corpgator wrote: ↑Thu Jul 08, 2021 2:24 am
index2max wrote: ↑Fri May 28, 2021 9:43 pm
SnowBog wrote: ↑Fri May 28, 2021 3:26 pm
index2max wrote: ↑Fri May 28, 2021 12:30 pm
dogagility wrote: ↑Wed May 26, 2021 4:09 am
Open all these accounts to the max for maybe $700 more in my pocket over a years time span? Eh. I'll pass.
Laugh all you want, but I am getting a better pre-tax, pre-inflation yield in these deposit accounts than I would with putting my money into VTSAX right now. Soon I’ll be getting $300/month or $3600/year. Not terrible in this low interest, high-priced asset market.
Then I’ll have dry powder ready for the next big market crash.
Your numbers seem way off... Assuming you max out these accounts, that's $120.42 in interest a month. Even if you have 2x the accounts (for a spouse), you are still only at $241/month...
And I think your comparison to VTSAX is equally off...
Yes, my post was misleading. Let me include all accounts as of now:
Here’s what I am using now to get $300/month
2X Evansville vertical checking = $40k
2X LMCU max checking = $30k
2X Sharepoint CU = $30k
Sharepoint for each person has two accounts: premier checking (1-year promotions 5% up to $5k) and eSavings (2-year promotion 3% up to $10k).
2X Service CU = $7k
1X Blue FCU accelerated savings =$1k
So for one year, DW and I get $3600 out of all these accounts. Once the new-member promotional deals at Sharepoint expire, we’ll use something else, but it’s yielding us 3.6% annually for now. Unfortunately Sharepoint CU doesn’t offer nationwide membership.
Everyone please keep in mind stock market returns include price appreciation. Banking on that alone to get you to retirement is gambling. I am talking about pre-tax income here with my CU deposit-account approach.
Those first 2 are absolutely, 100% not worth the hassle for a whopping $200 per month:
Evensville - 15 debit card purchses, DD once per month, and 1 login each month all x2 because you're have to do it for your spouse.
LMCU - 15 debit card purchses, DD once per month, and 4! (not factorial, just an interjection) logins each month all x2
The whole process of doing the gas station transactions for three cents each is getting easier and easier all the time. For example, LMCU now issues debit cards that enable tap to pay. When I tap to pay the card at the pump, the machine bills it as “credit“ instead of “debit“, which bypasses needing to type the pin code. This makes the process go a whole lot faster, plus tap to pay uses tokenization, so unlike the magnetic stripe that is used when you swipe a card, my actual card number should not be exposed during the transactions.
Not having to type the pin code means this process goes very quickly for my two LMCU debit cards since they do not prevent me from getting all 20 done in a row.
With Evansville credit Union, if I don’t want them to stop me after the third transaction and then get a call from the fraud department, what I do is call their debit card department in advance and let them know I’m going to get all 30 transactions done. This removes the hold after the 3rd transaction on each card.
The transactions I perform with those three credit unions can take less than an hour, even a half hour at most. I spend more time shuffling money from my high interest deposit accounts back to my main checking account nowadays.
For anybody else that is interested in juicing their interest rate on their cash, do not be scared of getting transactions done. It’s really not that bad. The biggest hassle is actually signing up for the accounts in the first place.
tj wrote: ↑Thu Jul 08, 2021 11:38 am
^ Yeah, i don't bother with rewards checking.
I have the Service Credit Union - 3k @ 3% and $500 @ 5%. I also have Digital Credit Union 1000 @ 6%
I tried Blue FCU, but I guess they didn't like my ChexSystems.
Yes, that happened to me too. To get around that, just call blue FCU and ask for somebody to follow up with you.
I got called by a branch employee who offered to sign me up over the phone after I left left a voice message asking for help or an explanation why I was being denied.
Even though I was sure she was from blue credit Union, I was still not comfortable giving my info over to somebody who called me out of the blue. Itold her that I would not give my personal info over the phone since I had no proof of who she was.
So she had me go here to make an online appointment instead:
Then she called me back and took my info. The Chexsystems score was the reason why I was being rejected by their website. Her supervisor said my recent history of opening accounts wasn’t a big deal. The employee asked why I had so many, I just said I am considering moving elsewhere in the country and trying out credit unions.
I had to use a trial account with docusign to send her my scan of my driver’s license and SS card. Unfortunately they could not offer me access to their secure email web form since I was not yet a member. Then she finally signed me up for the 5% savings account.
If you are not comfortable with that approach, I suggest waiting at least a few months until your score with ChexSystems goes back to normal and the recent inquiries number falls off.