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Good app for bank transfers


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Just about every bank now has ACH external transfers between any bank account with a routing number and account number. It just takes a few days to do the verification with the small deposits (less than $1). 

 

Most of them are free.

But they each have different per day limits and max transaction limits.

Edited by RocketGoBoom
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It's easiest to just have the money deposited into the right account from the beginning.

 

My employer lets me direct deposit my paycheck into as many as 10 different accounts (up until about two years ago the limit was 99).  

 

Our checking account gets just enough to cover predictable, recurring expenses, and the rest gets squirreled away in various accounts automatically.

Edited by cv91915
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10 hours ago, cv91915 said:

It's easiest to just have the money deposited into the right account from the beginning.

 

My employer lets me direct deposit my paycheck into as many as 10 different accounts (up until about two years ago the limit was 99).  

 

Our checking account gets just enough to cover predictable, recurring expenses, and the rest gets squirreled away in various accounts automatically.

Here are the requirements for one of our current checkings.   

2.25% APY* on balances up to $7,000

0.05% APY* on portion of balance over $7,000

Resulting in an APY between 2.25% to 0.19%, for example, on a $100,000 balance*

0.01% APY* if qualifications are not met

Nationwide ATM fee refunds up to $25 per month* (up to $5 per transaction)

No monthly service charge

 

I am wanting to use this sort of like a savings.  We currently have DH checks split between here and the CU where all our loans are. (never thought of doing more than two splits on the check)   I keep 6k or so in the CU for bills but it draws close to 7 bucks a month.  may not be much but more than what I had a better than a savings interest. 

This other account draws more but requires 10 transactions a month.  I'm really considering the .44 candy bars at walmart for a sum of 4.40 deposit to cover that and let it roll.   I am looking to maximize what I've got. 

I have about 10,500.  that is going to be spent in a few weeks.  planning on spreading that out between a couple new cards and 0% int for a year but the 11 or so I have I would like to let that earn just a bit of interest during that time. 

unless someone has a better idea?  I know it's not going to be a lot but heck if ya save a few bucks it's more than what ya had before right? 

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Just get a decent free checking account somewhere for routine bills/expenses, and get up to 2.25% on a regular savings account and don't screw around with candy bars.

 

Here's a good, regularly-updated list of several of the best savings account options:

 

https://www.fragiledeal.com/t/best-nationally-available-high-apy-liquid-accounts/2349

 

You can also get 5.12% APY on the first $1,000 in a DCU savings account.  Big money?  No.   But I have $1,000 sitting there.  Because why not?

 

I've done some silly things for a small amount of free money, but these checking accounts with a bunch of required debit transactions really get on my títs.  

 

Note that you are also foregoing credit card rewards on debit purchases, not to mention that you're putting your entire checking account balance at some level of risk in case of fraudulent use of your debit card info.  I haven't made a purchase with a debit card in several years for this reason.

Edited by cv91915
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Some banks charge for transferring money out, but not in. Citibank and Wells Fargo don't charge either direction. Many credit unions also provide online transfers. Just don't go hog-wild and start doing dozens of transfers each month from the same bank. I've read a couple stories of accounts being closed because of that. If you have a need to do a lot of transfers, spread them out between banks. There's also PayPal and brokerage accounts that allow online transfers.

Edited by Burgerwars
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46 minutes ago, Burgerwars said:

Some banks charge for transferring money out, but not in. Citibank and Wells Fargo don't charge either direction. Many credit unions also provide online transfers. Just don't go hog-wild and start doing dozens of transfers each month from the same bank. I've read a couple stories of accounts being closed because of that. If you have a need to do a lot of transfers, spread them out between banks. There's also PayPal and brokerage accounts that allow online transfers.

https://en.m.wikipedia.org/wiki/Regulation_D_(FRB)

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