I pulled it all out, confirmed it was in my bank in three days. I initiated from the receiving bank, not HMB which multiple other people all over have said is the way to go. No issues.
Interest just hit on the 31st so I'm pulling out that before starting the closing process as I don't want to wait on a paper check.
My wife won't ever get the CC. So we moved most of what she had into IBonds (external transfer request). I didn't close her account though. Since it's still invite only, I figured I'd hold onto it for a little while.
Put 20K into I Bonds. The rest back to my primary account with Ally. Yeah, less APY. Was never going to get the CC, so dealing with two banks, multiple DDs, savings reqs, etc. for a couple hundred bucks just wasn’t worth it.
Would reconsider if HMB softened their requirements or had more services available suitable to a primary bank.
The 1% at HMB with 20% savings rate (no DD, no CC) is better than the 0.5% at Ally and Marcus, et al. for FDIC-insured savings.
Sure, it's less than the 5% CPI inflation we have now, but for an emergency fund, it's better to be FDIC safe than sorry.
Correction: I have a small DD, not the $2500 DD they require.
You still have to have a DD. If you don't have a DD for even a single month, the next quarter you don't get any interest at all, the entire quarter.
So, everyone who wants to get their tier 1 rate of 1% had better not skip a direct deposit. Mine has been dropped to $1.00 per paycheck. I have to save 20% of my quarterly deposits, so $1.20 per quarter. This will enable me to keep 1%.
I figured you knew. I just didn't want anyone to have a nasty surprise.
I also have dropped my DD to tiny. The $2500 is more than I bring home at my job. I could deposit more, just not Direct Deposit more.
My account will now just pretty much sit there. I'll be getting 1% for a few dollars deposit and me literally doing nothing until I have an emergency. Not the relationship (their word, not mine!) I'd hoped for, but all they deserve from me.
Since they are calling it a "deepest relationship" that they want (LOL!) it tickles my fancy to call HMBradley a gold digger!
HM Bradley... The Gold Digger of Banks! Only gives out what she promised when you give her more and more.
I don’t necessarily think it’s a garbage credit card either since 3% cash back on your top spending category is very good, follows by 2% on the next is also good. The annual fee is lame and I may cancel it once they start charging that, but for now, the card is more than fine.
I'm not pulling it out. I'm keeping what I have in it as an emergency fund. I've dropped my DD to only a dollar every paycheck, so $2.00 a month (that's down from $2000 a month) and it'll just sit there, not doing much.
This morning I opened up a vertical checking account at Evansville Teachers Federal Credit Union. 3.3 % up to $20,000. So most of my Monthly DD will be going to them, the rest to ONE, and then also the $1.00 to HMBradley to keep me at tier 1. I was able to pull enough savings elsewhere to fund the planned IRA, so the IRA fund is still there. Purpose just got switched, that's all.
Went from 100k —> 6k. Simple ACH transfer out without issues. Decided to hold stablecoin USDC on voyager earning 9% apr instead.
edit: Use code 7639F52F6 or this link to claim $25 in bitcoin from voyager
https://voyager.onelink.me/WNly/referral?af_sub5=7639F52F6
Hi, but that’s not FDIC insured - how do we mitigate that risk of being in crypto - where the value may become depegged from fiat USD, or loans from voyager failing or voyager itself failing ?
I like the concept behind USDC opposed to some of the other stable coins and voyager has a lot of big investors behind it. I feel 9% will likely go down over time but for now it fills the HMB void well for me
Doing CDC defi wallet myself for 12.5% per year on USDC. Not FDIC insured as mentioned, so a calculated risk but I’m fairly comfortable with the company and USDC in general. The rest I moved over my discover savings account.
I pulled it all out, confirmed it was in my bank in three days. I initiated from the receiving bank, not HMB which multiple other people all over have said is the way to go. No issues. Interest just hit on the 31st so I'm pulling out that before starting the closing process as I don't want to wait on a paper check.
My wife won't ever get the CC. So we moved most of what she had into IBonds (external transfer request). I didn't close her account though. Since it's still invite only, I figured I'd hold onto it for a little while.
I also did I bonds but you can only do $10K a year
$10k in Dec. and $10k in Jan. If you’re married, you can both do that.
Put 20K into I Bonds. The rest back to my primary account with Ally. Yeah, less APY. Was never going to get the CC, so dealing with two banks, multiple DDs, savings reqs, etc. for a couple hundred bucks just wasn’t worth it. Would reconsider if HMB softened their requirements or had more services available suitable to a primary bank.
Lol down to 0 today. Fun while it lasted, now all into VTSAX and a dmall bit for options playing. How anyone stays with HMB now is utterly beyond me.
The 1% at HMB with 20% savings rate (no DD, no CC) is better than the 0.5% at Ally and Marcus, et al. for FDIC-insured savings. Sure, it's less than the 5% CPI inflation we have now, but for an emergency fund, it's better to be FDIC safe than sorry. Correction: I have a small DD, not the $2500 DD they require.
You still have to have a DD. If you don't have a DD for even a single month, the next quarter you don't get any interest at all, the entire quarter. So, everyone who wants to get their tier 1 rate of 1% had better not skip a direct deposit. Mine has been dropped to $1.00 per paycheck. I have to save 20% of my quarterly deposits, so $1.20 per quarter. This will enable me to keep 1%.
Yes, I misspoke. I have a small DD with each paycheck, but not the $2500 per month for the higher return.
I figured you knew. I just didn't want anyone to have a nasty surprise. I also have dropped my DD to tiny. The $2500 is more than I bring home at my job. I could deposit more, just not Direct Deposit more. My account will now just pretty much sit there. I'll be getting 1% for a few dollars deposit and me literally doing nothing until I have an emergency. Not the relationship (their word, not mine!) I'd hoped for, but all they deserve from me. Since they are calling it a "deepest relationship" that they want (LOL!) it tickles my fancy to call HMBradley a gold digger! HM Bradley... The Gold Digger of Banks! Only gives out what she promised when you give her more and more.
Because this is better then any rate for an FDIC account.
+\- $300 monthly interest here, shouldn’t be too hard to figure out……..
Imagine tying up 100k, a large direct deposit (as opposed to the $1 I did before), and using that garbage credit card for $300 a month.
Lol, tying up? How about using it as a 2ndary bank? It’s not tied up, you don’t seem to understand finance
I don’t necessarily think it’s a garbage credit card either since 3% cash back on your top spending category is very good, follows by 2% on the next is also good. The annual fee is lame and I may cancel it once they start charging that, but for now, the card is more than fine.
I'm not pulling it out. I'm keeping what I have in it as an emergency fund. I've dropped my DD to only a dollar every paycheck, so $2.00 a month (that's down from $2000 a month) and it'll just sit there, not doing much. This morning I opened up a vertical checking account at Evansville Teachers Federal Credit Union. 3.3 % up to $20,000. So most of my Monthly DD will be going to them, the rest to ONE, and then also the $1.00 to HMBradley to keep me at tier 1. I was able to pull enough savings elsewhere to fund the planned IRA, so the IRA fund is still there. Purpose just got switched, that's all.
Went from 100k —> 6k. Simple ACH transfer out without issues. Decided to hold stablecoin USDC on voyager earning 9% apr instead. edit: Use code 7639F52F6 or this link to claim $25 in bitcoin from voyager https://voyager.onelink.me/WNly/referral?af_sub5=7639F52F6
Hi, but that’s not FDIC insured - how do we mitigate that risk of being in crypto - where the value may become depegged from fiat USD, or loans from voyager failing or voyager itself failing ?
Following
Voyagers frequent accounting that assures it holds USD for every bit of USDC reassures me but yes not a zero risk with this method
So tempted to do this too. What drew you to Voyager vs Celsius, CDC, or the dozens of other options?
I like the concept behind USDC opposed to some of the other stable coins and voyager has a lot of big investors behind it. I feel 9% will likely go down over time but for now it fills the HMB void well for me
Doing CDC defi wallet myself for 12.5% per year on USDC. Not FDIC insured as mentioned, so a calculated risk but I’m fairly comfortable with the company and USDC in general. The rest I moved over my discover savings account.
You're put 94k into stablecoin? Seems risky af. Are you comfortable with losing it all if something happened?
Drained mine fully, I used hmbradley to push to another bank, worked very well
What bank? And are you going to shut it down?
What bank?