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6.17% APY for the first $1,000. It was 5.x%
That's incredible. I'm loving these interest rates increases across the banks.
That's a nice little bump. I hope other high yield accounts follow.
That's $5 per month. Not bad.
@Green456 wrote:That's $5 per month. Not bad.
$5.141667 per month if you count the pennies & fractions - $61.70 per year divided by 12.
I'm lovin' DCU - 6.17% on my rainy day fund, completely free checking with fast & free bill pay, 65 month 2.99% car loan taken out in Oct. 2017 on a 2016 used car. A $5 fee for ACH transfers out, but that's what mobile check deposits are for - same day credit & free.
It's a shame it's only the first $1,000. Since 2014, they went from the first $500 to the first $750 to the first $1,000. Was hoping they'd raise the cap again.
If I was going to open a new checking or savings account, I'd be much more interested in getting a straightforward cash bonus than playing APR games with toy balances.
Wells Fargo gave me $250 for putting $50 in a checking account for a few months (I think they even only required $25). $250 is worth ~4 years' interest on $1k at 6%, and that doesn't even consider opportunity cost.
@wasCB14 wrote:If I was going to open a new checking or savings account, I'd be much more interested in getting a straightforward cash bonus than playing APR games with toy balances.
Wells Fargo gave me $250 for putting $50 in a checking account for a few months (I think they even only required $25). $250 is worth ~4 years' interest on $1k at 6%, and that doesn't even consider opportunity cost.
I disagree. It very much so depends on your financial situation. For some people that $1,000 is a lot of money. For others money is money. For me $10 a month (household of 2 people) is $10 a month without having have to move my finger.
@wasCB14 wrote:If I was going to open a new checking or savings account, I'd be much more interested in getting a straightforward cash bonus than playing APR games with toy balances.
Wells Fargo gave me $250 for putting $50 in a checking account for a few months (I think they even only required $25). $250 is worth ~4 years' interest on $1k at 6%, and that doesn't even consider opportunity cost.
I hear this argument all the time, the things is they're not mutually exclusive, you can have $1k making 6.17% APY while going for the BoA SUB, especially SUBs that doesn't require large sums of deposits.
@Between my 2 Insights, 5 Netspends, 1 Mango, DCU, Premier and WYHY, I have 21k @ 5%+ and 19k @ 4%, about to open another rewards checking for 30k @ 4%, that's $3k+ a year in interest. At the same time, my first batch of deposit account SUBs opened in June/July (7 accounts) just returned a total $1625.