Online savings
I want to move my checking/savings out of chase(0.01% interest) Looking at some higher interest savings accounts Marcus - 1.9% Barclays - 1.9% Synchrony - 1.85% Ally - 1.85% What are the things to watch out for? Your experience with either of above? Thanks in advance !
Sallie Mae gives 2.5%. Their ux sucks on their website but who cares
What is the website for Ellie Mae? Is it a savings account ?
Using Marcus from past few months. Seems pretty fine to me.
Been with GE capital turned Goldman Sachs bank turned Marcus for a few years. Their UI suck. But the rate is decent. Phone calls get answered. No complaint
Do Ally. They let you make a bunch of different savings accounts if you want so you can set up funds for whatever you like. For example I have a savings account for emergency, vacations, fun, and new MacBook Pro.
I've been happy with Ally for savings. Then I use Schwab for checking because of no ATM fees at any ATM. I have a chase savings with the $300 minimum in it just so I can have a physical location to deposit cash at if needed, then I transfer wherever I want it. I keep most of my money invested using WealthFront.
Put 6 months expenses in Ally savings and invest the rest in vanguard mutual funds such as VTSAX and VTIAX.
I am doing the same - investing the rest in stocks etc.
Checking / savings account interest doesn't even cover the cost of inflation. Why bother moving the money for $10 more a year. Invest in stocks and bonds if you want to make money on idle money.
Because it’s 10$ for doing a few clicks.
And because bonds and stocks have risk associated with them. That’s why they come with higher (potential) returns.
Checking/saving accounts are for bills,daily payments etc. of course I have separate investment account. If u have 20k in such an account, then a interest rate of 1.8% means you get $30 per month. Why miss that?? Apparently I have been missing it. Hence the post.
So the small point difference between each of these high savings rate accounts don't really matter because your time is worth more than the difference. Only reason to really spend time thinking about it is if it is something you'd like doing with your free time. I'd focus on the UI, features, and Customer support, not the 0.1% difference in interest rate.
Over 10 years with a principal of 20k compounding daily, the difference between 1.8% and 0.01% APY is $3924.23. the difference between 1.85% and 1.8% APY is $120.01. so I'd say it's worth it to switch from low to high interest, but doesn't really matter much for a 0.05% difference.
Will pick one of Marcus or ally. Thanks
Just invest in Google.
Bad advice. Leave it in one of the above or Diversify into s&p500 instead of goog.