Usually have 20-25k at peak and 10-15k min sitting around in checking with the salaries and other passive income coming in before bills gets paid out on autopay. Is it possible to just move to Robinhood and take advantage of 4% interest? What’s the catch? What will I miss? (Other than the work of moving some autopay bills over etc.)#personalfinance
Why would you park it in RH? Go to Marcus by GS or some company that isn't a risk to you. There are multiple legit banks that offer 4+%
What’s the risk parking it in RH?
Is Marcus savings account or checking? You can’t have more than 6 transactions on savings account.
Yes, deposit your money and get 4.15% APY risk free. You can withdraw at any time.
Nice.. how much do you have in there?
More than 20k
It's good if the amount is under 50k. Over 50k it's gonna be hard to move it around
Hey just move the money to Vanguard. The settlement fund where your money stays in Vanguard, currently is running 4.5% interest. You don't even need to buy any shares. Between Vanguard and Robinhood, I'd trust Vanguard any day, your money will be safe and you'll sleep more peacefully.
It's also easy to open an account and transfer - everything happens online.
Ok, will look into this. Do you deposit your salary in VG?
Also check Ally if you're flexible. They move money very fast, and good APY on savings account.
Ally is good but doesn’t pay on checking account balances. Their savings rate also is lagging considerably currently at 3.4% vs most others are in 4-4.5 range.
We have a reasonable spending account but it doesn’t have everything atm For instance the balance in the spending account doesn’t earn interest, only your brokerage sweep does. So you’ll have to manually transfer in some cases. I think the 4% is great as a savings/etc
What is this even asking?
Hmm.. too advanced for you huh?