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
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.
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.