1% Interest Checking Account

[Anonymous]

The site looks simple enough. Did you check Bankrate.com to compare different financial institutions? Best of luck!!!

[Anonymous]

It only shows me these crappy banks:

[Anonymous]

I found this for my area. See link below.

https://www.depositaccounts.com/checking/reward-checking-accounts.html

Change the area and see what's available in your area. Good luck!!!

[Anonymous]

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@beautifulblaquepearl wrote:

I found this for my area. See link below.

https://www.depositaccounts.com/checking/reward-checking-accounts.html

Change the area and see what's available in your area. Good luck!!!

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Ehh there's so little that are over 1%. Plus, the one's that are over 1% all have crappy caps on them. I don't want to be switching banks all over...I need a steady bank for when I want to store $20k in. 

[Anonymous]

Mongo, my strategy is this: find a good no fee basic bank with good service and ATM's near me and use that for bills, rent, etc.

I don't care about the interest at that bank, but only how good their bill pay, PLOC, etc is.

Then open up high interest no minimums saving accounts elsewhere and link them to that bank. Leave them with $20 except whichever one has the current best interest rate.

Use the good linked up bank that is connected to all those savings as a conduit to flow money to wherever the best deal is currently. Right now seems to be mysavingsdirect, but I have no loyalty. If later Synchrony or Ally has a better rate my money will move.

The key is NO MINIMUM so that I can later let it sit with $20 if somewhere else had a better rate.

Who cares if I wind up with five or six? They are savings accounts, I don't interact with them daily, just a once a month contribution.

PLOC is a key feature here since it lets me get emergency cash IMMEDIATELY then I can initiate the 2 or 3 day transfer from the savings account to pay the PLOC back.

[Anonymous]

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@Anonymous wrote:

Mongo, my strategy is this: find a good no fee basic bank with good service and ATM's near me and use that for bills, rent, etc.

I don't care about the interest at that bank, but only how good their bill pay, PLOC, etc is.

Then open up high interest no minimums saving accounts elsewhere and link them to that bank. Leave them with $20 except whichever one has the current best interest rate.

Use the good linked up bank that is connected to all those savings as a conduit to flow money to wherever the best deal is currently. Right now seems to be mysavingsdirect, but I have no loyalty. If later Synchrony or Ally has a better rate my money will move.

The key is NO MINIMUM so that I can later let it sit with $20 if somewhere else had a better rate.

Who cares if I wind up with five or six? They are savings accounts, I don't interact with them daily, just a once a month contribution.

PLOC is a key feature here since it lets me get emergency cash IMMEDIATELY then I can initiate the 2 or 3 day transfer from the savings account to pay the PLOC back.

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I would honestly sit back and let everything work. that .1% isn't enough for me to jump banks. 

And plus, I do not want to have to worry about my checking account not having enough money. If I need to spend a large amount of money in a short notice, I don't want to have to wire transfer or wait for ACH transfers. I want to use it immediately. 

[Anonymous]

honestly 1% still isn't that great overall

[Anonymous]

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@Anonymous wrote:
honestly 1% still isn't that great overall

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I agree, but per my previous post, you'll see why I'll accept it. Unless you can find something that transcends my needs, I'm going to have to stick with 1%.

[Anonymous]

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. 

[Anonymous]

1% is roughly .00277% a day. you won't see enough to make you switch banks