Author Topic: Barclay's Dream Account  (Read 3212 times)

Andrew928

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Barclay's Dream Account
« on: August 25, 2015, 12:23:20 PM »
Has anyone checked this out? Looks pretty badass for an emergency fund.

https://www.banking.barclaysus.com/dream-account.html?refid=BBDQSRTMR011213&lag=BBDQSRTMR011213


BarkyardBQ

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Re: Barclay's Dream Account
« Reply #1 on: August 25, 2015, 12:24:36 PM »
We use this to hold the cash we stash for next years IRA's.

beltim

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Re: Barclay's Dream Account
« Reply #2 on: August 25, 2015, 12:27:45 PM »
This looks like the bonus is a percentage of the interest, not of the balance.

Quote
A bonus of 2.5% will be applied to interest accrued and paid in the previous six (6) months if six (6) consecutive monthly deposits are made to the account in the amount of $1,000 or less. A bonus of 2.5% will be applied to interest accrued and paid in the previous six (6) months, if there are no withdrawals from the account in any of the previous six (6) months.

So that makes a 1.05% APY roughly a 1.10% APY.

catccc

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Re: Barclay's Dream Account
« Reply #3 on: August 25, 2015, 12:48:39 PM »
mysavingsdirect.com does better at 1.25% APY without the restrictions.

(No ACH pull though, if that's a deal breaker for anyone.)

neo von retorch

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Re: Barclay's Dream Account
« Reply #4 on: August 25, 2015, 12:51:32 PM »
mysavingsdirect.com does better at 1.25% APY without the restrictions.

(No ACH pull though, if that's a deal breaker for anyone.)

Quote
How do I make deposits into MySavingsDirect?
Only your initial deposit may be made by check. All other deposits and withdrawals are done online through the external transfer function associated with your secure account information. Deposits and withdrawals pass between your linked funding (checking) account and MySavingsDirect via the Automated Clearing House (ACH) and usually take 2 to 4 days to process.

How long does it take for money I withdraw from my MySavingsDirect Account to appear in my linked account?
Funds transferred via the Automated Clearing House (ACH) usually take from 2 to 4 business days, depending upon what time of day you initiated your transfer request. This is true for all external transfers into or out of the MySavings Account.

I'm a little confused, what do you mean by "ACH pull"? It seems you can transfer money in and out with ACH.

dandarc

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Re: Barclay's Dream Account
« Reply #5 on: August 25, 2015, 12:56:39 PM »
I'm a little confused, what do you mean by "ACH pull"? It seems you can transfer money in and out with ACH.
You can't initiate an ACH withdrawal from your mysavingsdirect account from another bank or financial institution.  So this account wouldn't get along well with PayPal, for example.

neo von retorch

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Re: Barclay's Dream Account
« Reply #6 on: August 25, 2015, 12:57:51 PM »
I don't get along with PayPal, so that's OK with me :)

(I deleted my account after some questionable policy changes earlier this year.)

dandarc

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Re: Barclay's Dream Account
« Reply #7 on: August 25, 2015, 01:04:48 PM »
I don't get along with PayPal, so that's OK with me :)

(I deleted my account after some questionable policy changes earlier this year.)
PayPal was just the first thing I thought of.  Do you auto-pay anything from your checking account, and not-via a debit card?  Auto-drafts are also ACH pulls as opposed to pushes.  Gym memberships, utility bills, phone bills, and so on can often be paid this way.  Fund your Vanguard account electronically?  Vanguard's doing an ACH pull to get that money from your checking / saving's account to theirs.

No ACH pulls isn't a big deal, so long as  you're aware of it.  If you need withdraw from this account, you need to log in to this bank's website, and not somebody else's to make it happen.  Depending on what you intend to do with the account, that ranges from a non-issue to a deal-breaker.

neo von retorch

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Re: Barclay's Dream Account
« Reply #8 on: August 25, 2015, 01:18:44 PM »
If I understand correctly, if you want "automatic overdraft protection" via linking a savings account, this isn't the bank to use, but there isn't any other use case where this matters. Because it's a savings account, isn't it? I will still have and use my checking to auto-pay bills. Whenever I transfer money out of any of my online savings/investment accounts, I do it from their web site, not my primary checking account. This is a long way of saying this is a non-issue for me, but I still don't quite understand when it really would be an issue, unless you absolutely need your checking to automatically grab more money for you from this savings.

frugaliknowit

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Re: Barclay's Dream Account
« Reply #9 on: August 25, 2015, 02:28:17 PM »
2.5% bonus, sounds great, but it's on the interest...and the hoops are pretty steep.

You can "dream" it's something real special.  Maybe if you have six figures in it and don't make withdrawls...