Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Sorry I went OT. To get back to your original post:
I think Rewards Checking Accounts- with their higher interest rates- are a great way to save IF you are disciplined and don't start spending...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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I agree, this topic is a good kick in the pants for those of us who have become lazy...I like having liquid cash but want a better rate than standard savings accounts. For the past few years I have...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Is there a decent place that shows me the interest rates at credit unions? I've been sleeping on my money for a bit too long and need to move things about. 4% or greater would be a kick in the...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Are you sure thats correct? I thought that was too high and went to the comfedcu website and could not find anything close to that.
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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If you're just looking for the pros and cons, basically it boils down to this-
Checking accounts give you easy access to your money (checks, atm card, probably fast online access, etc). But...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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OP here...just to clarify the thread topic --
I am not looking for a new checking account. I just wanted to discuss the pros and cons of using a high rate checking account and treating it like a...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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I don't expect the rate to go down that drastically. The account actually paid 6% or so in the year before I opened my account. It's remained the top or one of the top paying accounts nationwide...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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So how do things like this work, i'm at the point where i've realized that where my money is currently sitting is pathetically low and I'd rather just close my savings account and put the money...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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I've been doing just that for close to 2 years at both Consumers Credit Union and Pelican State Credit Union. CCU pays 4.09% on up to $10k.
PSCU pays 4.01% on up to $20k.
Anyone can join CCU...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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The 3% and 4% APY accounts you are posting are intriguing. They don't really work for my purposes, but maybe someone else will be able to take advantage of the offers.
I don't want to have to make...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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I don't know much about this CU, but seems to be a good deal.
https://www.myconsumers.org/en/personal-banking/checking/free-rewards-checking.aspx
Anyone can be a member.
4.09% APY* for...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Yep, there are a few credit unions you can join for just signing up for some random club. I am a member of mine from where i work, but if you live in Oklahoma or Kansas you can do this:
If you...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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For those asking--
This particular account I have is with Alliant Credit Union.
The only requirements for the higher rate checking account are as follows:
-Have both a checking account and...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Different bank, but similar story. It does pay off too. I would recommend finding a bank with a similar program. Great way to make 3% with pretty much no risk and 100% liquid money.
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Most credit unions dont nickle and dime you with fees. If they do, you need to find a new Credit union.
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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Be careful you don't get hit with a dormant account fee. My bank (Flagstar) will hit you with a $10 fee for inactivity on a checking account after 6 months...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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My checking account pays 3%. It only requires that i have direct deposit, and use 12 signed transactions with my debit card. I keep all my money in that account, rather than the savings account...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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I just try to give half of my money to my parents. Who I don't live with. I tell them buy something if they need it and they usually save anyway. They are a great savings account and better than the...
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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I use the Rewards Checking Account from Consumers Credit Union (IL)
https://www.myconsumers.org/en/personal-banking/checking/free-rewards-checking.aspx
Using checking account as savings
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Thread created 01-29-2012 by Yankease
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26 Replies
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If you get a higher interest rate on a checking account vs. a savings account I don't really see any disadvantage in keeping it in a checking account. Usually the main reason why you wuold keep...
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