Announcement

Collapse
No announcement yet.

Savings account for emergency found

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    We use ally bank

    Could also tap taxable account if needed or obviously credit

    Comment


    • #17
      Another option for you - note: I would not use this for your entire ef and would probably have 3 months of savings elsewhere (ally or Synchrony bank which I use) just in case.

      However, there is a 5% card link account through insight card up to $5,000 and you can get 2 per person (so $10,000 total per person or $20,000 total per couple).

      It takes time and effort to set up and you have to automate some transactions (e.g. deposit $1 every 2 months, which is easy to automate via ally but not sure about chase).

      Once it is set up, though, you don't need to do anything (interest accrued on entire savings balance so actually compounds like a traditional savings account).

      Note that the link below has a listing of $1500 withdrawal limit per day. This is FALSE. I have tested this myself several times and was able to ach pull entire $5,000 balance without problems. Also, there is nothing listed that would support such a restriction in any of the terms and conditions.

      Now, here is the link with info:
      http://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/

      Comment


      • #18




        Just posted this exactly on another forum: Metropolitan Bank is FDIC insured and is a great checking account. Just contact Holly Bronson by email [email protected] or phone office 901-969-1860, mobile 901-568-8448 and she will set it up for you. There are a few banks listed on physician moms with higher interest rates but all require hoops to jump through. We have our emergency fund here and is accessible via debit card anytime (they refund ATM fees from other banks). No minimum requirement. Above 25k, the 2% goes down to 0.5% I believe. So, I place all our extra savings in Ally online account (1%). Is a little annoying to have mutiple accounts, but when I just saw $61 in interest recently, was more then I’ve ever gotten from a checking account. I had warned her a few weeks ago she might get a lot of calls from this group! Highly recommend this account. No hidden monthly fees or activity or balance requirements. Easy to link to my work account and transfer balances online between banks. P.S. Wife just told me Holly is out this week according to PMG post so might be some delay in hearing back from her.
        Click to expand...


        Bumping this thread since I'm about to open up a savings account. I am considering the above Metro Bank vs GS (1.2%) or Barclays (1.2%).

        Anybody have any input into why I should pick one over the other?

        Comment


        • #19
          Ally 11 month no penalty CD seems as good as anything right now. 1.5% over $25k.

          Comment


          • #20




            Ally 11 month no penalty CD seems as good as anything right now. 1.5% over $25k.
            Click to expand...


            Maybe eventually, but I don't have 25k to put down at the moment.

            Comment


            • #21
              $5-25k is 1.25%. Savings is better if you plan to withdraw any amount (other than the full amount) though. In that case the options you mention seem fine to me. Just choose whichever platform you like best.

              Comment


              • #22
                And don't forget that a Roth can be used as an emergency fund in a pinch.  My current plan is that I consider my Roth and my taxable accounts as my emergency funds.  I have debt to pay off and it seemed more prudent to be paying that off rather than have a bunch of cash sitting in a 1% savings account.

                Comment

                Working...
                X