Which credit unions offer deposit accounts paying more than 3% interest?

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tj
Posts: 4237
Joined: Thu Dec 24, 2009 12:10 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by tj »

index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?

This and Arbor credit union are the sorts of credit unions I'd love to join. You Bogleheads rock sharing the names of these places with us!
What is special about Arbor?
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

tj wrote: Wed Mar 17, 2021 8:46 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?

This and Arbor credit union are the sorts of credit unions I'd love to join. You Bogleheads rock sharing the names of these places with us!
What is special about Arbor?
Someone posted on the first page of this thread about it. You get 3% up to $15,000. Have you live in MI to join though.
camillus wrote: Tue Mar 16, 2021 8:13 pm Arbor FCU, 3%
https://www.arborfcu.org/Bank/Solutions ... m-Checking

$500 DD
estatements
30 debit card transactions
tj
Posts: 4237
Joined: Thu Dec 24, 2009 12:10 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by tj »

index2max wrote: Wed Mar 17, 2021 9:43 pm
tj wrote: Wed Mar 17, 2021 8:46 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?

This and Arbor credit union are the sorts of credit unions I'd love to join. You Bogleheads rock sharing the names of these places with us!
What is special about Arbor?
Someone posted on the first page of this thread about it. You get 3% up to $15,000. Have you live in MI to join though.
camillus wrote: Tue Mar 16, 2021 8:13 pm Arbor FCU, 3%
https://www.arborfcu.org/Bank/Solutions ... m-Checking

$500 DD
estatements
30 debit card transactions
Only if you do 30 debit card purchases. What's exciting about that? Liberty.financial you get 3.3% on $20k with 15 debit card purchases.
Pu239
Posts: 408
Joined: Mon Dec 17, 2018 6:24 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by Pu239 »

index2max wrote: Wed Mar 17, 2021 8:29 pm
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P
Maybe you could join a church in say, Roanoke, and worship from afar. Has anyone used that membership trick to join a CU?
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
inspector00
Posts: 98
Joined: Sun Jun 30, 2013 9:08 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by inspector00 »

Check out this list for some other options, Rates fluctuate often.
https://www.doctorofcredit.com/high-int ... Nationwide
tashnewbie
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Joined: Thu Apr 23, 2020 12:44 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by tashnewbie »

index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?
I live in VA and use Freedom First for this 5% APY on $10,000 (also keeping more cash there now because the 0.50% for amounts >$10k is competitive with other accounts). ACH transfers qualify as direct deposits.

It looks like you can join if you live, work, or worship in the service area or are a member of an organization headquartered in that area. I couldn't find a list of qualifying organizations.
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

tashnewbie wrote: Thu Mar 18, 2021 10:27 am
index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?
I live in VA and use Freedom First for this 5% APY on $10,000 (also keeping more cash there now because the 0.50% for amounts >$10k is competitive with other accounts). ACH transfers qualify as direct deposits.

It looks like you can join if you live, work, or worship in the service area or are a member of an organization headquartered in that area. I couldn't find a list of qualifying organizations.
Oh wow.. If they accept ACH transfers as qualifying direct deposits, then this account is not hard to take advantage of if you are able to get your foot in the door and join.
Pu239 wrote: Wed Mar 17, 2021 11:33 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P
Maybe you could join a church in say, Roanoke, and worship from afar. Has anyone used that membership trick to join a CU?
You know, that trick might work! Most credit unions don’t really care if somebody outside their field of membership wants to sign up, provided they’re coming out with a large enough check to deposit.
tj wrote: Wed Mar 17, 2021 11:08 pm
index2max wrote: Wed Mar 17, 2021 9:43 pm
tj wrote: Wed Mar 17, 2021 8:46 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?

This and Arbor credit union are the sorts of credit unions I'd love to join. You Bogleheads rock sharing the names of these places with us!
What is special about Arbor?
Someone posted on the first page of this thread about it. You get 3% up to $15,000. Have you live in MI to join though.
camillus wrote: Tue Mar 16, 2021 8:13 pm Arbor FCU, 3%
https://www.arborfcu.org/Bank/Solutions ... m-Checking

$500 DD
estatements
30 debit card transactions
Only if you do 30 debit card purchases. What's exciting about that? Liberty.financial you get 3.3% on $20k with 15 debit card purchases.
If you look at my original post, you will see that I am already a member of Evansville teachers Federal credit Union which appears to be the same thing as this liberty financial entity you refer to. Are they?

30 transactions is a little bit annoying, but all I have to do is pump tiny amounts of gas to get it done.

The only entity that really cares is the NCUA, because Congress won’t get rid of the stupid field of membership requirements for joining credit unions, whereas banks don’t have any such restrictions.
inspector00 wrote: Thu Mar 18, 2021 7:38 am Check out this list for some other options, Rates fluctuate often.
https://www.doctorofcredit.com/high-int ... Nationwide
Your list includes a lot of banks, which I would prefer to stay away from, but that being said, this list is pretty exhaustive outside of what I’ve been able to find with depositaccounts.com

Thank you for the link!
Last edited by index2max on Thu Mar 18, 2021 1:12 pm, edited 1 time in total.
tj
Posts: 4237
Joined: Thu Dec 24, 2009 12:10 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by tj »

index2max wrote: Thu Mar 18, 2021 1:10 pm
tashnewbie wrote: Thu Mar 18, 2021 10:27 am
index2max wrote: Wed Mar 17, 2021 8:29 pm
ilisira wrote: Wed Mar 17, 2021 2:47 pm Freedom First FCU (https://www.freedomfirst.com/) has 5% APY for up to $10,000 savings, and the requirement is $5,000 monthly direct deposit. No debit card activity is required.
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?
I live in VA and use Freedom First for this 5% APY on $10,000 (also keeping more cash there now because the 0.50% for amounts >$10k is competitive with other accounts). ACH transfers qualify as direct deposits.

It looks like you can join if you live, work, or worship in the service area or are a member of an organization headquartered in that area. I couldn't find a list of qualifying organizations.
Oh wow.. If they accept ACH transfers as qualifying direct deposits, then this account is not hard to take advantage of if you are able to get your foot in the door and join.
Pu239 wrote: Wed Mar 17, 2021 11:33 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P
Maybe you could join a church in say, Roanoke, and worship from afar. Has anyone used that membership trick to join a CU?
You know, that trick might work! Most credit unions don’t really care if somebody outside their field of membership wants to sign up, provided they’re coming out with a large enough check to deposit.
tj wrote: Wed Mar 17, 2021 11:08 pm
index2max wrote: Wed Mar 17, 2021 9:43 pm
tj wrote: Wed Mar 17, 2021 8:46 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm

Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P

Do you bank with them? Can ACH transfers qualify as direct deposit?

This and Arbor credit union are the sorts of credit unions I'd love to join. You Bogleheads rock sharing the names of these places with us!
What is special about Arbor?
Someone posted on the first page of this thread about it. You get 3% up to $15,000. Have you live in MI to join though.
camillus wrote: Tue Mar 16, 2021 8:13 pm Arbor FCU, 3%
https://www.arborfcu.org/Bank/Solutions ... m-Checking

$500 DD
estatements
30 debit card transactions
Only if you do 30 debit card purchases. What's exciting about that? Liberty.financial you get 3.3% on $20k with 15 debit card purchases.
If you look at my original post, you will see that I am already a member of Evansville teachers Federal credit Union which appears to be the same thing as this liberty financial entity you refer to. Are they?

30 transactions is a little bit annoying, but all I have to do is pump tiny amounts of gas to get it done.

The only entity that really cares is the NCUA, because Congress won’t get rid of the stupid field of membership requirements for joining credit unions, whereas banks don’t have anything like that

Yes they are the same.
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

mhop wrote: Tue Mar 16, 2021 11:15 pm
index2max wrote: Tue Mar 16, 2021 11:08 pm
mhop wrote: Tue Mar 16, 2021 10:37 pm Why credit unions? A lot of the above accounts could be replaced by HMBradley for simplicity (until they adjust their structure). $100k cap, 3%, no transactions - you qualify for the 3% by saving 80% of your deposits into the account each quarter.
I totally understand where you're coming from. I've seen other Bogleheads talk about this HMbradley 3% savings account offered via Hatch Bank in California. Looks pretty nice. The problem is that 20% savings rate applies to the money deposited into the account during the quarter.

So if I deposit $100k up front, then do direct deposits from paychecks of just a few bucks per month, but have a need to withdraw a huge chunk of money for a big expense, won't I get dinged the next quarter and demoted to the 1% interest rate?

I look at the HMbradley account as a less-strict version of a Jumbo CD. If you don't need to touch the $100k, it's great, but if you pull out more than what you put in, especially once you max out the balance, you're stuck in a corner unless you want to sacrifice that 3% interest rate a quarter later.
Couple of workarounds :

You can invite people and earn rate resets back up to 3%.
If you have a partner you can keep 2 active accounts at 3% and burn one for a quarter then move the money to the other person’s account while yours is at 1%.
What if my spouse already gave her social and was added as a joint owner on my 3% checking accounts? Can she still sign up for her own high-interest checking accounts at the same CUs?

We decided to create joint accounts in case one of us dies so things wouldn’t need to go into probate. Plus we’re still in the process of creating a will with a trust.
Escapevelocity
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Joined: Mon Feb 18, 2019 8:32 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by Escapevelocity »

mhop wrote: Tue Mar 16, 2021 10:37 pm Why credit unions? A lot of the above accounts could be replaced by HMBradley for simplicity (until they adjust their structure). $100k cap, 3%, no transactions - you qualify for the 3% by saving 80% of your deposits into the account each quarter.
+1 and you can bump the 3% to 3.5% if you open a credit card there.
Topic Author
index2max
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Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

Escapevelocity wrote: Wed Apr 07, 2021 3:06 pm
mhop wrote: Tue Mar 16, 2021 10:37 pm Why credit unions? A lot of the above accounts could be replaced by HMBradley for simplicity (until they adjust their structure). $100k cap, 3%, no transactions - you qualify for the 3% by saving 80% of your deposits into the account each quarter.
+1 and you can bump the 3% to 3.5% if you open a credit card there.
True, but I like the business models of credit unions better, which is why I hunt for accounts at them.
bitdocmd
Posts: 180
Joined: Fri Oct 04, 2019 11:24 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by bitdocmd »

index2max wrote: Tue Mar 16, 2021 11:50 am Hi all,

Already maxing out my retirement accounts and looking for credit unions to store my taxable principle at high interest.

I need credit unions with deposit account(s) paying at least 3% interest annually. Don’t mind getting transactions done, but only if there is no minimum purchase amount specified and no monthly service fee charge if I meet their requirements.

I currently use the following credit unions already:

1. Evansville Teachers Federal Credit Union (IN):

Vertical checking paying 3.3% up to $20,000

2. Lake Michigan Credit Union (MI):

Max checking paying 3.0% up to $15,000

3. Sharepoint Credit Union (MN):

Premium checking paying 5% up to $5,000 for one year
Esvavings (savings account) paying 3% up to $10,000 for two years

4. Altra Federal Credit Union (WI):

A+ platinum checking paying 2.5% annually up to $15,000
(This one was paying as high as 3.5% before the Fed cut rates. Might move money elsewhere)

The only other credit union I have found on depositaccounts.com is MECU (municipal employee credit union) in Baltimore, MD. They pay 2.96% up to $10,000

Would love some good leads if anyone has some!

Thanks!
I have no wisdom to offer here. But this post reminds me of the violence that the Fed has committed against savers everywhere.

It surprises me that Bogleheads (we saved, we paid off student loans and mortgages early like a good girl/boy) are not OUTRAGED at the fact that someone has to come on this board and ask whether they can get over 3% on their hard-earned wealth without putting their savings at risk.

OP is probably the same as my parents who worked their asses off to help me to where I am today.

Disgusted and admittedly triggered,

bitdocmd
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

bitdocmd wrote: Wed Apr 07, 2021 9:35 pm
index2max wrote: Tue Mar 16, 2021 11:50 am Hi all,

Already maxing out my retirement accounts and looking for credit unions to store my taxable principle at high interest.

I need credit unions with deposit account(s) paying at least 3% interest annually. Don’t mind getting transactions done, but only if there is no minimum purchase amount specified and no monthly service fee charge if I meet their requirements.

I currently use the following credit unions already:

1. Evansville Teachers Federal Credit Union (IN):

Vertical checking paying 3.3% up to $20,000

2. Lake Michigan Credit Union (MI):

Max checking paying 3.0% up to $15,000

3. Sharepoint Credit Union (MN):

Premium checking paying 5% up to $5,000 for one year
Esvavings (savings account) paying 3% up to $10,000 for two years

4. Altra Federal Credit Union (WI):

A+ platinum checking paying 2.5% annually up to $15,000
(This one was paying as high as 3.5% before the Fed cut rates. Might move money elsewhere)

The only other credit union I have found on depositaccounts.com is MECU (municipal employee credit union) in Baltimore, MD. They pay 2.96% up to $10,000

Would love some good leads if anyone has some!

Thanks!
I have no wisdom to offer here. But this post reminds me of the violence that the Fed has committed against savers everywhere.

It surprises me that Bogleheads (we saved, we paid off student loans and mortgages early like a good girl/boy) are not OUTRAGED at the fact that someone has to come on this board and ask whether they can get over 3% on their hard-earned wealth without putting their savings at risk.

OP is probably the same as my parents who worked their asses off to help me to where I am today.

Disgusted and admittedly triggered,

bitdocmd
Well, I am glad I am not the only one shaking my head at the ZIRP by the Fed the last 13 years. Some Bogleheads seem convinced this isn’t a problem. Low interest rates enable companies with bad business models such as WeWork to exist.

https://wiki.mises.org/wiki/Malinvestment

Still remember hearing about my great uncle buying government bonds paying at least 10% 30 years ago...

I am glad to know about digital credit union paying 6.17% up to $1000 per account holder or service credit union in NH paying 3% or more on some small accounts too.

Hoping my emergency savings get me closer to a house or a discount on stocks like in 2020. :beer
Topic Author
index2max
Posts: 375
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Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

tj wrote: Wed Apr 07, 2021 9:55 pm There's also MarketUSA FCU

https://www.marketusafcu.com/savings_ch ... cking.aspx

You might check the list at https://www.doctorofcredit.com/high-int ... Nationwide
First one says:

“12 Visa Debit Card Purchases per month; minimum purchase $5.00“

Unfortunately, that means I will need to spend more per month than what I get an interest per month, which requires me to shift spending from cash back credit cards to this account’s debit card. Appreciate you posting though, thanks!
surfstar
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Joined: Fri Sep 13, 2013 12:17 pm
Location: Santa Barbara, CA

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by surfstar »

bitdocmd wrote: Wed Apr 07, 2021 9:35 pm
I have no wisdom to offer here. But this post reminds me of the violence that the Fed has committed against savers everywhere.

It surprises me that Bogleheads (we saved, we paid off student loans and mortgages early like a good girl/boy) are not OUTRAGED at the fact that someone has to come on this board and ask whether they can get over 3% on their hard-earned wealth without putting their savings at risk.

OP is probably the same as my parents who worked their asses off to help me to where I am today.

Disgusted and admittedly triggered,

bitdocmd
We have a 30 year 2.5% mortgage.

What was the spread between mortgages and saving/CD rates in the 70s? 80s?

I think the current rate environment is just fine.
bitdocmd
Posts: 180
Joined: Fri Oct 04, 2019 11:24 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by bitdocmd »

surfstar wrote: Thu Apr 08, 2021 3:40 pm
bitdocmd wrote: Wed Apr 07, 2021 9:35 pm
I have no wisdom to offer here. But this post reminds me of the violence that the Fed has committed against savers everywhere.

It surprises me that Bogleheads (we saved, we paid off student loans and mortgages early like a good girl/boy) are not OUTRAGED at the fact that someone has to come on this board and ask whether they can get over 3% on their hard-earned wealth without putting their savings at risk.

OP is probably the same as my parents who worked their asses off to help me to where I am today.

Disgusted and admittedly triggered,

bitdocmd
We have a 30 year 2.5% mortgage.

What was the spread between mortgages and saving/CD rates in the 70s? 80s?

I think the current rate environment is just fine.
Cursory google search shows 6-month CD in 1980 at just under 18%. Not sure about the 1970's.
surfstar
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Joined: Fri Sep 13, 2013 12:17 pm
Location: Santa Barbara, CA

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by surfstar »

bitdocmd wrote: Thu Apr 08, 2021 4:17 pm
surfstar wrote: Thu Apr 08, 2021 3:40 pm
bitdocmd wrote: Wed Apr 07, 2021 9:35 pm
I have no wisdom to offer here. But this post reminds me of the violence that the Fed has committed against savers everywhere.

It surprises me that Bogleheads (we saved, we paid off student loans and mortgages early like a good girl/boy) are not OUTRAGED at the fact that someone has to come on this board and ask whether they can get over 3% on their hard-earned wealth without putting their savings at risk.

OP is probably the same as my parents who worked their asses off to help me to where I am today.

Disgusted and admittedly triggered,

bitdocmd
We have a 30 year 2.5% mortgage.

What was the spread between mortgages and saving/CD rates in the 70s? 80s?

I think the current rate environment is just fine.
Cursory google search shows 6-month CD in 1980 at just under 18%. Not sure about the 1970's.
and mortgage rates ranged from 12.19% with 1.8 Pts to 18.45% with 2.3 Pts from 1980-1981
http://www.freddiemac.com/pmms/pmms30.html

That 18% return isn't all that great for 6 months when a 30 year mortgage commitment is 12-18%!!!
drk
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Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by drk »

tj wrote: Tue Mar 16, 2021 11:45 pm I have Evansville (through liberty.financial), but no way to find my account number. When I sent them a secure message asking how i can find it, they said I had to call in to obtain my account number.
Same. I'm beginning to suspect that they make things intentionally difficult in order to deter folks who only want the interest rate. It's not working. :twisted:
drk
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Location: Overlooking Elliott Bay

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by drk »

bitdocmd wrote: Wed Apr 07, 2021 9:35 pm whether they can get over 3% on their hard-earned wealth without putting their savings at risk
C'mon. Getting 3% (about 1% real) for taking no risk is unnatural.
JustUs4Justice
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Joined: Wed Mar 17, 2021 9:31 am
Location: VA, USA

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by JustUs4Justice »

Sorry, none around my area do currently. My local credit union here pays...wait for it...0.01% interest on their deposit accounts.

I suspect the history books are going to record this as an instance where an industry/government shot itself in both feet. They've let this area stagnate for so long now that there is currently a new breed of tools being created by fintech and crypto companies that are going to make both bonds and traditional savings accounts irrelevant for most.
Topic Author
index2max
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Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

drk wrote: Thu Apr 08, 2021 5:00 pm
tj wrote: Tue Mar 16, 2021 11:45 pm I have Evansville (through liberty.financial), but no way to find my account number. When I sent them a secure message asking how i can find it, they said I had to call in to obtain my account number.
Same. I'm beginning to suspect that they make things intentionally difficult in order to deter folks who only want the interest rate. It's not working. :twisted:
As a security measure some of the credit unions I am a member of do not show you your account number while logged in online. You’re supposed to call them to ask for the number if you didn’t keep it written down elsewhere when they provided it upon sign-up. If you sign up online for a credit union out of state, then you gotta explicitly ask them for it, because sometimes the “welcome“ materials never arrive in the mail 😏
drk
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Location: Overlooking Elliott Bay

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by drk »

index2max wrote: Thu Apr 08, 2021 7:51 pm As a security measure some of the credit unions I am a member of do not show you your account number while logged in online. You’re supposed to call them to ask for the number if you didn’t keep it written down elsewhere when they provided it upon sign-up. If you sign up online for a credit union out of state, then you gotta explicitly ask them for it, because sometimes the “welcome“ materials never arrive in the mail 😏
Yeah, that was their rationale. I remain a little skeptical because I also had to call in to get my member number in order to set up online banking. Of course, it's hard to complain now that I'm actually making money on my next six months of mortgage payments.
SmallSaver
Posts: 255
Joined: Mon Mar 26, 2012 11:34 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by SmallSaver »

surfstar wrote: Thu Apr 08, 2021 3:40 pm
bitdocmd wrote: Wed Apr 07, 2021 9:35 pm
I have no wisdom to offer here. But this post reminds me of the violence that the Fed has committed against savers everywhere.

It surprises me that Bogleheads (we saved, we paid off student loans and mortgages early like a good girl/boy) are not OUTRAGED at the fact that someone has to come on this board and ask whether they can get over 3% on their hard-earned wealth without putting their savings at risk.

OP is probably the same as my parents who worked their asses off to help me to where I am today.

Disgusted and admittedly triggered,

bitdocmd
We have a 30 year 2.5% mortgage.

What was the spread between mortgages and saving/CD rates in the 70s? 80s?

I think the current rate environment is just fine.
Unless you're a first time home buyer facing being underwater for 15 years as rates come off the zero bound.

To the OP, no real suggestions, sorry. As a credit union employee I think you're going to have a hard time. Usually they'll do a bonus because they need to attract deposits, and for the last year most have had the opposite problem. Banks/CUs are flush with deposits (flight to safety) and having a hard time lending it out fast enough.
Nevaco
Posts: 14
Joined: Tue Aug 13, 2019 7:43 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by Nevaco »

Has anyone had success getting more of these accounts through a revocable living trust? My wife and I each have a few of these accounts (e.g., DCU's 6.17% interest account) and wondered if our revocable living trust could open one as well, essentially opening up more high interest savings space while we have extra cash on hand for a down payment.
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

Hi all,

Just wanted to update since my last post.

1. Once I found out from others here that a husband and wife can have two SEPARATE high-interest deposit accounts with joint ownership, we decided to double up on Evansville credit union's 3.3% vertical checking account.

2. Joined Service CU recently out of Portsmouth NH for their 5% primary share savings account (up to $500) and 3% holiday savings account (up to $3000). This credit union is cool! Since they were created to serve the military, they even have branches in Germany and offer 24/7 phone service. Not too shabby! Getting my wife on board too.

3. I tried to join Digital Credit Union myself, but got denied because my score from some company called "Chexsystems" was too low. Really, DCU??? I have no student debt, no mortgage and pay my credit cards on-time every month. How the hell am I not reliable? So now I have to waste time with Chexsystems trying to figure out what's wrong. I already get Identify theft monitoring for free from one of my credit unions. My chexsystems consumer report shows no outstanding issues.

I think I know what the problem is, DCU is using Chexsystems as their velvet rope to keep dedicated savers like me out. Ridiculous! So I guess society wants me to park my money at a megabank for 0.000000000.......5% interest and "invest" my money blindly in the overpriced stock market to save for a home?

4. My wife and I tried joining Blue Federal Credit Union too for their 5% savings account (up to $1000). Their online system is dumb. It just says "there was a problem with your application because your information may be incorrect... Try again later" Why don't they just accept my application and have a human look at it?

Never had this problem with Evansville or Lake Michigan Credit Unions when signing up for their 3%+ checking accounts... This is so ridiculous how responsible savers like me are punished by the system. This cannot last.

Common sense will prevail and those without it are going to suffer...
tj
Posts: 4237
Joined: Thu Dec 24, 2009 12:10 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by tj »

Re: ChexSystems - You've been opening too many accounts. :)
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

tj wrote: Mon Apr 12, 2021 7:12 pm Re: ChexSystems - You've been opening too many accounts. :)
Wow. Just wow. I am being punished for trying to get what is historically just an ok interest rate on my deposits...

lol can't even begin to describe how absurd this is. Guess I'll have to wait to join Digital CU then!
MrJedi
Posts: 588
Joined: Wed May 06, 2020 11:42 am

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by MrJedi »

ChexSystems is the deposit account equivalent of a credit report.

Some banks don't like someone who opens a lot of accounts even if they are responsible, as they are likely to be "churners" or someone who only signs up for a promotional offer or to game their service, without an actual "relationship". Likewise someone with outstanding credit can be denied a credit card because they have too many accounts.
protagonist
Posts: 6939
Joined: Sun Dec 26, 2010 12:47 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by protagonist »

Pu239 wrote: Wed Mar 17, 2021 11:33 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P
Maybe you could join a church in say, Roanoke, and worship from afar. Has anyone used that membership trick to join a CU?
I did that once years ago. Joined a church to take advantage of a great CD deal. It worked. *laughing*

With the small deposit limits and other restrictions to these high interest checking accounts, however, I don't think it's worth one's effort. Remember, for every 1% advantage you get over your best online bank, you are only getting $10 more per year in interest, on which you have to pay tax.
Last edited by protagonist on Mon Apr 12, 2021 8:32 pm, edited 1 time in total.
Topic Author
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Which credit unions offer deposit accounts paying more than 3% interest?

Post by index2max »

protagonist wrote: Mon Apr 12, 2021 8:28 pm
Pu239 wrote: Wed Mar 17, 2021 11:33 pm
index2max wrote: Wed Mar 17, 2021 8:29 pm
Dang! That's a sweet deal! Unfortunately I also do not live in Virginia. Can a Boglehead here who lives in Virginia please adopt me into their household? :P
Maybe you could join a church in say, Roanoke, and worship from afar. Has anyone used that membership trick to join a CU?
I did that once years ago. Joined a church to take advantage of a great CD deal. It worked. *laughing*

With the small deposit limits and other restrictions to these high interest checking accounts, however, I don't think it's worth one's effort. Remember, for every 1% advantage you get over your best online bank, you are only getting $10 more per year in interest, on which you have to pay tax.
Well. I still think it's worth it when you consider that I am getting better yields on my money at these credit unions than on stock market index funds. I can pile this interest income away in my taxable emergency savings/saving-for-a-home/stock-market-downturn account.

Hate the game, not the saver!
MrJedi wrote: Mon Apr 12, 2021 8:19 pm ChexSystems is the deposit account equivalent of a credit report.

Some banks don't like someone who opens a lot of accounts even if they are responsible, as they are likely to be "churners" or someone who only signs up for a promotional offer or to game their service, without an actual "relationship". Likewise someone with outstanding credit can be denied a credit card because they have too many accounts.
What's funny is that I tried applying to DCU, Service and Blue credit unions all on the same day to potentially avoid such an issue, not just because I was excited for the interest rate. I heard with credit card churning that you want to apply all on the same day for promotional CC offers to avoid having multiple dings on one's credit score from the soft pulls.

That being said, I am legitimately interested in making Service CU my primary CU if I were to ever move to the state of NH.
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