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06 July 2007 @ 02:39 pm
Number-crunching for savings accounts  
So, I spent a little while today calculating the expected yield of different "savings account" amounts with various banks, primarily because the BECU plan is so very, very wacky. I compared BECU, WaMu, BoA, and FTCU using savings accounts below 25K that do not require CD-style lock-in - in other words, emergency slush fund accounts.

For principal amounts up to $5,000, BECU came in first, with an affective APY that ranges from 7.50% at $500 to about 2.33% at $4,999. This is MUCH better than FTCU (0.5%), BoA (0.35%), and WaMu (0.25%). At this rate, $4,999 of principal earns $116,69 a year from BECU, but only $1.25 from WaMu.

In the $5K-$10K, range, FTCU does a little better than BECU, offering a flat 3.0% APY while BECU ranges from 2.33% at $5000 to 2.05% at $9999. WaMu and BoA are both below 1% in this range.

At $10K, we hit the magic number for money market accounts with many bacnks. BECU offers 4.07% APY, which marginally ekes out FTCU's 4.05% accounts. Of course, WaMu and BoA are both below 2%.
Carol Magallanessilentpartner10 on July 6th, 2007 10:22 pm (UTC)
St. Sean the Amusedseanb on July 6th, 2007 11:40 pm (UTC)
First Tech Credit Union
physics is masturbation, chemistry is sexmediavore on July 6th, 2007 11:01 pm (UTC)
VERY helpful, since I am with/ fucking hate WaMu, hear my guy sing the praises of BECU all the time, and starting Monday, qualify for FTCU. I hate that they're not in Seattle, but still...
Son of the Shining Path, the Clouded Mindtorquemada on July 6th, 2007 11:20 pm (UTC)
I switched from WaMu to BECU several months ago, and if there were such a thing as anti-regretting, I'd be doing it. The service is far superior, the interest is far superior, the locations are annoying (but given where I live and work, only slightly less annoying than WaMu), and the account website(s) are far superior. And they're not inexplicably down for scheduled maintenance for a few hours at a time at distinctly non-scheduled-maintenancy times once or twice a week.
Kynatrilliumgrl on July 7th, 2007 12:06 am (UTC)
The worst thing? I started doing the same analysis at home. My balances are borderline for what will be best and I am actually eligible for FTCU.
Lexaflasher702 on July 17th, 2007 02:49 am (UTC)
www.emigrantdirect.com 5.05% APY, no minimum, all paperless, online sign up (ACH to your existing checking account) FDIC insured, online extension of a real bank based in USA. Can take a couple days to ACH money around and then 5 days for it to become available but you don't loose interest while you're waiting. Combine it with a CC grace period (+20days by law in Washington State) and you're bullet proof for quick no-penalty access to your funds. I've had my account for about a year with far few problems (there was an outage for a couple hours late one night, customer service response is fairly fast and helpful the two times I got confused and needed some help) then I've ever had with WaMu, WellsFargo, or Key. There's a couple other online savings accounts with similar offers, look around. BankRate.com CreditCards.com have both been helpful to me when trying to research rates.

WellsFargo (my primary bank where I have 4 accounts) also has a very complex rate schedule so I can certainly understand where you're coming from. I often scold them if their system wasn't so convoluted they wouldn't have to hire people to explain it to me. To maintain what I have no I must have a direct deposit, and automatic transfer, and a CD account or I start getting charged crappy fees. If I drop below $1000 in my Money Market savings account I get a crappier interest rate then their bottom-rung savings account. Otherwise they have fairly decent rates, great service, and there's a branch right near my home and I've gotten to a point with them that i can say things like "I don't think I should have to pay a fee for that" and they agree with me and change my account so I don't have to so it works, still annoying though.

You did remind me that I need to open up a savings account at BECU to grab that 7.5% promo on the first $500. But the 5.05% that emigrant is giving me beats even most CD account rates.

...we might not know eachother but we have some friends in common and this post caught my eye as I was browsing around ;)