By: Ornella @ Moneylicious
Savings account are not the way to grow your money. Therefore, use them for what they are for: to have liquid cash for a specific purpose. No need to chase interest rates. It’s counterproductive. When...
View ArticleBy: Financial Samurai
Maybe in the past before the time of internet. But now, it’s actually counterproductive to keep your liquid money in 0.1% rates when the Internet has allowed us to move money and find great rates with...
View ArticleBy: David m
I get .80 from my credit union – thus I will not be opening an account. Right now I have about $50,000 there but I will make a decision about a good portion of that money early next year. I will likely...
View ArticleBy: Bob
I use ING and Capital One. I understand ING is being taken over by Capital One in the US so I’m not sure if that limits the FDIC cover to what is covered by one bank? Maybe I should look for another...
View ArticleBy: Financial Samurai
I’d be shocked if Cap One or ING do not have the same $250,000 FDIC insurance guarantee as CIT Bank. After the financial crisis, I spread my assets to multiple banks due to the $250,000 cap.
View ArticleBy: Bob
I meant when they were separate they had 250 + 250 coverage, now do they just have 250 combined because they are the same institution. I’m not sure.
View ArticleBy: Anil @ PeerCube
To me, it makes no sense to keep large amount like $25K in saving account. I keep about $1K in checking and $5K in saving only. For rest of emergency fund, we use treasury direct to create monthly...
View ArticleBy: Joe
I use Royal Bank of Missouri online banking. 2.42% (APY) up to $25k, and you get .75% for any balance above that. I have been a customer for years, and have never had any issues. An added bonus is an...
View ArticleBy: Financial Samurai
Joe, that savings rate sounds too good to be true. I checked online and it’s below 1%. Do you mind sending me a link to that online savings rate? Thanks!
View ArticleBy: Joe
Here ya go! https://www.royalbanksofmo.com/personal_banking/checking/majestic-checking.aspx
View ArticleBy: Financial Samurai
Gotcha. So it’s a checking account that is fluid and requires transactions it seems. Not a bad deal for those with less than 25k indeed.
View ArticleBy: Joe
I am open to suggestions on where I should park the excess funds. 75 bps seems decent for money that I want to keep safe & liquid. thoughts anybody?
View ArticleBy: What To Do With A Severance Package Or Financial Windfall | Financial...
[...] I did: Within six months, I made 100% of my severance package disappear. Part of it was sent to a high yielding online savings account. A good chunk of it was locked up in a six year structured...
View ArticleBy: Financial Samurai
Joe, that savings rate sounds too good to be true. I checked online and it’s below 1%. Do you mind sending me a link to that online savings rate? Thanks!
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