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Why would you want that in a checking account rather than an instant access cash saving account though? Savings interest rates suck atm, but might as well get w
by mcintyre1994 5y ago
Why would you want that in a checking account rather than an instant access cash saving account though? Savings interest rates suck atm, but might as well get whatever you can on it.
- Terretta 5y agoBecause it was a figure of speech for “bank account”.
- luckylion 5y agoNot sure how they are in the US, but I've gotten 0.01% last year on my cash savings account. It's not worth keeping money there. The time you spend moving it from there to your primary account eats the interest.
- ptudan 5y agoYou can quite easily get .5% from anything called a High Yield Savings account. They are FDIC insured. You used to be able to get as high as 1.5%, though with fed rates dropped to 0 that has gone away. But .5% is still 50x higher than .01 (and many multiple times higher after a few years of compounding interest). If you have a 15k rainy day fund, you're easily throwing out 1k a decade by keeping it in checkings. I use marcus, not affiliated but here: https://www.marcus.com/us/en/savings/high-yield-savings https://www.marcus.com/us/en/savings/high-yield-savings Edit: missed the part about you not being in the US. Not sure what options you have, but to any americans reading this, use high yield savings!
- lupire 5y ago> You used to be able to get as high as 1.5%, How young are you? https://www.bankrate.com/banking/cds/historical-cd-interest-rates/amp/ https://www.bankrate.com/banking/cds/historical-cd-interest-...