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Old 08-17-2019, 06:55 AM
Location: North West Arkansas (zone 6b)
2,699 posts, read 2,077,657 times
Reputation: 3711


my daughter had an account with a local bank and then when she relocated to her first real job, we set her up with a snchrony account paying 2.5% and a credit union for her future car purchase. I also had her setup direct deposit to put money in each account so she has an automatic savings plan with the remainder going to the local bank which doesn't have a presence where she now lives but will be used to pay bills and her student loans.

After all those deductions and 20% for 401k she's in a great financial position.
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Old 08-17-2019, 07:30 AM
Location: western East Roman Empire
6,740 posts, read 10,804,072 times
Reputation: 5989
Originally Posted by FrankAce View Post
I have over $15,000 just sitting in a checking bank account. I think it would be wise to move it into a high yield account so at least I could get some profit yearly. Which is the best high yield account and are there any risks involved?
We receive questions like this every month or so.

The best place is Treasury Direct, linked to your current bank account, you can set up weekly liquidity cycles.

Any treasury-only money market fund also cycles cash through T-Bills, but they also include repurchase agreements to provide daily liquidity and charge around 20-25 basis points to provide and manage the service. You can save those fees if you do it yourself through Treasury Direct and can accept partial weekly liquidity cycles or less partial and longer if you wish.

There is no risk with Treasury Direct or with a treasury-only money market funds. There is some risk with money market funds that put cash into some government agency and private corporate instruments.

To be sure, often some banks offer special rates above T-Bills rates, but just as often there are restrictions, so compare carefully. In any case, if FDIC-insured, there is no risk.

Hope this helps.
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Old 08-20-2019, 01:02 PM
Status: "Goodbye Portland, Hello Las Vegas!" (set 23 days ago)
Location: Henderson, NV
5,931 posts, read 6,120,926 times
Reputation: 6911
Youíre worried about $15,000 in checking?! Iíd be worried with less than that in checking! Accumulate some more money before worrying about 2% yields lol itís so low it doesnít much matter. I have more than $400,000 in checking, *I* actually do need to put it elsewhere soon; Iíve been spending a lot on a new house so I have left it there while Iím wrapping up the spending. If I had under $15K in checking Iíd worry about overdrafting.
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Old 08-23-2019, 06:03 AM
Status: "Goodbye Portland, Hello Las Vegas!" (set 23 days ago)
Location: Henderson, NV
5,931 posts, read 6,120,926 times
Reputation: 6911
Of what? Of 2% for a few weeks? That’s as long as it has sat there. If I was that worried about a few hundred bucks of interest I’m sure I’d get right on that. It won’t be sitting there any longer than another two weeks. But whether it’s making nothing or 2% for 6 weeks isn’t the end of the world.

That’s actually the smaller of my two bank accounts by far lol I’m much more concerned that the other one is sitting there doing nothing, either. I’ve just not had the time to reallocate the funds elsewhere. I’ve held several meetings but when the fed cut the basis it changed a bunch of equations and I wasn’t sure either how much I needed liquid for numerous other investments.

Wealthfront at 2.32% right now to me is looking like the winner.
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