I doubt whether their stuff knows their own rules.
The way to do this is to keep $0 in Checking or Savings, and if you have $100k in an IRA, move it there with stocks you don’t plan to sell.
Wray said:
The way to do this is to keep $0 in Checking or Savings, and if you have $100k in an IRA, move it there with stocks you don’t plan to sell.
I’m going to wait for others to do this brokerage transfer and see if there are other fine print issues. I think you need to pay $50/year in fees.
Hopefully they revamp some things when they introduce their new card. Otherwise, it’ll be chaos for them.
Seems inaccurate, I think the reps you spoke to were confused. Currently I have an older US Bank card, a Smartly savings with $5001 in it, and a Smartly checking with $1050 in it, and it correctly put me in the 2.96% APR rate for the savings. I think this may be due to the way they are averaging your balances over time. Try with $1000 in checking and the rest in savings. It should tell you the APR on the savings section.
On a side note, I do think the card is mostly hoopla at this point, especially since they said no sub and no conversions. It’s just not worth it if those facts are true, I am holding for launch and will watch a month or so but otherwise will close the savings down again (the checking gave me $450).
Thank you for posting this. I was scratching my head about the same issue. To add to the discussion - I remember reading that they calculate the “combined $100k” based on the average daily balance for the prior 3 months. So if I read that right, one would need to put significantly more money into the account to get their average daily over the $100k mark before dropping it back down to $100k - assuming you didn’t fund it initially with $100k from day 1.