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Started By
Message
High Yield or Rewards Checking?
Posted on 8/24/16 at 6:30 pm
Posted on 8/24/16 at 6:30 pm
Mrs. Finch and I usually keep between 30k-40k in our checking. What is the best high yield checking account or is there a checking account that allows you to get rewards like chase used to?
This post was edited on 8/24/16 at 6:31 pm
6
Posted on 8/24/16 at 6:49 pm to Finch
Capital One offers both types of accounts, but the "high yield" isn't high at all - it is variable, think it is at 0.2% right now.
ETA: just checked my August statement. It is only 0.2%.
ETA: just checked my August statement. It is only 0.2%.
This post was edited on 8/24/16 at 6:52 pm
Posted on 8/24/16 at 7:42 pm to Finch
Why that much in checking?
I keep $10k in checking and put the rest in a bond heavy investment account that I can get money out of in 3-4 days if I need it.
Earned 8% in the last 6 months. Would have earned almost nothing in the bank.
I keep $10k in checking and put the rest in a bond heavy investment account that I can get money out of in 3-4 days if I need it.
Earned 8% in the last 6 months. Would have earned almost nothing in the bank.
This post was edited on 8/24/16 at 7:45 pm
Posted on 8/24/16 at 8:19 pm to SG_Geaux
Who is the investment account with?
Posted on 8/24/16 at 8:30 pm to meeple
Mine is Betterment. You answer questions about goals and they recommend a stock vs bond balance. They manage the portfolio for a small fee. Like .3 percent or so.
They invest everything in Vanguard funds. They automatically reinvest dividends and rebalance as needed. They also do tax loss harvesting.
I have it set so that if I go over 10k in checking they automatically take the extra and invest it.
It may not be for everyone, but I am basically using it as a savings account on steroids and it has worked well for me.
They invest everything in Vanguard funds. They automatically reinvest dividends and rebalance as needed. They also do tax loss harvesting.
I have it set so that if I go over 10k in checking they automatically take the extra and invest it.
It may not be for everyone, but I am basically using it as a savings account on steroids and it has worked well for me.
This post was edited on 8/24/16 at 8:34 pm
Posted on 8/24/16 at 9:24 pm to SG_Geaux
How do you set your checking to automatically do that?
I'd love to get that set up
I'd love to get that set up
Posted on 8/24/16 at 10:24 pm to Finch
That is something that Betterment offers.
Posted on 8/24/16 at 10:53 pm to SG_Geaux
Betterment suggested a 60 bonds / 40 stocks split for a "reserve fund" for me. Is this about what you had that yielded a 8% return?
OP, Capital One 360 savings does 0.75% APR and that's the best I've heard of.
OP, Capital One 360 savings does 0.75% APR and that's the best I've heard of.
Posted on 8/24/16 at 11:00 pm to cfa626
Yes that is the split they recommended for me so I went with that. I am at 8% since Feb when I started.
Posted on 8/25/16 at 7:04 am to SG_Geaux
I don't have a better suggestion than the 0.75% that was previously suggested. However, I'm strongly against SG_Geaux's suggestion of putting all your savings in an investment account of 60/40 bonds/stocks. Your money is not "savings" any more, you're effectively reclassifying your money as "investment" money. You can try to look at it differently to make yourself feel more secure but you're lying to yourself. And don't justify it because some guy on the internet said he did well in the last 6 months.
Last time I checked, savings are supposed to be there long term.
Now if you want to split your savings into a couple different pots like:
-50% of my savings will be conservatively placed into an account that basically gets me no earnings but is very secure
-50% of my savings will be placed somewhere where it can grow more rapidly with limited risk
That's cool but recognize that this is safer and different than dumping all your savings into an investment account.
Last time I checked, savings are supposed to be there long term.
Now if you want to split your savings into a couple different pots like:
-50% of my savings will be conservatively placed into an account that basically gets me no earnings but is very secure
-50% of my savings will be placed somewhere where it can grow more rapidly with limited risk
That's cool but recognize that this is safer and different than dumping all your savings into an investment account.
Posted on 8/25/16 at 7:24 am to cfa626
Ally Bank offers a online savings account that has 1.00% APR on all balance tiers. It also has a checking account that has .6 % on balances of 15,000 or more.
Posted on 8/25/16 at 7:32 am to corndawg85
Capital One has a money market account that pays 1% on balances greater than $10k
Posted on 8/25/16 at 7:59 am to Finch
Synergy offers 2% on Kasasa checking and 1% on savings. Plus Reimburses all ATM fees if you meet.... the quota
Posted on 8/25/16 at 10:56 am to Finch
I got an offer from Amex (apparently they have a bank now) for 0.90% personal savings account... that's the best I've seen, second to Ally.
Posted on 8/25/16 at 12:17 pm to Finch
quote:
usually keep between 30k-40k in our checking.
neither
unless that's the amount you need for an emergency fund(which i highly doubt) and real estate reserves it's being wasted.
real estate or monthly dividend paying stock is what you should look into investing in.
Posted on 8/25/16 at 12:29 pm to cfa626
quote:I get 1% at Ally bank.
OP, Capital One 360 savings does 0.75% APR and that's the best I've heard of.
Posted on 8/25/16 at 12:50 pm to Napoleon
If you're local to BR, EFCU offers 3% rewards checking on balances up to 10k
This post was edited on 8/25/16 at 12:51 pm
Posted on 8/25/16 at 9:48 pm to Finch
Discover Card offers interest checking. I checked today. It's 0.95%
Posted on 8/26/16 at 12:13 am to TexasTiger34
quote:
And don't justify it because some guy on the internet said he did well in the last 6 months.
I said it is not for everyone.
It is working for ME and I am happy and comfortable with it so far.
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