I’ll gladly pay you 2%
Caught by surprise- BOA savings account interest rates
- Thread starter GON
- Start date
GON
$150 Site Donor 2025
Weekly or monthly?
Give me $50k…..naw
Just go to Fidelity and get your 4%+
Just go to Fidelity and get your 4%+
Hermann
Site Donor 2023
@GON BOA offers select Cd's and Money Market Account between 3.25 - 4%. When it/they renew you have seven days to renew at the then current select CD rate. Easy to do over the phone in 20 minutes. When you are looking at their rate listings make sure you scroll almost all the way to the bottom. When I renewed a CD last months the rate actually went up from the previous period.
GON
$150 Site Donor 2025
What happens if you don't take action on your CD, what is boa rate then? I am away from my computer, but IIRC boa pays like .03 percent of CD that mature, and the CD owner doesn't take a deliberate action
I have CD at navy federal. If I don't renew a matured CD, navy federal auto renews at over four percent.
Boa business model is to hoe it's customers miss the maturity, and then pay essentially nothing in interest. No a very fair business model, especially since senior citizens are likely a large portion of their consumer CD clients
I go Toyota IncomeDriver Notes. Currently 4.25% compounded daily; to withdraw you put your order and next day it is in your bank.
It is not FDIC insured but Toyota is not going anywhere!!
It is not FDIC insured but Toyota is not going anywhere!!
I'm with Vio Bank (https://www.viobank.com/). They've consistently been in the "higher" rate category. Right now, they advertise 4+%. Great customer service. I highly recommend. Most transfers to my Credit Union happen the next day.
I've found a good place to shop savings rates is: https://www.bestcashcow.com/savings-accounts/online-rates
I have never gotten any good savings account rate or CD rate from a large retail bank with lots of physical banks. BA, Wells Fargos, Chase, etc. None of them have good rates. This is why I don't even bother using a separate savings account, and just keep everything in checking or transfer to my brokerage, or a CD in another small bank (like First Internet Bank of Indiana) I found online or through my brokerage (to some small bank in Nevada).
The big banks likely work with larger organizations that can't risk working with smaller banks (imagine the client being half the size of the bank) and FDIC limit is useless to them as they are so big. Mom and pop businesses or individual clients like us likely isn't their main market, and I use them pretty much only for ATM.
I also don't get the point of CD when today's T Bill is slightly higher and has no state income tax. Just buy something with the desired maturity you can get equivalent terms as 7 day CD all the way to whenever.
The big banks likely work with larger organizations that can't risk working with smaller banks (imagine the client being half the size of the bank) and FDIC limit is useless to them as they are so big. Mom and pop businesses or individual clients like us likely isn't their main market, and I use them pretty much only for ATM.
I also don't get the point of CD when today's T Bill is slightly higher and has no state income tax. Just buy something with the desired maturity you can get equivalent terms as 7 day CD all the way to whenever.
GON
$150 Site Donor 2025
Follow up- this is BOA's fine print on CDs, and the interest BOA pays. One better be sharp, or BOA will exploit the maturity of their CD.
At maturity, 7, 10, 13, 25 and 37 Month Featured CDs/IRAs accounts will automatically renew into a 3 Month Flexible CD/IRA at a lower interest rate unless you make a change during the 7-day grace period. The current interest rates for the 3 Month Flexible CD/IRA are available on the previous page of this document. Your rate will be determined at maturity.
Fixed Term CD – Time Deposits & IRA CDs† Less than $10,000 $10,000 - $99,999 $100,000 and over Rate % APY % Rate % APY % Rate % APY % 28 - 89 Days** 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% THAT IS IT .03 PERCENT ON A CD ROLLOVER- WOW AND SAD.
So I think I found there website. They appear to me as a sub-prime lender, geared towards contractors, financing people that likely should not borrow money, for assets that shouldn't really be financed - but it sounds like you knew that already. They likely allowed the transfer because you were a significantly better credit risk than the last guy. https://joinmosaic.com/solar-financing-options/
I would call them. Tell them you have cash to pay it off but expect a buy down since its only 1.99% yield. They likely will tell you no, but its worth a try. There sitting on a significantly depressed note. If they do offer something I would use a closing attorney to make sure they don't find a way to screw you, which might make it still not worth it, but the opportunity to be fleeced again is likely high.
GON
$150 Site Donor 2025
I have the cash set aside, it is liquid. Issue is if I pay off the solar and sell the home, I indirectly eat a loss of $45k, instead of having the buyer pick up the loan.
Not a savings account but I get 5% APR every month on my checking account balance up to $25,000. It's hard to beat a rate like that and their CD's are only around 4% or a little more and change every time Jerome P blinks. I am not sure why I would even want a savings account when I have CD's and a 5% rate on checking up to $25K.
I know it's a little late, but I would have NEVER assumed a secondary loan on a house deal, especially a temporary one (equity over time sucks right now too unless cash sale) and much less for something like solar. What is that paying for electricity each month? You get anything for putting power back into the grid? Can't wait to see the service bill (if repairable) when the Chinese revenge system soils the bed and you basically have weights to keep the shingles down (if it doesn't leak first). Might as well keep the house at 62F while you can 
.
Well, now that the door is closed on the gone horse, you still need to do something. Are you willing to hedge your bet over time with paying monthly on a potentially, non-servicable solar system is it goes out (albeit at low interest), or do you just rip the Band-aid off now and do a pay-off? I'd contact the fleecing company and see if they'll deal on a pay-out. Otherwise, do the T-bills or high interest deposit that has been discussed. Just find the right one. I guess there is a third option, take down the solar and put the panels in a pile at the curb, tell Mosaic to come get them, and take the hit on the credit score. But those slimy racketeers will lien your title as I'm sure they wrapped it up collaterally somehow. Solar wins.
.Well, now that the door is closed on the gone horse, you still need to do something. Are you willing to hedge your bet over time with paying monthly on a potentially, non-servicable solar system is it goes out (albeit at low interest), or do you just rip the Band-aid off now and do a pay-off? I'd contact the fleecing company and see if they'll deal on a pay-out. Otherwise, do the T-bills or high interest deposit that has been discussed. Just find the right one. I guess there is a third option, take down the solar and put the panels in a pile at the curb, tell Mosaic to come get them, and take the hit on the credit score. But those slimy racketeers will lien your title as I'm sure they wrapped it up collaterally somehow. Solar wins.
GON
$150 Site Donor 2025
We were in a home search for over five years, could not find anything. We paid $30k USD above listing price. The deal worked, reguardless of the dirty solar loan assumption. To this minute, we feel blessed to have found the modest home. The only homes that don't go under contract hours after listing today are more likely than not a flawed home. Nothing wrong with a flawed home, but not at today's record high home prices and six percent mortgage rates.I know it's a little late, but I would have NEVER assumed a secondary loan on a house deal, especially a temporary one (equity over time sucks right now too unless cash sale) and much less for something like solar. What is that paying for electricity each month? You get anything for putting power back into the grid? Can't wait to see the service bill (if repairable) when the Chinese revenge system soils the bed and you basically have weights to keep the shingles down (if it doesn't leak first). Might as well keep the house at 62F while you can
Well, now that the door is closed on the gone horse, you still need to do something. Are you willing to hedge your bet over time with paying monthly on a potentially, non-servicable solar system is it goes out (albeit at low interest), or do you just rip the Band-aid off now and do a pay-off? I'd contact the fleecing company and see if they'll deal on a pay-out. Otherwise, do the T-bills or high interest deposit that has been discussed. Just find the right one. I guess there is a third option, take down the solar and put the panels in a pile at the curb, tell Mosaic to come get them, and take the hit on the credit score. But those slimy racketeers will lien your title as I'm sure they wrapped it up collaterally somehow. Solar wins.
If we felt we could have gone under contract with the Seller paying off the solar loan, we would have worked that COA. Ample buyers willing to assume the solar loan, as we were. I hated it, but that is the reality of today's single family home market.
Hermann
Site Donor 2023
I have never had a problem with BofA CD renewals. The people working the special renewal line speak real English and never had to wait for more than a couple minutes to get a real person on the line. always receive at least two notices about the 7 day window. All 3 of my CD's are earning 4%+
BofA is very handy for me, there is a full size bank branch with extremely nice folks working there. From what I can tell is the penalty for early withdrawal is minimal and at times none at all should you miss the window. . Sure I would like a better interest rate, we all would, but I'm not squabbling over a quarter point. . Sold three oz of gold yesterday, and the check I received was mobile deposited after banking hours. Money is available today in my account. My CD earnings are used to pay year end taxes and car insurance.
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Currently you can get over 4% on a 90 day treasury. Remember Banks are not the friend of the family.
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