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Kathleen
Could use some tips. If you had $10,000, and didn’t want to tie it up in a CD, would you use one of those high yield savings accounts, (virtual banks) that say you can earn 5%?
Has anyone ever used one?
Thanks for advice and input.
MichelleYep, I use Marcus by Goldman Sachs.
NicoleYes to HYSA as the funds are readily available. Is there a reason so many of you use Ally? I was planning to open a new account with Vanguard…
AmandaHuge “it depends” to that. Me? No. My tax on ordinary income is like 25% so it’s much better to do a tax exempt money market than a HYSA.
KathyI have Capitol One HYSA 5.10% It took me a long time to to transfer $5000 out of my brick and mortar bank. It’s been about 6 months and no issues at all.
BarbYes, most are FDIC insured, Jenuis Bank was paying 5.25%.
DarlaThat’s what we do for our large emergency fund.
We have Ally. Rates are about 1% lower than other HYSA but I’m comfortable with their rating, account features, and their customer service.
KierstenYes. That’s what I did. It took me years to finally do it and I chose Ally because it’s FDIC insured and has great reviews and I’ve had a couple of friends have good experiences with them. It was super easy to open and they’re super easy to work with and I get a WAY better interest rate now.
Totally recommend.
Preferred: How to invest $50k in real estate for rental income without spending excessive time and money?
JohnFidelity is the best. They have an automatically invested money market fund inside their brokerage that pays you over 5%. That said, I would try to lockup a little of the $10k in CDs because these rates are attractive and can disappear mighty quickly.
LeslieI use sofi so it can still be liquid. That can be the emergency or new car fund or whatever you may have happen. I use the interest to go to a specific goal like vacation or house repair fund.
MollyWe use Betterment. I’ve been with them for almost 2 years and wish I did it sooner. Currently they’re at 5%. I’ve had to transfer larger amounts out to pay for a kitchen remodel and it took about 36 hours from the time of my request to being available in my checking account.
LaurenI have a HYS with Ally, and went ahead and got a free checking account with them as well. I keep a token amount in the checking, but can make instant transfers if I need access to what’s in savings.
Pop on the app, transfer from savings to checking, and swipe my debit card or write a check.
It’s worked out quite well for me for many years now.
Appropriate: How can I find tax incentives for multiple investment properties?
KendraI don’t have 10k lol, but I use Ally as my actual bank for what little I do have. It’s a good bank, I’ve never had problems.
NancyAbsolutely! I have been using virtual banking since 2000. I now use Ally. Just remember, the money won’t be IMMEDIATELY accessible, you’ll have to transfer it back into your “sticks & bricks” bank, and it takes a day or two.
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