Top Banks or Credit Unions offering over 1.5% APY

Bank | Account Type | APY | Terms
Colorado Federal Savings Bank Savings Account 1.65% $50,000 minimum
Incredible Bank Savings 1.55% $25,000 minimum to earn high rate
All America Bank Mega Money Market 1.50% Maximum rate up to $35K
Dollar Savings Direct Online Savings 1.50% No Fees. No Minimums
INOVA Federal Credit Union Platinum Money Market 1.50% $100,000 minimum to earn high rate
Live Oak Bank Savings Account 1.50% No minimum
Northpointe Bank Ultimate Money Market 1.50% $25k to $1m to earn rate
Redneck Bank Mega Money Market Account 1.50% Maximum rate up to $35K
Salem Five Direct eOneSavings 1.50% New customers only. Earn high rate up to $1 million

@chyvan I considered to open this account but I wasn’t in their zip code to qualify. In general, I decided (in the future) not to bother with this and other smaller banks and credit unions (I had several in mind) any more unless their offers were super easy, generous and a sure thing (based on positive reviews, etc.). Potential account suspensions and other ensuing headaches for transactions they could deem suspicious are not worth the time and money.

I agree and some banks specify a minimum payment ($10, etc.), so $1 bill pays do not qualify.

I have already accounts with all 4 (Bank of America, Chase, US Bank, Wells Fargo) and a few others…
https://www.efirstbank.com/_advertisements/offers/ is offering $200 if you qualify.

I have signed up for a bank deal that requires "Paying a bill using Bill Pay."
I wonder if this means paying a full bill (eBill) set up to receive a bill from a company such as a utility company and then pay the whole bill upon receiving the bill (normally monthly and the full payment is made automatically) or I can just make a $1 bill payment (anytime as a credit) to any company without setting up an eBill payment and qualify?

Another review of this deal, a reply from Bill C, Northpointe Bank and my comment at the end:

Posted by: Jarlath | Dec 7, 2017 | depositaccounts.com

Only $10,000 / Day Transfer To/From External Banks.

I was impressed with the 1.5% rate and was about to open an account. However, I then chatted with them regarding the dollar amount maximum transfer allowed to/from external linked banks. It is only $10,000. That is absurd considering most banks like this allow much more, like 100K to 250K.

So, only use this bank if you are willing to slowly deposit and withdrawal amounts under 10K.

Reply by Bill C, Northpointe Bank:

NorthpointeBank | Dec 7, 2017

Hi Jarlath,

I wasn’t able to locate the chat you reference but it sounds like there was a disconnect here. It is not correct that we cap external bank-to-bank transfers at $10k per day. If initiated by an outside bank Northpointe places no limit on the transaction amount.

Thank you,

Bill C, Northpointe Bank

My comment: This is exactly what I suspected from the beginning and commented in my BBVA experience (example) above. CSRs are frequently clueless.

Thanks, they specifically asked not to send 1040X. They asked for SCHEDULE SE (Self-Employment Tax) for Social Security tax. They mentioned no other forms and schedules. I now plan to attach SCHEDULE SE and SCHEDULE C and since I am characterizing my 1099-MISC income as business income I plan to complete a brand new 1040 Form only and not a complete return. There are no changes to other forms and schedules such as SCHEDULE A (Itemized Deductions), SCHEDULE B (Interest and Ordinary Dividends), SCHEDULE D (Capital Gains and Losses) and Form 8949 (Sales and Other Dispositions of Capital Assets).

So I am not attaching these forms and schedules, but only Schedule SE, Schedule C and Form 1040.

I worked as an independent contractor and signed W-2 Form with a couple of clients. However, I thought I could skip filing Schedule C and simplify by categorizing the income as Miscellaneous. However, it was apparently rejected by IRS computers. Income was reported to me on Form 1099-MISC and no taxes were withheld.

I worked as an independent contractor and I believe 1040X is sent after they have processed a return (1040). But my return has not been processed because of missing information they are asking (Schedule SE). It is technically rejected for that reason (I paper-filed).

I received a letter from IRS that a portion of my income reported as Miscellaneous on line 21 is cash received for services performed (Form 1099-MISC) as compensation and the payer didn’t withhold required taxes and those earnings were subject to self-employment tax. They asked my to file Schedule SE. I am going to send Schedule SE, Schedule C and Form 8829. They asked me not to send 1040X – just what they asked (Schedule SE) to process my 2016 return. But if I re-characterize Miscellaneous income to earned income (business income as an independent contractor) then other parts of my original tax return will be affected (for example, I must now remove the income originally reported on line 21 and report Business income profit or loss on line 12). If I send them just those schedules they asked (actually, they asked explicitly for Schedule SE) will they complete the rest for me without me sending them 1040X that they asked explicitly not to send? PS: Even though they only asked for Schedule SE, I have to attach Schedule C and Form 8829 as a package because they are closely related.