I have $2,000 as an emergency fund that I am placing in several incredible rates at credit unions. After one year of sitting, this will earn me over $130 in passive income.
I’ll tell you what I found:
1.) $1,000 deposit into DCU savings. It earns a 6.17% APY from $0.01 to $1,000 with no requirements. The remainder (after $1,000) will earn a 0.25% APY. I’m shoving $1,000 here and will earn about $63 dollars in dividends after a year of not touching it. Pretty sweet.
2.) $500 deposit into JDCU savings. ** It earns a 7% APY up to $500. Anything after $500.01 will turn into a blended rate of [$0.01-$500.00 @ 7% and $500.01-$999,999,999 @ 0.15%] after shoving $500 @ 7% for a year, **you earn about $35. Pretty sweet
3.) BECU (Boing Employee Crédit Union) earns 6% on $500 and 4% up to $500 in high yield checking. If you have $500 in savings and $500 in checking, you’ll earn approximately $40 a year in dividends.
So, with as little as $2,000 just sitting around, you can earn over $130 dollars in a year.
If you continue to re invest the yearly dividends, it can grow exponentially.
Hope someone benefits from this. Remember these high rate credit union savings accounts are much harder to discover and are never on the front page of google. It takes some digging.
Submitted October 26, 2019 at 07:07PM by lumberjackjeanpaul https://ift.tt/2okjdTd
