Patrick
Full time employment: Posting here.
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
Thanks,
Patrick
mathjak107 said:fidelity investments almost 5% on my checking/core
audreyh1 said: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
Maddy the Turbo Beagle said: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).
youbet said: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.
Well, I right checks out of my Fidelity taxable mutual fund account, and it's drawn directly out of Cash Reserves.bosco said: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.
Patrick said: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?
vagabond said: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 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 reservesbosco said: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.
youbet said: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.
Patrick said:Youbet, I sent Schwab an email and got the following reply. Apparently I don't qualify for the sweep because I don't have $500K in the account.
Patrick said:Thanks for all the help, folks. It looks like Presidential has the best rate (at least as far as I can tell) at 4.5% up to $25K and 2.75% above $25K. Anyone know why the rate goes down for the higher balances? Most banks seem to do this.
http://www.presidential.com/