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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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I just received my 1099 consolidated as well and 100% of my XHLF dividends are showing as non-qualified even though I didn't touch them at all in 2023 (started buying in May 2023). This didn't make any sense based on the definition of qualified dividend we've mentioned, so I called my brokerage. It took them about 5 minutes to figure it out, but apparently, dividends acquired via XHLF and SGOV will *not* be considered qualified regardless of the holding timeframe. The payment characterization of "Qualified Dividend" is determined by the issuer, and in the instances of both XHLF and SGOV, they are not characterized as such. I need to dig into the "why" behind this more, but I'm moving my money back to my HYSA that's at 5.25% APY ASAP.
Bottom line, these are both Treasury ETFs and as such, the dividends will always be non-qualified. I'm sure glad I realized this after only a couple of days post transfer from my HYSA into SGOV!!
Which HYSA do you currently use. I'm looking into this UFB but interested in yours if it's different. Thanks in advance Diz
Which HYSA do you currently use. I'm looking into this UFB but interested in yours if it's different. Thanks in advance Diz
I use CFG Bank, based in Baltimore, MD. I have my HYSA there (currently 5.25% APY; no games) and many laddered 12 month non-callable CDs ranging from 5.2% to 5.6%.
I use CFG Bank, based in Baltimore, MD. I have my HYSA there (currently 5.25% APY; no games) and many laddered 12 month non-callable CDs ranging from 5.2% to 5.6%.
I'm not entirely sure on the transfer limits, but I believe it's $25k daily and $80k monthly if initiated via them. I also maintain an account with Discover, so the CFG transfer limits really don't impact me.
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.
How do you know though that they increased the interest rate on their accounts? Like did you get an app notification/email or something?
I'm not entirely sure on the transfer limits, but I believe it's $25k daily and $80k monthly if initiated via them. I also maintain an account with Discover, so the CFG transfer limits really don't impact me.
Thanks for the information. The dormant account fees for 6 month and 2 years don't apply to saving accounts. Am I reading that correct? Also if you don't mind me asking how long have you been with CFG? I plan to park a certain amount in the HYSA
Thanks for the information. The dormant account fees for 6 month and 2 years don't apply to saving accounts. Am I reading that correct? Also if you don't mind me asking how long have you been with CFG? I plan to park a certain amount in the HYSA
I essentially use this as my checking account, so I'm not privy to the dormancy aspect.
I've been with them for a little bit over a year. I currently hold 5 CDs and my HYSA allotment with them. I have bounced around A LOT of institutions in the past 2 years or so, and CFG has by far been the one that has never let me down from every aspect.
I essentially use this as my checking account, so I'm not privy to the dormancy aspect.
I've been with them for a little bit over a year. I currently hold 5 CDs and my HYSA allotment with them. I have bounced around A LOT of institutions in the past 2 years or so, and CFG has by far been the one that has never let me down from every aspect.
Alright cool I'm going to talk to them and do a little more research but it is one of my top contenders after reading a little. Thank you again Diz
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.
My rate with Vio Bank has been at 5.25% for a few months now. Every time they increase the rate it's automatic. Seems unnecessary.
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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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Edited to add:
I found this about SGOV:
https://www.bogleheads.
And then this:
https://www.ishares.com/us/litera...tamped
Bottom line, these are both Treasury ETFs and as such, the dividends will always be non-qualified. I'm sure glad I realized this after only a couple of days post transfer from my HYSA into SGOV!!
Which HYSA do you currently use. I'm looking into this UFB but interested in yours if it's different. Thanks in advance Diz
https://www.cfg.bank/personal-ban...osit-rates
https://www.cfg.bank/personal-ban...osit-rates
Are you local to CFG? Do they have withdrawal limits or any kind of fees?
Fee schedule (nothing applies to me):
https://www.cfg.bank/commercial-b...e-schedule
I'm not entirely sure on the transfer limits, but I believe it's $25k daily and $80k monthly if initiated via them. I also maintain an account with Discover, so the CFG transfer limits really don't impact me.
this CD with 5.4 APY for one year or the 52 weeks TBill with 5.08
https://home.treasury.g
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Fee schedule (nothing applies to me):
https://www.cfg.bank/commercial-b...e-schedule
I'm not entirely sure on the transfer limits, but I believe it's $25k daily and $80k monthly if initiated via them. I also maintain an account with Discover, so the CFG transfer limits really don't impact me.
Thanks for the information. The dormant account fees for 6 month and 2 years don't apply to saving accounts. Am I reading that correct? Also if you don't mind me asking how long have you been with CFG? I plan to park a certain amount in the HYSA
I've been with them for a little bit over a year. I currently hold 5 CDs and my HYSA allotment with them. I have bounced around A LOT of institutions in the past 2 years or so, and CFG has by far been the one that has never let me down from every aspect.
I've been with them for a little bit over a year. I currently hold 5 CDs and my HYSA allotment with them. I have bounced around A LOT of institutions in the past 2 years or so, and CFG has by far been the one that has never let me down from every aspect.
Alright cool I'm going to talk to them and do a little more research but it is one of my top contenders after reading a little. Thank you again Diz
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
Yeah, $60,000 a month kills the deal for me😅😂🤣 Just kidding.
This company seems legit. If you want to talk to someone, this is not the bank for you. It's all automated. I never did, my debit card.
Keep in mind it's not available everywhere, so YMMV.
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