I’ve blogged about Pentagon Federal Money Market Cerificates (CDs) before, including how to join, previously. PenFed has just announced new rates, and several of them are very competitive –

3 Year CD – 5.5% APY
5 Year CD – 5.75% APY
7 Year CD – 6.0% APY
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Well, I’ve finally gotten full access to my HSBC Direct savings account. The process was a lot longer than I would’ve liked:

Day 1 – I applied online where they asked the usual prying questions and did one of those Experian/Equifax identity checks based on information on your credit report. I hate those, as the questions are always very weird, but I passed. I filled out the signature card online, and opted to fund my account online as well. Nothing to mail in, very nice. They then send two trial deposits to the account that you want to fund from.

Day 3 – In about two business days, the numbers show up in your account, and you have to go back and type in your deposit amounts. After verifying the amounts, HSBC will then suck the amount you want to deposit out of your designated account. I recommend starting out with a small deposit, you’ll see why next.

Days 9-11 – You then have to wait for two separate letters via snail mail. I suppose this increases security, but since I’m on the West Coast and the letters came from New York, they take forever. I got the first letter on Day 9, and it contains your Customer ID login, and is 20 digits long! I got the 2nd letter on Day 11, and it contains your password, another 8-digit beast.

Finally, now you can log into your account and see your money that disappeared from your checking account a week ago. Then, to initiate transfers in between external accounts, you have first make a Security Key, which can only be typed in via your mouse. After that, they want your ATM card number and PIN info. If you don’t have that just click on “Forgot PIN” and call the number they provide. Finally, you can add external accounts.

Day 12 – Two more letters. ATM Card in one, and my HSBC account number and routing number (022000020) in the other. Do they have a vested interest in supporting the U.S. Postal Service or what? Check out Cap’s Review of this process too.

Conclusion
In the end, opening an HSBC Direct savings account to about 12 days, so be forewarned. Their customer service has been pretty good so far, with short hold times except for on weekends. The interbank transfer times are a bit slow, but it balances out with the added flexibility of being able to link almost any bank out there without having to send in checks.

Here is some possibly useful information if you need to contact them from my application form:

HSBC Bank USA, N.A.
Attn: Customer Relationship Center
P.O. Box 4045
Buffalo, NY 14240
Phone: 1-888-404-4050

Another good question spurned by fellow rate-chasers’ comments. We now have a lot of competition in the high yield savings account arena. So, a good question asked is “When it worth it to move your money”? This is because there may be a gap in between money transfers from Bank A to Bank B where your money will not be earning any interest, which could negate much of the benefits of moving. (Another good question is which bank or entity is earning money off the float.) Things to consider:

1) When does Bank A stop paying interest?
2) How long does it take to for the transfer?
3) When does Bank B start paying interest on your deposit?
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HSBC Online Banking is now paying 4.25% APY interest, leading all no-minimum no-fees savings accounts. I opened one recently and just got full online access to my bank account earlier this week, and I’ll be putting up a review shortly. $25 opening bonus still looks active. Thanks to Amanda and Anon for the heads up.

As mentioned by readers. GMAC Bank MM Savings at 4.30% – FDIC Insured, $500 minimum to open and maintain to avoid fees, ATM Card, limited check writing. I don’t have an account with them currently, let’s hope others move to match.

Bummer, I’m finally out of checks. I try to write as little checks as humanly possible and pay for everything with credit cards to get cash back, but still, things like rent, graduation gifts, giving to charity, gradually deplete my checkbook. Last time I was stupid and requested new checks directly from Bank of America. They cost me $35! What a rip off. I didn’t know you could get checks printed from anywhere.

This time, I’m ordering from Costco Check Printing. You get 400 single plain checks for $9, or 300 duplicate checks for $10 with free shipping. Executive members get another 20% off. If you’re not a member of Costco or need less checks, try these places:
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Most people have seen the notices online or in your physical bank that your deposits in an FDIC Insured bank account are insured up to $100,000. But what if you find yourself with more than $100,000 in cash? Say, in between home selling and buying? Well, one easy way is to simply open another account at another bank (You can verify that they are indeed FDIC Insured at this FDIC webpage.)

You can also get around those limits all at one bank if you notice that accounts in different ownership categories, like individual and joint accounts, are insured separately. I found a handy chart [pdf] explaining this from Emigrant Direct’s FAQ Page:
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For me, the only reason I knew Washington Mutual existed was because they offered free ATM access with no fees on their end. According to this recent Reuters article (via Fatwallet), as of November 17th that will be no more. Bummer.

An surprising quote from the article:

Bankrate.com estimates that U.S. consumers pay nearly $4 billion a year in ATM fees, with an average $1.40 surcharge.

$4 Billion??? Yowza. We are lazy folk. I can’t talk though, because I contributed to that $4 Billion myself.
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Back when I was a new eBay Powerseller, I loved PayPal. People paid me instantly, and I didn’t have to run to the bank to deposit checks and wait until they cleared. Of course some people had problems, but I figured they were probably doing some sketchy stuff and had it coming…. Until it happened to me.

They don’t tell you this, but just one nervous buyer or seller can file a complaint against you, and that’s that. Even if they just don’t want to pay for it. Your account is disabled, a happy word for frozen. As in no access to your money. And you don’t get access until you do all of the following:
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I know a lot of people who use local credit unions not only because they have reasonable prices, but they like the personalized customer service and small bank feel. Me, I’ve been pretty happy with my local Bank of America branch, it fulfills all my needs. But I just noticed in the newspaper that a local credit union is offering a 6 month promotional CD paying 5% APY. Not only is that a good rate, but they also have a branch right by my house.

Looking at their website, I also notice a lot of cool little features. They include: free cashier’s checks, free traveler’s checks, $10 outgoing wire transfers, and non-network ATM reimbursements. Definitely must check it out in person, their safety deposit boxes are only $20 a year. All these little things cost more at BofA and can add up.

First of all, thanks to the participants in my $10 Emigrant Direct Opening Bonus for not sending me any e-mails like the title of this post. It has been about 45 days since I started it, and I know some of you have finished opening your account weeks ago. Well, unfortunately I haven’t gotten paid yet. After an account is opened and tracked, I have to bill them at the end of the month. (Nobody sent me their 2nd notice earlier than October) Then they are supposed to pay me within 30 days of that. There have been some bumps in the process, but I have been assured that my first payment is ‘in processing’ and should arrive shortly. I apologize for the delay and just wanted to give you guys an update.

Also, I have streamlined the bonus directions so that new bonus seekers will instantly get e-mail confirmations that I have received your information. If you already started the process, please continue to use the old directions.

Just got note that HSBC’s Online Savings Account is now at 4.0%, matching Emmigrant Direct. (thanks Allan) Too bad I can’t find any sign-up offers right now, I missed the last one for $35. Let’s hear it for some rate wars!