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  • hightower
    replied
    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.

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  • Donnie
    replied
    $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.

    Leave a comment:


  • pistolpete
    replied




    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.

    Leave a comment:


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

    Leave a comment:


  • pistolpete
    replied




    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?

    Leave a comment:


  • wcireader
    replied
    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/

    Leave a comment:


  • childay
    replied
    We use ally bank

    Could also tap taxable account if needed or obviously credit

    Leave a comment:


  • VagabondMD
    replied
    I use a variety of instruments for my emergency fund. Savings accounts (Ally and CapitalOne 360), Money Market accounts (Ally, Fidelity, Vanguard), CDs (Ally and local bank), and checking accounts (CapitalOne 360 and local bank). There are good options in all of these categories.

    Leave a comment:


  • StarTrekDoc
    replied
    If you have a home -- HELOC.  Easy is writing a check for emergency and readily available as other account for fast access at the local bank with the HELOC/Mortgage.  Keep the real 'emergency funds' at 3 day backup notice in bond fund.

    Our case:

    BOA - mortgage+ HELOC (not used) + 100k ML fund  = preferred customer with built in emergency and transfer funds between Mortgage/HELOC/ML (Muni CA bond fund).   Accessed 15k on heloc sameday cash from HELOC for pool last year sin issue.

     

     

    Leave a comment:


  • SwanSong
    replied
    If you're into rate-chasing, there is a new online bank, PurePoint Financial, that now has rates of 1.25% if your monthly balance is over $10,000.   I have been okay with Ally to this point, but I suppose if we hold off on buying a home that I may move the downpayment/emergency fund in with them.

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  • s109442
    replied
    capitalone360.com money market account is offering s $200 dollar bonus for opening account. Has a 10k min

    Leave a comment:


  • Andrew
    replied
    I see a lot of you guys are not keeping emergency found in cache.

    Not sure If I would put all founds in bonds/stocks portfolio but having solid 3- months in cache and another 3 months in stocks is something appealing to me. I will consider Ally Bank and taxable account. My primary bank gives my nothing so I don't see why I should sponsor them.

    With proper planning, modest life style, good disability insurance, credit card( as a back up), working spouse( physician) I personally believe some can be more aggressive in terms of investing  emergency founds.

    It always amazes me how some of my colleagues who are in high pay specialties( much better than mine)  are living paycheck to paycheck and complain how poor they are( different topic).  Sure they may have nice Porsche and belter house but I just laugh at some of them, especially those who are in late 60's and are still working "resident" hours not because they enjoy it but they have too. Always grumpy and angry.

    Leave a comment:


  • adventure
    replied
    Barclay's US online. 1%.

    edit 7/30/17- they raised it to 1.2%!

    Leave a comment:


  • airborne1
    replied
    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.

    Leave a comment:


  • Zaphod
    replied




    What about a betterment “Emergency Fund account” with the following investments?

    Overall 60% Bonds, 40% Stock




    Fund Fees per year 0.16%

    This is a question, not a statement. Thanks WCI Heads!
    Click to expand...


    Thats pretty complicated. Cant you just do a total martket US, exUS, and muni bond fund? Or even just a very diversified stock/muni mix. I try to stay away from divs in taxable.

     

    Leave a comment:

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