cancel
Showing results for 
Search instead for 
Did you mean: 

Have some fun with my money

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Contributor

Have some fun with my money

Howdy all, wanted to get some advice on how to make the most of my money at the moment in terms of savings and my credit cards:

 

I have $820 in my Chase college checking account at the moment and I am looking to open a savings account. My first thought is go with Chase because I can easily transfer money back an forth as well as set up auto deposit to avoid matainence fees. However I would also like to earn some interest if possible. I am unsure if Chase is the best for that in my current situation however I don't know for sure. I also have around $400 including the annual fee to pay off from my AMEX BCP but the card is brand new so I have 0% on purchases until June of 2020. My paychecks for 2 weeks will be around $200 give or take $20 or so direct deposit into my checking.

 

So MyFico'rs what would your course of action be in my situation? How much should I pay AMEX? How much should I put into a savings? ECT.  Any and all help is very much appreciated and my DP's are as follows

 

$820 in checking

Disco card 0/4000

AMEX ~400/2000 with 0% purchases until 06/20. All spend going here to meet 1k sub

Message 1 of 7
6 REPLIES 6
Frequent Contributor

Re: Have some fun with my money

As long as you're making above minimum payments to Amex, I would worry about paying it off right away (just try to keep util under 30%).
As for savings, online savings accts will get you the best interest. I really like Ally for online savings. They don't have the highest rate out there at 2.20 APY, but they're pretty easy to deal with. DCU is another good one, paying 5% APY on the first $1000. They just aren't competitive after that first $1000. I'm sure others will chime in on this as well.
Message 2 of 7
Valued Contributor

Re: Have some fun with my money

I feel like having savings somewhere that you can easily transfer $ back and forth negates the point of having savings. I prefer a separate bank and to only park amounts there that I know I won't need (but are accessible in case of extreme emergencies.)

 

I saved the most money I've ever saved in my life by setting 25% of my direct deposit to a savings account at a separate bank that had no ATM card or online banking.  Mind you that was before online banking was really a thing, but you could still create that separation in today's times by using a different institution.

 

As far as interest goes, given what you'll be starting out with, I'd look into some of the online banks/credit unions that offer a high % on the first $1000 or whatever. DCU for instance will pay you 6.17% on balances up to $1000.

 

When you hit that $1000, you could almost just quit using that account and let it sit and find a similar deal elsewhere and repeat the cycle.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Oct 2018: 700/685/671, 1% utilization/AZEO, INQ's: 6/2/4
Message 3 of 7
Contributor

Re: Have some fun with my money

Thanks to both of you for the responses. I didnt realise i could seperate my direct deposit to another account so the back an forth was mostly for depositing into the savings not taking out of. I will definitly look into the online accounts. Working part time in college is a drag haha so much easier to spend money than save
Message 4 of 7
Contributor

Re: Have some fun with my money

"Have some fun with my money"

Very misleading title. Thought you were giving me $20 in quarters for the arcade. Smiley Sad

Just be careful with that 0% APR intro. If you keep making purchases on it and only making small payments, you may find yourself with a sizeable balance at the end of the 0%.
With only about ~$800/month income, it is very easy to allow that balance to get out of hand. I'd recommend treating that BCP more like a debit card and pay the entire balance off every week to stay on top of it.

Since you have $400 on it now, I'd budget out paying $25/paycheck towards that. Would take you 8 months at that rate, which should be a comfortable amount.
Message 5 of 7
New Member

Re: Have some fun with my money

Idk about how much to pay debt and when but savings I like Marcus, I think I am going to open one and close wf and keep most dough in marcus and churn wf as many years as I can.  Why?  Because they would do the same to me haha.

Message 6 of 7
Contributor

Re: Have some fun with my money

Thanks rebuilt i will certainly be careful not to let it get out of hand. My minimum payment is actually 35 dollars haha so im already ahead in your thinking😝
I was planning on paying atleast $100 a statement if not just saying screw the 0% and paying the statements as if it were a normal card and not brand new
Message 7 of 7