3 ms·

My credit union pays me 3.5% APY on my checking account. And yes, that's 3.5%, not 0.35%.

ghshephard 14y ago
Which credit union would that be? Given that my cube mate just refinanced his Mortgage at 3.375%, no points, I sense there is an arbitrage opportunity here somewhere. I am willing to wager your credit union is not paying you 3.5% APY on your checking account. That is, if you had $10,000 in your checking account at the end of the year, and you just left it there, you would not have $10,375 at the end of year. There is a restriction/surcharge in there that you haven't mentioned.
- whatusername 14y ago
  If you're willing to wear currency risk: http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/6/3/nab_article_088716?urid=1348625975506 http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_... I wish I could re-finance my mortgage at 3.375% fixed. :(
  - ghshephard 14y ago
    I'm happy to hook you up with my cube-mate's mortgage broker. He isn't bearing any of the costs, no points, not even an appraisal fee. This is a 30 year fixed mortgage. His position is basically, "I'll refinance if you bear 100% of the service charges and I don't give you any money for anything." [Edit - Oh. Australia. :-)]
- nuclear_eclipse 14y ago
  You would lose that wager. The restriction is that there's an upper-bound on the amount you can earn that interest rate on ($15,000), and you must have at least X number of check card and ACH transactions per month, but there are no fees or surcharges. I also get ATM fee refunds up to $12/mo when I need to use out-of-network ATMs. This is why I don't understand why people keep going back to banks and getting screwed every single time. The bank is there to make money off its customers; the credit union, by definition, is there to make money for its customers. https://www.kemba.com/checking-savings/checking/get-green-checking/ https://www.kemba.com/checking-savings/checking/get-green-ch...

Which credit union would that be? Given that my cube mate just refinanced his Mortgage at 3.375%, no points, I sense there is an arbitrage opportunity here somewhere. I am willing to wager your credit union is not paying you 3.5% APY on your checking account. That is, if you had $10,000 in your checking account at the end of the year, and you just left it there, you would not have $10,375 at the end of year. There is a restriction/surcharge in there that you haven't mentioned.

whatusername 14y ago
If you're willing to wear currency risk: http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/6/3/nab_article_088716?urid=1348625975506 http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_... I wish I could re-finance my mortgage at 3.375% fixed. :(
- ghshephard 14y ago
  I'm happy to hook you up with my cube-mate's mortgage broker. He isn't bearing any of the costs, no points, not even an appraisal fee. This is a 30 year fixed mortgage. His position is basically, "I'll refinance if you bear 100% of the service charges and I don't give you any money for anything." [Edit - Oh. Australia. :-)]
nuclear_eclipse 14y ago
You would lose that wager. The restriction is that there's an upper-bound on the amount you can earn that interest rate on ($15,000), and you must have at least X number of check card and ACH transactions per month, but there are no fees or surcharges. I also get ATM fee refunds up to $12/mo when I need to use out-of-network ATMs. This is why I don't understand why people keep going back to banks and getting screwed every single time. The bank is there to make money off its customers; the credit union, by definition, is there to make money for its customers. https://www.kemba.com/checking-savings/checking/get-green-checking/ https://www.kemba.com/checking-savings/checking/get-green-ch...