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My Capital One Money Market rate has fallen behind the pack lately....they're stuck at 2% for months now.
Looking at some of the other alternatives out there, I see a bank called UFB Direct has a nice rate of 2.45% compounded daily. That's a big enough difference to make the move, and setup the ACH Transfers and such.
Has anybody had any dealings with UFB ?? Their parent back is AXOS, can't quickly confirm where they're headquartered, but they have an FDIC coverage and an MLS#
Also -- Is there a significant difference between compounding Daily vs Monthly ??
Don't fall for the no name banks...they have huge restrictions on pulling money out. Last time I looked it would've taken me several months to pull all my money out because of the low dollar per day limit. Total BS.
In general the effective rate difference is so low it's not worth it...do the math and see how much extra you'd make, it's likely not worth thinking about.
Don't fall for the no name banks...they have huge restrictions on pulling money out. Last time I looked it would've taken me several months to pull all my money out because of the low dollar per day limit. Total BS.
In general the effective rate difference is so low it's not worth it...do the math and see how much extra you'd make, it's likely not worth thinking about.
I never heard of UFB (Unidentified Flying Bank ?? ). I thought AXOS sounded like that Cyprus Bank that was laundering rubles for the Russians !!
Their advertised rate is 0.45% higher that Capital One. On $25K that would be about $110 per year (If my math is correct !! ). Yeah, probably not worth moving for 10 bucks a month.
Don't fall for the no name banks...they have huge restrictions on pulling money out. Last time I looked it would've taken me several months to pull all my money out because of the low dollar per day limit. Total BS.
In general the effective rate difference is so low it's not worth it...do the math and see how much extra you'd make, it's likely not worth thinking about.
I don’t find huge restrictions to be common in this space. Your are limited to number of withdrawals monthly in a savings account before you have to pay a fee but that is standard procedure
Fretting over less than half a point in an evolving climate, unless you have millions in your MM account, is... pretty pointless.
Do the math, and if you really care about maximized long-term growth, get those funds the hell out of an MM.
I did the Math, albeit in my head ;_) At 10 bucks a month.....it's not worth jumping ship. This is our Emergency Fund and it is ACH connected to our local checking for quick access.
I just wish Capital One would get with the program here -- they used to be among the leaders.
I have my emergency fund in Cap One, up to FDIC-insured amount I am not concerned about a fraction of a percent difference. Do well in your investment with much bigger chunk of money and you should not have to worry about how your e-fund is doing.
I’m not sure how wealthy y’all are but if I can make 100-300+ bucks a year more with no risk and 5-10 minutes worth of work I’m going to do it
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