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I have opened a savings account that pays 3.44% monthly if the average balance remains above $100. To open the account you need a $100 draft deposit. The only one we get now is s.s and SSA are not able to change the direct deposit from the checking account to the savings account until December.
What other sources can we get to make a bank draft of $100?
Otherwise we lose Oct-Nov and likely Dec. in interest.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,693 posts, read 58,004,579 times
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Just do a monthly $100+ e-deposit into your interest acct from a linked bank / brokerage.
Validate that with your new bank, but that is what we do for all our interest / promotions and it works with the (3) entities we use.
The (12) required cash card transactions are often done via individual Dollar Tree items on a slow day (such as greeting cards). Or covering debit card transations under $5. odd-ball grocery purchases.
Our latest CU has a special 'barometer' screen to indicate if you have met qualifications for interest. (currently 6%) Left Coast, IQ Credit Union. (Formerly Teacher's CU) https://www.iqcu.com/checking (Intelligent Checking... 6% on balances up to $25k) No Fees, Free Checking
I have opened a savings account that pays 3.44% monthly if the average balance remains above $100. To open the account you need a $100 draft deposit. The only one we get now is s.s and SSA are not able to change the direct deposit from the checking account to the savings account until December.
What other sources can we get to make a bank draft of $100?
Otherwise we lose Oct-Nov and likely Dec. in interest.
Thanks.
Maybe I don't quite understand. Is that a one time draft or recurring in order to maintain the +$100 balance?
Don't you have any cash value investment accounts you could withdraw from to make the initial deposit?
Deposits must be monthly and can be made on any day during the month. The only external account is with Schwab and they are processing two small deposits and withdrawals to verify the account. That should get into next week so the draft will meet the requirment for October.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,693 posts, read 58,004,579 times
Reputation: 46171
likely 'nanny rules' (Conditions) to get the 3.44% monthly on whatever the balance is... $100- $100k+?
The CU I use... 'rules' are (Checking acct)
1) access acct 5x / month - on line
2) Make at least $100 monthy e deposit
3) Have (12) Debit card transactions / month
4) Go paperless.
If any of those conditions are not met each month, my interest drops from 6% to 0.05%
i am lost here .
the op can’t send them a 100 dollar money order or check .?
if it has to with direct deposit , each bank has different acceptable sources .
but why the scramble if we are talking interest on 100 bucks or so
They require a direct deposit from a financial institution. The account requires $100 to open it and $100 direct deposit each month.
The $100 requirements have nothing to do with the beginnng balance of the account as long as it's between $100 and $100,000 average monthly balance.
likely 'nanny rules' (Conditions) to get the 3.44% monthly on whatever the balance is... $100- $100k+?
The CU I use... 'rules' are (Checking acct)
1) access acct 5x / month - on line
2) Make at least $100 monthy e deposit
3) Have (12) Debit card transactions / month
4) Go paperless.
If any of those conditions are not met each month, my interest drops from 6% to 0.05%
Ours is similar on the penalty of the interest from 3.44 down to 0.05.
No debit or ATM. Only 6 withdrawals per month. One $100 ACH required per month. They call it a high yield savings account. Failure to meet requirements can result in some $25 fee.
The only requirement going forward is the once a month ACH since all other requirements are met.
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