@TheFate wrote:The reason I ask is because I just opened the Checking and Savings account during the promo period to take advantage of the $176 bonus.
While deposting the money into the savings I noticed the Savings has a 0.75% APR! I've been keeping my Savings in my Credit Union account for over 4 years now and I'd be lucky to gain $5 in a year. I looked into Certificate accounts with my CU which I could gain roughly $400 in 3 years but I just dont like the idea not having access to my money as I would have to freeze it.
With Capital One 360 I could deposit 10k - 20k in the savings and gain $75-$150 a year and still have full access to my money at ANY TIME. I just don't know how I feel yet about transfering that much money into a company that I hardly know that well.
Do you think this is a good idea? I just hate the fact that I'm saving and its just sitting there when I could be potentially earning extra on top
Just curious what about cap one 360 are you afraid of. Its fdic insured so you are protected if the bank collapses , which i highly doubt it would. The amount you are putting into your savings is just an emergency fund or savings for house or car or something? If its more long term i would suggest maxing out your 401k or IRA ?
@TheFate wrote:
@mongstradamus wrote:
@TheFate wrote:The reason I ask is because I just opened the Checking and Savings account during the promo period to take advantage of the $176 bonus.
While deposting the money into the savings I noticed the Savings has a 0.75% APR! I've been keeping my Savings in my Credit Union account for over 4 years now and I'd be lucky to gain $5 in a year. I looked into Certificate accounts with my CU which I could gain roughly $400 in 3 years but I just dont like the idea not having access to my money as I would have to freeze it.
With Capital One 360 I could deposit 10k - 20k in the savings and gain $75-$150 a year and still have full access to my money at ANY TIME. I just don't know how I feel yet about transfering that much money into a company that I hardly know that well.
Do you think this is a good idea? I just hate the fact that I'm saving and its just sitting there when I could be potentially earning extra on top
Just curious what about cap one 360 are you afraid of. Its fdic insured so you are protected if the bank collapses , which i highly doubt it would. The amount you are putting into your savings is just an emergency fund or savings for house or car or something? If its more long term i would suggest maxing out your 401k or IRA ?
Well considering the fact its an online ONLY based company makes me raise questions about security.
20k is a lot of money, so I just wanted to see how others felt about them before I decided to pull the trigger. I did just get off the phone with the CSR, he told me not to worry as they have a FDIC for 250k which helped me feel more secure.
The money is long term which I have been saving for my House. I plan on making the purchase in 3-4 years so every dollar counts that I could be earning untill that time. I don't have a 401k I have a pension (Union employee).
Can you be more specific tho about "maxing it out"?
Well their is limit of 5500 per year for IRA.if you are saving for retirement I would try to max it out every year. If you are saving up for house soon then cap one high yield savings is a pretty good idea. I personally have all my savings for short term in an ally saving account.I am happy with them for most part getting nearly 20x what I was getting from wells Fargo.
@mongstradamus wrote:
@TheFate wrote:
@mongstradamus wrote:
@TheFate wrote:The reason I ask is because I just opened the Checking and Savings account during the promo period to take advantage of the $176 bonus.
While deposting the money into the savings I noticed the Savings has a 0.75% APR! I've been keeping my Savings in my Credit Union account for over 4 years now and I'd be lucky to gain $5 in a year. I looked into Certificate accounts with my CU which I could gain roughly $400 in 3 years but I just dont like the idea not having access to my money as I would have to freeze it.
With Capital One 360 I could deposit 10k - 20k in the savings and gain $75-$150 a year and still have full access to my money at ANY TIME. I just don't know how I feel yet about transfering that much money into a company that I hardly know that well.
Do you think this is a good idea? I just hate the fact that I'm saving and its just sitting there when I could be potentially earning extra on top
Just curious what about cap one 360 are you afraid of. Its fdic insured so you are protected if the bank collapses , which i highly doubt it would. The amount you are putting into your savings is just an emergency fund or savings for house or car or something? If its more long term i would suggest maxing out your 401k or IRA ?
Well considering the fact its an online ONLY based company makes me raise questions about security.
20k is a lot of money, so I just wanted to see how others felt about them before I decided to pull the trigger. I did just get off the phone with the CSR, he told me not to worry as they have a FDIC for 250k which helped me feel more secure.
The money is long term which I have been saving for my House. I plan on making the purchase in 3-4 years so every dollar counts that I could be earning untill that time. I don't have a 401k I have a pension (Union employee).
Can you be more specific tho about "maxing it out"?
Well their is limit of 5500 per year for IRA.if you are saving for retirement I would try to max it out every year. If you are saving up for house soon then cap one high yield savings is a pretty good idea. I personally have all my savings for short term in an ally saving account.I am happy with them for most part getting nearly 20x what I was getting from wells Fargo.
Specifically for a Roth IRA that's the limit.
