6% Savings for you High rollers

[JAque]

Legit bank

$75K min

http://www.kaiserfederal.org/ps_rates_savings.html



JAque

[eastbay]

It's unclear whether they mean you're earning that rate per tier, or as you reach each tier, that rate applies to the whole amount. I'd guess it's the former.

eastbay

[Scorpion Man]

[ QUOTE ]
It's unclear whether they mean you're earning that rate per tier, or as you reach each tier, that rate applies to the whole amount. I'd guess it's the former.

eastbay

[/ QUOTE ]

I checked this out.
1) customer service and wait time was painful
2) you do get paid the higher rate on the whole amount, not just the incremental over $75k
3) there is a small catch in that interest is compounded daily but paid monthly...this means that you forfeit any interest if you withdraw midmonth.
4) they charge $3 a withdrawal if you withdraw more than 1x per month.

I would say this only makes sense if this is money you never touch and you are diligent enough to withdraw on the day interest is paid.

[JAque]

I would say it make sense for most people that have a savings account with a large balance. It is not a huge burden to withdraw once a month on a specific date. This is specially true for people that have over 75K laying around a savings account(unless it is your poker BR).


JAque

[veganmav]

hmm, i've been looking for something like this for a while, but it seems like too much hassle. Citibank is at 5.0%...

i wonder if 1% is worth it

[Uglyowl]

[ QUOTE ]
3) there is a small catch in that interest is compounded daily but paid monthly...this means that you forfeit any interest if you withdraw midmonth.


[/ QUOTE ]

This is standard at most banks. If you close out your account mid-month they will credit interest earned at that point.

There are no banks I know of that pay interest everyday. In other words, there is only one interest payment per month.

[wiseheart]

[ QUOTE ]
hmm, i've been looking for something like this for a while, but it seems like too much hassle. Citibank is at 5.0%...

i wonder if 1% is worth it

[/ QUOTE ]

Depends on how long your $$$ is in there,
$750 extra in a year might not mean much
to you, but that 1% could mean almost $45K
extra over the course of 20 years.

[captZEEbo]

[ QUOTE ]
[ QUOTE ]
3) there is a small catch in that interest is compounded daily but paid monthly...this means that you forfeit any interest if you withdraw midmonth.


[/ QUOTE ]

This is standard at most banks. If you close out your account mid-month they will credit interest earned at that point.

There are no banks I know of that pay interest everyday. In other words, there is only one interest payment per month.

[/ QUOTE ]i thought most banks pay interest based on avg daily balance for the month?

[Uglyowl]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
3) there is a small catch in that interest is compounded daily but paid monthly...this means that you forfeit any interest if you withdraw midmonth.


[/ QUOTE ]


This is standard at most banks. If you close out your account mid-month they will credit interest earned at that point.

There are no banks I know of that pay interest everyday. In other words, there is only one interest payment per month.

[/ QUOTE ]i thought most banks pay interest based on avg daily balance for the month?

[/ QUOTE ]

Interest compounding daily is a benefit to the customer. If this is the case then the APY is higher than the interest rate.

Average balance is used more frequently for calculating loan interest.

Here are a couple of examples:

http://www.bankofamerica.com/deposit...e=save_regular

https://www.wellsfargo.com/investing/money_mkt.jhtml

[Reef]

meh, e-loan has 5.36% no min balance, and 5.5% for $5K+