Subscribe
Notify of
guest

16K Comments
newest
oldest most voted

Grateful
Grateful (@guest_1820756)
March 27, 2024 15:44

Bluevine has 4.25% APY on premiere business checking https://www.bluevine.com/business-checking/premier.

TAB Bank – 3.50% money market is now 4.00% APY.

Andy Prosseda
Andy Prosseda (@guest_1821234)
March 28, 2024 07:18

There is a $95 monthly fee unless you keep at least 100K in the account AND spend at least $5000 on the Bluevine debit card.
This might make sense if you have several hundred thousand to put in a checking account, otherwise no.

KubKadet
KubKadet (@guest_1820628)
March 27, 2024 12:27

My elderly mom just netted 300K from sale of home. She is currently in independent living which isnt so costly but at some point will have to enter assisted living and more costly options

I have ideas of how to best deploy the cash in terms of CD lengths, etc. but thought I would ask opinions here on terms and best places

KubKadet
KubKadet (@guest_1820673)
March 27, 2024 13:17

a follow up? Any insights about the Farmers Insurance CU CDs. The good thing about that is there are shared CUs in our area you can actually go into as my mom is not good with online game

ntn
ntn (@guest_1820824)
March 27, 2024 17:48

I don’t know specifically about Farmers but have used shared CO-OP branches and discovered that there are limitations put into place, so I encourage you to look into it more closely.

In my case, I needed 2k in cash, and the shared branch I went into has an upper limit of 1k cash withdrawal per day per person. I wasn’t able to withdraw from a different CU either.

Gadget - Bank Bonus Geek 🔗
March 27, 2024 15:14

I’d probably do a CD ladder… various lengths of CD’s at $25K or $50K each. That way you have one maturing at least every 6 months if the need arises. And FDIC limit is $250K, so you would want at least two institutions. No Penalty CD’s exist too, where you can withdraw at any time without a penalty, but usually not at the best rates.

Most credit unions participate in “shared branching”, so you can access a remote credit union that way as long as the CD money is moved to a Checking or Savings. Someone not used to the “online game” can still call banks/CU’s too.

Best places: wherever they feel comfortable with.

CF Frost
CF Frost (@guest_1820784)
March 27, 2024 16:21

I would think you would want to also talk with an attorney who handles aging parents and how to best cover their assets so that Medicare / some assisted living place does not take all of her assets, especially if in her name, if you want Medicare to help cover her later expenses. Things like trusts, etc… I’m not too familiar in this area, but I know that we must have some people who can chime in on that.

Andy Prosseda
Andy Prosseda (@guest_1821240)
March 28, 2024 07:26

We got an irrevocable trust for my father with my brother and I as trustees. The purpose was to get all the assets out of his name so that in case he went into a nursing home, they couldn’t take his assets – which at the time included several properties.

At that time, the ‘look-back’ was 5 years, meaning that after 5 years all that money would be officially out of your mother’s name and they couldn’t come after any of ‘her’ assets, which after 5 years would be offically yours.

Obviously there has to be a lot of trust in your family, but it is a smart, safe way from keeping them from taking it all should tragedy happen.

Karl
Karl (@guest_1820877)
March 27, 2024 19:26

She should look into this!

It’s the equivalent of a 3-year 6%, 5-year 6.25%, or 7-year 6.05% CD.

Early withdrawal of up to 10% per year with no penalty if you’re over 59.

You have to be over 59 at redemption which I assume she is.

Most states insure this up to $250k but check hers to be sure.

https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-1781201

Andy Prosseda
Andy Prosseda (@guest_1821237)
March 28, 2024 07:22

Yes, Canvas Annuity is a great place to park at least half of her money. I got a 5-year in December (at 6.50%) and it’s been smooth sailing so far.
Relatively easy to open, they update the interest almost every day on their site, and when I signed up they back-dated my interest for the week+ that my money wasn’t officially in the annuity.

Ty K.
Ty K. (@guest_1820549)
March 27, 2024 09:47

Egg prices up 22% since January.
Gas prices up 17% since January.
Homeowners insurance up 32% within last 12 months.
Auto insurance up 40% within last 12 months.

Time to cut interest rates.
Really?

Andy Prosseda
Andy Prosseda (@guest_1821241)
March 28, 2024 07:29

Impossible! I just heard Biden’s press secretary say that Bidenomics was working for all Americans to lower prices.
Are you suggesting that we can’t always believe everything that comes out of the mouth of a President’s press secretary?? Balderdash I say!

Jon
Jon (@guest_1820143)
March 26, 2024 17:30

Many rates have changed. Andrews CU and NASA CU For example.List needs an update.

TyrannicalDuncery
TyrannicalDuncery (@guest_1820030)
March 26, 2024 14:10

I see people quoting their Chex history pretty often in the format like 9/12.

Does that refer to number of inquiries or number of unique institutions? I have a few banks that hit me with multiple hard inquiries, lol.

Regardless, is it known whether repeat inquiries with the same bank are generally seen as better than inquiries with new institutions? I’m hoping so, since there is a Chex score code that says something like “insufficient activity same FI” or something like that.

Gadget - Bank Bonus Geek 🔗
March 26, 2024 14:27

Number of inquiries, not unique, is what I would think most people are doing. In theory, yeah, maybe having multiple from a single bank could help your Chex score, but I certainly wouldn’t try it just to find out. Typically I dispute all duplicates. Sometimes it works, sometimes it doesn’t. TyrannicalDuncery

Rasheed
Rasheed (@guest_1819452)
March 25, 2024 12:53

Intuit is expanding their use of HYS offerings. Credit Karma is still at 5.1 APY which had been in the low 4s for most of the past year. I still believe it is tied to tax time promos., but that is not stated anywhere.

Now Intuit is offering QuickBooks customers a business savings at 5.0 APY. Heavy media ads also out there, so it should stick around for a few months. (https://quickbooks.intuit.com/get-money/). It is using a similar multi-bank system as Credit Karma, but GreenDot is more prominent.

seven
seven (@guest_1819377)
March 25, 2024 08:45
Amanda
Amanda (@guest_1819215)
March 24, 2024 18:55

Thanks for including the link for where to check whether a bank is currently insured by the FDIC. Here is the link to search for credit unions currently insured by the NCUA: https://mapping.ncua.gov/

Racoonzel
Racoonzel (@guest_1818139)
March 21, 2024 23:14

Got email today that Robinhood closes my spending account. Strange. I wonder if someone else also got it? I hope still be able to use Robinhood just with the brokerage account. I use it sometimes for debit card transactions and for their Crypto buy/sell free option.

John
John (@guest_1817752)
March 21, 2024 10:11

All America Bank down to 4.9% APY on their MM account.

Eric 🔗
Eric 🔗 (@guest_1817881)
March 21, 2024 14:08

That’s disappointing after they never went above 5.05%.

sparky
sparky (@guest_1818513)
March 22, 2024 16:29

I’m bailing and closing My account out of Redneck Bank at 4.90% for My Vanguard settlement fund VMFXX currently at 5.27% (7-day yeild).

Eric 🔗
Eric 🔗 (@guest_1818572)
March 22, 2024 18:08

Why close it? AA (same bank as Redneck) doesn’t charge any fees and has never offered a bonus (as far as I know). Why not keep $1 in the account in case its rate is competitive again in the future?

Matt
Matt (@guest_1818771)
March 23, 2024 08:59

I will stick with them. I’m already loaded up in the Vanguard funds. I like some FDIC coverage. 4.9 is pretty good. They are always in the top tier and they actually have customer service that will work for you. Love them.