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Do you get good interest rates anywhere? Last time I checked at banks I think checking accounts had .06% and even a long term CD was around 0.9%. I'd be bette
by fossuser 13y ago
Do you get good interest rates anywhere? Last time I checked at banks I think checking accounts had .06% and even a long term CD was around 0.9%.
I'd be better off just playing the market at that point (or using something like betterment/wealthfront to hold most money).
Simple is nice because the interface/app are solid and they have incredible customer service. The only other thing I'd want from them is a decent rewards credit card.
- ahlatimer 13y agoThe best I've found are with Ally -- 0.85% for a MM account and 0.25% for a checking account. Still pretty meaningless, which is why, despite banking with Ally, I keep a sizable amount of my money in Betterment.
- pmorici 13y agoSure, a capitalone360 Checking account will give you 0.85% for certain balance minimums.
- kemayo 13y ago"Certain balance minimums" in this case means over $100k. Until you get over $50k it's only 0.20%.
- donpdonp 13y agoCredit Unions in my area (Portland, Or) have checking accounts that pay 1.0%-1.5%. No interest from Simple is the main reason I don't use them.
- sneak 13y agoBased on your average monthly balances in checking, is this really more than a few thousand a year? To me, the Simple app is worth at least that.
- shitlord 13y agoIf you have 120k with an interest rate of 1.0%, you are basically losing out on about $3.33 a day. In one year, you end up losing out on the amount of money you would need to buy a nice UHD monitor. It's simply not worth it, IMO.
- sneak 13y agoWho keeps $120k sitting in checking earning 1%? That's underwater against inflation. I am baffled by anyone who peaks their checking account beyond 30-40k.