Capital One is running a $500 cash bonus promotion for new 360 Money Market accountholders. Note that if you have or had an open savings product (excludes CDs) with Capital One on or after January 1, 2016, you’re ineligible for the bonus. Here are the details: Open a new 360 Money Market account by 8/31/19 using promo code CASH500. Deposit $50,000 or more into the account with new money from an external bank within 10 days and maintain it for the next 90 days. Capital One will deposit the bonus into your account within 60 days following the 90-day period. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus. You’ll also earn their current interest rate of 2.00% APY on $10,000… [Read More...]

Online bank Marcus (formerly Goldman Sachs Bank) has a new Cash Bonus Offer which includes 1% cash bonus (up to $500) on new deposits on top of their existing interest rate (currently 2.15% APY). Valid for both new and existing customers. Given the holding period, this roughly equates to the same total interest paid as a 3-month bank CD at 6% APY. Here’s how it works: Enroll first at the offer link and designate a specific savings account to be tracked for this promotion. Deposit your new funds ($1,000 minimum) within 10 days of enrollment. Multiple transfers within that 10 days is fine, but funds must be new to Marcus Bank. Maintain your balance at enrollment plus the new funds for 90 days. Receive your 1% cash bonus… [Read More...]

The NY Times recently published an article stating Safe Deposit Boxes Aren’t Safe. I was a little disappointed in the article because it was a bit sensational, but I suppose the takeaway is important for folks that made other assumptions. A more accurate headline would be “Safe Deposit Box Contents Aren’t Insured”. No federal laws require banks to compensate customers for lost property from a safe deposit box. Usually, you have agreed in the rental contract that that maximum liability is on the order of $1,000. Unfortunately, there have been rare cases where folks have lost the contents of your safe deposit box. Natural disasters like fire, flood, or even a movie-style bank robbery have occurred. The NYT article told the story of a… [Read More...]

Here’s my monthly roundup of the best interest rates on cash for August 2019, roughly sorted from shortest to longest maturities. The target for the Fed Funds Rate was just cut by 0.25% as of 8/1/19, so look out for small rate drops this month (probably right after I publish this post). Check out my Ultimate Rate-Chaser Calculator to get an idea of how much extra interest you’d earn if you are moving money between accounts. Rates listed are available to everyone nationwide. Rates checked as of 8/4/19. High-yield savings accounts While the huge megabanks like to get away with 0.01% APY, it’s easy to open a new “piggy-back” savings account and simply move some funds over from your existing checking account. The… [Read More...]

Updated. Betterment, best known for their automated portfolio management software, has added a high-yield savings product called Betterment Everyday Savings. An additional checking product is “coming soon”. This product has several unique features that makes it unlike many other savings accounts. Here are the highlights, followed by both the important pros and cons of this account. Betterment Everyday Savings (Available Now) Promotional rate of 2.44% APY (EFFR + 0.25%) if you sign up for the Everyday Checking waitlist (free) Base rate of Effective Federal Funds Rate (EFFR) FDIC insurance up to $1,000,000 No minimum balance. Minimum opening deposit is $10. No monthly fees If you are an existing Betterment client with Smart Saver, that is going away. You can move over immediately or wait to… [Read More...]

Betterment, best known for their automated portfolio management software, has added a high-yield savings product called Betterment Everyday Savings. An additional checking product is “coming soon”. This product has several unique features that makes it unlike many other savings accounts. Here are the highlights, followed by both the important pros and cons of this account. Betterment Everyday Savings (Available Now) Promotional rate of 2.68% APY (EFFR + 0.25%) if you sign up for the Everyday Checking waitlist (free) Base rate of Effective Federal Funds Rate (EFFR) FDIC insurance up to $1,000,000 No minimum balance. Minimum opening deposit is $10. No monthly fees If you are an existing Betterment client with Smart Saver, that is going away. You can move over immediately or wait to be… [Read More...]

Simple was one of many fintech startups that tried to add fancy tech and smartphone app sprinkles to your vanilla checking account. They were acquired by the big European-based bank BBVA in 2014, but never really took off. It looks like they are making another push by adding high-yield “Protected Goals” accounts that earn 2.02% APY (as of 7/10/19) and offering additional $250 bonus if you deposit $10,000 and meet certain requirements and deadline dates: Open a new Protected Goals Account by 7/31/19 4:59 PM PT. Deposit(s) totaling $10,000 or more must post to the new Protected Goals Account by 8/15/19 4:59 PM PT. Maintain a balance of at least $10,000 in the new Protected Goals Account through 10/31/19 4:59 PM PT. Qualifying customers will receive the bonus credit to their … [Read More...]

New offers. Navy Federal Credit Union is the nation’s largest credit union, but is primary limited to those with a military relationship. However, their membership now includes veterans and family members of veterans. Here are their current banking specials: 5-Year Certificate at 3.50% APY. $1,000 minimum. No maximum. No add-ons. Available as a Share Certificate, IRA or ESA. Special EasyStart Certificate at 3.50% APY. Open with as little as $50. Make additional deposits anytime (up to $3,000). 12-month term. Certificate owner(s) age 18 and older must have Direct Deposit of Net Pay or payroll allotment and a Navy Federal checking account within 90 days of the certificate issue date. That 5-year certificate rate would be a top rate in my Best Interest Rates on Cash –… [Read More...]