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I used to churn quite a bit to get max rates. Few things I have learnt - The banks giving the high initial rates at first are also to lower immediately when in

I used to churn quite a bit to get max rates. Few things I have learnt - The banks giving the high initial rates at first are also to lower immediately when interest rates fall. It might not be a big deal in current economic climate, but its not worth the hassle to chase the extra 0.2% to keep moving $$$ around. - Many of the banks with higher % also expect you do other things with your account like maintaining direct deposit or having X no of debit card transactions. Again, might be fun early on. But eventually it wears out. - Actually verify if your savings in that bank is FDIC insured. Check from fdic website https://banks.data.fdic.gov/bankfind-suite/bankfind https://banks.data.fdic.gov/bankfind-suite/bankfind and not in their webpage. Not giving any financial advice, but I do save my emergency fund in money market account, its better interest rate than big banks. But at the same time, I wouldn't jump to any arbitrary bank without doing my due diligence. Its not worth the effort in the long run.

calderarrow 4y ago
I think you’re right that below a certain threshold, moving money between accounts just isn’t worth it. But from our research, it looks like people can actually stand to gain 100x on their deposit accounts, and I think that’s more compelling than an extra one-tenth of a percent. The bulk of consumers use the big banks that offer 0.01%, so getting even 1% on their deposits becomes significantly more compelling. What do you think about a fully managed service that moves the funds automatically behind the scenes. You’d only have a single account/app which you’d use to withdraw your funds, but whenever rates change, the funds get moved. You’d always be getting the best rates (and the best distribution of rates) but not have any of the overhead of moving the funds. Would that be worth paying, say, 5% of the total interest earned?
- ram_rar 4y ago
  Sign me up, if you can get my 5% returns with same liquidity as money market funds.
  - calderarrow 4y ago
    If you'd like, I'll send you an update when we go live. Feel free to shoot me an email: bankrank.alpha@gmail.com
- joshstrange 4y ago
  > What do you think about a fully managed service that moves the funds automatically behind the scenes I'm interested as long as this service works with YNAB/Plaid.
  - calderarrow 4y ago
    That could work! Are there any specific integrations you'd want to see which we could prioritize?

calderarrow 4y ago

I think you’re right that below a certain threshold, moving money between accounts just isn’t worth it. But from our research, it looks like people can actually stand to gain 100x on their deposit accounts, and I think that’s more compelling than an extra one-tenth of a percent. The bulk of consumers use the big banks that offer 0.01%, so getting even 1% on their deposits becomes significantly more compelling. What do you think about a fully managed service that moves the funds automatically behind the scenes. You’d only have a single account/app which you’d use to withdraw your funds, but whenever rates change, the funds get moved. You’d always be getting the best rates (and the best distribution of rates) but not have any of the overhead of moving the funds. Would that be worth paying, say, 5% of the total interest earned?

ram_rar 4y ago
Sign me up, if you can get my 5% returns with same liquidity as money market funds.
- calderarrow 4y ago
  If you'd like, I'll send you an update when we go live. Feel free to shoot me an email: bankrank.alpha@gmail.com
joshstrange 4y ago
> What do you think about a fully managed service that moves the funds automatically behind the scenes I'm interested as long as this service works with YNAB/Plaid.
- calderarrow 4y ago
  That could work! Are there any specific integrations you'd want to see which we could prioritize?