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This rate is not for a CD, this is a standard savings account rate. So the big difference is having complete liquidity versus putting your money into a CD which typically will have an early withdrawal penalty if you need to access your funds before maturity. Also, if you lock yourself into a CD and rates continue to go higher, you may lose out on some additional interest at other banks as they increase their rates. Once I see rates start to come down, I'll probably put some money into a CD that matures in a few years to continue to earn high interest even as rates start to decline.
They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.
And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
Nah takes like a day. They just sit on our money and earn on their end for a week then allow it to post so we start earning. LOL
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They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.
And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.
And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
250k or 500k for joint account per FDIC's website.
Darn just signed up for the Ivy Bank Indexed Savings Account that's at 4.75% hopefully they up their rate also. Planning on making my move from Weathfront for the higher interest.
I had opened a savings account a few months back and just noticed it wasn't this one and I wasn't getting the 5% so I messaged them and was upgraded to a "preferred" account.
Was going to get on chat this morning and have mine adjusted again but apparently they automatically did it. Showing 5.02% in the app up from 4.55% or whatever it was a few days ago.
Posted by: Dkris32547 | Feb 23, 2023
It appears they will allow funding up to 100k and then withdraw is limited to 5k a day for 30 days. Thereafter you must request in writing new limits.
Posted by: Dkris32547 | Feb 23, 2023
It appears they will allow funding up to 100k and then withdraw is limited to 5k a day for 30 days. Thereafter you must request in writing new limits.
We do not limit the number of funds transfers you may make.
The dollar limits at funding are:
Maximum to transfer in: $250,000.00
The dollar limits after your account is funded are:
Maximum per day in or out $30,000.00
Maximum per month $60,000.00
You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.
Also from an email from them.....
As part of our commitment to protecting your money, we have adopted a system of limits on transferring funds to mitigate the risk of piracy and fraud.
Here's what you need to know about our transfer limits:
There is an initial limit on your first deposit into your new account. Thereafter, there are daily and monthly limits on both inbound and outbound transfers.*
Our limits increase over time: The longer you bank with us, the higher your transfer limits go.*
Inbound transfers take up to four (4) business days to fully process.*
For immediate funding needs we recommend wire transfers, which are available in the Move Money section of Online Banking.
We do not limit the number of funds transfers you may make.
The dollar limits at funding are:
Maximum to transfer in: $250,000.00
The dollar limits after your account is funded are:
Maximum per day in or out $30,000.00
Maximum per month $60,000.00
You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.
Also from an email from them.....
As part of our commitment to protecting your money, we have adopted a system of limits on transferring funds to mitigate the risk of piracy and fraud.
Here's what you need to know about our transfer limits:
There is an initial limit on your first deposit into your new account. Thereafter, there are daily and monthly limits on both inbound and outbound transfers.*
Our limits increase over time: The longer you bank with us, the higher your transfer limits go.*
Inbound transfers take up to four (4) business days to fully process.*
For immediate funding needs we recommend wire transfers, which are available in the Move Money section of Online Banking.
*These limits do not apply to wire transfer.
Thanks. The information you got from that email seems to match what the reviewer wrote. Also, they're claiming this is an anti-fraud measure is rather specious.
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And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
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And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
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And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
Sign up for a Slickdeals account to remove this ad.
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Like this one:
ACH Transfer Limits
Posted by: Dkris32547 | Feb 23, 2023
It appears they will allow funding up to 100k and then withdraw is limited to 5k a day for 30 days. Thereafter you must request in writing new limits.
Our community has rated this post as helpful. If you agree, why not thank scgt1
https://www.depositacco
Like this one:
ACH Transfer Limits
Posted by: Dkris32547 | Feb 23, 2023
It appears they will allow funding up to 100k and then withdraw is limited to 5k a day for 30 days. Thereafter you must request in writing new limits.
We do not limit the number of funds transfers you may make.
The dollar limits at funding are:
Maximum to transfer in: $250,000.00
The dollar limits after your account is funded are:
Maximum per day in or out $30,000.00
Maximum per month $60,000.00
You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.
Also from an email from them.....
As part of our commitment to protecting your money, we have adopted a system of limits on transferring funds to mitigate the risk of piracy and fraud.
Here's what you need to know about our transfer limits:
There is an initial limit on your first deposit into your new account. Thereafter, there are daily and monthly limits on both inbound and outbound transfers.*
Our limits increase over time: The longer you bank with us, the higher your transfer limits go.*
Inbound transfers take up to four (4) business days to fully process.*
For immediate funding needs we recommend wire transfers, which are available in the Move Money section of Online Banking.
*These limits do not apply to wire transfer.
We do not limit the number of funds transfers you may make.
The dollar limits at funding are:
Maximum to transfer in: $250,000.00
The dollar limits after your account is funded are:
Maximum per day in or out $30,000.00
Maximum per month $60,000.00
You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.
Also from an email from them.....
As part of our commitment to protecting your money, we have adopted a system of limits on transferring funds to mitigate the risk of piracy and fraud.
Here's what you need to know about our transfer limits:
There is an initial limit on your first deposit into your new account. Thereafter, there are daily and monthly limits on both inbound and outbound transfers.*
Our limits increase over time: The longer you bank with us, the higher your transfer limits go.*
Inbound transfers take up to four (4) business days to fully process.*
For immediate funding needs we recommend wire transfers, which are available in the Move Money section of Online Banking.
*These limits do not apply to wire transfer.
Our community has rated this post as helpful. If you agree, why not thank megatrons
I can see AXOS though. This could be a grey area.
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Exactly. I just called and was on hold for 30 plus minutes to ask about it before they told me to leave a message and then hung up on me.