Last Edited by Punishark
September 3, 2024
at
10:45 AM
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
APYs — Annual Percentage Yields are accurate as of September 3, 2024:
0.25% APY on balances of $0.01 to $4,999.99;
5.00% APY on balances of $5,000.00 or more.
Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
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I've been banking with them for nearly 5 years. No major problems. My only issue is that their phone app is severely limited & kind of sucks. Other than that, if you send money, it arrives quickly & interest rates automatically raise without having to contact them. They seem to stay pretty competitive when it comes to the highest interest rate. I really like them & trust them with my money.
UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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You have more issues than just missing out on $10k!
Have been banking with them for many years. No issues, fast transfers, can manage everything online including closing accounts. Only negative is that their phone support sucks since they encourage online banking only, and they keep adding new account types with higher rates, and you have to open an account and transfer money to new account (which is pretty painless and done within minutes online)
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Got my account all setup and cannot add an external checking account (BofA SoCal) and keep getting an error. It won't send passcode to phone and flags an error. Called back and they said they may be experiencing issues and they reported it to IT. this was two weeks ago and still cannot add external account.
I just want a way to transfer funds to my checking account. Is there a way around this?
Be careful. Some of these smaller banks have really low daily/monthly withdrawal limits. So if you put a large amount of funds in, it could take you a while to pull it out without maybe paying for a wire transfer or something.
Quote
from akula1488
:
how do I convince my wife? have $250k cash earning no interest and she wouldn't let me to open any kind of of CDs...missing $10k+ interest a year
Im just curious, what would the reason be she doesn't want a cd? You rather have it make no interest than thousands of dollars each year? There are lots of savings accounts with decent interest rates right now too so....
Be careful. Some of these smaller banks have really low daily/monthly withdrawal limits. So if you put a large amount of funds in, it could take you a while to pull it out without maybe paying for a wire transfer or something.
Im just curious, what would the reason be she doesn't want a cd? You rather have it make no interest than thousands of dollars each year? There are lots of savings accounts with decent interest rates right now too so....
I banked with them before, they drop the rate all of a sudden. seems like these rates are promotional and after about a year they'll drop the rate to something abysmal.
how do I convince my wife? have $250k cash earning no interest and she wouldn't let me to open any kind of of CDs...missing $10k+ interest a year
Take a piece of paper and write down why you should open vs why you shouldn't
Ask your wife to write down why you shouldn't - then call the bank and address all those concerns. This will take you in the right direction. Listen to her but address her concerns - you need to identify the bank of your choice, and plan B/Cs. Challenge each other & find the right bank
if you want a no frills savings account ivybank has decent rate and they have been slowly increasing it with fed increases. bit higher rate than wealthfront 4.8%
Is there a source that shows historical interest rate? So we know the trend.
Are people here recommend another bank for better interest with a good bank!
em, Some banks offering attractive rates but has terrible reviews on Yelp - money missing! Some complaints might be customer is missing the details. But unlikely not money going missing! BrioDirect
What is that good bank with better rate (not the top rate)?
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UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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Got my account all setup and cannot add an external checking account (BofA SoCal) and keep getting an error. It won't send passcode to phone and flags an error. Called back and they said they may be experiencing issues and they reported it to IT. this was two weeks ago and still cannot add external account.
I just want a way to transfer funds to my checking account. Is there a way around this?
vio bank
https://www.investopedi
Explain these banks offer FDIC insurance.
Give an option to move the money back in 3-6 months if she is unhappy.
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Im just curious, what would the reason be she doesn't want a cd? You rather have it make no interest than thousands of dollars each year? There are lots of savings accounts with decent interest rates right now too so....
https://www.investopedi
They have no idea what went wrong! They never reached out to me to inform this either.
Ask your wife to write down why you shouldn't - then call the bank and address all those concerns. This will take you in the right direction. Listen to her but address her concerns - you need to identify the bank of your choice, and plan B/Cs. Challenge each other & find the right bank
Put your wife on the phone with the bank.
apy: 5.316%
interest rate: 5.180%
https://www.ivybank.com/savings
high-yield savings
our high-yield savings account1, 2 offers you our best rate to bring you the highest return on your savings.
nationally competitive rate
$2,500 minimum opening balance
$2,500 minimum balance to earn disclosed apy
fdic insured3
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Are people here recommend another bank for better interest with a good bank!
em, Some banks offering attractive rates but has terrible reviews on Yelp - money missing! Some complaints might be customer is missing the details. But unlikely not money going missing! BrioDirect
What is that good bank with better rate (not the top rate)?