Author Topic: How to choose a high interest savings account (or an alternative)?  (Read 3840 times)

dustinst22

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #50 on: September 17, 2018, 08:11:05 PM »
Ally has some limitations on how many transactions you can do without fees

RWD

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #51 on: September 17, 2018, 08:25:20 PM »
Ally has some limitations on how many transactions you can do without fees

Only on the savings account.

dustinst22

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #52 on: September 17, 2018, 08:51:18 PM »
Ally has some limitations on how many transactions you can do without fees

Only on the savings account.

Right, but if you are linking a checking account to it to get the savings interest, isn't it going to count as a transaction each time you pull funds to the checking?  Seems like you'd be moving funds fairly frequently, unless you keep a decent balance in the checking which wouldn't be a very good move as the interest is low on their checking.  This sounds to me like more work than just having a high yield checking acc.

« Last Edit: September 17, 2018, 08:53:25 PM by dustinst22 »

ThatGuy

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #53 on: September 17, 2018, 09:15:42 PM »
Transferring funds from checking to savings/mma isn't a problem.  Transferring from savings/mma to checking there is a limit of six per month.  This limit is in place at every U.S. bank.

dustinst22

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #54 on: September 17, 2018, 09:22:04 PM »
Transferring funds from checking to savings/mma isn't a problem.  Transferring from savings/mma to checking there is a limit of six per month.  This limit is in place at every U.S. bank.

Yep, that's what I thought.  This would be a real pain imo.  High yield checking is much more practical.

RWD

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #55 on: September 18, 2018, 07:26:59 AM »
I have my wife's direct deposit going into our Ally checking account so usually I'm only pushing money out to the savings account instead of the other direction. I leave enough buffer to pay all our bills. I haven't found the savings account transaction limit to be an issue.

dustinst22

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #56 on: September 18, 2018, 08:32:01 AM »
Right.  I guess if you donít mind losing interest on the 5 k or whatever the buffer is.  Personally I want all my $ earning.

fn43086

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #57 on: September 18, 2018, 09:20:23 AM »
Synchrony Bank (https://www.synchronybank.com/) has a high-yield savings account currently at 1.85%. They also offer CD's, Money Markets, IRA CD's, and IRA Money Markets. The only account I have with them is the savings account so I can't speak for the others, but the savings has been consistently "high-yield" for the past few years since I opened it. It was lower when I started, I can't remember the exact rate, but has consistently gone up since (of course, no guarantees). It's a nice (no monthly-fee) account for short-term saving, and/or an emergency funds account.

katsiki

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #58 on: September 18, 2018, 07:44:20 PM »

Another Reader

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #59 on: September 18, 2018, 10:02:13 PM »
Right.  I guess if you donít mind losing interest on the 5 k or whatever the buffer is.  Personally I want all my $ earning.

I have not found any really good, high yield, no effort checking accounts.  A lot of the banks and CU's charge for checks.  Most require a minimum balance of $10k, and you would probably be better off keeping most of your money in a high yield savings or money market find and transferring money to your existing checking account to pay bills.  Here's a current list from www.depositaccounts.comhttps://www.depositaccounts.com/checking/

They also have lists of jump through the hoops rewards checking:  https://www.depositaccounts.com/checking/reward-checking-accounts.html

RWD

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #60 on: September 19, 2018, 08:50:19 AM »
Right.  I guess if you donít mind losing interest on the 5 k or whatever the buffer is.  Personally I want all my $ earning.

Probably works out to a lost $50 per year. Personally I prefer my finances to be simple so I can spend my mental energy elsewhere rather than squeeze out every last dollar of efficiency. I was responding to FrugalFisherman10 who didn't want to jump through hoops. Looks like there are some decent options in the list linked by Another Reader.

dustinst22

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Re: How to choose a high interest savings account (or an alternative)?
« Reply #61 on: September 19, 2018, 09:57:13 AM »
Right.  I guess if you donít mind losing interest on the 5 k or whatever the buffer is.  Personally I want all my $ earning.

I have not found any really good, high yield, no effort checking accounts.  A lot of the banks and CU's charge for checks.  Most require a minimum balance of $10k, and you would probably be better off keeping most of your money in a high yield savings or money market find and transferring money to your existing checking account to pay bills.  Here's a current list from www.depositaccounts.comhttps://www.depositaccounts.com/checking/

They also have lists of jump through the hoops rewards checking:  https://www.depositaccounts.com/checking/reward-checking-accounts.html

Heritage I have found to be a good option, no minimum and 3.33% up to 25 K.  The only "hoop" is 10 debit transactions, which can be done via a 1 min amazon reload.  If I need to write a check, I use a different account.  I don't really use checks at all.