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ACH HUB Recommendations

Anon456
  |     |   249 posts since 2011

I have been using ALLY BANK for ACH transactions, because they have BOTH a fairly good savings rate (2.2% at the moment), and work well for LARGE ACH transactions. Time can be an issue because I sometimes get next day completion, and on others, up to three business days.

I see HSBC is another options with large limits, good savings rates, but they also can be slow (2-3 business days).

Alliant CU has some limitations both in savings rate, and dollar limits.

Schwab is good on ACH size, but savings rate is currently lacking.

I see Synchrony Bank has good amounts, but no direct experience here.

Any other suggestions for find an ACH hub that has BOTH a good savings rate, and ACH size limits, and also has good turn around time on the ACH??

FYI - savings rates need to be consistent. Does not do much good to use them as a HUB, just to see their savings rate drop off over time. ALLY is not the highest, but has remained in the top tier for a long time.

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Answers
glasses
  |     |   21 posts since 2019
Schwab money market, SWVXX, paying 2.16 currently. I use this because they can transfer usually in one day. You have to take the cash out of the money market in order to transfer it, so that needs to be done one day earlier.
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Anon456
  |     |   249 posts since 2011
I do not have large sums there .... but have forgotten about the option of using MM at the broker instead. AND, I did not know they were that high. - Thanks
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Sylvia
  |     |   389 posts since 2012
Would availability of funds also be a consideration? I've never had Alliant impose a hold on funds transferred in. Another bank that I no longer use had higher ACH limits but funds you pull in were subject to multi-day holds. Also can't beat Alliant's low balance requirement of $100 to earn interest. Would be nice if they raised their limits, though not at the expense of desirable features currently inherent in use of their ACH function.
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Hooked
  |     |   236 posts since 2019
Anon456 - I would not try HSBC because their application process is a nightmare. From my experience, Synchrony's transfers are not as fast as Ally's.
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Anon456
  |     |   249 posts since 2011
-thanks, good to know
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