. $50 minimum to open account. Personal accounts only. New money or existing customer must deposit additional money from another financial institution. Please refer to the Agreements and Disclosures for more information. Offer may be withdrawn without notice at any time. You must be a U.S. Citizen to open this account.

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Thank you! I will check that out. Do you use them?
Anyone else?
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I am thinking of filing an application but since I churn bank accounts, I prefer spreading funds into different banks where I reap bank bonuses equivalent to higher profit than if I were to just park it in a CD or savings account. My hub is Alliant CU where I'm getting 1.9% on savings based on their recent increase and I've been satisfied moving money in an out of there the past 2 years although they've limited ACH transfers to ext accounts to $25K per day but it's still doable.

Parking it in ESBS direct would be a good idea if you're the type who prefer to deposit funds and just let it sit there until you need funds later. Part of my strategy is to keep an eye on my funds while juggling direct deposits to meet requirements for bank bonuses.

ETA: btw, check also PurePoint Financial, it offers a CD for 12 months for 2.6%, savings rate is 2.16% IINM.
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Last edited by mamabear209 October 6, 2018 at 08:50 AM.
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ESBS is not listed in bankrate only in depositaccounts with two very bad 1 star reviews but the latest was last year so not sure now.
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add this to your list of banks to check:

https://www.heritagebankna.com/ecentive-account/

I don't have an account here since my funds are 'tied up in several banks' for the bonuses at the moment. Alliant CU remains my main hub to push and pull funds and I'm getting 1.9% from funds sitting in savings.
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Considering most of the top internet banks are offering 1.8+% now, I hardly think it is worth it to chase after an additional 0.1-0.2% from some less than reliable outfit or smaller bank with limited service (or both). Just does not seem worth it to me, but to each his own.
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Thank you everyone that has posted!
I really appreciate it. I am gonna hit this hard next week and see what I can come up with!
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Quote from mamabear209
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I am thinking of filing an application but since I churn bank accounts, I prefer spreading funds into different banks where I reap bank bonuses equivalent to higher profit than if I were to just park it in a CD or savings account. My hub is Alliant CU where I'm getting 1.9% on savings based on their recent increase and I've been satisfied moving money in an out of there the past 2 years although they've limited ACH transfers to ext accounts to $25K per day but it's still doable.

Parking it in ESBS direct would be a good idea if you're the type who prefer to deposit funds and just let it sit there until you need funds later. Part of my strategy is to keep an eye on my funds while juggling direct deposits to meet requirements for bank bonuses.

ETA: btw, check also PurePoint Financial, it offers a CD for 12 months for 2.6%, savings rate is 2.16% IINM.
Thank you so much for the info, again! Smilie
Chumming bank accounts is an interesting idea. I have done it with CCs in the past but never thought about banks. Do you get a good return? I do not have any direct deposits to spare, one is all I have and I need that for my primary account. Do you do the directs as transfers from other banks monthly? Does that work? Could you explain the bank account chumming please?
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Quote from minifigg
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Thank you so much for the info, again! Smilie
Chumming bank accounts is an interesting idea. I have done it with CCs in the past but never thought about banks. Do you get a good return? I do not have any direct deposits to spare, one is all I have and I need that for my primary account. Do you do the directs as transfers from other banks monthly? Does that work? Could you explain the bank account chumming please?
I won't say it's easy to churn bank bonuses and you have to pay tax on the bonuses compared to CC bonuses in miles/pts/cashback which are considered as rebate. I suggest you google bank bonuses for all info out there and see if you'd like to jump on it.

To give you an idea, each bank has certain requirements to be fulfilled for you to earn the bonus which ranges from $100 up to $750. You have to read the fine print to make sure you're fulfilling all terms and if there's a promo code, make sure it is attached to your application. It seems complicated but it's just a matter of getting used to it and it gets easier the more you do it. You may have to 'park' funds in those banks until you get your bonus, the usual time for parking funds is 180 days, after which you can safely withdraw the principal and close the account if you wish. Then wait for another offer in 6 months to a year and apply again with a promo code. That's why we call it churning.
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I won't say it's easy to churn bank bonuses and you have to pay tax on the bonuses compared to CC bonuses in miles/pts/cashback which are considered as rebate. I suggest you google bank bonuses for all info out there and see if you'd like to jump on it.

To give you an idea, each bank has certain requirements to be fulfilled for you to earn the bonus which ranges from $100 up to $750. You have to read the fine print to make sure you're fulfilling all terms and if there's a promo code, make sure it is attached to your application. It seems complicated but it's just a matter of getting used to it and it gets easier the more you do it. You may have to 'park' funds in those banks until you get your bonus, the usual time for parking funds is 180 days, after which you can safely withdraw the principal and close the account if you wish. Then wait for another offer in 6 months to a year and apply again with a promo code. That's why we call it churning.

The problem though is that many banks only offer the deals with recurring direct deposits and\or you have to complete some stupid requirement like 10 debit transactions a month, etc. Or they bust your chops over the signup paperwork (see Chase imo). Or they simply try to screw you and do not honor the bonus unless you hassle them (see thread on HSBC here). Not that there are not some good ones, but churning them frequently really isn't do-able unless you want to deal with a whole bunch of nonsense imo, For every decent offer, there are a dozen which are just either BS or not worth the time and effort imo.
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The problem though is that many banks only offer the deals with recurring direct deposits and\or you have to complete some stupid requirement like 10 debit transactions a month, etc. Or they bust your chops over the signup paperwork (see Chase imo). Or they simply try to screw you and do not honor the bonus unless you hassle them (see thread on HSBC here). Not that there are not some good ones, but churning them frequently really isn't do-able unless you want to deal with a whole bunch of nonsense imo, For every decent offer, there are a dozen which are just either BS or not worth the time and effort imo.
You're right, each one has to discern for themselves which ones they think are worth doing. DH and I have done the Chase churns yearly although they recently changed terms recently to make it every 2 yrs instead of once every calendar year.

There's a lot of bank offers available nationwide and if there's no household limits, two people do them. Ease or difficulty is always relative, best to do only what you're comfortable with and what your funds allow.
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You're right, each one has to discern for themselves which ones they think are worth doing. DH and I have done the Chase churns yearly although they recently changed terms recently to make it every 2 yrs instead of once every calendar year.

There's a lot of bank offers available nationwide and if there's no household limits, two people do them. Ease or difficulty is always relative, best to do only what you're comfortable with and what your funds allow.

Chase is the worst. They not only offer zero interest, they give you a hard time when signing up in the branch imo, esp with business accounts as a matter of policy imo. I got one offer for a business account, went in their with the paperwork and they started busting my chops about it being an out of state corp (does not matter), and the certificate of incorporation being old (they do not expire). Then they complained about not being able to look it up (only been around since the 40's and my grand parents lol). Just ridiculous. I called the bank officer out to her face saying they just did not want to honor the bonus and were busting my chops and she just shrugged her shoulders, basically admitting it. I just walked out. Never had any trouble at any other bank. I really do not understand why anyone does business with them.
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Chase is the worst. They not only offer zero interest, they give you a hard time when signing up in the branch imo, esp with business accounts as a matter of policy imo. I got one offer for a business account, went in their with the paperwork and they started busting my chops about it being an out of state corp (does not matter), and the certificate of incorporation being old (they do not expire). Then they complained about not being able to look it up (only been around since the 40's and my grand parents lol). Just ridiculous. I called the bank officer out to her face saying they just did not want to honor the bonus and were busting my chops and she just shrugged her shoulders, basically admitting it. I just walked out. Never had any trouble at any other bank. I really do not understand why anyone does business with them.
We've only done in-branch Chase offers with the codes and have gotten our bonuses in due time, sorry you didn't have a good experience with them. C1ti is one I don't recommend unless they're the type who want to follow up on the phone constantly just to get their bonuses. Other banks aside from Chase that were easy to deal with in our experience over the years are: Suntrust, Regions, WellsFargo and last, but not the least M&TB.
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We've only done in-branch Chase offers with the codes and have gotten our bonuses in due time, sorry you didn't have a good experience with them. C1ti is one I don't recommend unless they're the type who want to follow up on the phone constantly just to get their bonuses. Other banks aside from Chase that were easy to deal with in our experience over the years are: Suntrust, Regions, WellsFargo and last, but not the least M&TB.

I am sure you would get it if you want to deal with all the paper-work harassment. Just not worth it to me to deal with that type of customer hostile BS.

Citi never has any good deals imo anyway.

As to Wells Fargo...biggest crooks around imo...want no part of them wrt banking.

M&T pulls the usual recurring direct deposit required stuff, which I will not do, so they offer nothing in that regard from my perspective.
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