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up to 5.15% APY
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I have this account, started a few months ago. Only drawback I've found is that if/when they increase the interest rate on their accounts, you have to manually request an increase each time. I started at 5.03%, now requested an increase to 5.25%. I messaged them in the app at 4:53pm, they responded and updated my rate at 5:03pm (exactly 10 min). I'm ok doing a couple minutes worth of work a couple/few times a year to maintain the highest percentage. Works exactly as promised otherwise, great rates.
As per their website FAQ...
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.
I had the same experience today. Happened to check my account and found that my 5.09% rate had been downgraded to 4.5%. I spoke to CS on the phone and they raised my rate to 5.25%. I asked what the deal was with lowering my interest rate when rates are rising -- including the rates they offer new customers. He said that I just have to check my account every week or so to see if they do it again!
So basically, this is a great account for folks willing to call them on their BS. Apparently enough customers don't do that to make it worthwhile for them to play games like this.
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Just FYI to anyone trying this for the first time, the app is not great and kept asking me to "make my initial deposit". I ended up doing it 3-4 times because it never said transaction successfully made wait x amount of hours for it to post or something along those lines and when I opened the app it kept asking me "make your initial deposit" so I ended up over drawing my checking account by like 80k after all 4 of the transactions eventually posted. Seeing my checking account in the negative was startling to say the least. Their customer service was useless to remedy this. Apple savings account app, chase app are much better fwiw
If you are unsure if you successfully scheduled a transaction, go to the "move" tab on the bottom of the app and then head to "scheduled transfers". This will show you all pending transactions, and you can cancel and adjust them from that tab.
It usually also takes no less than 2 business days for the scheduled transfers to actually go through so you will have time to remedy the situation if needed.
This for quick access to cash and treasuries for tax benefits. Between the 2 of them earning 5.25% it's a great place to park savings
Can you tell me more about treasuries? Why would I use them over something like this? Truly asking because I am ignorant, not because I know any better...just trying to make sure I am getting the best use out of my money. Thanks!
Just FYI to anyone trying this for the first time, the app is not great and kept asking me to "make my initial deposit". I ended up doing it 3-4 times because it never said transaction successfully made wait x amount of hours for it to post or something along those lines and when I opened the app it kept asking me "make your initial deposit" so I ended up over drawing my checking account by like 80k after all 4 of the transactions eventually posted. Seeing my checking account in the negative was startling to say the least. Their customer service was useless to remedy this. Apple savings account app, chase app are much better fwiw
Lol, you ended up doing this 3-4 times, you yourself don't even know how many times you did it???
And your blaming the app for something you clicked and processed completely through, I don't see how you can blame the app lol
I am not sure even if Apple or chase apps give you instant $ transfer, I have chase too and that is not the case.
And your asking customer service for what, to go back in time??? You clicked through the transaction and never bothered to check your transactions in process, if I were you - I would change and make it a habit to check the transaction history to see if they have posted instead of complaining it's the app. Nobody forced you to transfer funds 4x lol, I have like 6+ banking apps they all have transaction history to see - it's just like old checking accounts, you are responsible to record and know your balances instead of writing more and more checks and then blame the bank you went negative
Keep an eye on your account...I signed up for this in April and checked today and for some reason it was at 4% NOT the advertised rate of 5%...I had to contact them to resolve this.
This bank is also pretty worthless I would have stayed with my original bank if it wasn't for this promo
So keep these bankers honest, I know virtually impossible in the US
Can you tell me more about treasuries? Why would I use them over something like this? Truly asking because I am ignorant, not because I know any better...just trying to make sure I am getting the best use out of my money. Thanks!
Keep an eye on your account...I signed up for this in April and checked today and for some reason it was at 4% NOT the advertised rate of 5%...I had to contact them to resolve this.
This bank is also pretty worthless I would have stayed with my original bank if it wasn't for this promo
So keep these bankers honest, I know virtually impossible in the US
I have this account, started a few months ago. Only drawback I've found is that if/when they increase the interest rate on their accounts, you have to manually request an increase each time. I started at 5.03%, now requested an increase to 5.25%. I messaged them in the app at 4:53pm, they responded and updated my rate at 5:03pm (exactly 10 min). I'm ok doing a couple minutes worth of work a couple/few times a year to maintain the highest percentage. Works exactly as promised otherwise, great rates.
What happens if they lower their rate? Do you have to request it to be lowered
User beware - I had a 5.01% previously and checked recently to update it to 5.25%
They had, at some point, dropped my APY to 4.8x% without my knowing.
Took my money out, I'm not here to play games.
Report to the CFBP, online complaint is easy to do. I did the same when my bank completely screwed me out of a 5.25% with small print that I believe didn't apply. Even if nothing comes of it it makes shitty banks do work to justify their nonsense
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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.
https://www.ufbdirect.c
So basically, this is a great account for folks willing to call them on their BS. Apparently enough customers don't do that to make it worthwhile for them to play games like this.
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If you are unsure if you successfully scheduled a transaction, go to the "move" tab on the bottom of the app and then head to "scheduled transfers". This will show you all pending transactions, and you can cancel and adjust them from that tab.
It usually also takes no less than 2 business days for the scheduled transfers to actually go through so you will have time to remedy the situation if needed.
And your blaming the app for something you clicked and processed completely through, I don't see how you can blame the app lol
I am not sure even if Apple or chase apps give you instant $ transfer, I have chase too and that is not the case.
And your asking customer service for what, to go back in time??? You clicked through the transaction and never bothered to check your transactions in process, if I were you - I would change and make it a habit to check the transaction history to see if they have posted instead of complaining it's the app. Nobody forced you to transfer funds 4x lol, I have like 6+ banking apps they all have transaction history to see - it's just like old checking accounts, you are responsible to record and know your balances instead of writing more and more checks and then blame the bank you went negative
This bank is also pretty worthless I would have stayed with my original bank if it wasn't for this promo
So keep these bankers honest, I know virtually impossible in the US
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.
https://www.ufbdirect.c
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Ugh. PNC treats people like they would rather not be a retail bank at all.
Trust
What? Why? I'm not sure why you bothered posting that answer, it didn't give any information nor help anyone.
This bank is also pretty worthless I would have stayed with my original bank if it wasn't for this promo
So keep these bankers honest, I know virtually impossible in the US
How is the Bank worthless?
Apologies, I had assumed it was obvious. I don't trust this bank, and the previous comments underscore why. I do trust T Bills.
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They had, at some point, dropped my APY to 4.8x% without my knowing.
Took my money out, I'm not here to play games.