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Old 06-25-2017, 08:53 PM   #3276
citanul
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Re: Credit Primer & Discussion w/ JL

Anyone have any thoughts on the Amex "high-yield? savings account?

I just got an email that says they'll give me 1.05% on savings, with no fees, and I don't even have to actually move money around -- I can just link an existing savings account. It says I can only make 6 withdrawals a month, which appears to be the only downside.

I'm considering setting this up for the account into which I'm just holding cash for a down payment, and wondering if anyone's done this or has a similar but better thing set up for holding say $50k-$200k?
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Old 06-27-2017, 01:39 AM   #3277
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Re: Credit Primer & Discussion w/ JL

What do you mean by
Quote:
and I don't even have to actually move money around -- I can just link an existing savings account.
? They're not going to pay you interest if you just link your Discover Savings account. You will have to move money into your Amex account to receive the interest...

Otherwise, 1.05% seems pretty standard these days. You can find slightly better percentages from other banks, or way better (like up to 5%) if you want to meet some requirements (like debit transactions, or direct deposit).
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Old 06-27-2017, 01:53 AM   #3278
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Re: Credit Primer & Discussion w/ JL

I think he's referring to the fact that most high interest accounts require you to make txns, or direct deposit, or billpay X times per month to get the high rate?
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Old 06-27-2017, 02:45 AM   #3279
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Re: Credit Primer & Discussion w/ JL

6 withdrawals per months is a federal regulation for savings accounts. 1.05% is a pretty good amount for just parking money in an online savings account and not touching it. That's what I do (in process of saving for down payment too... albeit slowly...). I use Capital One 360, its only like 0.75% or something though.

If the 6 transaction minimum is a problem for you, some online banks (like Capital One 360) allow you to make multiple savings accounts for free (I think you can have up to 20 or something like that on Capital One 360). Can create additional accounts online in a matter of seconds. I wouldn't think the 6 transaction minimum would be an issue for you though if you are just using it to hold cash. In my case if my checking account gets low I just send over a couple grand and that tides me over til next paycheck or end of month.

One downside I'll add regarding online savings accounts is the lack of the ability to quickly access the money in case of an emergency (and using a credit card to cover the emergency isn't an option). For example if I wanted $5000 cash I would have to go to my Capital One 360 savings account and initiate a transfer from it to a bank where I have a checking account that actually has a branch (e.g. BoA, Wells Fargo, Chase, etc.), and then go to the branch to collect said money. That process would take up to a week potentially, whereas if I had my savings with a bank that had a branch I could access the money immediately.

You can see the best "basic" high-interest savings accounts HERE.

Last edited by imjosh; 06-27-2017 at 02:51 AM.
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Old 06-27-2017, 08:21 AM   #3280
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Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by citanul View Post
Anyone have any thoughts on the Amex "high-yield? savings account?

I just got an email that says they'll give me 1.05% on savings, with no fees, and I don't even have to actually move money around -- I can just link an existing savings account. It says I can only make 6 withdrawals a month, which appears to be the only downside.

I'm considering setting this up for the account into which I'm just holding cash for a down payment, and wondering if anyone's done this or has a similar but better thing set up for holding say $50k-$200k?
I have had one for years now and am quite happy with it. If you need to make more than 6 withdrawals in a month, you're doing it wrong.
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Old 06-27-2017, 01:02 PM   #3281
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Re: Credit Primer & Discussion w/ JL

Os,

I mean that Amex says "No need to switch banks — you can simply link your American Express Personal Savings account conveniently to your existing bank accounts".

imjosh, RG,

Yeah I mean all else failing I could obviously just make one withdrawal to a different account and billpay from that other account, rather than billpaying from the main savings account. 6 withdrawals a month is not a problem for me.

imjosh,

Thanks for the link, list, and thoughts. I'll have to think more about how much I'm willing to do in terms of carving up money in order to max out interest. I doubt I'm willing to open maintain 20-40 accounts to gain an extra point or two. I'll be careful not to put 100% of my rainy day money into hard to access accounts.

RG,

Glad to hear from someone actually using the service. Will probably make decisions this weekend.
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Old 07-16-2017, 10:53 PM   #3282
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Re: Credit Primer & Discussion w/ JL

Anybody heard anything about UR points getting nerfed in the near future? Saw some squawking on twitter fwiw
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Old 07-16-2017, 11:21 PM   #3283
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Re: Credit Primer & Discussion w/ JL

its a rumor based on a survey someone took.
if you're concerned just move your URs to the best redemption card (like CSR) right now, although it shouldn't matter since Chase will likely give us advanced notice if it is true.
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Old 07-19-2017, 08:35 AM   #3284
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Re: Credit Primer & Discussion w/ JL

I used my Chase Ink card to book a conference which allowed me to hit my bonus. My conference just got cancelled and i am getting a refund. Will they strip my bonus now? I still have some time on the 3 month thing to try and make up the spending deficit
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Old 07-19-2017, 12:17 PM   #3285
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Re: Credit Primer & Discussion w/ JL

If the bonus is already awarded then you're fine. I hit my bonus and cancel purchases afterwards all the time and so far it's been like 15/15

if not, then you might need to spend more, calling them to find out won't hurt
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Old Yesterday, 10:53 PM   #3286
OsTornado
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Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by Alpha Fish View Post
If the bonus is already awarded then you're fine. I hit my bonus and cancel purchases afterwards all the time and so far it's been like 15/15

if not, then you might need to spend more, calling them to find out won't hurt
Calling them to find out is a bad idea. It could possibly get them to do a manual review and they would probably cancel the bonus, EG take back the points or blacklist, as it states in the TOC that returned items don't count towards the min spend usually.
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Old Today, 01:09 AM   #3287
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Re: Credit Primer & Discussion w/ JL

what's to review? he either has the bonus and the conversation is over or he doesn't and he knows how much he needs to spend
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Old Today, 02:11 AM   #3288
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Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by Alpha Fish View Post
what's to review? he either has the bonus and the conversation is over or he doesn't and he knows how much he needs to spend
Many banks will pull the points back if you return an item and go back under the min spend required. If he can't hit the min spend at that point, having a CSR review his spending could cause him to lose the bonus.

To play it on the safe side, he should just calculate how much spend he would need without the purchase and then make sure to hit it.
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