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1% Interest Checking Account

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Anonymous
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1% Interest Checking Account

Anyone have opinions or first impressions on this 1% high yield checking account?

 

https://www.aspiration.com/summit/

Message 1 of 28
27 REPLIES 27
Anonymous
Not applicable

Re: 1% Interest Checking Account

doesn't seem like they take themselves very seriously so i don't take them seriously either.
Message 2 of 28
Anonymous
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Re: 1% Interest Checking Account


@Anonymous wrote:
doesn't seem like they take themselves very seriously so i don't take them seriously either.

What do you mean? Is it not professional enough? 

Message 3 of 28
Anonymous
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Re: 1% Interest Checking Account

no not at all. "zero. zilch. nada." idk just seems like they're playing around too much and if they don't take their website seriously how would they take my money seriously. plus (idk if it's because i am on mobile? but the website layout is very bad
Message 4 of 28
Anonymous
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Re: 1% Interest Checking Account

very cheap feeling
Message 5 of 28
Open123
Super Contributor

Re: 1% Interest Checking Account

The 25 bps on the first $2,499 is a deal breaker for me.

Message 6 of 28
Anonymous
Not applicable

Re: 1% Interest Checking Account

Mysavingsdirect, 1.25%, no minimums, easy online sign up, link to your checking.

Why get less interest?
Message 7 of 28
Anonymous
Not applicable

Re: 1% Interest Checking Account


@Anonymous wrote:
Mysavingsdirect, 1.25%, no minimums, easy online sign up, link to your checking.

Why get less interest?

What do you mean by "link to your checking"? 

 

It's still a savings account, which means you cannot write checks, and is limited to 6 transactions per month.

 

Also, I went to the site, it says 1.1% https://www.mysavingsdirect.com/MySavingsDirectWeb/index.jsp

 

Nice find!

Message 8 of 28
Anonymous
Not applicable

Re: 1% Interest Checking Account

Love my local CU! 2% in my checking!
Message 9 of 28
Anonymous
Not applicable

Re: 1% Interest Checking Account

Mysavingsdirect was 1.25% until this month, they just lowered the rate to 1.1%. Grr. Still seems higher than others. Their website UI is good and they are the online presence of Emigrant Bank, so, seem trustworthy.

By link to your account, I mean you need a checking account elsewhere. You fund your MSD account from your checking account (at any other bank) by first doing the micropayment validation (they send you two payments under a dollar and you verify the amounts you got) and then you can use their UI to move money to and from your checking account.

Takes 1 to 2 days to transfer.

They also hold incoming transfers for five business days.

For a savings account I am fine with that, I am using it to sock money away for a planned car purchase, and for an IRA contribution that I will process as a lump sum in February or May.

My employer's payroll lets me put more than one direct deposit account so I have my budgeted monthly saving amount go directly into the MSD account and the rest to cover my bills goes to my checking account (elsewhere). I can confirm that direct payroll deposit and account transfers work and have been happy so far other than seeing that rate drop from 1.25 to 1.1% Smiley Sad

Would love to know the names of institutions that can beat their 1.1% rate. I'm happy with MSD but if can get more elsewhere... I'm not loyal lol

Message 10 of 28
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