Minor edit: title should say APY. Difference in how the compounding works but all the savings accounts use the same terminology so hopefully that's not confusing anyone lol.
I have a very healthy emergency fund saved up, but right now it's just sitting in my checking account and not doing anything. I plan on moving a small portion of it into a no-fee brokerage system to play around with the idea and see what kind of results I get there (very new to this), but the bulk of it I want to move into a saving's account for now.
I recently read a thread here on PF where everyone was recommending high yield savings accounts, specifically Ally, which is a 1.65% APY. With a little bit of googling, though, I found a list that included a ton of offers that seem better, like 1.8% at Marcus, 2.05% at Northpoint (with high minimum balance, 25k), and even 5.12% with DFCU (maximum interest-bearing balance of 1k).
Outside of the obvious question about whether the amount I want to keep in liquid savings should be less than the minimum balances in those accounts (it just so happens to be right around the amount I'd like to save), are there any catches here that I should be looking out for? Fees that might not be obviously listed, or some sort of record similar to a credit record that would make moving my money difficult if the best APY value shifted to a different institution? Or is really just as simple as opening the highest return rate account?
Submitted June 29, 2018 at 12:49AM by Vidyogamasta https://ift.tt/2yOouqC
