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Best Way To Maximize Checking With Savings

mickdepo
  |     |   2 posts since 2019

So i do a fair amount of automatic withdrawals each month, maybe 10-15. I also write some paper checks. Bottom line is, I well exceed the max of 6 transactions of a savings acct. I use a checking and savings combo which works okay. But i always leave a buffer in the checking just in case and it bothers me that my checking pays next to nothing for apy. Now, i see some credit unions offering incredible rates for checking accounts if you use a debit card 10-15x a month but that seems like a hassle to me. Which bank or credit union do you find offers the best flexibility and rates or what combo do y'all use to maximize your apy?

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Answers
Bozo
  |     |   1,375 posts since 2011
Personally, I use Alliant Credit Union for this purpose. Alliant offers 2% APY on savings. Your savings can be transferred to checking with the click of a mouse. Essentially, it's an interest-bearing checking account at 2%. No per-check charge for checks,, no minimum balance, no gimmicks. I've yet to run out of the first (free) order of paper checks I received years ago. One of these days, I'll have to re-order those paper checks, but it won't be retirement-threatening.
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lou
  |     |   1,004 posts since 2010
Funny you mentioned that. I just re-ordered checks for the first time since I've been a member. I was expecting a charge but they must have waived it since I didn't get one. Not a bad deal.
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4
Bozo
  |     |   1,375 posts since 2011
Lou, while we're on the topic of Alliant. I've found the 12-month CD (currently at 2.7%) a good parking place for money I won't need for a bit. While 2% in savings is good, 2.7% is better.
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3
Sylvia
  |     |   389 posts since 2012
Lou, could free checks be a new development? I paid $24, including shipping, for my reorder of 100 checks a couple years ago. It was enough of a shock that I had to query folks here on expectations, https://www.depositaccounts.com/community/ask/26140-going-rate-check-reorders.html. Bozo, the 12 month is their best rate competitively, don't you think? Others don't compare as well, sad to say. Totally agree on your advice about their savings account. It's also what I do.
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1
micheleforan
  |     |   39 posts since 2018
I just have many savings accounts which pay high interest. For each one I can pay 6 auto pays for my credit cards. Be careful however, some credit cards require a checking account for auto pay. But there are a few money market checking accounts with high interest.
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SYC
  |     |   312 posts since 2017
Patelco Credit Union has a very good deal. You can combine its Free Checking with its Money Market Select. Free Checking has $0 monthly fee, no minimum balance, free overdraft transfers from a linked account (ex. Money Market Select) and other benefits. You can earn a blended 2.4% APY on $5,000 - 3.00% on from $1 to $2,000 and 2.00% from $2000.01 to $5,000.
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Ricochet
  |     |   522 posts since 2010
For Fun
You can fund MMS with $4984.00 and earn interest of about $10.00 a month and keep the 2.40%
active w/o going over 5K. Set up scheduled transfer to pull same amount to another acct and it will be a perpetual $10 income machine ; )
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mickdepo
  |     |   2 posts since 2019
thanks for the replies, folks. i think i might try the strategy of a couple of money markets and split the transactions to stay under 6. i'll use a regular checking for the small stuff.
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