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re: Where do you park your money that you are saving to put towards a down payment on a house
Posted on 1/27/18 at 7:35 am to cave canem
Posted on 1/27/18 at 7:35 am to cave canem
Ally looks pretty nice, I think I might pull the trigger on a savings acct with them. Figure it can't be worse than having my savings with WF.
One thing I didn't see on the site...how long does it take to transfer money from ally savings to another bank? Just curious if it takes 5 minutes or 5 days.
One thing I didn't see on the site...how long does it take to transfer money from ally savings to another bank? Just curious if it takes 5 minutes or 5 days.
2
Posted on 1/27/18 at 8:09 am to WG_Dawg
quote:
Just curious if it takes 5 minutes or 5 days.
It may vary a little, but I think typically it's about 3 business days on all these electronic transfers between banks.
Posted on 1/27/18 at 8:27 am to Moots
Check out insight cards. They still let you do up to $5k and I think you can open 2-3 of them.
Posted on 1/27/18 at 8:33 am to Moots
The only downsides to doing this are (a) making sure you check those accounts regularly and (b) potentially tax filings trying to keep track of 1099s.
If you want to do this, make sure you have yourself set up to monitor each account to ensure there is no frickery. Mint is a good tool for this.
If you want to do this, make sure you have yourself set up to monitor each account to ensure there is no frickery. Mint is a good tool for this.
Posted on 1/27/18 at 9:39 am to CorporateTiger
I agree. I’ve had mint for a few years for that very reason. If anything does look odd on it then I can just go to the specific account.
As long as they’ll pay 5% and it’s FDIC insured I’m willing to put a little more work in. Even after I get a house I’ll likely keep them for emergency fund savings.
As long as they’ll pay 5% and it’s FDIC insured I’m willing to put a little more work in. Even after I get a house I’ll likely keep them for emergency fund savings.
This post was edited on 1/27/18 at 9:42 am
Posted on 1/27/18 at 9:51 am to Mootsman
We're using Amex online savings. It's at 1.35 right now I think
Posted on 1/27/18 at 10:08 am to lynxcat
quote:
Let’s not get carried away...1.50% on $50K is only $750 annually pre-tax. Even high yield savings is not a game changer but it is a nice subtle bump.
Right. But a savings account at a local bank might return like $5 for that same year. You wouldn't be happy if someone handed you $745 for doing absolutely nothing?
The point of my urgency was simply to suggest that it's not something he should put off. It adds up over time and the sooner you get the clock started the better off you'll be. The money is nothing to sneeze at, especially when purchasing a house. An extra thousand or two could pay for a granite upgrade or a new washer and dryer set. Again, for doing nothing other than filling out a form on a website.
Posted on 1/27/18 at 10:13 am to WG_Dawg
quote:
Just curious if it takes 5 minutes or 5 days.
Mine, not Ally, takes three full business days to fund, but only about one to withdraw.
For example: if I transfer to my high yield savings on a Monday, it won't be fully available and start earning interest until Friday.
If I transfer out of my high yield savings account to my external checking account it's usually available the next business day.
Posted on 1/27/18 at 10:55 am to Mootsman
robinhood account
Posted on 1/28/18 at 7:47 am to oklahogjr
I have all my savings in Barclays online savings @ 1.5%. Would you adjust your strategy if purchasing a home is 1.5-2 years away? What about some higher yield bonds?
Posted on 1/29/18 at 8:08 am to lynxcat
Live oak bank is doing 1.6% right now with no fees.
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