The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: dantownehall on January 15, 2016, 07:30:02 AM
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When I first read about Mango's 6% on your first $5000 savings account, I immediately thought "I should park some cash there, that's a pretty good deal."
But then I thought, "I should park someone else's money there, that's an even better deal!"
Basically, I'd like to borrow $5000 at a lower interest rate, collect the $25/month interest, and make a return with no investment on my part (an infinity percent return). I'm not used to borrowing money for anything besides houses however.
What would my best bet be for a low interest rate loan? A personal loan from a bank? I have good credit.
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Personal loans will be near that 6% or even higher at least most places I've casually looked.
A HELOC if you have one open would be a lowish interest rate typically.
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I have used balance transfer checks from a credit card to do this. In the past, you could get them with no fee or 1%, but lately the best I have seen is a 2% fee for 18 months 0% interest, essentially 1.33% APR.
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Can you have husband and wife on both accounts and have each as a primary?
TIA.
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Allegedly you can have more than one mango. I haven't tried.