Post by mccallister84 on Jan 8, 2021 10:16:26 GMT -5
Our e/fund has been in Capital One Money Market since it was around 2% or so interest. Well I’ve watched dwindle all the way down to .39% now and I’m ready to move it. Any suggestions for a high(er) interest bearing account?
Ours is the same but I let it sit. No one is paying good interest rates now. An e fund isn’t supposed to be a moneymaking tool so I don’t worry about it.
I'm also in CapitalOne "high" interest savings. I stick around bc I love the customization on the sub accounts and the psychological boost I get seeing them named to align with my savings goals.
I moved it over the summer to CIBC Agility savings for a slightly better rate and a $200 bonus for transferring a certain amount. However, I've been getting annoyed at the number of accounts I have (two credit unions for local banking, FNBO Direct for our house fund, Capital One for excess savings, CIBC for e-fund) and I decided to just move the e-fund back to Capital One for simplicity. The 0.1 or 0.2% difference in interest rate wasn't worth it.
Basically everywhere sucks right now for savings rates. But variable SL rates are down, and so are mortgage rates, so it's kind of a wash.
I just have it in the CapOne because everywhere is blah. Personally, we don't really feel like we need the full 6m in that account though, so I just moved a bunch to vanguard this week. So if you're comfortable and stable, you may not need as much sitting vs in another vehicle.
Post by wanderingback on Jan 8, 2021 12:42:11 GMT -5
Yep also with capital one. There’s not a ton in there and I’ve never actually done the math but I don’t think it’d be worth it to switch somewhere for 0.2 increase because I don’t think anywhere is at 2% anymore.
Mine's in Vanguard Cash Reserves Federal Money Market Fund, VMMX. (I had to go look.) If I understand the website correctly it returned 0.53% last year which seems as good as anything. We have about $25k there so I think that's $132. Even if I could get 1% elsewhere, it's definitely not worth it to me to move it for the additional $120ish/year; I like having as many things together at Vanguard as possible.
Post by lemoncupcake on Jan 8, 2021 17:44:18 GMT -5
We have a little bit in Chase (where we have our checking) but the bulk of it we moved to American Express. We moved it earlier this year and have already earned like $40 in interest (rather than the usual $0.10 a month or whatever).
A portion of my Efund is at Capital one and I’ve been watching the slow downward slide too, but I’ve been mulling over consolidating to an account with the sub account function. I thought that’s what I signed up for originally, but apparently not. I doubt you’ll find a much better rate elsewhere unfortunately.
We are with FNBO. We don't have a lot in savings, but it does stink we'll have 6 times more in there by the end of 2021 than we did in January of 2020 but will earn less than 25% of interest as before. But hey, free money is still free money.
Ally. I did just take $5k out to put in a vanguard fund since layoffs for both of us seems less likely.
Help the inexperienced Vanguard users like me who are just getting going with this. So is this just money put into stocks then? Assuming yes, do you just plan to sell should you need the money?
Ally. I did just take $5k out to put in a vanguard fund since layoffs for both of us seems less likely.
Help the inexperienced Vanguard users like me who are just getting going with this. So is this just money put into stocks then? Assuming yes, do you just plan to sell should you need the money?
Yes. They are in a self-managed brokerage account. If I ever need to, I can sell shares and transfer my money back to my main bank account. The whole process would probably take 5 business days.
My Credit Union offers a Kasasa checking that gives 2% on the first 10k, so we have it in there. Check banks and credit unions in your area to see if any of them offer a Kasasa Cash account. There are some great rates out there.
Capital One 360 Money Market account because it had the highest interest rate. We have a Capital One Savings as well that we had subgroups divided out. Now its all in the 360 account because it was just easier. We should do the sub accounts again though for out different savings goals.