Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

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index2max
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Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Mon Jan 06, 2020 11:51 pm

Hi all,

I am currently a member of Altra Federal Credit Union with a high-interest checking account that pays 3.5% annual interest. It's an NCUA-insured institution, by the way. Just using it as an emergency account and to save up for buying a house someday.

https://www.altra.org/personal/checking/a-platinum

If you look at the requirements section, their criteria are pretty easy for me to match:

1. Sign up for e-statements to my email inbox.

2. Sign into my online account at least once per month.

3. Have one direct deposit of at least $250 per month (easy enough since I'm currently working for an employer)

4. Make 20 separate transactions with their debit card per month. I just spend one penny ($0.01) per transaction at my local grocery store.

Their field-of-membership was pretty broad. Either live or work in one of their geographic areas, have a relative banking there or make a small contribution to their associated charitable foundation.

I'd like to know what other credit unions in the US are paying 3.0% or more in interest on deposits into checking and/or savings accounts up to amounts of at least, say, $10,000.

These credit unions also need to be easy for anyone nationwide to join, just like with Altra Federal Credit Union. Best are ones that don't specify minimum transaction amounts.

Did manage to find a credit union with lax membership requirements and a high-yield checking account paying 3% annually up to $15,000 called Lake Michigan Credit Union that's also NCUA insured. It's possible for anyone to join if they donate at least $5 to their charitable foundation.

https://www.lmcu.org/personal/banking/c ... -checking/

Thank you all for your advice!

tenkuky
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tenkuky » Tue Jan 07, 2020 7:13 pm

Check out Ken''s blog for updated rates (both bank and CUs) nationwide.
https://www.depositaccounts.com/blog/

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Tue Jan 07, 2020 10:39 pm

tenkuky wrote:
Tue Jan 07, 2020 7:13 pm
Check out Ken''s blog for updated rates (both bank and CUs) nationwide.
https://www.depositaccounts.com/blog/
This site seems a lot better than Bankrate (which I always considered to promote low-hanging fruit and sponsors' banks).

I like how this website lets me filter by Credit union or Banks only!

Obviously it's not perfect and doesn't know about every single institution. For example it doesn't seem to list my current credit union, Altra, mentioned in my original post.

This website will serve as a handy tool when researching new institutions to deposit my money into going forward.

Thank you very much for the link!

tenkuky
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tenkuky » Wed Jan 08, 2020 7:58 am

index2max wrote:
Tue Jan 07, 2020 10:39 pm
Obviously it's not perfect and doesn't know about every single institution. For example it doesn't seem to list my current credit union, Altra, mentioned in my original post.
A lot of Ken's readers send him links and info on offers like yours which he adds. Sort of crowd-sourcing, but he does a lot of hard work to keep it updated. I've found the hoop jumping (debit transactions, low maximum balances) not worth it so I slum it with Ally.

tj
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tj » Wed Jan 08, 2020 8:23 am

What do you buy for $0.01 at the grocery store?

Farmboyslim83
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by Farmboyslim83 » Wed Jan 08, 2020 8:36 am

Have had 2 accounts at LMCU for years, takes 5 minutes a month. Learned here to do multiple on-line partial payments at cable and/or wireless provider for debit transaction requirement. Some don’t allow, ymmv.

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Wed Jan 08, 2020 8:56 am

tenkuky wrote:
Wed Jan 08, 2020 7:58 am
index2max wrote:
Tue Jan 07, 2020 10:39 pm
Obviously it's not perfect and doesn't know about every single institution. For example it doesn't seem to list my current credit union, Altra, mentioned in my original post.
A lot of Ken's readers send him links and info on offers like yours which he adds. Sort of crowd-sourcing, but he does a lot of hard work to keep it updated. I've found the hoop jumping (debit transactions, low maximum balances) not worth it so I slum it with Ally.
Oh so it's a crowdsourced website? Hey, that's even cooler! I love credit unions after I found out about their advantages over banks (cooperatively owned, non-profit), plus there's the big advantage they have in not paying corporate income tax due to their non-profit status. So they can more easily afford to raise their deposit interest rates and lower their rates on loans.
tj wrote:
Wed Jan 08, 2020 8:23 am
What do you buy for $0.01 at the grocery store?
I ask one of the highschool kids working the evening shift at my current grocery store to ring my purchase up as "edible goods". I try to get them done on weeknights after rush hour when fewer people shop.

Another grocery store I shopped at would charge it as "dry goods".

The exact item name will depend on the grocery store, so just ask the cashier if there is a catch-all item in their system that can be charged for an arbitrary amount.
Last edited by index2max on Wed Jan 08, 2020 9:10 am, edited 1 time in total.

Jack FFR1846
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by Jack FFR1846 » Wed Jan 08, 2020 9:02 am

DCU pays 6.12% on the first $1k of the primary savings account. There are no hoops to jump through.
Bogle: Smart Beta is stupid

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Wed Jan 08, 2020 9:12 am

Jack FFR1846 wrote:
Wed Jan 08, 2020 9:02 am
DCU pays 6.12% on the first $1k of the primary savings account. There are no hoops to jump through.
Nice. As long as the money is easy to transfer out with an ACH transfer to an outside account or using a P2P payment app they offer, I'd be game for that. What's the full name of the institution?

Thanks!

SlowMovingInvestor
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by SlowMovingInvestor » Wed Jan 08, 2020 9:20 am

index2max wrote:
Wed Jan 08, 2020 9:12 am
Jack FFR1846 wrote:
Wed Jan 08, 2020 9:02 am
DCU pays 6.12% on the first $1k of the primary savings account. There are no hoops to jump through.
Nice. As long as the money is easy to transfer out with an ACH transfer to an outside account or using a P2P payment app they offer, I'd be game for that. What's the full name of the institution?

Thanks!
Only $1000, maybe an incremental benefit of $40 over a 2% account. After tax, maybe more like $30 or less. Doesn't sound really worth it.

tenkuky
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tenkuky » Wed Jan 08, 2020 9:37 am

index2max wrote:
Wed Jan 08, 2020 8:56 am

Oh so it's a crowdsourced website? Hey, that's even cooler!
Not exactly, that's why I said sort of. Readers email/message/post info on deals and Ken follows up and gets specifics. But yeah, pretty cool.

tj
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tj » Wed Jan 08, 2020 1:11 pm

index2max wrote:
Wed Jan 08, 2020 8:56 am
tenkuky wrote:
Wed Jan 08, 2020 7:58 am
index2max wrote:
Tue Jan 07, 2020 10:39 pm
Obviously it's not perfect and doesn't know about every single institution. For example it doesn't seem to list my current credit union, Altra, mentioned in my original post.
A lot of Ken's readers send him links and info on offers like yours which he adds. Sort of crowd-sourcing, but he does a lot of hard work to keep it updated. I've found the hoop jumping (debit transactions, low maximum balances) not worth it so I slum it with Ally.
Oh so it's a crowdsourced website? Hey, that's even cooler! I love credit unions after I found out about their advantages over banks (cooperatively owned, non-profit), plus there's the big advantage they have in not paying corporate income tax due to their non-profit status. So they can more easily afford to raise their deposit interest rates and lower their rates on loans.
tj wrote:
Wed Jan 08, 2020 8:23 am
What do you buy for $0.01 at the grocery store?
I ask one of the highschool kids working the evening shift at my current grocery store to ring my purchase up as "edible goods". I try to get them done on weeknights after rush hour when fewer people shop.

Another grocery store I shopped at would charge it as "dry goods".

The exact item name will depend on the grocery store, so just ask the cashier if there is a catch-all item in their system that can be charged for an arbitrary amount.
So you don't actually buy anything? The credit union and the grocery store are losing money off you. 😂

Jack FFR1846
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Location: 26 miles, 385 yards west of Copley Square

Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by Jack FFR1846 » Wed Jan 08, 2020 1:18 pm

index2max wrote:
Wed Jan 08, 2020 9:12 am
Jack FFR1846 wrote:
Wed Jan 08, 2020 9:02 am
DCU pays 6.12% on the first $1k of the primary savings account. There are no hoops to jump through.
Nice. As long as the money is easy to transfer out with an ACH transfer to an outside account or using a P2P payment app they offer, I'd be game for that. What's the full name of the institution?

Thanks!
Digital Federal Credit Union.

I was a little off....it's 6.17%. They have pretty much every service I've ever heard of any bank having except they don't have safe deposit boxes.
Bogle: Smart Beta is stupid

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Wed Jan 08, 2020 2:43 pm

tj wrote:
Wed Jan 08, 2020 1:11 pm
index2max wrote:
Wed Jan 08, 2020 8:56 am
tenkuky wrote:
Wed Jan 08, 2020 7:58 am
index2max wrote:
Tue Jan 07, 2020 10:39 pm
Obviously it's not perfect and doesn't know about every single institution. For example it doesn't seem to list my current credit union, Altra, mentioned in my original post.
A lot of Ken's readers send him links and info on offers like yours which he adds. Sort of crowd-sourcing, but he does a lot of hard work to keep it updated. I've found the hoop jumping (debit transactions, low maximum balances) not worth it so I slum it with Ally.
Oh so it's a crowdsourced website? Hey, that's even cooler! I love credit unions after I found out about their advantages over banks (cooperatively owned, non-profit), plus there's the big advantage they have in not paying corporate income tax due to their non-profit status. So they can more easily afford to raise their deposit interest rates and lower their rates on loans.
tj wrote:
Wed Jan 08, 2020 8:23 am
What do you buy for $0.01 at the grocery store?
I ask one of the highschool kids working the evening shift at my current grocery store to ring my purchase up as "edible goods". I try to get them done on weeknights after rush hour when fewer people shop.

Another grocery store I shopped at would charge it as "dry goods".

The exact item name will depend on the grocery store, so just ask the cashier if there is a catch-all item in their system that can be charged for an arbitrary amount.
So you don't actually buy anything? The credit union and the grocery store are losing money off you. 😂
How is the grocery store losing money? They still get my cents. Even after the transaction fees debit cards charge, the store would still be making money.

Maybe the credit union is. Depends on how much they charge for loans. Don’t blame me, I’m just trying to stay ahead of inflation with my emergency fund :wink:

Nowizard
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by Nowizard » Wed Jan 08, 2020 3:42 pm

Orion Credit Union offers 4% on up to 25K with requirements of ebilling, use of at least nine withdrawals monthly by debit card, a monthly deposit. Oops, just checked, and it is now 3% on up to 15K. We don't use it since we won't use debit cards for security reasons.

Tim

tj
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tj » Wed Jan 08, 2020 9:49 pm

index2max wrote:
Wed Jan 08, 2020 2:43 pm
tj wrote:
Wed Jan 08, 2020 1:11 pm
index2max wrote:
Wed Jan 08, 2020 8:56 am
tenkuky wrote:
Wed Jan 08, 2020 7:58 am
index2max wrote:
Tue Jan 07, 2020 10:39 pm
Obviously it's not perfect and doesn't know about every single institution. For example it doesn't seem to list my current credit union, Altra, mentioned in my original post.
A lot of Ken's readers send him links and info on offers like yours which he adds. Sort of crowd-sourcing, but he does a lot of hard work to keep it updated. I've found the hoop jumping (debit transactions, low maximum balances) not worth it so I slum it with Ally.
Oh so it's a crowdsourced website? Hey, that's even cooler! I love credit unions after I found out about their advantages over banks (cooperatively owned, non-profit), plus there's the big advantage they have in not paying corporate income tax due to their non-profit status. So they can more easily afford to raise their deposit interest rates and lower their rates on loans.
tj wrote:
Wed Jan 08, 2020 8:23 am
What do you buy for $0.01 at the grocery store?
I ask one of the highschool kids working the evening shift at my current grocery store to ring my purchase up as "edible goods". I try to get them done on weeknights after rush hour when fewer people shop.

Another grocery store I shopped at would charge it as "dry goods".

The exact item name will depend on the grocery store, so just ask the cashier if there is a catch-all item in their system that can be charged for an arbitrary amount.
So you don't actually buy anything? The credit union and the grocery store are losing money off you. 😂
How is the grocery store losing money? They still get my cents. Even after the transaction fees debit cards charge, the store would still be making money.

Maybe the credit union is. Depends on how much they charge for loans. Don’t blame me, I’m just trying to stay ahead of inflation with my emergency fund :wink:
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?

Topic Author
index2max
Posts: 286
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Wed Jan 08, 2020 10:10 pm

tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.

mpnret
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by mpnret » Thu Jan 09, 2020 7:22 am

index2max wrote:
Wed Jan 08, 2020 8:56 am
tj wrote:
Wed Jan 08, 2020 8:23 am
What do you buy for $0.01 at the grocery store?
I ask one of the highschool kids working the evening shift at my current grocery store to ring my purchase up as "edible goods". I try to get them done on weeknights after rush hour when fewer people shop.

Another grocery store I shopped at would charge it as "dry goods".

The exact item name will depend on the grocery store, so just ask the cashier if there is a catch-all item in their system that can be charged for an arbitrary amount.
Lets see, what could possibly go wrong here: You have a highschool kid processing false transactions (risking their job) so you can run an interest rate scam on the CU. All electronic records. Does the store actually sell anything for $0.01? You might want to try buying real items so at least the cashier is not at risk.
I admit it's small potatoes. Maybe fire the kid, tell you not to shop there anymore, CU takes back the interest.

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Thu Jan 09, 2020 8:15 am

mpnret wrote:
Thu Jan 09, 2020 7:22 am
index2max wrote:
Wed Jan 08, 2020 8:56 am
tj wrote:
Wed Jan 08, 2020 8:23 am
What do you buy for $0.01 at the grocery store?
I ask one of the highschool kids working the evening shift at my current grocery store to ring my purchase up as "edible goods". I try to get them done on weeknights after rush hour when fewer people shop.

Another grocery store I shopped at would charge it as "dry goods".

The exact item name will depend on the grocery store, so just ask the cashier if there is a catch-all item in their system that can be charged for an arbitrary amount.
Lets see, what could possibly go wrong here: You have a highschool kid processing false transactions (risking their job) so you can run an interest rate scam on the CU. All electronic records. Does the store actually sell anything for $0.01? You might want to try buying real items so at least the cashier is not at risk.
I admit it's small potatoes. Maybe fire the kid, tell you not to shop there anymore, CU takes back the interest.
I've talked to credit unions such as lake michigan credit union over the phone when inquiring about their rewards checking accounts.

When asking what the minimum transaction amount needs to be, the phone rep basically said "we have people who meet the transaction requirement by charging one penny for each one."

When I asked if that is a problem, she laughed and replied "no, it's fine."

I think you're overblowing this and making mountains out of molehills. Using the word "scam" implies I'm doing something criminal. I'm spending my own money how I want. There's nothing "false" about my transactions. I'm literally handing over money and not asking for anything in return and explicitly told them this. You shouldn't call accuse people of being criminals here when you don't know what you're talking about.

If a credit union wants to specify a transaction minimum, that's their right to do so. I also have the right to move my money, in response, to a savings account that pays a little less interest for no effort.

Maybe you think it's our patriotic duty to just go ahead and accept 0.00001% interest at the local branch of your Wall Street Mega Bank?

If no one wants to pay a decent interest rate that stays ahead of whatever the real inflation rate is, wouldn't we be better off buying precious metals and burying them in our backyards?

mpnret
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by mpnret » Thu Jan 09, 2020 8:43 am

You may want to ask someone else a little higher up in the store if they are ok with the cashier ringing up false purchases for you. You should already know the answer to that. Just because the rest of us aren’t jumping through hoops don’t assume we are getting a low interest rate.

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Thu Jan 09, 2020 8:55 am

mpnret wrote:
Thu Jan 09, 2020 8:43 am
You may want to ask someone else a little higher up in the store if they are ok with the cashier ringing up false purchases for you. You should already know the answer to that. Just because the rest of us aren’t jumping through hoops don’t assume we are getting a low interest rate.
I already asked the cashiers before. No one really seems to know what their transaction fees are. If someone has a problem with it, they can come talk to me. I'm just trying to get my transactions done.

I'm glad you understand the importance of staying above inflation too.

tj
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tj » Sat Jan 11, 2020 1:08 pm

index2max wrote:
Wed Jan 08, 2020 10:10 pm
tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.
I guarantee you they aren't being charged a fraction of penny for those transactions. The highers ups probably just don't look that closely.

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Tue Jan 21, 2020 8:05 pm

For anyone else curious about the business model of high-interest, rewards checking accounts the editor of Deposit Accounts gets into some of the details.

https://www.depositaccounts.com/blog/20 ... ounts.html

In short he basically said that most bank customers or credit union members who use such accounts don't maintain a full balance up to the maximum limit the financial institution will pay the full monthly interest on. Plus the merchant fees tacked onto debit and credit card transactions help contribute to the revenue of the institution paying interest on those accounts.

In short, these institutions probably care if you don't make transaction amounts as high as they are expecting.

tev9876
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by tev9876 » Tue Jan 21, 2020 11:41 pm

Even if the "fake" .01 transactions don't violate anyone's rules, it is still a bad idea IMO. It is obviously not how the credit union expects people to use their debit card to get the high interest rate. Eventually they will figure out they are losing money on you. They may simply change the rules to a minimum amount per transaction, or they may decide that you are not a profitable customer and close down your account - possibly locking up your money for awhile. Plenty of examples in Manufactured Spending forums on people who push the limit, end up getting shut down and creating problems for themselves. At least buy an apple, candy bar or something else you will use on each transaction to randomize the amount so it is not a huge red flag if a human ever looks at your account, or they run a database query for .01x20 transactions in a month.

Topic Author
index2max
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Wed Jan 22, 2020 8:25 am

tev9876 wrote:
Tue Jan 21, 2020 11:41 pm
Even if the "fake" .01 transactions don't violate anyone's rules, it is still a bad idea IMO. It is obviously not how the credit union expects people to use their debit card to get the high interest rate. Eventually they will figure out they are losing money on you. They may simply change the rules to a minimum amount per transaction, or they may decide that you are not a profitable customer and close down your account - possibly locking up your money for awhile. Plenty of examples in Manufactured Spending forums on people who push the limit, end up getting shut down and creating problems for themselves. At least buy an apple, candy bar or something else you will use on each transaction to randomize the amount so it is not a huge red flag if a human ever looks at your account, or they run a database query for .01x20 transactions in a month.
Look, if they want a transaction minimum amount, they should specify that in the TOS. I'm within my rights to use the account that way until the rules change.

If they tell me to close the account, I'll just move my money elsewhere. No big deal. I've talked to my credit unions higher ups before, they may not like people spending little money, but I'm not in the majority. Otherwise they would have stopped offering the account ages ago.

And if I can't find at least a decent interest rate anywhere, I might as well buy precious metals and bury them in my backyard. Why hold onto cash that gets inflated away? :wink:

jbmitt
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by jbmitt » Wed Jan 22, 2020 8:54 am

index2max wrote:
Wed Jan 08, 2020 10:10 pm
tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.
Just do 20 x $1 gift card reloads to your amazon account. It’s straightforward, doesn’t waste a cashiers time. Yes, you’re losing out on the 5% with the amazon card, but you’re not creating more issues. And you eventually get to spend it rather than forfeit it.

mpnret
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by mpnret » Wed Jan 22, 2020 10:05 am

jbmitt wrote:
Wed Jan 22, 2020 8:54 am
index2max wrote:
Wed Jan 08, 2020 10:10 pm
tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.
Just do 20 x $1 gift card reloads to your amazon account. It’s straightforward, doesn’t waste a cashiers time. Yes, you’re losing out on the 5% with the amazon card, but you’re not creating more issues. And you eventually get to spend it rather than forfeit it.
This may not be the type of charges the CU was expecting on average but it is easier and seems to playing within the rules. A lot safer than asking a cashier to enter bogus transactions for you.

Topic Author
index2max
Posts: 286
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Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Wed Jan 22, 2020 10:21 am

jbmitt wrote:
Wed Jan 22, 2020 8:54 am
index2max wrote:
Wed Jan 08, 2020 10:10 pm
tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.
Just do 20 x $1 gift card reloads to your amazon account. It’s straightforward, doesn’t waste a cashiers time. Yes, you’re losing out on the 5% with the amazon card, but you’re not creating more issues. And you eventually get to spend it rather than forfeit it.
What 5% are you referring to by using my debit card to reload an amazon gift card balance?

I only get the transactions done during dead time at the store when no one else is shopping. The cashiers have thanked me for making their shift time go by faster instead of just standing around, lol.

jbmitt
Posts: 499
Joined: Mon Jul 14, 2008 1:00 am

Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by jbmitt » Thu Jan 23, 2020 8:54 am

index2max wrote:
Wed Jan 22, 2020 10:21 am
jbmitt wrote:
Wed Jan 22, 2020 8:54 am
index2max wrote:
Wed Jan 08, 2020 10:10 pm
tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.
Just do 20 x $1 gift card reloads to your amazon account. It’s straightforward, doesn’t waste a cashiers time. Yes, you’re losing out on the 5% with the amazon card, but you’re not creating more issues. And you eventually get to spend it rather than forfeit it.
What 5% are you referring to by using my debit card to reload an amazon gift card balance?

I only get the transactions done during dead time at the store when no one else is shopping. The cashiers have thanked me for making their shift time go by faster instead of just standing around, lol.
I believe amazon offers 2% for debit. I’d imagine most people doing much shopping at amazon already have the chase card offering 5% cash back.

Put yourself if the cashier’s shoes.. you’re the weird guy who comes in at the middle of the night to do 20 transactions. That’s why they like when you come in.

Topic Author
index2max
Posts: 286
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by index2max » Thu Jan 23, 2020 2:53 pm

jbmitt wrote:
Thu Jan 23, 2020 8:54 am
index2max wrote:
Wed Jan 22, 2020 10:21 am
jbmitt wrote:
Wed Jan 22, 2020 8:54 am
index2max wrote:
Wed Jan 08, 2020 10:10 pm
tj wrote:
Wed Jan 08, 2020 9:49 pm
How does the store make $ off a 1 cent charge? You are getting charged a transaction fee or you are getting billed for 1 cent?
I spend $0.20 each month. That's $2.40 for the merchant every year for selling me absolutely nothing.

Now it's only a question of what kind of debit card fees the merchant is charged by the company they get their card-reader equipment from.

Some of those companies charge only a percentage fee for each transaction. Others charge a flat fee plus a percentage for each transaction.
Just do 20 x $1 gift card reloads to your amazon account. It’s straightforward, doesn’t waste a cashiers time. Yes, you’re losing out on the 5% with the amazon card, but you’re not creating more issues. And you eventually get to spend it rather than forfeit it.
What 5% are you referring to by using my debit card to reload an amazon gift card balance?

I only get the transactions done during dead time at the store when no one else is shopping. The cashiers have thanked me for making their shift time go by faster instead of just standing around, lol.
I believe amazon offers 2% for debit. I’d imagine most people doing much shopping at amazon already have the chase card offering 5% cash back.

Put yourself if the cashier’s shoes.. you’re the weird guy who comes in at the middle of the night to do 20 transactions. That’s why they like when you come in.
Your idea of reloading the amazon gift card balance is a good idea. I hadn’t even considered it. Are there any other major shopping websites out there that offer a gift card balance through an online account (not on a card, which comes with fees) besides Amazon?

mouses
Posts: 4217
Joined: Sat Oct 24, 2015 12:24 am

Re: Which Credit Unions offer the best interest rates on deposits as of Jan 2020?

Post by mouses » Thu Jan 23, 2020 3:16 pm

Jack FFR1846 wrote:
Wed Jan 08, 2020 1:18 pm
index2max wrote:
Wed Jan 08, 2020 9:12 am
Jack FFR1846 wrote:
Wed Jan 08, 2020 9:02 am
DCU pays 6.12% on the first $1k of the primary savings account. There are no hoops to jump through.
Nice. As long as the money is easy to transfer out with an ACH transfer to an outside account or using a P2P payment app they offer, I'd be game for that. What's the full name of the institution?

Thanks!
Digital Federal Credit Union.

I was a little off....it's 6.17%. They have pretty much every service I've ever heard of any bank having except they don't have safe deposit boxes.
I haven't read everything, so maybe someone posted this already, but depositaccounts had a blip about dcu. I got an email saying the share account rate had gone way down from 6ish%, but they seem to have confused that with the rate for over $1000. I did send them an email about this.

Who's Ken?

I assumed depositaccounts had some bot running around looking for rate changes.

I just keep the $1000 share account and a checking account and credit card, as their other rates on CDs etc. are not competitive to my local credit unions. They have free transfer in. To transfer out I move money from the share account into checking and then write a check, as they charge for transfers out.

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