Timeline for Saving rate higher than the Fed rate: Too good to be true?
Current License: CC BY-SA 4.0
15 events
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| Jun 16, 2020 at 10:49 | history | edited | CommunityBot |
Commonmark migration
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| Feb 7, 2019 at 15:55 | comment | added | user71659 | @BobBaerker Read the link I put in. The investment firm, which is not a bank, automatically splits the money in your account into multiple banks and withdraws as necessary. Therefore, the account I linked to is an account that is backed with FDIC insurance of $1.5M. Not all accounts are bank accounts. | |
| Feb 7, 2019 at 12:10 | comment | added | Bob Baerker | @user71659 - The FDIC insurance amount is $250k per depositor, per insured bank, for each account ownership category. If you split your deposits across multiple FDIC insured banks, you aren't increasing the limit. It's still $250k per bank. | |
| Feb 7, 2019 at 6:00 | history | tweeted | twitter.com/StackFinance/status/1093389005465493505 | ||
| Feb 7, 2019 at 5:58 | comment | added | user71659 | @BobBaerker While $100M is excessive, almost all investment firms offer services that split your deposits across multiple FDIC insured banks to increase the limit. As I recall, the default sweep option at my brokerage covered somewhere around $5M. | |
| Feb 6, 2019 at 22:49 | history | edited | user67084 | CC BY-SA 4.0 |
edited body
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| Feb 6, 2019 at 22:32 | history | edited | Chris W. Rea | CC BY-SA 4.0 |
deleted 51 characters in body; edited tags; edited title
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| Feb 6, 2019 at 17:05 | vote | accept | CommunityBot | moved from User.Id=67084 by developer User.Id=3127 | |
| Feb 6, 2019 at 16:45 | answer | added | BrianH | timeline score: 6 | |
| Feb 6, 2019 at 14:31 | comment | added | Bob Baerker | From their website: "FDIC insured up to $100M per account". FDIC coverage limit is $250k. Riddle me that one... | |
| Feb 6, 2019 at 11:18 | comment | added | mhoran_psprep | Given that current FED rate is 2.5%, I always suspect any offer higher than that (Why would bank pay customer more than 2.5% if they can easily borrow cash at 2.5%?). - that is false. They only need to borrow money from the Federal reserve when their cash on hand is below the requirements. They only pay depositors above average rates when they need more deposits so they can make more loans. | |
| Feb 6, 2019 at 6:56 | comment | added | Lucas Raphael Pianegonda | The trick will probably be: "Intrest accrues daily" which probably means they can also change it daily. Always think of this wise old saying: "If it sounds to good to be true, it is." | |
| Feb 6, 2019 at 5:12 | answer | added | quid | timeline score: 1 | |
| Feb 6, 2019 at 4:50 | review | First posts | |||
| Feb 6, 2019 at 11:59 | |||||
| Feb 6, 2019 at 4:48 | history | asked | user67084 | CC BY-SA 4.0 |