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Capital One interest rate 0.8% anyone ?
08-12-2020, 08:40 PM
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#1
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Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
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Capital One interest rate 0.8% anyone ?
My checking account at Capital One pays 0.8% api
I wonder why is it so high.
Anyone has a clue ?
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
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08-12-2020, 08:43 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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Since it's down from 1.5% since May when I signed up I don't really consider it that high. There are many other places that pay the same. Although I'm pretty sure it's savings, not checking.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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08-12-2020, 09:54 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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Go to this thread and you can learn a lot about what some banks are paying on savings accounts. https://www.early-retirement.org/for...re-101376.html
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Retired since summer 1999.
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08-13-2020, 01:15 PM
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#4
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Recycles dryer sheets
Join Date: Feb 2018
Location: North Central MA
Posts: 77
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Just got an email from Ally saying their savings rate is reducing from 1.0 to 0.8%.
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08-13-2020, 02:26 PM
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#5
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,593
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Quote:
Originally Posted by georgemoe
Just got an email from Ally saying their savings rate is reducing from 1.0 to 0.8%.
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It's a race to 0.01%!!
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*********Go Astros!*********
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08-13-2020, 03:14 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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Quote:
Originally Posted by wanaberetiree
My checking account at Capital One pays 0.8% api
I wonder why is it so high.
Anyone has a clue ?
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Ugh. While I am not a fan of inflation, I would really, REALLY like to see interest rates in the 3-4% range.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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08-13-2020, 05:18 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,996
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I'm just curious. I dont; see anything online where they are paying that on a "checking account". Is this a money market? Does it require some minimum balance? My checking account at 53rd doesn't pay any interest.
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08-13-2020, 05:48 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,891
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Quote:
Originally Posted by CRLLS
I'm just curious. I dont; see anything online where they are paying that on a "checking account". Is this a money market? Does it require some minimum balance? My checking account at 53rd doesn't pay any interest.
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It is a Money Market account. Just looked. Down to 0.6%.
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If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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08-13-2020, 05:53 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Northern Ohio
Posts: 3,181
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Right, their Money Market account down to 0.6%, the Savings Account is at 0.5%, and the checking is at 0.1%
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08-13-2020, 07:10 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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As soon as I get my $500 bonus money (later this month) I'm shutting down that account. I recently recast one of my mortgages and was planning to use the Capital One money to help pay it down. But I did the recast first, so I'll just be doing a little bucket juggling. The bonus was/will be nice, but there's no reason to keep the account open at these rates. It just complicates things by having too many accounts.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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08-13-2020, 07:42 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,996
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Quote:
Originally Posted by CardsFan
It is a Money Market account. Just looked. Down to 0.6%.
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Got it. Not a "checking" account but a MM one. That makes sense. I wasn't finding a "checking" account with that interest rate.
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08-13-2020, 08:16 PM
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#12
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Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
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Quote:
Originally Posted by harley
As soon as I get my $500 bonus money (later this month) I'm shutting down that account. I recently recast one of my mortgages and was planning to use the Capital One money to help pay it down. But I did the recast first, so I'll just be doing a little bucket juggling. The bonus was/will be nice, but there's no reason to keep the account open at these rates. It just complicates things by having too many accounts.
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Me too, but what’s next ?
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
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08-13-2020, 08:29 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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Hell if I know.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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08-13-2020, 08:34 PM
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#14
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Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
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Quote:
Originally Posted by harley
Hell if I know.
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That’s why I posted this question initially . Some dudes say 0.8% is bad.
Show me saving/checking paying better !!
I am actually thinking to move more $ from WF (paying 0.0000000%) to capital one . Why not ?!
Mu bonus is at the end of this month due
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
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08-14-2020, 09:28 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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I can’t tell where this thread is going? Original premise of a CHECKING account paying 0.8% was curious except it turns out it was actually not checking. High Yoeld savings with similar rates are not hard to find. The problem is these rates keep dropping so laddered CDs, esp the No Penalty type are What’s Next to me. I would go quarterly or monthly if necessary. Easy for me since my big expenses are lumpy...taxes and insurance. Beyond that I’m looking at MYGA offers but that’s longer term and more restrictive.
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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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08-14-2020, 09:39 AM
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#16
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Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
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Quote:
Originally Posted by jazz4cash
IHigh Yoeld savings with similar rates are not hard to find.
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Any recommendations ? What do you use ?
Thx
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”
(—Charles Bukowski)
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Capital One interest rate 0.8% anyone ?
08-14-2020, 11:33 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Capital One interest rate 0.8% anyone ?
I use PenFed, Marcus, and Ally. I’d quote the rates but that seems to cause them to drop!
If you use depositaccounts.com they report the best rates for FDIC savings and CDs. Also monitor the thread here on the best rates and offers. It takes some diligence and hoop jumping just to get an extra crumb or two.
Marcus has a bonus promo for AARP members. I think Ally, Marcus and many of the others have No Penalty CDs that are attractive in this environment.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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Capital One interest rate 0.8% anyone ?
08-14-2020, 12:18 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Capital One interest rate 0.8% anyone ?
Here’s an article on the issue. I hate these articles that are not dated but this seems recent. Speculates on some of the background driving rates down:
https://money.com/online-bank-saving...te-complaints/
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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08-15-2020, 01:50 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,962
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Quote:
Originally Posted by wanaberetiree
My checking account at Capital One pays 0.8% api
I wonder why is it so high.
Anyone has a clue ?
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That's low .. it was 1.8% a few months ago, then 1.5%, then 1.2%, then 1%, now only 0.80%.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
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08-15-2020, 02:29 PM
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#20
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gone traveling
Join Date: May 2020
Posts: 147
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I use Fidelity Individual acct as my primary checking account and they have a fund that acts like a money market called FMPXX. It's 3 yr performance is around 1.7% though down to 1.3% 1yr and tanked too lately, was around 2% at times. Have to actually move funds from core account to FMPXX but when your core empties it auto draws from FMPXX with no penalty. When there are deposits into core, then move to FMPXX again. Rinse, repeat as needed. Call Fidelity to ensure it draws w/out penalty if core empty.
Fidelity also allows 5 free ATM withdraws/month anywhere last I checked (nice to use ANY ATM) and of course can deposit checks with phone app. Good BillPay service as well. Don't need a traditional bank anymore.
For IRA, there's a similar money market fund called FZDXX and behaves the same. It's 3yr performance is 1.6% but down lately.
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