How much are people keeping in savings that are also playing this game? Is it worth it?

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  • #80567 Reply
    Wilson

      Over the past year I’ve been opening and changing savings accounts while rates increase. Wondering if the extra amount is really worth all the time.

      Let’s say you have $50,000 that you’re moving around chasing yield. A 0.5% increase is only $250 extra over a full year. How much are people keeping in savings that are also playing this game? Is it worth it?

      Maybe when there’s an additional bonus?

      Ladder t bills or use federal money market funds instead?

      #80568 Reply
      Jennifer

        Not sure if this is helpful, but Ally bank has a penalty-free 11 month CD at 4.75% APY. No minimum deposit.

        #80569 Reply
        Matthew

          It’s rarely worth it for the work and organisation you have to do… I personally don’t keep much in cash.

          #80570 Reply
          Melissa

            Seems to be a lot of work especially when interest rates keep changing. Maybe put some in an ibond and or CD for a year.

            #80571 Reply
            Bill

              If you are in one of the big banks, it’s absolutely worth it that first time to find a HYSA or money market fund. After that? I think the people switching more often are generally chasing sign up bonuses not rates. If you can get $250 on a $10k balance, that is a lot more value than $250 while tying up $50k.

              As for who keeps that much cash? If you spend $100k, $50k could be your emergency fund. Or if you are retired, you might have 2 years in cash/cds.

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