Good banks with high CD rates?

[sv2007]

Hi,

Now that CapitalOne 360 has dropped their 12 month CD rate to 0.75% (the same as their savings account rate), I'm looking for some place with rates greater than 1.1% to store my EF cash.

Synchrony Bank made it easy to open an account, but hasn't sent the test payment yet and the account number that they emailed me is four digits too long for the web site sign in form to accept. Discover Bank has shockingly high penalties (six months!!), and others are ones that I've never heard of before or have minimum balances higher than I want to deposit.

So, any thoughts from you all?

We used to use CapitalOne, it used to reimburse for ATM fees since it's got no local ATMs/branches but found it difficult to take large amount of money out quickly... the whole reason for a bank account. I was very diligently taking the max $500 everyday to build my motorcycle fund, a real pain. Just food for thought on remote banking.

[Nutria]

found it difficult to take large amount of money out quickly... the whole reason for a bank account.

That's what credit cards are for...

But seriously, it's our "second tier" storage.

In order of ease/speed of access, our money is in:

1. Chase -- because it bought the bank that bought the S&L that bought the S&L where I opened the account 40 years ago -- is where our checking and "prime" savings accounts are, plus CCs. And auto loan.
2. CapitalOne 360 Savings is next.
3. CDs at CO360 & Synchrony.
4. IRA & 401(k) loans. (Obviously only for the most dire of emergencies after all else is tapped out and more loans are refused).

Because of my Savings spreadsheet, which lists all savings and CD accounts (but not retirement) plus days of the month, and each month in a separate tab, I know when big (and small) spending will happen and thus transfer enough money ahead of time.

[Nutria]

We used to use CapitalOne, it used to reimburse for ATM fees since it's got no local ATMs/branches but found it difficult to take large amount of money out quickly... the whole reason for a bank account.

You want to know what's slow? PayPal!!

Three days for it to clear from the other person to me, and then three more days from my PP account to my bank.

[Jluke]

We used to use CapitalOne, but found it difficult to take large amount of money out quickly... the whole reason for a bank account.

Talk about slow... try depositing a check using the CapitalOne 360 Savings. app.. I deposited two checks ($100 and $1000) on Saturday June 4. The money was not available until Monday June 13.

[DaveInPgh]

We used to use CapitalOne, it used to reimburse for ATM fees since it's got no local ATMs/branches but found it difficult to take large amount of money out quickly... the whole reason for a bank account.

You want to know what's slow? PayPal!!

Three days for it to clear from the other person to me, and then three more days from my PP account to my bank.

Talk about slow... try depositing a check using the CapitalOne 360 Savings. app.. I deposited two checks ($100 and $1000) on Saturday June 4. The money was not available until Monday June 13.

You folks call it slow. The Banks call it Float.

[Nutria]

Talk about slow... try depositing a check using the CapitalOne 360 Savings. app.. I deposited two checks ($100 and $1000) on Saturday June 4. The money was not available until Monday June 13.

Interesting. My son deposits his paychecks via the Chase mobile app (counter-sign and then photograph front and back) and they post within two days.

CO360 makes "deposits unavailable for 5 days" pretty explicit, though, and you do earn interest on them during that time, so it's not "stealing via float".

I think it's trying to mitigate against identity theft fraud.

[Jluke]

Interesting. My son deposits his paychecks via the Chase mobile app (counter-sign and then photograph front and back) and they post within two days.

I think it's trying to mitigate against identity theft fraud.

Agreed, it's just the way it is for CO360. My credit union mobile app deposits checks immediately. Sometimes they may hold for an hour or so to review, but very rare. #firstworldproblems