Savings I Bonds November 2024: 1.20% Fixed Rate, 1.91% Inflation Rate (3.11% Total for First 6 Months)

Posted on October 31, 2024 // 1 Comment
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Update: Savings I Bonds bought from November 1, 2024 through April 30, 2025 will have a fixed rate of 1.20%, for a total rate of 3.11% for the first 6 months. As a quick and dirty comparison, the nominal yield on 5-year Treasury bonds is currently 4.15% and the real yield on 5-year TIPS is currently 1.77%.

Every existing I Bond will earn this inflation rate of ~1.91% eventually for 6 months; you will need to add your own fixed rate that was set based the initial purchase month. See you again in mid-April for the next early prediction for May 2025.

Original post:

Savings I Bonds are a unique, low-risk investment backed by the US Treasury that pay out a variable interest rate linked to inflation. With a holding period from 12 months to 30 years, you could own them as an alternative to bank certificates of deposit (they are liquid after 12 months) or bonds in your portfolio.

New inflation numbers were just announced at BLS.gov, which allows us to make an early prediction of the November 2024 savings bond rates a couple of weeks before the official announcement on the 1st. This also allows the opportunity to know exactly what an October 2024 savings bond purchase will yield over the next 12 months, instead of just 6 months. You can then compare this against a November 2024 purchase.

New inflation rate prediction. March 2024 CPI-U was 312.332. September 2024 CPI-U was 315.301, for a semi-annual inflation rate of 0.95%. Using the official composite rate formula:

Composite rate formula: [Fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate)]

This results in the variable component of interest rate for the next 6 month cycle being ~1.90% to 1.91%, depending on the fixed rate.

Tips on purchase and redemption. You can’t redeem until after 12 months of ownership, and any redemptions within 5 years incur an interest penalty of the last 3 months of interest. A simple “trick” with I-Bonds is that if you buy at the end of the month, you’ll still get all the interest for the entire month – same as if you bought it in the beginning of the month. It’s best to give yourself a few business days of buffer time. If you miss the cutoff, your effective purchase date will be bumped into the next month. (You should always sell at the very beginning of the month.)

Buying in October 2024. If you buy before the end of October, the fixed rate portion of I-Bonds will be 1.30%. You will be guaranteed a total interest rate of 1.30 + 2.98 = 4.28% for the next 6 months. For the 6 months after that, the total rate will be 1.30 + 1.91 = 3.21%.

Buying in November 2024. If you buy in November 2024, you will get ~1.91% plus a newly-set fixed rate for the first 6 months. The new fixed rate is officially unknown, but is loosely linked to the real yield of short-term TIPS with some reductions. My rough guess is somewhere between 0.9% and 1.2%. The current real yield on short-term TIPS is lower than it was during the last reset, when the fixed rate was set at 1.3%. Every six months after your purchase, your rate will adjust to your fixed rate (set at purchase) plus a variable rate based on inflation.

If you have an existing I-Bond, the rates reset every 6 months depending on your specific purchase month. Everyone will eventually get this variable rate. Your bond rate = your specific fixed rate (based on purchase month, look it up here) + variable rate (total bond rate has a minimum floor of 0%).

Buy now or wait? Between those two options, I would buy in October as you’ll likely get a higher fixed rate and a decent initial 6-month rate. However, I actually don’t plan to buy any savings bonds this year. The yields are simply not very interesting as compared to other options. Short-term, it’s better to go T-Bills with the state tax exemption. For my inflation-protected needs, I have been buying longer-term TIPS instead to lock in the higher current 2%+ real yields (in tax-deferred).

Unique features and considerations. I have a separate post on reasons to own Series I Savings Bonds, including inflation protection, tax deferral, exemption from state income taxes, and potential tax benefits if used toward qualified educational expenses.

The main drawback is hassle. You can only buy new savings bonds through TreasuryDirect.gov, which is limited in its customer service resources and features. Conducting certain transactions may require a medallion signature guarantee which requires a visit to a physical bank or credit union and snail mail. If your password is compromised, they will not replace any lost or stolen savings bonds. The juice may not be worth the squeeze when you can own individual Treasury bonds or TIPS within any full-service brokerage account. (Finding a bank that will redeem a physical paper savings bond at all can be difficult these days.)

Over the years, I have accumulated I-Bonds and consider it part of the inflation-linked bond allocation inside my long-term investment portfolio. However, after converting all my paper bonds to electronic versions earlier this year, I have been selling the lower fixed rate bonds and reinvesting in 2%+ real yield TIPS.

Annual purchase limits. The annual purchase limit is now $10,000 in online I-bonds per Social Security Number. For a couple, that’s $20,000 per year. As of 2024. you can only buy online at TreasuryDirect.gov, after making sure you’re okay with their security protocols and user-friendliness. (No more tax refund savings bonds.) Technically, the purchase limits are per Social Security Number or Employer Identification Number. For those looking for another way to expand their purchasing power, that means you can also buy for a child, grandchild, LLC, or a trust.

Bottom line. Savings I bonds are a unique, low-risk investment that are linked to inflation and only available to individual investors. You can now only purchase them online at TreasuryDirect.gov. For more background, see the rest of my posts on savings bonds.

[Image: 1942 US Savings Bond poster – source]

Filed Under: Banking, Investing, Retirement, Savings Bonds //
Last updated: October 31, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Best Interest Rates on Cash Roundup – October 2024

Posted on October 15, 2024 // 9 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Here’s my monthly roundup of the best interest rates on cash as of October 2024, roughly sorted from shortest to longest maturities. There are lesser-known opportunities available to individual investors, often earning more money while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn from switching. Rates listed are available to everyone nationwide. Rates checked as of 10/15/2024.

TL;DR: Rates are still dropping at all maturities, from savings accounts outward. Still some 5%+ savings accounts. Still some 4%+ APY 5-year CDs. Compare against Treasury bills and bonds at every maturity, taking into account state tax exemption. I no longer recommend fintech companies due to the possibility of loss due to poor recordkeeping and/or fraud.

High-yield savings accounts
Since the huge megabanks still pay essentially no interest, everyone should at least have a separate, no-fee online savings account to piggy-back onto your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates and solid user experience. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

  • The top rates at the moment are from newcomers Pibank at 5.50% APY and TIMBR at 5.25% APY. I have no personal experience with either, but they are the top rates at the moment. Most others have dropped at least a little. For example, CIT Platinum Savings is now at 4.70% APY with $5,000+ balance.
  • SoFi Bank is at 4.30% APY + up to $325 new account bonus with direct deposit. You must maintain a direct deposit of any amount (even $1) each month for the higher APY. SoFi has historically competitive rates and full banking features. See details at $25 + $300 SoFi Money new account and deposit bonus.
  • Here is a limited survey of high-yield savings accounts. They aren’t the top rates, but a group that have historically kept it relatively competitive such that I like to track their history.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (plan to buy a house soon, just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

  • No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. Marcus has a 7-month No Penalty CD at 4.20% APY with a $500 minimum deposit. Farmer’s Insurance FCU has 9-month No Penalty CD at 4.50% APY with a $1,000 minimum deposit. Consider opening multiple CDs in smaller increments for more flexibility.
  • Langley Federal Credit Union has a 10-month certificate special at 5.25% APY ($500 min, $50,000 max). This is a promo for new members only. Anyone can join this credit union nationwide; you must maintain $5 in their share savings account. Early withdrawal penalty is 90 days of interest.

Money market mutual funds
Many brokerage firms that pay out very little interest on their default cash sweep funds (and keep the difference for themselves). Note: Money market mutual funds are highly-regulated, but ultimately not FDIC-insured, so I would still stick with highly reputable firms.

  • Vanguard Federal Money Market Fund (VMFXX) is the default sweep option for Vanguard brokerage accounts, which has an SEC yield of 4.80% (changes daily, but also works out to a compound yield of 4.91%, which is better for comparing against APY). Odds are this is much higher than your own broker’s default cash sweep interest rate.
  • Vanguard Treasury Money Market Fund (VUSXX) is an alternative money market fund which you must manually purchase, but the interest will be mostly (80% for 2023 tax year) exempt from state and local income taxes because it comes from qualifying US government obligations. Current SEC yield of 4.86% (compound yield of 4.97%).

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks and are fully backed by the US government. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes, which can make a significant difference in your effective yield.

  • You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 10/15/24, a new 4-week T-Bill had the equivalent of 4.80% annualized interest and a 52-week T-Bill had the equivalent of 4.19% annualized interest.
  • The iShares 0-3 Month Treasury Bond ETF (SGOV) has a 5.08% SEC yield and effective duration of 0.10 years. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has a 4.85% SEC yield and effective duration of 0.08 years.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. If you redeem them within 5 years there is a penalty of the last 3 months of interest. The annual purchase limit for electronic I bonds is $10,000 per Social Security Number, available online at TreasuryDirect.gov.

  • “I Bonds” bought between May 2024 and October 2024 will earn a 4.28% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More on Savings Bonds here.
  • In mid-October 2024, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. This is the mid-October post. I will have another post up at that time.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops which usually involve 10+ debit card purchases each cycle, a certain number of ACH/direct deposits, and/or a certain number of logins per month. If you make a mistake (or they judge that you did) you risk earning zero interest for that month. Some folks don’t mind the extra work and attention required, while others would rather not bother. Rates can also drop suddenly, leaving a “bait-and-switch” feeling.

  • OnPath Federal Credit Union (my review) pays 7.00% APY on up to $10,000 if you make 15 debit card purchases, opt into online statements, and login to online or mobile banking once per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization. You can also get a $100 Visa Reward card when you open a new account and make qualifying transactions.
  • Genisys Credit Union pays 6.75% APY on up to $7,500 if you make 10 debit card purchases of $5+ each per statement cycle, and opt into online statements. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Credit Union of New Jersey pays 6.00% APY on up to $25,000 if you make 12 debit card purchases, opt into online statements, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Andrews Federal Credit Union pays 6.00% APY on up to $25,000 if you make 15 debit card purchases, opt into online statements, and make at least 1 direct deposit or ACH transaction per statement cycle. Anyone can join this credit union via partner organization.
  • Pelican State Credit Union pays 6.05% APY on up to $20,000 if you make 15 debit card purchases, opt into online statements, log into your account at least once, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via partner organization membership.
  • Orion Federal Credit Union pays 6.00% APY on up to $10,000 if you make electronic deposits of $500+ each month (ACH transfers count) and spend $500+ on your Orion debit or credit card each month. Anyone can join this credit union via $10 membership fee to partner organization membership.
  • All America/Redneck Bank pays 4.65% APY on up to $15,000 if you make 10 debit card purchases each monthly cycle with online statements.
  • Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

  • Synchrony Bank has a 5-year certificate at 4.00% APY (no minimum), 4-year at 4.00% APY, 3-year at 4.00% APY, 2-year at 3.90% APY, and 1-year at 4.40% APY. Early withdrawal penalty for the 4-year and 5-year is 365 days of interest.
  • Advancial Federal Credit Union has has a 5-year certificate at 4.09% APY (higher $50,000 min). Early withdrawal penalty for the 5-year is 365 days of interest. Anyone nationwide should be able to join via membership with partner organization US Dog Agility Association, but I would call or check first.
  • State Department FCU has a 60-month CD at at 3.91% APY ($500 min) or 4.11% APY (jumbo $100,000 min). Early withdrawal penalty for the 5-year is 360 days of interest. Membership is open nationwide by agreeing to join the American Consumer Council (ACC) membership. Try promo code “consumer” when signing up at ACC for a free membership.
  • You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Right now, I see a 5-year non-callable CD at 3.75 to 3.80% APY (callable: no, call protection: yes). Be warned that both Vanguard and Fidelity will list higher rates from callable CDs, which importantly means they can call back your CD if rates drop later. (Issuers have indeed started calling some of their old 5%+ CDs as of Fall 2024.)

Longer-term Instruments
I’d use these with caution due to increased interest rate risk (tbh, I don’t use them at all), but I still track them to see the rest of the current yield curve.

  • Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. You might find something that pays more than your other brokerage cash and Treasury options. Right now, I see a 10-year CDs at 3.75% (non-callable) vs. 4.03% for a 10-year Treasury. Watch out for higher rates from callable CDs where they can call your CD back if interest rates drop.

All rates were checked as of 10/15/2024.

Photo by Giorgio Trovato on Unsplash

Filed Under: Banking, Deals & Offers, Investing // Tagged:
Last updated: October 16, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Bank of America Credit Cards – 2% More Rewards Day on Thursday 11/7/2024

Posted on October 11, 2024 // 18 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Update for 2024, promo is back again with limit of $50 extra per card. Bank of America has a one-day credit card promotion called “More Rewards Day” on Thursday, 11/7/24. Depending on your BofA credit card type (all consumer and business cards are all eligible), you can earn an additional 2% cash back or 2 points or miles/$1 spent on purchases made on 11/7/24 only (Eastern time zone!), up to a $50/5,000 point cap per unique credit card account. That’s on on top of the rewards you’re already earning. No enrollment required. Specifically:

  • Cash Back Credit Cards. Earn an additional 2% cash back for every $1 spent on purchases made on 11/7/24. This one-day offer is good for the first $2,500 in purchases up to $50 cash back. That’s on top of the rewards you’re already earning.
  • Points Rewards Credit Cards. Earn an additional 2 points for every $1 spent on purchases made on 11/7/24. This one-day offer is good for the first $2,500 in purchases up to 5,000 points. That’s on top of the rewards you’re already earning.
  • Miles Rewards Credit Cards. Earn an additional 2 Miles for every $1 spent on purchases made on 11/7/24 ET. This one-day offer is good for the first $2,500 in purchases up to 5,000 Miles. That’s on top of the rewards you’re already earning.
  • Non-Rewards and All Other Rewards Credit Cards. Earn 2% cash back in the form of a statement credit on purchases made on 11/7/24. This one-day offer is good for the first $2,500 in purchases up to $50 cash back.

You can get the bonus on each of your unique credit cards. Note that it expires 11:59pm in the Eastern time zone. It appears that somehow they can track the “transaction date” separately from when it posts to your statement. Note that some retail websites don’t actually charge you until a physical item ships.

Only Purchases that post to your account and appear on your statement with a transaction date of 11/07/2024 will qualify. Merchants may impact when a transaction will appear on your statement, particularly if they delay processing of the purchase. Transactions with delayed processing of 90 days or more will not be eligible to be included in the promotional offer.

This is an interesting promotion that could work out well if (1) you have a BofA rewards card (or multiples) with good rewards already, (2) you have the Preferred Rewards boost, (3) you have larger purchases planned in one of your customized bonus categories, or just any larger purchase really, and (4) it is the type of purchase that applies the same day (sometimes you don’t get charged until something ships). Max out that $2,500 in purchases for each card. Some possibilities:

  • Pay estimated income taxes at PayUSATax.com for only 1.82% fee.
  • Pay your insurance premiums upfront. My State Farm grouped monthly bill can also be timed using manual payment.
  • Pay your utilities, property taxes, phone bills, and other monthly bills upfront. Sometimes it just costs a one-time flat fee to pay by credit card, which can be worth if you are charging $1,000+.
  • Make your annual charitable contributions on 11/7/23 this year.
  • Gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings are choices for your 3% category for the BofA Customized Cash card (up to 5.25% with Preferred Rewards) for a total of 7.25% cash back total with this promo. You can change your category this month in app and then max out the $2,500 quarterly limit using gift cards at Amazon (online shopping), Home Depot (home improvement), gas stations, and so on.
Filed Under: Banking, Deals & Offers //
Last updated: October 10, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Robinhood HOOD Week Promo: 3% IRA, 2% Margin, 1% ACAT Bonus (10/16-10/27)

Posted on October 10, 2024 // 20 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Robinhood brokerage app is jumping on the week-long promo trend and just teased Robinhood HOOD Week (“HOOD” is their stock symbol) from October 16, 2024 to October 27, 2024. The front page is vague but inside the full terms you can see exactly what they will be offering. They are still aggressively collecting assets, and are rolling back out some very competitive cash bonuses when you transfer in assets from external brokerages:

  • 1% bonus on ACATS transfers to your Robinhood joint or individual investing account from an external brokerage. Two-year minimum hold period.
  • 2% bonus on ACATS transfers with a margin balance of $10,000 or more to your Robinhood joint or individual investing account from an external brokerage. Two-year minimum hold period.
  • 3% on ACATS transfers to your Robinhood IRA with a Robinhood Gold subscription, excluding rollovers. Five-year minimum hold period.

Hodl on, though! Transfers must be initiated between 12 AM ET on October 16, 2024 and 11:59 PM ET on October 27, 2024.

Robinhood will also reimburse up to $75 in outgoing transfer fees with transfers of $7,500 or more. This is a one-time reimbursement per account type, per external brokerage.

The asset retention requirement requires that you maintain the transferred assets in your Robinhood account for at least 2 years for the 1% or 2% bonuses and 5 years for the 3% bonus. If you withdraw assets and the balance falls below the initial transfer amount, Robinhood reserves the right to reduce or revoke your bonus, in full or in part.

The 2% bonus with margin balances is an interesting new wrinkle, and it could very easily be worth it “create” a margin balance ahead of time in preparation for the promo week. You’d want to withdraw your cash, and then buy something on margin – even SGOV or another Treasury Bill ETF would work. Paying even 12% interest on $10,000 of margin for an entire month would only be $100 of interest. An extra 1% on $100,000 transferred is worth $1,000, an extra 1% of $1 million is $10,000, and so on.

I didn’t even know you were allowed to transfer margin balances, but apparently that is one of the features of the ACATS system. I suppose it’s like a balance transfer between credit cards, and Robinhood really wants your interest-accruing debt.

I’ve already written multiple articles about past flavors of these Robinhood promos, and I participated in the 3% IRA bonus previously. As always, read through the terms and understand that you’ll be locked into Robinhood for two to five years. Since I’m already partially locked-in, I am pondering that new 2% margin transfer bonus. 🤔

(Anyone understand the meaning of the cherry?)

Filed Under: Banking, Deals & Offers, Investing //
Last updated: October 10, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Wings Financial Credit Union: $600 New Member Bonus + $50 Refer-a-Friend + 4.75% APY

Posted on September 19, 2024 // 18 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

New $600 Fall Bonus. Wings Financial Credit Union has an improved bonus worth up to $600 plus a $50 refer-a-friend bonus for new members (along with some other promotions). Please note that each has its own separate set of requirements.

Here are their official membership requirements, but anyone can join Wings Financial via partner organization (Wings Financial Foundation). When I applied, they paid the $5 membership fee for that partner organization on my behalf. I did experience a hard credit check, which is (unfortunately) common amongst credit unions.

Up to $400 Checking Bonus

  • Join Wings and open a new checking account by 10/31/24.
  • One offer per person; valid for U.S. residents only. Must be 18 years or older.
  • Must use promo code OWNIT24 at account opening.
  • Within 60 days of account opening, have recurring Qualified Direct Deposit(s) totaling at least $1,500 to earn the $150 bonus, $3,500 to earn the $300 bonus, or $5,000 to earn the $400 bonus.
  • Complete at least 5 net PIN or signature-based debit card or credit card transactions over $25 each on your Wings Visa Debit Card.
  • Enroll in Wings digital banking.
  • Enroll in eDocuments. You must do this manually after logging into your account online, and they will send you an e-mail confirmation afterward. Enrollment in eDocuments must also be active on the Bonus Payout Date.
  • If requirements are met, Checking Account Bonus will be paid by 1/17/25 (“Bonus Payout Date”) as a deposit to the Wings checking account; account must be in good standing (positive balance for the last 30 days).

$200 Savings/CD Bonus

  • Complete Checking Account Bonus Requirements (above)
  • Open a Wings savings account OR certificate account with minimum opening balance of $25,000 within 60 days of membership opening date. IRA accounts excluded. New deposits only; must be opened in branch or by phone. Must have a minimum available balance of $25,000 on 1/31/25 to earn $200 bonus.
  • If requirements are met, Savings/Certificate Bonus will be paid by 2/7/25 as a deposit to the Wings checking account; account must be in good standing (positive balance for the last 30 days).

$50 Refer-a-Friend Checking bonus

  • Register your information at member’s referral link (that’s mine). I have already registered on my end, and successfully referred members in the past. This form is independent of the $300 bonus above and does not require a promo code, and was stackable for me. I recommend you register your information at this link first, and then open the accounts with the proper promo code from above added.
  • Become a Wings Financial member and open a Share Savings Account (minimum balance of $5.00 required)
  • Open a new Wings Checking account (First Class or High-Yield).
  • Enroll in eDocuments. You must do this manually, and they will send you an e-mail confirmation afterward.
  • Complete one (1) direct deposit* of $300 or more into new checking account OR complete five (5) debit card purchase transactions of $5+ each. (ATM transactions excluded.)
  • Both referring and referred parties will receive a $50 Visa Reward card mailed to them upon completion. Wings has fulfilled this bonus as promised for me in the past.

New members definition:

5. New members and new recipients only:

a. Cannot have been a previous member (owner of a Primary Share account) of Wings Financial Credit Union within 12 months of promotional account application.
b. Cannot have previously received a new account bonus.

Direct deposit definition:

Direct Deposit must also be active on the Bonus Payout Date. “Qualified Direct Deposit” is an Automated Clearing House (“ACH”) automatic and electronic deposit of your salary, pension, Social Security or other regular income into your Wings account deposited as a Pre-arranged Payment and Deposit (“PPD”) entry. Income earned through self-employment or working an IRS-classified “Gig Economy” job does not qualify as a Qualified Direct Deposit. Other electronic deposits or person-to-person payments are not considered a Qualified Direct Deposit.

High-Yield “Rewards” checking account details. Most importantly, both checking options have no minimum balance requirement and no monthly fee. The High-Yield Checking is a “rewards” checking account that currently pays 3.04% APY on balances up to $25,000 if you (1) are enrolled in eDocuments, (2) have ACH direct deposit(s) totaling over $300 in the 34 calendar days preceding the last day of the month, and (3) have 15 net PIN or signature point-of-sale debit card transactions over $5 in the 34 calendar days preceding the last business day of the month. The net is calculated by counting the number of PIN and signature point-of-sale debit purchase transactions over $5 and subtracting any PIN or signature point-of-sale debit return transactions processed during that period.

Platinum Plus Savings at up to 4.75% APY. The Platinum Plus Savings account appears to be the best to pair with the $200 bonus above. No monthly fees. $25,000 minimum to open, must also maintain that minimum balance to earn APY. If you have ACH direct deposit(s) totaling over $300 in the past 34 days, you will earn 4.75% APY. If the requirement is not met, the rate will be 0.25% lower (currently 4.50% APY). Most payroll platforms will let you split your direct deposit into multiple accounts these days.

If you assume that you must keep the $25,000 there starting in November (must be deposited within 60 days) and hold through January 2025, that’s a hold period of 3 months (could be less if you’re aggressive). Over that period, a $200 bonus would be the equivalent of 3.2% APY annualized on top of the base 4.50% to 4.75% APY for a total of up to 7.95% annualized during that period.

Note that savings rates can drop, although the total is still probably going to be competitive. You may wish to open a 9-month promo CD at 4.75% APY (new deposits) if you want to lock in a rate, but the holding period will be longer.

There are different requirements to keep track of, but they stack together nicely. Mostly a new checking account, switching direct deposits, and keeping $25,000 in the Wings Savings if you have it. I like that you’re still earning a solid APY on your cash. I would participate, but I am already a Wings member and did a similar bonus in 2023. They fulfilled the bonuses without issue.

Filed Under: Banking, Deals & Offers //
Last updated: September 19, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Bask Bank Interest Checking $200 Bill Pay Bonus (New and Existing Customers)

Posted on September 18, 2024 // Leave a Comment
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Bask Bank has added two separate bonuses for their Interest Checking account:

  • Up to $200 total bonus for qualifying Bill Pay activities. Must have a new or existing Bask Interest Checking Account by November 29, 2024. Conduct two (2) electronic Bill Center transactions of a combined minimum total of $50, posting each month through 3/31/25. If you do that, the next month you’ll get $50. Total bonus limited to $200. Fine print.
  • Additional 2% APY through 1/31/25 if you open a new account by 12/31/24 and complete qualifying automated deposits (ACH transfers explicitly qualify) and maintain an average monthly balance of $5,000 through the reward period. This is on top of their normal APY, currently 1.00% APY. Fine print.

Interest Checking has no monthly fees and no minimum balance. You could also pair with the Bask Bank Interest Savings account, currently paying a competitive 5.10% APY. This is not a fintech; Texas Capital Bank is the underlying bank, previously also behind the old BankDirect brand. Hat tip to Doctor of Credit.

I’ll probably be going for the $200 Bill Pay bonus only, as it seems straightforward enough. These are decent bonuses from a reputable bank that I’ve dealt with for over years. I already have an open Mileage Savings Account with $20 or so in it so that I can earn a few American Airlines miles each month as “interest” and keep my AA miles active. (The payout isn’t as great as it once was, so I don’t keep anything sizable in there anymore, but maybe they’ll hike it back up someday.)

Filed Under: Banking, Deals & Offers //
Last updated: September 18, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Best Interest Rates on Cash Roundup – September 2024

Posted on September 15, 2024 // 4 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Here’s my monthly roundup of the best interest rates on cash as of September 2024, roughly sorted from shortest to longest maturities. There are lesser-known opportunities available to individual investors, often earning more money while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn from switching. Rates listed are available to everyone nationwide. Rates checked as of 9/15/2024.

TL;DR: Rates are dropping at all maturities, from money market funds outward, but really fast starting at 1 year out. Still 5%+ savings accounts and short-term CDs. Compare against Treasury bills and bonds at every maturity, taking into account state tax exemption. I no longer recommend fintech companies due to the possibility of loss due to poor recordkeeping and/or fraud.

High-yield savings accounts
Since the huge megabanks still pay essentially no interest, everyone should at least have a separate, no-fee online savings account to piggy-back onto your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates and solid user experience. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

  • The top rate at the moment is at Poppy at 5.50% APY (3-month rate guarantee). Newcomer Pibank is also at 5.50% APY. I have no personal experience with either, but they are the top rates at the moment. CIT Platinum Savings at 4.85% APY with $5,000+ balance.
  • SoFi Bank is at 4.50% APY + up to $325 new account bonus with direct deposit. You must maintain a direct deposit of any amount each month for the higher APY. SoFi has historically competitive rates and full banking features. See details at $25 + $300 SoFi Money new account and deposit bonus.
  • Here is a limited survey of high-yield savings accounts. They aren’t the top rates, but a group that have historically kept it relatively competitive such that I like to track their history.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (plan to buy a house soon, just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

  • No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. Marcus has a 7, 11, and 13-month No Penalty CD at 4.50% APY with a $500 minimum deposit. Consider opening multiple CDs in smaller increments for more flexibility.
  • Merchants Bank has a 1-year certificate at 5.25% APY ($1,000 min). I could not locate their early withdrawal penalty. This is their fixed-rate CD, watch out for the flex-rate ones.

Money market mutual funds
Many brokerage firms that pay out very little interest on their default cash sweep funds (and keep the difference for themselves). Note: Money market mutual funds are highly-regulated, but ultimately not FDIC-insured, so I would still stick with highly reputable firms.

  • Vanguard Federal Money Market Fund is the default sweep option for Vanguard brokerage accounts, which has an SEC yield of 5.19% (changes daily, but also works out to a compound yield of 5.32%, which is better for comparing against APY). Odds are this is much higher than your own broker’s default cash sweep interest rate.

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks and are fully backed by the US government. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes, which can make a significant difference in your effective yield.

  • You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 9/13/24, a new 4-week T-Bill had the equivalent of 5.03% annualized interest and a 52-week T-Bill had the equivalent of 4.02% annualized interest.
  • The iShares 0-3 Month Treasury Bond ETF (SGOV) has a 5.21% SEC yield and effective duration of 0.10 years. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has a 5.11% SEC yield and effective duration of 0.08 years.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. If you redeem them within 5 years there is a penalty of the last 3 months of interest. The annual purchase limit for electronic I bonds is $10,000 per Social Security Number, available online at TreasuryDirect.gov. You can also buy an additional $5,000 in paper I bonds using your tax refund with IRS Form 8888.

  • “I Bonds” bought between May 2024 and October 2024 will earn a 4.28% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More on Savings Bonds here.
  • In mid-October 2024, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. I will have another post up at that time.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops which usually involve 10+ debit card purchases each cycle, a certain number of ACH/direct deposits, and/or a certain number of logins per month. If you make a mistake (or they judge that you did) you risk earning zero interest for that month. Some folks don’t mind the extra work and attention required, while others would rather not bother. Rates can also drop suddenly, leaving a “bait-and-switch” feeling.

  • OnPath Federal Credit Union pays 7.00% APY on up to $10,000 if you make 15 debit card purchases, opt into online statements, and login to online or mobile banking once per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization. You can also get a $100 Visa Reward card when you open a new account and make qualifying transactions.
  • Genisys Credit Union pays 6.75% APY on up to $7,500 if you make 10 debit card purchases of $5+ each per statement cycle, and opt into online statements. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Credit Union of New Jersey pays 6.00% APY on up to $25,000 if you make 12 debit card purchases, opt into online statements, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Andrews Federal Credit Union pays 6.00% APY on up to $25,000 if you make 15 debit card purchases, opt into online statements, and make at least 1 direct deposit or ACH transaction per statement cycle. Anyone can join this credit union via partner organization.
  • Pelican State Credit Union pays 6.05% APY on up to $20,000 if you make 15 debit card purchases, opt into online statements, log into your account at least once, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via partner organization membership.
  • Orion Federal Credit Union pays 6.00% APY on up to $10,000 if you make electronic deposits of $500+ each month (ACH transfers count) and spend $500+ on your Orion debit or credit card each month. Anyone can join this credit union via $10 membership fee to partner organization membership.
  • All America/Redneck Bank pays 5.00% APY on up to $15,000 if you make 10 debit card purchases each monthly cycle with online statements.
  • Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

  • Lafayette Federal Credit Union (LFCU) has a 5-year certificate at 4.32% APY ($500 min), 4-year at 4.42% APY, 3-year at 4.52% APY, 2-year at 4.78% APY, and 1-year at 5.04% APY. Slightly higher rates with jumbo $100,000+ balances. Note that the early withdrawal penalty for the 5-year is a relatively large 600 days of interest. Anyone nationwide can join LFCU by joining the Home Ownership Financial Literacy Council (HOFLC) for a one-time $10 fee.
  • Advancial Federal Credit Union has has a 5-year certificate at 4.47% APY (higher $50,000 min). Anyone nationwide should be able to join via membership with partner organization US Dog Agility Association, but I would call or check first.
  • You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Right now, I see a 5-year non-callable CD at 3.80% APY (callable: no, call protection: yes). Be warned that now both Vanguard and Fidelity will list higher rates from callable CDs, which importantly means they can call back your CD if rates drop later. (Issuers have indeed started calling some of their old 5%+ CDs as of September 2024.)

Longer-term Instruments
I’d use these with caution due to increased interest rate risk (tbh, I don’t use them at all), but I still track them to see the rest of the current yield curve.

  • Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. You might find something that pays more than your other brokerage cash and Treasury options. Right now, I see a 10-year CDs at [none available] (non-callable) vs. 3.66% for a 10-year Treasury. Watch out for higher rates from callable CDs where they can call your CD back if interest rates drop.

All rates were checked as of 9/15/2024.

Photo by Giorgio Trovato on Unsplash

Filed Under: Banking, Deals & Offers, Investing // Tagged:
Last updated: October 3, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Mint Mobile Security: Improve Login Security with Authenticator Apps & Number Lock

Posted on September 2, 2024 // 1 Comment
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

I still use Mint Mobile for cell service, now paying $240 a year ($20 a month) for 15 GB of data each month. (There is usually a promo for new customers, I think 3 months free if you buy 3 months.) I upgraded from the lower 5GB tier in order to let my kids use my cell phone as a WiFi hotspot to do homework in the minivan while the others are in activities. Now owned by T-Mobile, it still provides solid value and I’ve had it now for over 4 years (my old review).

Continuing my focus on security, here are two important ways at Mint Mobile to best protect yourself from scams that try to steal your phone number in order to access important financial accounts. These are both opt-in, but I think the extra effort is worth it.

Activate 2FA via Authenticator App

In order to better secure your Mint Mobile account overall, you should enable two-factor authentication (2FA) using a third-party TOTP Authenticator app. Examples include Google Authenticator, Authy, or 1Password. You can activate this either via the Mint app or at Mintmobile.com. Here are the official instructions from Mint: How do I set up and manage two-factor authentication?

To access your Mint Mobile account with 2FA enabled, you’ll need to provide a security code from a third-party authentication app to confirm that you’re the one logging into your account, not some weirdo trying to mess with your SIM.

Be sure to understand how to use your Authenticator app if you lose your phone. You will either want to have it cloud-based so you can get the 6-digit code via other methods, or have special backup codes printed out if staying offline.

Activate Number Lock

The Number Lock feature prevents the ability to request a “port out” of your number to another phone or carrier. This includes yourself if you wanted to switch carriers, so you’ll need to log into your account and disable it first if you want to do that. Note that as long as you can log into your Mint Mobile account, you can de-activate this feature. This makes the above 2FA even more important.

When Number Lock is turned on in your account, you won’t be able to activate a new SIM, order a replacement SIM or change phones. You’ll need to disable Number Lock whenever you wish to take any of these actions, but we recommend waiting until just before to do so.

Here are the official instructions from Mint: What is Number Lock?

Number Lock is a security feature that protects your SIM (physical SIM or eSIM) from unauthorized changes. Your SIM is the chip that connects your phone to the Mint Mobile network, allowing you to make calls, send texts and use mobile data. It stores your account information and your phone number. Enabling Number Lock helps prevent shady characters from hijacking your SIM, your phone number and ultimately your account.

Filed Under: Banking, Credit Cards, Frugal Living //
Last updated: September 2, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

IRS Identity Protection PIN: Opt-In to Prevent Tax Return Scams

Posted on August 26, 2024 // 9 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

The next step of my “hardening” against identity theft was to obtain an Identity Protection PIN (IP PIN) from the IRS. The common scam here is that someone with your name, address, and Social Security Number will file a tax return before you do, and then steal the resulting tax refund for themselves. In 2022, over 228,000 taxpayers filed IRS Form 14039, Identity Theft Affidavit, which asserts “I know or suspect that someone used my information to fraudulently file a federal tax return”.

Once you opt-in to the IP PIN program, the IRS will not accept any tax return filed during the current calendar year (even for prior years) without this unique six-digit number. Every calendar year, you’ll get assigned a new IP PIN. So I’ll need to get another one in January 2025, but getting one now will still prevent anyone from filing a fraudulent amended 2024 return during the rest of 2024.

As with setting up credit freezes, this process was also a lot easier than in the past. Well, hopefully. To do it completely online, you’ll need an ID.me account, which is a third-party provider that the IRS trusts to verify your identity. From their page:

You can use either a self-service process that requires a photo of a government ID and selfie, or a live call with an ID.me video chat agent that doesn’t require biometric data.

I had already set up an ID.me account for another purpose years ago, but I do remember that the selfie method worked eventually for me but my wife had to go for the live video chat method. I’ve also had to deal with problems with rejected ID photos, too much glare, software crashes, etc.

If you forget your PIN, you can always sign back into your IRS.gov account and view it again under your Profile. This is another reason to take extra care with your ID.me/IRS.gov passwords and MFA methods. ID.me lets you set up a TOTP Authenticator app for MFA. Also set a reminder to use it when you eventually file taxes, so your return doesn’t get rejected.

More information at the IRS IP PIN FAQ page (that’s a lot of acronyms!).

Filed Under: Banking, Deals & Offers, Taxes //
Last updated: August 25, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Why I Finally Froze All of My Credit Reports

Posted on August 21, 2024 // 19 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

For the first time in forever, I have frozen all of my credit reports at the three major credit bureaus (Equifax Freeze, Experian Freeze, TransUnion Freeze). The balance between the guaranteed hassle of maintaining a credit freeze and the potential hassle of dealing with an identity theft attempt has finally shifted enough towards just having them frozen as a default position.

Luckily, it has become even easier than I remembered. These days, you no longer need to call in or provide a special PIN to unfreeze your credit reports. You can freeze and thaw your credit reports using an online account at each bureau (secured by text 2FA) within minutes, and set the thaw to only last just a day or week. I like that it will automatically re-freeze your report. Just make sure you have a good password manager.

The most annoying bureau was probably Experian, which always seems to ask for an upsell to their paid monitoring service at every login attempt, and also suggests their “CreditLock” service when you try to add a freeze – a paid service which I bet tricks a certain percentage of visitors. Credit Freezes are regulated and should be completely free and never require a credit card nor trial agreement.

Equifax

Experian

TransUnion

I also looked into freeze the credit reports for all three of my kids, but it does seem to require much more physical paperwork and multiple identification documents to be mailed in.

Filed Under: Banking, Credit Cards //
Last updated: August 20, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Huge NPD Data Breach: Check If Your Social Security Number is Leaked

Posted on August 19, 2024 // 5 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Could this be the biggest data breach ever? National Public Data (NPD), a background check company, was hacked in December 2023 and they finally admitted to have exposed the full Social Security Numbers from nearly everyone in the United States (gift article). Atlas Data Privacy found 272 million unique SSNs in the database of 2.7 billion records. The entire US population is only about 330 million. 😡

This LA Times article adds more detail about how NPD has delayed and withheld information about this huge hack. Unfortunately, our knowledge of their ineptitude keeps growing: National Public Data Published Its Own Passwords The best title goes to Wired (paywall) with The Slow-Burn Nightmare of the National Public Data Breach.

Cybersecurity firm Pentester has released this NPD Breach Check Tool that lets you enter just your name and birth year to see if your data is included. With just this little bit of information, the tool was able to provide evidence that they knew my historical addresses, phone number, full Social Security Number, and date of birth. 🤬

We’re getting close to the point where Social Security numbers will not be secret enough to provide any assurance for identity verification. I believe that these data brokers should each first have to pay us a subscription fee for the right to store and resell our personal data, on top of being financially liable if they lose it. 300 years of “free credit monitoring” is not adequate.

These media articles recommend the following actions:

  • Freeze your credit reports. Also consider freezing the reports for your minor children. Experian is the most annoying. Don’t fall for their upsells and “Experian CreditLock”, which is not the same as a free Freeze!
  • Use multi-factor authentication whenever possible. Hardware keys, authenticator apps, or at the minimum SMS texts.
  • Set up account alerts. Just be sure those alerts aren’t phishing attempts themselves. Don’t click on vague links. Visit sites directly.
  • Harden your personal e-mail address. The e-mail where your password resets arrive is one of the most valuable targets for criminals.
Filed Under: Banking, Credit Cards //
Last updated: August 19, 2024
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Ally Bank $100 New Account Referral Bonus (Spending, Savings, Invest)

Posted on August 7, 2024 // 2 Comments
My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Ally Bank is one of my favorite banks in terms of user interface, practical features, customer service, and reliability. They were my primary checking account for years (the checking can auto-draft from the savings). Unfortunately, their savings account rates have been lagging the top rates by about 1% recently. Despite that, I still keep maintain active accounts there because I use them as my central hub connecting all my many different bank accounts with fast transfers and a clear schedule of exactly when the money will be withdrawn and deposited.

Ally is running a new $100 new account bonus by referral only (that’s mine). You must first enroll with your name and address, and then using the same e-mail address open one of three possible account types (Ally Spending, Ally Savings, Ally Invest) within 30 days of enrollment and make qualifying transfers to get the $100 bonus. You are not eligible if you are a current customer (with any Ally product), or has had any Ally account open since June 1, 2023.

Here are the details for each account type. Taken from full terms and conditions [pdf].

Ally Bank Savings Account

1. Once your Savings Account is open, setup (within your new account) a monthly automated recurring transfer of any amount and have it start within 30 days of account opening.
2. Complete an automated recurring transfer at least once a month for at least three months in a row.
3. Your $100 Welcome Bonus will be deposited within 30 days of receiving your third consecutive monthly recurring transfer. To be paid, make sure you keep your Savings Account open and in Good Standing
through the Payout Date.

What do they mean by “automated recurring transfer”? I tried it out in my Ally account it just means setting up as little as a $1 transfer every month into your savings account. You can connect an external bank account to fund the transfer.

Ally Bank Spending Account

1. Fund your new Spending Account, with any amount, within 30 days (otherwise it may automatically close).
2. Set up and receive a Qualifying Direct Deposit (QDD) within 60 days of account opening.
3. Your $100 Welcome Bonus will be deposited within 30 days of receiving your QDD. To be paid, make sure you keep your Spending Account open and in Good Standing through the Payout Date.

Ally Invest Self-Directed Account

1. Transfer a minimum of $1,000 within 60 days of opening your Self-Directed Account. Note: you can make multiple transfers to reach the minimum requirement of $1,000. Market activity that causes your portfolio value to rise above $1,000 will not qualify; also note that instances of market volatility causing your portfolio to drop below $1,000 will not disqualify you (but withdrawals that lower your aggregate deposit amount below $1,000 will).
2. Your $100 Welcome Bonus will be deposited within 30 days of your Self-Directed Account reaching $1,000 from incoming transferred funds. To be paid, make sure you keep your Self-Directed Account open and in Good Standing through the Payout Date.

Overall, the requirements are pretty easy for a $100 bonus.

Filed Under: Banking, Deals & Offers //
Last updated: August 7, 2024
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