Can u put like 70k of your 100k there and then make sure u have enough to put 5k a month to satisfy this requirement, as long as the money you have Parked is still liquid and accessible

I need 3month + in payroll on my business end which is like 25k alone incase customers are slow on payment then another 25k for business operation expenditures.

In my personal I like to have access to at least 100k liquid since I'm self employed I like 1 year of expenses + some for home renovations.

I'm a painting contractor/ reno the homes I've lived in... (last one I bought for $80k and sold it 4.5 years later for 227.5k (walked away with $158,350 CASH after things were said and done)

My current property I purchased for 183k and it's avg between the popular real estate sites (like zillow/redfin/realtor/etc...) is 480k... but I also bought the lot next to it that we'd sell with it bumping the sale value into 500k-600k range.

Yeah tricky

To be honest even if you find a better option with decent rate, savings account rates are not fixed and likely will come down in the next 1-2 years regardless

Although truthfully still surprised mainstream banks don’t have better options right now while we are near top of the cycle

how are you only getting 0.04% wtf lol

This post was edited by ChocolateCoveredGummyBears on Feb 8 2024 04:22am

BoA's best perc is the Cash back credit card where I receive 3% on gas plus a 75% boost to the interest rate which ups to to 5.75% cash back on gas (we that card for our household goods... propane is the biggest expense). And I think its 2%+ 75% boost on something and 1%+75% on everything else... I also got a 2 business auto loans from them at 3.89% (I have a 840 +-2 FICO though so I'm sure I could have got even better somewhere else but the convenience of it all being on one interface made the most sense)

Last night I opened a discover account to check out that. Interface seems basic (but smooth/fast/no bugs so far...). That savings pays 4.35%/APY ...BUT unlike the other banks like BOA or maybe even SoFi? The interest compounds daily and not monthly!

Goal will be to transfer 25k into it and get the $200 promotion bonus for depositing 25k within the first 30 days of opening the account and wait a month or so before adding it to really test it out...


I would still keep the BoA and lose the savings accounts... maybe drop down to Gold or platinum tier and put the excess cash to work in the discover account. Almost use it like a CD that I have access too if needed

I'm paying for their brick and mortar banking service centers...

Back in 2009 when I graduated I experimented and opened accounts in all the major bank close to me (online wasn't the best then... but BoA was decent back then so I continued with them/I've never had a issue with there customer service in the 17 ish years I've been a customer (it was my first bank I used).

Have 100k just sitting there collecting like pennies a month is almost insulting if they didn't give out those dumdums at the drive through...

lol. yeah. should be getting at least $400/m, that's wild. i still use my "college" chase account since 2011, never gonna tell them to update this puppy a meme at this point

gz on your success though for real. seems like something drove you and you went with it. that's no chump change. keep doing whatever you're doing

I opened up a ROTH IRA through Merrill 3 years ago... (BoA sub company)... I guess that balance works towards their teir system so I'll leave that account there which will keep me on the proffered rewards program (waives all the banking fees*). As well as leaving some of my main accounts... like I wouldn't need 1 years worth of mortgage payments just sitting (I could drop that BoA account down to 3 months and move 9 months into the discover account to compound)

app seems a lot smoother/cleaner than SoFi



This post was edited by RPG5621 on Feb 8 2024 07:36am