About the fees: if you only have the credit card and savings combo, there are no fees. The $50/yr fee people talked about are for the brokerage, so it is irrelevant to you if you do not open the brokerage account. To waive the fee on the brokerage account, the consensus right now is you need to have $100k in the brokerage account or failing that, if you have $250k combined (savings, checking, CD, brokerage).I've been thinking this over. I'm not sure I want to open a brokerage account. It's not clear that the brokerage account can be made payable to my Revocable Living Trust. It appears that they want individual beneficiaries. Or that I can open a brokerage account in the name of my RLT and still have it qualify me, personally, for the 4% credit card. I also want a large credit line. So here are a few questions:
1. If I only put $100,000 into their brokerage account, will I still probably get a large credit line on the 4% credit card, or must I put $250,000 to get the big credit line?
2. What will the fee be for the 4% credit card if I only have $100,000 at US Bank? $50 (versus free for $250,000)?
3. What if I buy a Certificate of Deposit (less complication than brokerage) for, say $100,000 (4% CD for 5 months is currently showing)? Will that get me the 4% credit card with a large credit line?
4. Must I have the checking account? Yeah, there's a $450 bonus but I'd rather keep this as simple as possible. I have no need for their checking account.
5. I did open their savings account with $250 charged to my Bank of America credit card. Can I link this US Bank savings account to my Bank of America checking account for easy transfer in and out of money?
6. Assuming I can do number 5, or otherwise get $100,000 into the savings account, can I easily transfer that money to buy a US Bank certificate of deposit?
Thanks in advance for help on this.
If you put your money in a 4% CD (without opening the brokerage), you are giving up some returns. E.g. you can get a 5-mo T-bill for around 4.4%. Is your additional cashback sufficient to cover this? You need to do your calculations. And are you planning to keep rolling the CD? Would USB continue to offer somewhat competitive CDs?
The USB Savings account comes with its own account and routing numbers. I see no reason why you can't link it to BofA, though you might be limited by the transfer limits set by BofA. I don't know what the limits are.
Statistics: Posted by indexfundfan — Wed Dec 11, 2024 8:01 am — Replies 1108 — Views 95051