Ally Bank has a new cash deposit bonus that is offering a 1% cash bonus (up to $250) on new deposits on top of their existing interest rates. 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 5%+ APY. Here’s how it works: Enroll by 3/20/20. You must enroll or you won’t get the bonus. Existing customers must enroll with the same e-mail as linked to their Ally bank account. Fund account by 3/31/20. This means your account has to be approved, opened and funded by this date. Move at least $1,000 from another financial institution to a new or existing eligible Ally Bank account. Remember, transfers can… [Read More...]
How to Start Building an Emergency Fund
For many of us, recent events have come as a massive shock. Personal health concerns, loss of loved ones, loss of jobs, and uncertainty about many other jobs have turned a lot of people’s worlds upside down and, for many, it’s been a clear indicator of how valuable an emergency fund can be. An emergency fund is a really simple concept: it’s just a pool of money you have set aside for life emergencies. You can decide for yourself what constitutes such an emergency, but generally, such emergencies include things like a job loss, a sudden illness, or any other major out-of-the-blue expense. Most of the time, emergency funds are stored in savings accounts, usually at a local bank or credit … [Read More...]
Where to Find Financial Relief During Coronavirus (COVID-19)
Americans are facing more than health concerns as a result of the spread of novel coronavirus COVID-19, recently labeled a pandemic. As events and attractions postpone operations, many workers are being laid off until further notice. Those who can work may be faced with the choice between showing up sick or losing income needed to pay rent. The Federal Reserve, joined by other government agencies, has called on the financial services industry to “meet the financial needs” of people who are affected by COVID-19. Some of the country’s largest financial institutions have responded with measures to help their customers cope. Which financial institutions are offering coronavirus assistance? Citi Starting March 9, 2020, the following are in place for an initial 30 days, according to the company website: “For Retail Bank … [Read More...]
Simple Bank Bonus: $400 Bonus + 1.75% APY for $20,000 New Deposit
Bonus back again 3/3/20. Simple is one of many fintech startups adding fancy tech and smartphone app sprinkles to your vanilla checking account. They were acquired by the big European-based bank BBVA in 2014. They just updated their $200 and $400 new customer bonuses with new expiration dates. $200 Bonus Details ($10,000+) Open a new Simple Account by 3/15/2020 at 4:59 PM PT. Deposit(s) totaling $10,000 or more must post to the new account by 4:59PM PT within 15 calendar days after the account is opened. Maintain a balance of at least $10,000 through 5/31/20 4:59 PM PT. The combined balance between your Simple Account and Protected Goals Account counts towards this bonus. The Protected Goals account currently pays 1.75% APY while the primary checking only pays 0.01% APY, so I would … [Read More...]
Juno: 2.15% APY Guaranteed for 1 Year, 5% Cash Back, $25 Referral Bonus
Juno is a new fintech bank checking account with a combination of nice-looking features: 2.15% APY guaranteed for 1 year for first 1,000 sign-ups who link a bank account. Their Twitter accounts says 800 spots left as of 3/23. 5% cash back on 5 brands of your choice, on up to $3,000 in debit card spend. Examples shown include Costco, Amazon, Walmart.com, Target.com, Uber Eats, Doordash, Dunkin, and Starbucks. This is a permanent feature. $25 bonus on first deposit if opened via referral link. The referrer gets $25 as well. That’s mine, thanks if you use it! No minimum balance requirement, no maintenance fees, no ATM fees. FDIC-insured through partner bank. After the Fed rate cut to zero, 2.15% APY for 1 year is better than any… [Read More...]
Orion FCU Premium Checking Review: 3% APY (Up to $15k) w/ New Activity Requirements
(Update 3/1/19. Orion has announced another change to their high-interest checking account. Effective April 1, 2020, instead of 8 debit transactions per month, you must spend at least $500 on your Orion debit or credit card each month. All signature and PIN based purchases count. Updated review below.) Orion Federal Credit Union (FCU) has a Premium Checking account that offers 3% APY on balances up to $15,000 if you meet certain direct deposit and debit card transaction requirements. However, if you don’t meet the requirements, you’ll get basically no interest and be charged a monthly fee. Their membership is now open nationally. Details below. Membership eligibility. Orion FCU is based in Memphis, Tennessee and has a field of membership open to nearby residents and employers of local … [Read More...]
CIBC Bank Agility Online Savings $200/400 Deposit Bonus
CIBC Bank USA has added a $200/$400 deposit bonus for new customers of their Agility online savings account. The bonus is on top of the interest rate, currently 1.85% APY (as of 3/1/20). $1,000 minimum to open. No monthly maintenance fees. CIBC stands for the Canadian Imperial Bank of Commerce. Thanks to reader Mike for the tip. New deposit bonus details. Open a new CIBC Agility Savings Account by March 16, 2020, and make your deposit within 15 days of opening your account. Sign up for online eStatements within 15 days of opening your account, available through CIBC US Online Banking. Earn $200 when you deposit at least $25,000 and keep the money in your account for 120 days (after the end of the 15-day funding period). Earn $400 when you… [Read More...]
What’s Happening to Interest Rates and Why Does It Matter?
On Sunday, the Federal Reserve announced it would slash interest rates by one percentage point down to 0%-0.25% as a rare emergency action against the financial instability caused by the COVID-19, or coronavirus, pandemic. This follows the previous March 3 decision to cut the rate by half a percentage point. Aggressive monetary policy moves like this are intended to grease the gears of the borrowing and lending industries. According to Bankrate, the federal funds rate is “the interest rate at which banks and other depository institutions lend money to each other, usually on an overnight basis.” This baseline rate affects all other rates, from credit cards and savings accounts to mortgages and student loans, and has a cascading effect on the economy and the willingness of … [Read More...]
Where to Find Financial Support During Coronavirus COVID-19
Americans are facing more than health concerns as a result of the spread of novel coronavirus COVID-19, recently labeled a pandemic. As events and attractions postpone operations, many workers are being laid off until further notice. Those who can work may be faced with the choice between showing up sick or losing income needed to pay rent. The Federal Reserve, joined by other government agencies, has called on the financial services industry to “meet the financial needs” of people who are affected by COVID-19. Some of the country’s largest financial institutions have responded with measures to help their customers cope. Which financial institutions are offering coronavirus assistance? Citi Starting March 9, 2020, the following are in place for 30 days, according to the company website: “For Retail Bank Customers: Fee … [Read More...]