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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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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
That is absolutely correct! Transferred funds are done electronically and usuallly happen almost instantly. I have made transfers one day and the next day they appear. However, some scumbag banks will tell you it takes days or a week before the funds are available. They will use your money for several days to earn interest for themselves while making the funds unavailable for you. This kind of stuff was supposed to be outlawed years ago, but it seems like some banks are still getting away with it.
This is not the ACH transfer right? I used the transfer button then the app asked me to search for the bank, I searched for my discover bank then log in from that page and now my Discover account show up in that transfer page. Everytime I go back and I just pick it up the transfer from then transfer it.
Hope this type of transfer has no fee.
Its probably wire but its better to confirm with them before making the transfer. I usually refrain from entering my bank account credentials on a third party app or bank site. I opened one with Marcus and all i had to do was provide account and routing number.
Doesnt bill pay count as part of the 6 limited withdrawals from a savings account?
I don't think SOFI has that limit. I've asked the same question to SOFI, and they said no limit. This was 2-3 months back though so it may have changed.
I don't know about large transfers from UFB, but if you send a large balance from SOFI to UFB, there shouldn't be a problem.
I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account
It depends on how much is in your savings. For example, if you have $50,000, the change would be a difference of ~33 or 34 dollars in additional interest a month? Also depends on how fast you need the cash because UFB is slow af.
This one wins the ridiculous comment on the thread award. Obviously no clue what "woke" means or how banking works.
Exactly. SVB collapse had specific factors and being woke is not one of them. Every big bank donated monies in what that post would be considered woke. I also think the people who complain about risk Ina bank they never heard of, have nothing to worry about in the 250k limit. FDIC payouts are fairly rare. Most of the time the bank is taken over during the weekend and business continues as it had been.
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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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That is absolutely correct! Transferred funds are done electronically and usuallly happen almost instantly. I have made transfers one day and the next day they appear. However, some scumbag banks will tell you it takes days or a week before the funds are available. They will use your money for several days to earn interest for themselves while making the funds unavailable for you. This kind of stuff was supposed to be outlawed years ago, but it seems like some banks are still getting away with it.
Hope this type of transfer has no fee.
Also, customer service hasn't responded to any of my questions.
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I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account
I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account
I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account
It depends on how much is in your savings. For example, if you have $50,000, the change would be a difference of ~33 or 34 dollars in additional interest a month? Also depends on how fast you need the cash because UFB is slow af.
Exactly. SVB collapse had specific factors and being woke is not one of them. Every big bank donated monies in what that post would be considered woke. I also think the people who complain about risk Ina bank they never heard of, have nothing to worry about in the 250k limit. FDIC payouts are fairly rare. Most of the time the bank is taken over during the weekend and business continues as it had been.
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