Currently, I have around 185k in a Capital one 360 checking account where I'm getting 1% interest on. I noticed that they offer a MM acct with 1.5% interest over 10k in deposits. They limit transactions to 6 times a year.
This money I rarely touch, as it's not my day to day checking. I usually transfer money in this account 1-2 times a month. I also have credit card and checking linked that I share with my husband, so it makes payments seamless. I transfer money out of here once a month ( small amount, usually around 600 bucks) I will be using this money for a down payment on a house within 1-2 years.
The checking rates interest is as follows. From 0 to 49k the rate is .20%. From 50k to 99k the rate is .75%. The rate over 100k is 1%. As stated before the MM rate is 1.5% for anything over 10k
My question is, is it worth it to move part of this money to the MM, mostly all of it, or none of it. What would be the best scenario to make the most interest?
TIA!!
EDIT: thank you everyone. I should note, I have over 500k in Fidelity between retirement and various investment vehicles. More than half of which is professionally managed. I need access to the 185k probably in the next year for a down payment on a house., so stocks, etf index funds aren't really an option. This does not include my husband's investments or cash. We keep things separate. And yes, we live in a very high COL area. Welcome to NY. Lol
Submitted March 11, 2018 at 08:48AM by lnm28 http://ift.tt/2FvgbDa
