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Interest on Checking Accounts?
Old 10-15-2006, 09:15 PM   #1
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Interest on Checking Accounts?

Is anyone here getting interest on their checking account funds? If so, what rate are you receiving and which bank are you using?

Thanks,

Patrick
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Re: Interest on Checking Accounts?
Old 10-15-2006, 09:54 PM   #2
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Re: Interest on Checking Accounts?

E*Trade, 4.5% yield.
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Re: Interest on Checking Accounts?
Old 10-15-2006, 10:05 PM   #3
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Re: Interest on Checking Accounts?

3.45%, http://www.bankofinternet.com/drates/?tab=2

If you're over 50, it's 3.65%.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 03:03 AM   #4
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Re: Interest on Checking Accounts?

fidelity investments almost 5% on my checking/core
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Re: Interest on Checking Accounts?
Old 10-16-2006, 05:53 AM   #5
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Re: Interest on Checking Accounts?

Regular bank.... was .20, but got an offer to upgrad the account and get a free safety deposit box etc... now .75...

since I work for the bank... they want you to have an account to deposit your paycheck...
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Re: Interest on Checking Accounts?
Old 10-16-2006, 06:29 AM   #6
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Re: Interest on Checking Accounts?

All of my checking accounts are on the brink of OD as I keep so little money there. I see my main personal checking account pays 0.15%. I am sure with a little effort I could get at least 5% on most all monies right up until the checks hit. Never seemed worth the time, but this thread may get me
to check into it.

JG
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Re: Interest on Checking Accounts?
Old 10-16-2006, 07:18 AM   #7
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Re: Interest on Checking Accounts?

USAA checking, pays a small rate, not sure what it is though.

I wonder if some of the ones above are confusing a checking account with essentially a money market account with check writing privaledges. The main difference is that the former has no minimum amount the check can be written for.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 08:42 AM   #8
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Re: Interest on Checking Accounts?

right...seems like you need to clarify....some money market checking accounts only allow a few checks a month and 6 total transactions a month (checks and transfers).....I have a free checking account and do a lot of bill pay and transfer out the excess to one of the high yield savings account (hsbc and eloan right now).
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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:02 AM   #9
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by mathjak107
fidelity investments almost 5% on my checking/core
which fund is your core? Cash Reserves is paying 5%, but my core account is something else that they don't publish the rates for. I think it's closer to 3%, which is why I keep the core to a minimum an sweep the rest into cash reserves.

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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:07 AM   #10
 
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Re: Interest on Checking Accounts?

I keep my Cash at Vanguard Money Market fund. Pays around 5%. I rarely write checks, but can from this account if greater than $250. Pay everything with Credit Card and Electronic Pay Credit Card from Checking Account.

Cash is at Emigrant direct also and Pays around 5%. I transfer money from here when I need it to a checking account that pays little interest. But I only keep a few bucks in it.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:09 AM   #11
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Re: Interest on Checking Accounts?

I think you can elect Cash Reserves to be your core. (Fidelity)

I have a tax-free core in my brokerage account, and that's close to the 3% range. Could that be your case?

Audrey
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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:12 AM   #12
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by audreyh1
I think you can elect Cash Reserves to be your core. (Fidelity)

I have a tax-free core in my brokerage account, and that's close to the 3% range. Could that be your case?

Audrey
according to their website (at least when I opened the account), you can only elect Cash Reserves as the core in a tax-deferred account. Not the account I want to be writing checks out of.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:23 AM   #13
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by Maddy the Turbo Beagle
right...seems like you need to clarify....some money market checking accounts only allow a few checks a month and 6 total transactions a month (checks and transfers).....I have a free checking account and do a lot of bill pay and transfer out the excess to one of the high yield savings account (hsbc and eloan right now).
Schwab allows unlimited checks of any amount to be written against the sweep MM in your brokerage account. Currently I'm using the tax free MM and will switch to taxed in January. Typical, competitive rates for either.

Strategy, similar to others already posted, is to pay everything possible via Visa card for the float and pay that in full with MM check. This also keeps the number of checks way down.

We do have a few bux in a checking account with a local community bank which is useful when handing out checks as gifts, etc., and you don't necessarily want to advertise what borkerage house you use. Inconsequential dollar amounts involved.

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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:26 AM   #14
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by youbet
Schwab allows unlimited checks of any amount to be written against the sweep MM in your brokerage account. Currently I'm using the tax free MM and will switch to taxed in January. Typical, competitive rates for either.
Really? I just talked to them yesterday and they said they didn't have a sweep, that I had to purchase the money market finds like a mutual fund, with a stock order. I have a Schwab 1. Is this what you're using?
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Re: Interest on Checking Accounts?
Old 10-16-2006, 10:32 AM   #15
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by bosco
according to their website (at least when I opened the account), you can only elect Cash Reserves as the core in a tax-deferred account. Not the account I want to be writing checks out of.
Well, I right checks out of my Fidelity taxable mutual fund account, and it's drawn directly out of Cash Reserves.

And in my taxable brokerage account, although I don't write checks out of it (but I could if I wanted), Cash Reserves has been one of the core options.

Audrey
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Re: Interest on Checking Accounts?
Old 10-16-2006, 11:12 AM   #16
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by Patrick
Really? I just talked to them yesterday and they said they didn't have a sweep, that I had to purchase the money market finds like a mutual fund, with a stock order. I have a Schwab 1. Is this what you're using?
That's strange they would tell you that Patrick. They have both sweep MM funds and traded MM funds. The traded funds pay a tad more but, as you said, must be bought and sold and have minimum amount qualifiers.

The Schwab web site is more difficult to strain information out of concerning their cash investment offerings than, for example, the Vanguard site. But go dig in, the info is there.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 01:06 PM   #17
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Re: Interest on Checking Accounts?

I now have 2 Bank of Internet checking accounts (Senior and RV) both earning 3.65%. Because I plan to travel overseas most of the year, I will keep as much as $1000 (combined) a month to minimize web transfers through public internet cafes. I got the 2nd checking account to increase my ATM fee reimbursement to $18 a month. Except for a couple of sceduled monthly bills, most of the money will be needed for ATM withdrawals. As I have said in other threads, so far they have been excellent. Their small customer service department is excellent and very cooperative.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 01:16 PM   #18
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by vagabond
I now have 2 Bank of Internet checking accounts (Senior and RV) both earning 3.65%. Because I plan to travel overseas most of the year, I will keep as much as $1000 (combined) a month to minimize web transfers through public internet cafes.
This is a good idea MJ, minimize access to your primary bank account.

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Re: Interest on Checking Accounts?
Old 10-16-2006, 01:19 PM   #19
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Re: Interest on Checking Accounts?

There is no minimum for amount or maximum for number of transactions.
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Re: Interest on Checking Accounts?
Old 10-16-2006, 05:47 PM   #20
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Re: Interest on Checking Accounts?

Quote:
Originally Posted by bosco
which fund is your core? Cash Reserves is paying 5%, but my core account is something else that they don't publish the rates for. I think it's closer to 3%, which is why I keep the core to a minimum an sweep the rest into cash reserves.

I have cash reserves as my core ,im not sure if thats still an option on newer account5s but i have mine decades. It started life as daily income trust then converted to cash reserves
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