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Where should I put my money?

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Anonymous
Not applicable

Re: Where should I put my money?

I think PenFed would be great for you, if you don't mind the HP's.

 

Their online savings is 2.00% and you could start laddering $1000 CD's (e.g., buy a 12 month CD out of savings every other month) which are currently 2.80% with them.

Message 11 of 27
Anonymous
Not applicable

Re: Where should I put my money?

I just opened a CIT Savings account (literally an hour ago) that pays 2.45% APY, straight forward application process (15 mins) that ends with login access immediately, the only qualification for the rate is a monthly $100+ ACH deposit (not net deposit) or $25k average balance.  You will be able to link your checking account for the initial $100 minimum deposit during the application process and move money freely between the two accounts once trial deposit process is completed.

 

In the end it's just a place to hold your emergency funds and so that you can feed your checking account for monthly bills/expenses, as long you're able to freely move funds and is FDIC insured, no need to settle for 2nd level rates. My final choice came down to CIT Bank (2.45%), Memory Bank (2.40%), CIBC (2.39%) and a local bank Atlantic Stewardship Bank (2.43%).

Message 12 of 27
Anonymous
Not applicable

Re: Where should I put my money?

Thank you all for the input Smiley Happy I am mostly saving money to move out into an apartment when I transfer from community college in about 1 and a half years. I most likely won't be buying a house anytime soon but I want to have as much saved as possible. For now a savings account is probably what I will go with since it is easy and secure. 

Message 13 of 27
Anonymous
Not applicable

Re: Where should I put my money?


@Anonymous wrote:

Thank you all for the input Smiley Happy I am mostly saving money to move out into an apartment when I transfer from community college in about 1 and a half years. I most likely won't be buying a house anytime soon but I want to have as much saved as possible. For now a savings account is probably what I will go with since it is easy and secure. 


So, it does not sound like you are putting away 10s of thousands.  More hundreds and building.  Check out this:

 

https://depositaccounts.com/savings/

 

There are plenty of 5% + savings accounts out there for lower dollar amounts.

Message 14 of 27
Anonymous
Not applicable

Re: Where should I put my money?

Where do you see the 5%?

Message 15 of 27
mongstradamus
Super Contributor

Re: Where should I put my money?

I think any of the HY online options are good enough. There is ally, barclays, Marcus, discover , and amex they all offer very competitive rates that B&M banks can't compete with. 

 

I can give you an alternative option that may be a bit more complicated but you could just use 1 month Tbills. Last time i bought mine they were about 2.4% and you don't pay any local and state taxes on the interest . You do pay tax on fed level. I use my CC for any emergencies that need to be paid within the month. 



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Message 16 of 27
Anonymous
Not applicable

Re: Where should I put my money?

Bear in mind that there are no penalties for withdrawing the principal from a Roth.  Thus if you placed $5500 of your $9000 in a Roth and $3500 in a Discover savings, you cou;d still withdraw up to $5500 any time without penalty if you need it.  And since you are just saving up to move into an apartment I doubt you'll need more than the $3500 anyway.

Message 17 of 27
Anonymous
Not applicable

Re: Where should I put my money?

You can also make at least $1000 annually by opening bank accounts for the signup bonuses, which is a lot more than the interest from a high-yield savings.

Message 18 of 27
Anonymous
Not applicable

Re: Where should I put my money?

I have thought about signing up for bank accounts for the bonuses, are there any negatives in doing so?

Message 19 of 27
Anonymous
Not applicable

Re: Where should I put my money?

No drawbacks.  But like anything else, spend some time researching it first, so that you know how to do it right.

 

https://www.doctorofcredit.com/a-beginners-guide-to-bank-account-bonuses/

 

https://www.doctorofcredit.com/best-bank-account-bonuses/

 

Message 20 of 27
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