mountainsoft
Thinks s/he gets paid by the post
We have a high yield savings account at Discover that currently pays 4.35% interest. We pay all bills and purchases with our cash back credit card, then autopay that every month from our savings account. Otherwise we never really make any withdrawals from that account.
Our main checking account is with US Bank, which pays no interest. We only use it to deposit checks, pay estimated taxes, and pay for gas with our debit cards. I keep the balance around $2000 to avoid bank fees, and anything above that I transfer to our savings account each month.
Ideally I would like to combine the functions of our savings and checking account into one. Earn some decent interest on the money, but still have a debit card and be able to deposit checks. Ally has a money market account that would seem to fit the bill nicely.
https://www.ally.com/bank/money-market-account/
Does anyone here have experience with this money market account?
The only downside I could see was not being able to deposit cash, but I can't remember needing to do that in the last few years anyway. If I needed to I could deposit on my other checking account and transfer it, so that's not really a problem. I can't see us exceeding the 6 withdrawal limit per month, so that's not a problem either.
It would be nice to avoid transferring money every month, and to earn interest on that $2000 that just sits in checking. But I want to make sure I'm not overlooking something obvious before hassling with a new account setup.
Our main checking account is with US Bank, which pays no interest. We only use it to deposit checks, pay estimated taxes, and pay for gas with our debit cards. I keep the balance around $2000 to avoid bank fees, and anything above that I transfer to our savings account each month.
Ideally I would like to combine the functions of our savings and checking account into one. Earn some decent interest on the money, but still have a debit card and be able to deposit checks. Ally has a money market account that would seem to fit the bill nicely.
https://www.ally.com/bank/money-market-account/
Does anyone here have experience with this money market account?
The only downside I could see was not being able to deposit cash, but I can't remember needing to do that in the last few years anyway. If I needed to I could deposit on my other checking account and transfer it, so that's not really a problem. I can't see us exceeding the 6 withdrawal limit per month, so that's not a problem either.
It would be nice to avoid transferring money every month, and to earn interest on that $2000 that just sits in checking. But I want to make sure I'm not overlooking something obvious before hassling with a new account setup.