Update 2024-08-20 I was contacted by an On Tap representative stating they couldn’t fund the CD with $4k, since their cap was $1000, even though the cap was removed from the application process and they let me type in $4k.
So I signed up for On Tap Checking back in early July. I CC funded that with $1,000 as that was the max I could fund it at the time. I screen record all my bank account applications, so below is a screenshot of my initial app for the On Tap Checking account, which shows the $1k cap. I funded the checking account with my Citi SP.
Then in late July I CC funded a new On Tap Peak Tiered Savings account with $1k with my USBBTC. It was also capped at $1k as shown below in the screenshot of this particular app.
Then very recently, in mid August of 2024, I CC funded an On Tap 9 Mo CD (5% APY), with $4k on my CFF. As you’ll notice in the screenshot below there is no cap mentioned and it seems to allow you to type in any number. I went with $4k b/c with anymore it would exceed my CL on the card.
Stay tuned. I’ll report back in a few days here in this post to share whether or not it succeeds. I find it interesting there is no limit here on the CD compared to the checking and savings account — perhaps because people will be less likely to withdraw it from the 9 month CD? I plan on holding it in there for the full 9 months as I get 0% APR on my Freedom Flex until May of next year.
Update 2024-08-18. A gentleman from TDCP Discord informed me today that the $1k cap is now gone from the checking and savings applications as well. Like me, he was able to type in like $10k, but neither one of us submitted that amount. I sure hope they can approve the $4k I submitted, but wouldn’t surprised if they came back and said it was a glitch in the system and still limited to $1k. We’ll see.
Signing up for On Tap banking. If interested in the On Tap, I suggest starting by opening up a checking account for the $150 SUB and funding it with $1k. Then later, open up additional On Tap Savings/CD accounts, individually — one by one; if you combine multiple accounts on the same app there will still be that $1k overall limit for all of them combined. For more details on this On Tap Checking deal, I suggest reading RJ Financial’s blog article; I also recommend using his referral link since he’s an awesome guy — it’s in his article; I don’t personally have a referral link to share.
Other articles related to CC Funding. On Tap is also mentioned in my article on banks that accept CC funding of $1,000 or more.
Notes regarding attempt to CC Fund with Amex. I first tried to fund this On Tap CD with an ABP but no matter how I split up the credit card number it just kept complaining — so it appears it does not work. See screenshot below to see what I mean:
So you have successfully used a US Bank card to fund deposit accounts? Think my USBAR will work for OnTap or Blupeak?
It usually involves adding a cash advance to it. I know there are some DPs where people used USBAR for USBank Biz checking.
Trick is to enable CA which was 25% my CL. There have been mixed DP’s of some people getting charged a cash advance vs it being charged as a purchase. For me I did $2000 via SecPlus as well as $1000 via On Tap — both coded as purchases; no guarantees.
I went in for a share savings and a CD. I think I only ended up applying for the share savings. We’ll see
I submitted a > $1k application myself. So far it is still pending. DPs on DoC is that if someone doesn’t refer you, you get declined, so we’ll see if that happens.
25K = NO! Come in in person.
So def try lower than that, unless you want to go in in person.