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not really an onllne bank. compare this interface that gives you no information with that of any other bank (I cannot even confirm the rate). cannot switch in and out of cds or np cds. just not an online bank. maybe some form of correspondent bank, but not online bank.
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I like the No Penalty CDs at this bank. They are easy to work with and friendly! One hassle is that you need to keep the funding account open and as rates go up, they are more difficult to get in and out of than maybe Ally. But, with the rate above anything else available, it is still 5 stars.
kay5 | May 17, 2022
"one hassle" is right, baby. The No Penalty CDs here don't work at all in a rising rate environment vs. ALLY and MARCUS where it takes 2 seconds to get the higher rate on their website without transferring the money anywhere.
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They do not accept POD (Payable on Death) accounts; therefore, you cannot assign beneficiaries to the CD.
cdinvesting1234 | Jun 23, 2022
This bank has changed their policy to now include beneficiaries on accounts 6/23/2022. However, the beneficiary must be an individual, not a non-profit or trust.
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I am going to take issue with the reviews of Potter and Igor. There is a delay between signing up and getting the test deposits, and then another one between confirming the deposits and the money being drawn. Nevertheless, the CD comes due 1 year from the day you sign up and register to receive the test deposits, and you start earning interest the moment the money is drawn from your other account. Potter is dead wrong.
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I have experience with this bank. The CD rates are great and the customer service is accessible, but they play the Ally Bank game. It takes a long time to get money moving. There is a 3 business day lag between the ACH draw on your outside, correspondent account and the account being set up, and then a 3 business day drag between maturity and being receive the ACH back. All in, you are going to lose about 2 weeks of interest and the real rate winds up being 10 or 15 basis points below what you think it is. After you factor in your tax rate, you aren't being compensated for your effort. I find the entire lag thing to be really questionable business practices, but unlike with Ally, it is disclosed here. Caveat emptor.
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jp2
Jul 1, 2022 |