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@Anonymous wrote:
@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
That sounds like a hassle. I would rather my money worked for me, not the other way around.
If I look at my dividend positions in my portfolio, $70,000 also pays me about $5,000 a year without having to do a thing, and that $5,000 is taxed at capital gains rates instead of income. That's also assuming all positions stay flat; if and when I do cash out, the chances those positions are up over a 10+ year period are very high so I'll realize additional gains. My portfolio is diversified enough that risk isn't a serious concern, though I hear that argument from stock-averse people all the time as well.
Cash savings are meant for short-term and emergencies, so while more interest is always nice, growing my wealth off of it isn't the goal. The goal is to beat the rate of inflation with it; if I'm doing that, I win. I'm probably in the minority, but I'd rather park it in as few places as is practical with no restrictions on getting at it if I do need it. If I didn't already use DCU for checking, I wouldn't go out of my way for such an inconsequential cap.
@wasCB14 wrote: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 $1k at 6%, and that doesn't even consider opportunity cost.
And then they sold your social security number
So the gotcha is its not worth keeping more than 1000$ in that account *AND* the 5$ ACH fee....
Been pondering going for this one..
-J
@DaveInAZ wrote:
@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.
Since any money above $1000 only earns 0.25% interest, one does not earn $61.70 interest per year, but "only" $60.07. So the average monthly earning is $5.01.