Banks/Cus With Longest "Lock" Period Between Application Approval And Funding?

daf999999 | Mar 22, 2020 | 13 posts since 2012

Hi - I have a number of CDs maturing shortly and I'm shopping for new banks/cu that offer a long lock between application and funding. I'm aware that American Express Bank gives you 30 days to fund. Any others that are 30, or even 60, days? I know this is a longshot in today's environment but I don't want to take the penalty just to grab a 1.9 new CD.

Thanks

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Answers

ratefinder | Mar 22, 2020 | 52 posts since 2020

Although Amex is the only bank I know with 30 days, you might try calling your current bank and see if they will waive the early withdrawal fee. Many people have posted that some have already notified depositors of their temporary fee waivers.

anony | Mar 22, 2020 | 28 posts since 2019

Pen Air should also be 30 days. Although you have to keep on top of it, as the system may auto-adjust your rates down while waiting for funding, so get a manager to notate in your account that the rate is locked at whatever you docusign. A bit trickier to fund though, requires check or shared branch deposit, not ach.

Greenwood CU should also have a delay, but not sure how long it is. They require you to mail in the application with a check, so there has to be some sort of delay (and I was told they lock in rates at signup). No idea if that delay is a week or 30 days, however. But I think their rates now stink, so it's probably moot.

Or... if still available and eligible to join, look at the 17 month Navy Add-on CD. 2.25% and limit of 75K, and it can be opened with a $55 withdrawal with a debit card. Then you can add funds up to 17 months.

https://www.navyfederal.org/assets/rates/view-all.php

daf999999 | Mar 22, 2020 | 13 posts since 2012

Thanks, very helpful. Is there a way to easily search for attractive rates with the Add-on feature ? It will be pretty cumbersome to check all banks "manually"

anony | Mar 22, 2020 | 28 posts since 2019

I think there are just a handful out there offering add-on(I'm aware of just 2), and I forgot the bank offering the other one ( it had a lower rate than Navy anyway). Navy also has an IRA/ESA add-on at around 3% too. If eligible for Navy, I'd just get that one .... surprised they have kept it as long as they have. I mean for $55, why not get it just in case you will need it eventually? You can still hunt for better offers, but at least then you have it as an option.

The only issue with Navy is not everyone is eligible to join, either you need to be military or be related to someone who was. And there is the 75K limit for the 17 month offer...if talking big money, it won't hold all of it.

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