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Savings Account
Posted on 3/24/18 at 6:29 pm
Posted on 3/24/18 at 6:29 pm
Seeking some savvy MT expert advice
I have about 20k I’d like to put in an account with a good yield. Currently it’s sitting in my chase savings making me about $0.12 / month. What are some good accounts I should research?
Bonus: I owe 11k on my truck note @ 4.25% .. should I pay it off or keep up with the notes?
I have about 20k I’d like to put in an account with a good yield. Currently it’s sitting in my chase savings making me about $0.12 / month. What are some good accounts I should research?
Bonus: I owe 11k on my truck note @ 4.25% .. should I pay it off or keep up with the notes?
6
Posted on 3/24/18 at 7:00 pm to MorgusTheMagnificent
Probably not going to find a “savings account” type vechile with a return over the truck note rate. Pay off the $11k and put the other $9 in a Barclay savings account at 1.5% or an Ally 2.0% 24mo. cD.
Posted on 3/24/18 at 7:06 pm to SpanishFortTiger
quote:
Probably not going to find a “savings account” type vechile with a return over the truck note rate. Pay off the $11k and put the other $9 in a Barclay savings account at 1.5% or an Ally 2.0% 24mo. cD.
Agreed! Pay off the truck and get your guaranteed 4.5% return. Open you a higher yield savings account (Synchrony, Ally, Barclay, etc.) and continue “paying your truck note” into it monthly.
Posted on 3/24/18 at 7:51 pm to SpanishFortTiger
What about Money market or CD’s. Any insight in those?
Posted on 3/24/18 at 7:54 pm to MorgusTheMagnificent
quote:
What about Money market or CD’s. Any insight in those?
All the same players...check out bankrate.com or NerdWallet to shop rates.
Posted on 3/24/18 at 10:18 pm to Moots
Vanguard Prime is currently yielding 1.64%. MINT if you can stand a little fluctuation in share price is yielding 1.88%.
Posted on 3/24/18 at 10:38 pm to SpanishFortTiger
quote:
Probably not going to find a “savings account” type vechile with a return over the truck note rate. Pay off the $11k and put the other $9 in a Barclay savings account at 1.5%
This. But I wouldn't do a CD for $45 (based on the scenario) and put any type of restrictions on my money.
Posted on 3/25/18 at 7:56 pm to Moots
Agree on paying off the truck note. But does anyone see a benefit to investing in TIPS now that it seems like inflationary pressures are creeping up in the economy? Or at least part of the $9K in TIPS?
Posted on 3/26/18 at 8:24 am to Moots
quote:
Open you a higher yield savings account (Synchrony, Ally, Barclay, etc.)
What are the negatives of doing this? I'm curious because my wife and I have about $15k in a Chase saving acct that we throw $100 in every month as just an emergency fund. We don't necessarily need access to the funds in an instant but we'd like to be able to transfer funds pretty easily.
Posted on 3/26/18 at 8:28 am to MorgusTheMagnificent
CIT is at 1.75%. Best I know of.
Posted on 3/26/18 at 9:32 am to oreeg
quote:
What are the negatives of doing this? I'm curious because my wife and I have about $15k in a Chase saving acct that we throw $100 in every month as just an emergency fund. We don't necessarily need access to the funds in an instant but we'd like to be able to transfer funds pretty easily.
I was doing the same thing until I recently transferred my savings funds to Barclays. I chose this route because there was no risk and I can easily access that money without penalty when I decide to spend a large chunk of it later this year. It's very easy to transfer funds to and from my checking account and my accounts reflect the change the next day after I initiate the transfer.
Posted on 3/26/18 at 9:38 am to kadillak
So If I were to transfer funds from the Barclays savings to my Chase checking, it would show up the next day? Rather than instant like with a Chase to Chase transfer?
Does the Barclays savings offer an auto draft from another checking?
Does the Barclays savings offer an auto draft from another checking?
Posted on 3/26/18 at 10:23 am to oreeg
quote:
So If I were to transfer funds from the Barclays savings to my Chase checking, it would show up the next day? Rather than instant like with a Chase to Chase transfer?
Does the Barclays savings offer an auto draft from another checking?
When things show up in an account will depend on the bank holding that specific account. Barclays is pretty good about doing things within 1 day.
The hold the receiving bank will put on varies. Barclays will start out with a few days holding periods and then after some point it will go to no holding period.
You can setup Barclays to do regular automatic transfers both in and out.
Posted on 3/26/18 at 11:58 am to MorgusTheMagnificent
Capital one money market is yeilding 1.5% right now
Posted on 3/27/18 at 10:09 am to MorgusTheMagnificent
Before you pay off the truck....
How many months do you have left on it, and how many months was the original loan? What was original loan amount?
There's a good chance you've already payed most of the interest on it, as the loans are amortized to front-load the interest.
I can calculate that for you.
It may not make sense to pay it off early (unless you have a monthly cash crunch and need the money).
How many months do you have left on it, and how many months was the original loan? What was original loan amount?
There's a good chance you've already payed most of the interest on it, as the loans are amortized to front-load the interest.
I can calculate that for you.
It may not make sense to pay it off early (unless you have a monthly cash crunch and need the money).
Posted on 3/27/18 at 10:18 am to MorgusTheMagnificent
quote:
I have about 20k I’d like to put in an account with a good yield.
Open a Roth account for yourself and your wife ($5500 each limit for the year) and use $11k to spread equally among the following ticker symbols paying more than 4% dividend.
T 5.7%
F 5.5%
SO 5.26%
XOM 4.1%
Posted on 3/28/18 at 11:04 am to deeprig9
How many months do you have left on it? 28 months (maturity date is 7/20/20)
How many months was the original loan? 72 (new loan started 7/29/14)
Original loan amount? $31,495.09
Thanks, this is exactly the info I was looking for
How many months was the original loan? 72 (new loan started 7/29/14)
Original loan amount? $31,495.09
Thanks, this is exactly the info I was looking for
Posted on 3/28/18 at 11:13 am to MorgusTheMagnificent
Correction to OP: After further review the interest rate is 4.990%
Posted on 3/28/18 at 3:30 pm to MorgusTheMagnificent
Pay it off. CD's are starting to increase slightly. Some in North La. at 1.55 for 12 months with upwards of 3% on 5 years.
Posted on 3/28/18 at 3:46 pm to Swampman
Just put 5k in a MM from CIT on someone’s advice in this thread. Leaning towards paying off the truck, waiting on the baw ahead of me to crunch those numbers
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