I found this bank that pays 5.25% on a savings account and pays 5.50% on a 12 month CD. Here is the link: Bank United
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Bank United paying 5.25%
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Re: Bank United paying 5.25%
Good find, Gavin. $5,000 minimum. Also I was reading the disclosure:If you close your account before interest is credited you will not receive the accrued interest.
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Re: Bank United paying 5.25%
This is a good find. The rates are very competitive. The minimum is high but similar to many online banks.
It looks like BankUnited is starting this internet branch. The more competition the better.
In the online application, it appears they use Cashedge which is the same company used by HSBC. According to the application, you can fund the account with ACH. However, a CSR who I spoke with didn't know about this feature. She said it can only be funded by check. I'm not sure if she was completely familiar with this internet account.
The CSR also said that the 4.75% is only guaranteed through May 1st. Then we'll see if this 4.75% is only a teaser rate or if Bank United is planning to remain competitive in the online savings accounts. For a high minimum, I expect higher rates.
About losing interest for the month that you close the account, this is common for savings accounts. EmigrantDirect has a similar policy. One person had transfered most all of his money out of ED near the end of the month and only kept less than $1. ED closed the account because of the balance of under $1 and didn't pay him interest for that month. He wasn't too happy.
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Re: Bank United paying 5.25%
Originally posted by ken1706About losing interest for the month that you close the account, this is common for savings accounts. EmigrantDirect has a similar policy.
EDIT: I guess it's not too big of a deal, as long you as you withdraw every dime down to the minimum balance, and then close after you get the final month's interest...
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Re: Bank United paying 5.25%
Look under "camoflaged losses" and read about Bank United's exposure to negative amortization option arm mortgages. I think you'd agree that any conservative saver would think twice about trusting their savings to a bank that heavily exposed to such an unstable mortgage product.
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Re: Bank United paying 5.25%
Originally posted by SweepsplayerSeriously? That's a huge negative for me.
EDIT: I guess it's not too big of a deal, as long you as you withdraw every dime down to the minimum balance, and then close after you get the final month's interest...
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Re: Bank United paying 5.25%
Gavin, I'm assuming then that you are investing only a portion of your assets in this manner and the rest or another portion going to gold as you intimated with your post in another thread about gold?
So, what is your opinion? Is our money safer in a bank located perhaps nowhere near us or in gold in our hot little hands or in a bullion vault? Now you have my curiousity up!
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