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Posted by Bob Wang on May 10, 2006, 12:32 pm
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Those looking for a bank account with Direct Connect may want to consider
Citibank's new e-Savings account, which pays 4.50% APY, and linked EZ
Checking account, which doesn't pay interest.
http://www.citibank.com
I don't have one, and am not comtemplating opening one, but it looks like
the "buy-in" is only $1,500, combined between the two accounts, to avoid
fees. A little lower than the $2,500 or $5,000 usually required at brokerage
accounts with checking privileges.
Caveat, I would double-check that Direct Connect *IS* available for both
types of accounts before jumping in.
Bob
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Posted by Margaret Wilson on May 10, 2006, 9:05 pm
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Bob Wang wrote:
> Those looking for a bank account with Direct Connect may want to consider
> Citibank's new e-Savings account, which pays 4.50% APY, and linked EZ
> Checking account, which doesn't pay interest.
>
> http://www.citibank.com
>
> I don't have one, and am not comtemplating opening one, but it looks like
> the "buy-in" is only $1,500, combined between the two accounts, to avoid
> fees. A little lower than the $2,500 or $5,000 usually required at brokerage
> accounts with checking privileges.
>
> Caveat, I would double-check that Direct Connect *IS* available for both
> types of accounts before jumping in.
>
> Bob
My dad was just telling me that he tried to open one of these accounts
at Citibank days ago and has gotten no response. Today he shot off an
email asking about the status of his new account, no answer yet. So I
anticipate I'll be hearing some first-hand news pretty soon. I'm
wondering if the delay my dad is experiencing is due to (1) user error,
(2) a deluge of people opening accounts, or (3) something I haven't
thought of. ;-)
I've been very happy with my Emigrant Direct account (pays 4.5% too),
just added an Emigrant Direct rewards card for those non-gas,
non-grocery, non-pharmacy purchases that would normally go on my Citi
Dividends card. (IIRC, the ED CC pays up to ~1.45% and deposits to my
ED savings every 6 mos.) Even though I don't have Quicken Direct
Connect on these two accounts, I get more $$, so for me, it's worth the
trade. All my other accounts have DC, and my Emigrant Direct savings
account doesn't see much activity, so manually dealing with the Emigrant
CC is not a big deal, IMO anyway. :-)
Regards,
Margaret
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Posted by P Ruetz on May 10, 2006, 11:14 pm
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> Bob Wang wrote:
>> Those looking for a bank account with Direct Connect may want to consider
>> Citibank's new e-Savings account, which pays 4.50% APY, and linked EZ
>> Checking account, which doesn't pay interest.
> My dad was just telling me that he tried to open one of these accounts at
> Citibank days ago and has gotten no response. Today he shot off an email
> asking about the status of his new account, no answer yet. So I
> anticipate I'll be hearing some first-hand news pretty soon. I'm
> wondering if the delay my dad is experiencing is due to (1) user error,
> (2) a deluge of people opening accounts, or (3) something I haven't
> thought of. ;-)
I opened several (the kids have them too) of these online and got nearly
instantaneous email confirmation of the accounts. However, I already had
Citibank accounts (including checking) and online access. The accounts
showed up immediately in the online access (not Quicken) and were active.
I had to request Direct Connect (via Quicken email) be added to these
accounts, which was generally successful (it still doesn't work for one of
the accounts and I still don't know why).
One nice thing about these accounts is there is no minimum balance and the
interest rate is not a function of the balance, unlike other Citibank money
market accounts.
Peter
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Posted by Bob Wang on May 11, 2006, 11:52 am
Please log in for more thread options Peter:
If I may ask, how many Citi accounts are you trying to set up for Direct
Connect?
I have found that if I try to download more than 2 Citi credit cards from
one ID, the 3rd one does not work.
So, I deactivate the ones I don't currently use.
Thanks,
Bob
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Posted by P Ruetz on May 11, 2006, 12:54 pm
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> Peter:
>
> If I may ask, how many Citi accounts are you trying to set up for Direct
> Connect?
>
> I have found that if I try to download more than 2 Citi credit cards from
> one ID, the 3rd one does not work.
>
> So, I deactivate the ones I don't currently use.
>
> Thanks,
> Bob
>
>
Bob,
Are you talking about Citibank banking accounts or credit card accounts?
I have 13 bank accounts that work through direct connect. They don't seem
to even shut off closed accounts so if there is some limit, I will
eventually hit it.
I have 2 Citicard accounts. However, each has it's own ID. I don't think I
was able to set up one ID for both, but I'm not sure I tried very hard.
Peter
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