savings accounts

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linuxmachine
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savings accounts

Postby linuxmachine » Fri Mar 28, 2014 12:53 pm

Someone had an ally thread, but I was looking into various options for a new savings account. I've done some preliminary shopping, and saw that online accounts had the better yields. A handful that I've looked into are the following:

Barclays: .9% ~ .95%
Ally Bank: .87%
Discover: .85%
Amex: .8%
Chase: .05%

Most of them are in line with no fees, minimal balance requirements, etc. I've only included chase because i've already bought into their ecosystem and I know I'll get good service in person. Whether that's worth giving up $7~$8 per $1000 is still up in the air.

Does anyone have any experience with the savings programs above?


darkguy2
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Postby darkguy2 » Fri Mar 28, 2014 1:31 pm

I like the dream account that Barclays offers. I may open one up. 0.95% and you get a extra 2.5% bonus if you make consecutive deposits for 6 months and another 2.5% on interest if you make no withdraws for 6 months. You can put up to $1000 a month. The rest I can put into their 0.9% savings account. I think I may switch from Ally. Trust Barclay more than Ally. They may also be more likely to give me a card if they see I have some savings with them.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

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nismoZtuner
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Postby nismoZtuner » Fri Mar 28, 2014 3:47 pm

darkguy2 wrote:I like the dream account that Barclays offers. I may open one up. 0.95% and you get a extra 2.5% bonus if you make consecutive deposits for 6 months and another 2.5% on interest if you make no withdraws for 6 months. You can put up to $1000 a month. The rest I can put into their 0.9% savings account. I think I may switch from Ally. Trust Barclay more than Ally. They may also be more likely to give me a card if they see I have some savings with them.


those were my plans after i opened a savings account with chase- i went right ahead an applied for the chase sapphire preferred and bang APPROVED- i already had one of their signature card already though
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

linuxmachine
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Postby linuxmachine » Fri Mar 28, 2014 4:15 pm

darkguy2 wrote:I like the dream account that Barclays offers. I may open one up. 0.95% and you get a extra 2.5% bonus if you make consecutive deposits for 6 months and another 2.5% on interest if you make no withdraws for 6 months. You can put up to $1000 a month. The rest I can put into their 0.9% savings account. I think I may switch from Ally. Trust Barclay more than Ally. They may also be more likely to give me a card if they see I have some savings with them.


only thing i dont like about this option is that I want to put 10k up front. I wonder if I can open up both the regular savings, and then transfer to the dream one in increments of 1k. then i can still earn interest on the initially planned deposit as well.

darkguy2
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Postby darkguy2 » Fri Mar 28, 2014 5:02 pm

linuxmachine wrote:only thing i dont like about this option is that I want to put 10k up front. I wonder if I can open up both the regular savings, and then transfer to the dream one in increments of 1k. then i can still earn interest on the initially planned deposit as well.


I actually called them and asked exactly that. They said yes but I should open my regular savings first before opening the dream account.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

linuxmachine
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Postby linuxmachine » Fri Mar 28, 2014 5:25 pm

darkguy2 wrote:I actually called them and asked exactly that. They said yes but I should open my regular savings first before opening the dream account.


Opening regular savings first is fine, but does this mean I have to wait until I open the dream account? My idea was to open regular savings, load it up, and then once the initial deposit posts, open the dream account and set up 1k transfer every month until it runs dry. At the same time, I'll have my checking account deposit 25~50/month directly into the dream account. After 10 months, I will close the regular savings account

I also decided on opening up a separate chase savings account to save up for special occasions, like birthdays and holidays. I don't mind giving up a few bucks a year for the convenience of walking into chase and getting a check immediately when I want it.

darkguy2
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Postby darkguy2 » Fri Mar 28, 2014 5:40 pm

Yes. You have to wait to verify you own the account you are trying to transfer from. Just have to verify some small charges on the account that you are taking the money out of. Then I think there is a 10 day hold on the funds. So it is better to wait to open the dream account.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

linuxmachine
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Postby linuxmachine » Fri Mar 28, 2014 6:07 pm

Hmm... sounds like my plans are almost set then. Unless someone insists Ally/Discover/Amex savings accounts are better

linuxmachine
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Postby linuxmachine » Mon Apr 14, 2014 9:00 pm

hmm.. i got a targeted chase offer to dump 15k for $175. Maybe I'll do that first.... :)

samhradh
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Postby samhradh » Mon Apr 14, 2014 10:40 pm

Over coffee one morning last week I decided to open up an Ally savings account. I already had their checking account so for me it was a no-brainer since the account was opened instantly and the transfer from Ally to Ally was instant. I'm just not sure why I didn't open one a few months ago when my checking balance no longer sat steady at a min of $15K to qualify for the higher APR.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).



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