Author Topic: Best interest bearing checking account nation-wide?  (Read 704 times)

KyDustBunny

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Best interest bearing checking account nation-wide?
« on: January 26, 2019, 12:55:43 PM »
I'm looking for an interest-bearing checking account where we can stash some funds Pre-FIRE to finance us for a few years Post-Fire
to travel across the U.S. in our RV.   I mentioned nation-wide because we are not tied to our hometown, but that would mean a virtual bank ?
I'm trying to act like I know what I'm asking, so I'm using the best words I can think of, but really, I look to YOU ALL for help
and wisdom.

Hopefully my question makes sense.
If not, just tell me what info you need and I'll try to answer.

Thanks INSPIRING Mustachians!


Catica

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Re: Best interest bearing checking account nation-wide?
« Reply #1 on: January 26, 2019, 01:59:01 PM »
I'm looking for an interest-bearing checking account where we can stash some funds Pre-FIRE to finance us for a few years Post-Fire
to travel across the U.S. in our RV.   I mentioned nation-wide because we are not tied to our hometown, but that would mean a virtual bank ?
I'm trying to act like I know what I'm asking, so I'm using the best words I can think of, but really, I look to YOU ALL for help
and wisdom.

Hopefully my question makes sense.
If not, just tell me what info you need and I'll try to answer.

Thanks INSPIRING Mustachians!

Does it need to be a checking account?  Can it be savings account?

KyDustBunny

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Re: Best interest bearing checking account nation-wide?
« Reply #2 on: January 26, 2019, 02:27:19 PM »
THANKS for your response!

I was thinking checking so we can use it while on the road to pay bills.
But... I guess it could be savings and we could transfer the funds that we need as we need them?


oldladystache

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Re: Best interest bearing checking account nation-wide?
« Reply #3 on: January 26, 2019, 02:35:32 PM »
With Ally bank you can have a savings account that pays 2.2 percent and a checking account that automatically draws from your savings as needed.

But there aren't many places that would prefer a check over a credit or debit card.

KyDustBunny

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Re: Best interest bearing checking account nation-wide?
« Reply #4 on: January 26, 2019, 03:03:02 PM »
I have never used a debit card... always put my few purchases on a credit card, but then pay off the credit card via an  e-check through my bank. ?
But it sounds like Ally would let me stash cash in savings, pay me interest, and then I could xfer the money needed into checking to pay the credit card.
If I'm mistaken, let me know.
Otherwise, I'll check out Ally. 
Much thanks for your help!


oldladystache

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Re: Best interest bearing checking account nation-wide?
« Reply #5 on: January 26, 2019, 03:41:00 PM »
I have never used a debit card... always put my few purchases on a credit card, but then pay off the credit card via an  e-check through my bank. ?
But it sounds like Ally would let me stash cash in savings, pay me interest, and then I could xfer the money needed into checking to pay the credit card.
If I'm mistaken, let me know.
Otherwise, I'll check out Ally. 
Much thanks for your help!

That should work. I have my credit cards automatically paid from an account that I keep small enough that I don't worry about them accidentally or intentionally taking more out of the account than they should.

One possible problem is with a savings account you are limited to 6 withdrawals a month. However, you can have as many savings accounts as you want. I have 3 at Ally, so I can withdraw 18 times a month.