Update: This deal is still available.
CIT Bank our partner, offers the following benefits with their Platinum Savings account.
- Must have a minimum daily balance of $5000 to earn 5.05% -> now 5.00% APY
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
- *See site for details
Slickdeals may be compensated by CIT Bank
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UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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When done correctly it's essentially an equivalent of checking account. It is 100% liquid money invested in US Treasury market.
You can even enroll in checkwriting feature with Vanguard brokerage, though it has some limitations (you can only write checks $250 and more).
Fidelity also has similar account. Be sure to apply for brokerage not CMA, as brokerage has high yeild treasury rates for uninvested cash. No checkwriting in Fidelity brokerage I believe. But you can open 2 accounts - CMA and Brokerage and treat CMA as checking with debit card and Brokerage as savings.
https://thefinancebuff.
https://thefinancebuff.
Was not aware that all CMA features are available in Brokerage account.
Looks like the only advantage of CMA is ATM fee reimbursement. Funny how Fidelity reps could not articulate that years ago when I inquired about differences of accounts. Have been using CMA + Brokerage for a long time now.
Will have to shuffle things around a bit to optimize my setup. I was using CMA as a hub but now knowing this I can move everything to Brokerage and only use CMA for cash withdrawals with debit card. I wonder if cash needs to be settled to withdraw, i.e. can I just transfer from Brokerage to CMA while at the ATM and withdraw?
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Our community has rated this post as helpful. If you agree, why not thank unclechett
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