The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Bearblastbeats on November 19, 2018, 10:39:23 AM
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DCU increased my interest rate in the Primary Savings on 11/15/18 from 5.12% to 6.17% Annual Percentage Yield (APY). This is applied to balances of $0.00-$1,000.00, and then earn .25% APY on $1,000.01 and up.
Is it worth to find a new bank for savings?
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If you intend to have more than $1000 in savings, then yes. A Marcus high-yield online savings account pays 2.05% now. Once you’re over about $3,300 saved in Marcus (for example), then you’re better off ditching your current savings account. Seems reasonable however to always keep $1000 in your current account.
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Definitely on anything over 1k. Ally is 2 percent now. Can probably get even better elsewhere.
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Each of my 4 family members has a DCU account and at the start of every month, I transfer the interest to keep that primary account at exactly $1000.
My next place is Redneck Bank which currently pays 2.25% on their Megamoney account, up to $50k.
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Each of my 4 family members has a DCU account and at the start of every month, I transfer the interest to keep that primary account at exactly $1000.
My next place is Redneck Bank which currently pays 2.25% on their Megamoney account, up to $50k.
Redneck bank? Is that a real thing? I googled it and they had a picture of a horse saying "where bankin is funner".
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Somewhere in this forum there are threads about signup bonuses. If you have enough cash for the other accounts' minimums, opening new accounts to pick up bonuses would probably give you a higher return than the interest during the period required to obtain the signup bonus.
Afterward, the ongoing calculations of the other posters apply. You could focus on first signup bonuses and then interest and get both, assuming you have enough cash, and the time to manage the accounts.