Savings Acct

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got a postcard from Opus Bank (nearest branch on Alton/Culver) for opening a money market acct with a 1% rate, seems pretty good.  it was sent under my wife's name though... guess she has better credit than me.  haven't seen any banks with local presence come close to that rate in a fluid money acct.  gonna have to check it out. 
 
I got a $175 savings bonus from chase if I put in $15,000....I can take out the money after 6 months and not lose the bonus.  That's 2.33% annualized.
 
Irvine Dream said:
ps9 said:
https://www.discover.com/online-banking/savings-account/

Decent rate at 0.90% for online savings, beats AMEX and CapitalOne360 at 0.85% and 0.75% respectively.  You can also use code 'Save31214' to get an extra $50 with $5000 deposit.  Still not as good as Palladian's 1.26% that I posted above, but I believe they're not taking new accounts right now.
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Barclays has 1% savings rate
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Cool, do you have an account with them? Easy push and pull cash?  Any monthly limits?
 
USCTrojanCPA said:
I got a $175 savings bonus from chase if I put in $15,000....I can take out the money after 6 months and not lose the bonus.  That's 2.33% annualized.
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Yeah, i get those too, if I have more time, I would definitely churn more Chase free cash.  Closing a chase account is like quiting the gym, do they let you close an account over the phone?  And one foolish move (i.e. go below minimum balance, etc.) and the penalties will wipe out your free cash. 
 
eyephone said:
ps9 said:
https://www.discover.com/online-banking/savings-account/

Decent rate at 0.90% for online savings, beats AMEX and CapitalOne360 at 0.85% and 0.75% respectively.  You can also use code 'Save31214' to get an extra $50 with $5000 deposit.  Still not as good as Palladian's 1.26% that I posted above, but I believe they're not taking new accounts right now.
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savings account are safe, but ROI is low compared to investments
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I'm no wolf of wall street.  I like slow and steady for my hard earned cash.  I will gamble my future self's money:  my 401k is 100% stocks
 
irvinehomeowner said:
Why not mutual funds tied to one of the indexes?
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Those are rollercoasters too, I can't stomach that.  Besides you never know if a house pops up that will force me to move, though very unlikely in our current situation.  But I like to dream. 
 
ps9 said:
USCTrojanCPA said:
I got a $175 savings bonus from chase if I put in $15,000....I can take out the money after 6 months and not lose the bonus.  That's 2.33% annualized.
Click to expand...

Yeah, i get those too, if I have more time, I would definitely churn more Chase free cash.  Closing a chase account is like quiting the gym, do they let you close an account over the phone?  And one foolish move (i.e. go below minimum balance, etc.) and the penalties will wipe out your free cash. 
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I'm sure they don't make it super easy but might be worth the effort.  I already have a checking account with them that I keep a few grand in (use it to pay my Freedom CC and keep the balance about $1,500 to not incur fees) so hopefully they'll make closing the savings account painless.
 
ps9 said:
USCTrojanCPA said:
I got a $175 savings bonus from chase if I put in $15,000....I can take out the money after 6 months and not lose the bonus.  That's 2.33% annualized.
Click to expand...

Yeah, i get those too, if I have more time, I would definitely churn more Chase free cash.  Closing a chase account is like quiting the gym, do they let you close an account over the phone?  And one foolish move (i.e. go below minimum balance, etc.) and the penalties will wipe out your free cash. 
Click to expand...

Closing a xhase acct is a bitch. I was told by my branch that I had to go into the branch to close the account. I happened to be close by to a different branch with 20 minutes to kill one day so I went in and asked to close the acct. They told me, nope, has to be the branch I opened the acct in. They must have flagged my account bc the opening branch "banker" called me the next day and reiterated that accts have to be closed in person at the original branch. Was annoyed so typed up a quick complaint letter and asking my acct be closed. 2 months later, I got the $1.15 leftover interest and a letter saying the accounts have been closed.  Complete PITA but prob still worth the $175.
 
bones said:
ps9 said:
USCTrojanCPA said:
I got a $175 savings bonus from chase if I put in $15,000....I can take out the money after 6 months and not lose the bonus.  That's 2.33% annualized.
Click to expand...

Yeah, i get those too, if I have more time, I would definitely churn more Chase free cash.  Closing a chase account is like quiting the gym, do they let you close an account over the phone?  And one foolish move (i.e. go below minimum balance, etc.) and the penalties will wipe out your free cash. 
Click to expand...

Closing a xhase acct is a bitch. I was told by my branch that I had to go into the branch to close the account. I happened to be close by to a different branch with 20 minutes to kill one day so I went in and asked to close the acct. They told me, nope, has to be the branch I opened the acct in. They must have flagged my account bc the opening branch "banker" called me the next day and reiterated that accts have to be closed in person at the original branch. Was annoyed so typed up a quick complaint letter and asking my acct be closed. 2 months later, I got the $1.15 leftover interest and a letter saying the accounts have been closed.  Complete PITA but prob still worth the $175.
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Interesting...well the branch is about 1 mile from my house so I'm not too concerned about having to go inside to close the account. 
 
I did that once, around '09 I think.  Got my $250 and closed the account right after the waiting period was up.  In and out, only took about 10 minutes (had to stand in line to get my check).  I haven't received any offers since.  My wife keeps getting the fliers but won't stoop to my level I guess.  For me it wasn't about the money so much as it was about taking $ from Chase.

Don't forget you'll get a tax statement at the end of the year and have to include the $ as income.
 
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