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Re: The Savings Playground for June, 2017 -- summer break!

I haven't been on this site in forever.  A lot has changed over the last year and I'm ready to get serious about money.  I love this idea.  Great timing for me, too!  I recently paid off all of my debt including the car (2 1/2 years early) and the truck (1 1/2 years early).  My only debt is my mortgage.  It feels great!  Now, I am going full speed ahead on my savings.  My goal is one year of living expenses.  I'm currently on the carousel.

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Re: The Savings Playground for June, 2017 -- summer break!

Cheers merry go round!!!

I like synchrony ,and navy Fed.


😁😃<____!!!!!!!!NOIIICE!!!!!!!_____>😃😁



wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!

My question for the board is why is hard to switch banks for a higher apy? Like 0 .001% vs 1.05 and so on???? What's the biggest reason to keep low interest sav. Acc.???





wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!


MILOfico wrote:
My question for the board is why is hard to switch banks for a higher apy? Like 0 .001% vs 1.05 and so on???? What's the biggest reason to keep low interest sav. Acc.???






It's probably because of convenience and accessibility. Someone may need access to cash immediately. Unless an online account comes with a debit or ATM card, access is not immediate. Depending on the institution a transfer could take several days. 

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
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Re: The Savings Playground for June, 2017 -- summer break!


Anusara wrote:

MILOfico wrote:
My question for the board is why is hard to switch banks for a higher apy? Like 0 .001% vs 1.05 and so on???? What's the biggest reason to keep low interest sav. Acc.???






It's probably because of convenience and accessibility. Someone may need access to cash immediately. Unless an online account comes with a debit or ATM card, access is not immediate. Depending on the institution a transfer could take several days. 


While I don't doubt this is the case for some people, I wonder at the logic of needing an ATM/debit card for a savings account. After all, the point of them is not to withdraw money very often, and thus one should be aware of the need to withdraw the money with enough lead time to transfer to a checking account.

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Re: The Savings Playground for June, 2017 -- summer break!


iced wrote:

Anusara wrote:

MILOfico wrote:
My question for the board is why is hard to switch banks for a higher apy? Like 0 .001% vs 1.05 and so on???? What's the biggest reason to keep low interest sav. Acc.???






It's probably because of convenience and accessibility. Someone may need access to cash immediately. Unless an online account comes with a debit or ATM card, access is not immediate. Depending on the institution a transfer could take several days. 


While I don't doubt this is the case for some people, I wonder at the logic of needing an ATM/debit card for a savings account. After all, the point of them is not to withdraw money very often, and thus one should be aware of the need to withdraw the money with enough lead time to transfer to a checking account.


Yes.... exactly my thinking ....I feel it's brand loyalty ...which crazy to meSmiley LOL I get it's not much but come on go for the bigger coins not 1/2 a cent lol

wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Registered: ‎05-06-2008

Re: The Savings Playground for June, 2017 -- summer break!

Nothing major going on regarding savings - still plugging away.

 

Just starting diverting my monthly emergency fund savings 100% to Vanguard.  I have a portion in cash at my regular bank for minor emergencies.  It's time to start seeing my money grow and Vanguard has an outstanding lineup of funds that I believe will benefit me greatly.

 

I'm still credit card debt free and working on finding ways to bring in additional income.  My goal is to have my 6 month emergency fund completely funded by the end of the year.  Fingers crossed!!

 

 

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Re: The Savings Playground for June, 2017 -- summer break!

[ Edited ]

iced wrote:

Anusara wrote:

MILOfico wrote:
My question for the board is why is hard to switch banks for a higher apy? Like 0 .001% vs 1.05 and so on???? What's the biggest reason to keep low interest sav. Acc.???






It's probably because of convenience and accessibility. Someone may need access to cash immediately. Unless an online account comes with a debit or ATM card, access is not immediate. Depending on the institution a transfer could take several days. 


While I don't doubt this is the case for some people, I wonder at the logic of needing an ATM/debit card for a savings account. After all, the point of them is not to withdraw money very often, and thus one should be aware of the need to withdraw the money with enough lead time to transfer to a checking account.


I was speaking from the POV of accessing an eFund when there's an emergency not dipping into long term savings. 

 

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
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Re: The Savings Playground for June, 2017 -- summer break!

NFCU has new 5MO. 3% CD;

wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!


MILOfico wrote:

NFCU has new 5MO. 3% CD;


This looks quite tempting, though it's worth noting it's a 3% APY and since the term of the CD is less than half a year, it won't be anywhere near the full 3%. Still good as far as guaranteed savings go right now. It's a shame it's limited to $10,000.

 

Does one have to have a NFCU checking account to get this offer or can one join NFCU and just open a CD? I'm hoping no since the EasyStart explicitly states checking and DD are required while the CD offer does not, but I'd still like to confirm before going through the process of joining NFCU.

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