1% Interest Checking Account

[Anonymous]

nvm add a few more 0s lol

[Anonymous]

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@Anonymous wrote:

They say they're a new kind of investment firm. Then they're not a bank. But they are FDIC insured. Mmmm...I'd look elsewhere. If nothing else, the financial crisis of 2007-2008 should have taught us to do your due diligence. Some things sound too good , and tend to be too good to be real. 

I wouldn't put my money in an invetsment firm, unless it was an investment versus thinking I was putting it in a bank. 

Aspiration is not Goldman Sachs. 

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One part of them is investments for mutual funds. Another is banking. They do not hold the money. Their partner bank, Radius Bank, does. They only give out the 1% interest.

[Anonymous]

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@Anonymous wrote:
nvm add a few more 0s lol

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I agree, either way, lol.

[Anonymous]

Yeah, I have been looking at some credit unions here in Michigan but all of the >1% APY seem to require a monthly spend or a certain amount of debit card transactions (haven't made a debit card purchase in over a year). And I do not plan on opening a checking with anyone else either.

I plan on just dumping a sum of money in a savings account and not touching it, so this is what I decided to do:

Barclays offers a 1.05% 'Dream Account' where you can contribute a maximum of $1,000 per month, and then they reward you with another 0.25% back on the interest earned if you pay into it for 6 months straight. I am going to try and just turn this into a habit, so it will almost turn into a retirement type account that I will learn to never touch. So during my second year of having the account I will be earning roughly $126 annually, then $252 the third and then $378 and so on... (providing their APY doesn't change that is).

And the remaining money I will save each money will go into an Ally 1% savings account. No hassle with either and they are easy to set up. I even linked them to my Chase checking. 

I am used to a lot higher interest rates from when I used to live in the UK but really, 1% is better than nothing, and its like 50 times better than what most banks like Chase or BoA offer. And say for example you could deposit $30k, that would be $25 a month in interest...

[axlm]

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@Anonymous wrote:

Yeah, I have been looking at some credit unions here in Michigan but all of the >1% APY seem to require a monthly spend or a certain amount of debit card transactions (haven't made a debit card purchase in over a year). And I do not plan on opening a checking with anyone else either.

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Lake Michigan CU has a nice rate for their Max Checking (https://www.lmcu.org/banking/checking/checking_max.aspx). Not sure if this will work with them, but I used a debit card on Amazon to load my Gift card balance in several smallish amounts (for a $300 Regions Bank sign up bonus). Worked like a charm.

[Anonymous]

Thanks, I saw that one.

However, as I stated above, I do not want to keep switching banks just for 2% and plus its a capped rate. I want to hold onto a steady bank at the highest possible rate that has no cap, so I can use it for the rest of my life. 

[Anonymous]

If you find something better than Mysavingsdirect let me know, I have no loyalty. I have set up direct payroll deposit into the MSD account since my employer lets me list more than one account to pay into. Monthly budget goes to my checking and the rest into MSD.

One option is to get a proper investment account and put money into a conservative mutual fund. I plan to transfer money from the savings account into one of those once or twice a year.

[Anonymous]

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@Anonymous wrote:
If you find something better than Mysavingsdirect let me know, I have no loyalty. I have set up direct payroll deposit into the MSD account since my employer lets me list more than one account to pay into. Monthly budget goes to my checking and the rest into MSD.

One option is to get a proper investment account and put money into a conservative mutual fund. I plan to transfer money from the savings account into one of those once or twice a year.

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You don't want to move to a CU? LMCU has a 3% checking account with what I think is pretty low hassle up to $15k. (used card 10 times, log in, use estatements, direct deposit)