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Opening a online, high-yield savings account takes much less than 15 minutes. Many of these banks dont even offer checking accounts, so you couldn't switch ever
by ac29 6y ago
Opening a online, high-yield savings account takes much less than 15 minutes. Many of these banks dont even offer checking accounts, so you couldn't switch everything else over even if you wanted to.
Many people in the US have no problem opening and using multiple credit cards, so having multiple bank accounts shouldn't be too difficult.
- deegles 6y agoYou don't earn interest on your money while it's in transit (seems to be around 1-2 days). If you're constantly shuffling money around, it might not make sense unless the rates are significantly higher. You'd have to do the math. Here's a calculator I found: https://www.mymoneyblog.com/the-ultimate-interest-rate-chaser-calculator.html https://www.mymoneyblog.com/the-ultimate-interest-rate-chase...
- basch 6y agoIt's also basically as easy to stick with your current institution and put cash into ICSH (https://www.ishares.com/us/products/258806/ishares-liquidity-income-etf https://www.ishares.com/us/products/258806/ishares-liquidity...) or if youre worried about inflation TIP/SCHP (https://www.blackrock.com/us/individual/products/239467/ishares-tips-bond-etf https://www.blackrock.com/us/individual/products/239467/isha... https://www.schwabfunds.com/products/schp https://www.schwabfunds.com/products/schp) It has the benefit of working anywhere, without switching banks, and the time to liquidate and get it back into your checking account will be 2 days, similar to moving money between institutions. The benefit being the entire transaction happens within the purview and responsibility of one customer service organization. It's not quite cash and interest, but in effect its going to be basically the same thing.