Free Chase checking ?

[mpeirce]

I am glad folks are waking up to what banks have done to people for years.

There are some good deals with small, very local banks.

A while back I kept a significant (to me) chunk of cash in a small local bank’s CD. Their rates were very good and they lent the money out to local businesses. And FDIC insured so safe.

You do have to look hard for those types of opportunities though, they aren’t listed on the big interest rate comparison sites.

 

[mpeirce]

And just FYI Cap One “Performance Savings” is currently at 3.75% APY

 

[COcheesehead]

There are some good deals with small, very local banks.

A while back I kept a significant (to me) chunk of cash in a small local bank’s CD. Their rates were very good and they lent the money out to local businesses. And FDIC insured so safe.

You do have to look hard for those types of opportunities though, they aren’t listed on the big interest rate comparison sites.

A CD is different than the tiny interest paid for keeping, in some cases, a decent amount of money in checking. You’re virtually giving that money to the bank for free. They can turn around and invest it in a higher paying investment.

 

[jim584672]

Chase around me is $1,500 for the checking and $300 for the savings to avoid fees. I had another bank that was $2,500 min, closed that one.

 

[mpeirce]

A CD is different than the tiny interest paid for keeping, in some cases, a decent amount of money in checking. You’re virtually giving that money to the bank for free. They can turn around and invest it in a higher paying investment.

Sure.

My point is mainly supporting local banks can be good for your local community. I like doing that if I can.

And also, my observation is that many banks, and seemingly most regional banks have terrible CD rates (in addition to “savings rates”).

Now, if you need other bank services then I guess they have their place.

 

[xlf11]

Huh, I’d forgotten some banks charge for checking.

Most of our cash is in vanguard for a very good interest rate (for now at least). Next we keep a health chunk of cash in capital one performance savings. Finally, we keep nothing in the cap one checking, but transfer the amount of any check we write from the savings account when we write the check.

Transfers from vanguard to cap one take two days. Transfers from cap one savings to checking at instantaneous.

That said, we write few checks.

You could use Capital One overdraft (for free) either to use your savings or external account to cover the difference as long as done on next business day. It's an extra protection (in case you forget to transfer fund) to make sure your checking will always has enough...

 

[retired1]

I keep Chase just because they are everywhere. I maintain $2K ($1500 required) and yes I earn the .01% so I'm losing money there. Oh well.

 

[audreyh1]

I signed up with a Chase account a few years ago because they had a very generous bonus. I hoped it would make transfers to my brother easier, but to my shock was stuck with Zelle which is quite limited.

I already had credit cards with Chase at the time, down to one now. But these days it’s easier to pay the one from my Fidelity CMA account.

I just have the minimum sitting there, and use the card for airline and car rental.

 

[dmpi]

I keep a small $1800 chase account for the sole purpose of having cash available to me when I'm in Reno or Vegas. Before my trip I would fund this account with a additional few thousand. I don't like to travel with too much cash.

 

[Koolau]

We’re using VMFXX (VANGUARD FEDERAL MONEY MARKET FUND).

It's rates vary continuously, but today the 30-day SEC yield is 5% (with the caveat that there is an .11% expense ratio, so subtract that out).

Thanks, I'll check it out. Aloha.

 

[audreyh1]

We’re using VMFXX (VANGUARD FEDERAL MONEY MARKET FUND).

It's rates vary continuously, but today the 30-day SEC yield is 5% (with the caveat that there is an .11% expense ratio, so subtract that out).

The yield is already net of expense ratio and for MM funds you want to look at 7-day yield or less.

7 day SEC yield
5.02%
as of 05/12/2023

 

[Koolau]

There are some good deals with small, very local banks.

A while back I kept a significant (to me) chunk of cash in a small local bank’s CD. Their rates were very good and they lent the money out to local businesses. And FDIC insured so safe.

You do have to look hard for those types of opportunities though, they aren’t listed on the big interest rate comparison sites.

I remember those days. An early memory is going with my mom and dad and talking to bank officers to get money for the family business. Even up to about 15 years ago, there was still a small bank left in my home town. No more. I understand the need for consolidation, but local character and reputation are no longer valued - it's income and credit score for the most part. YMMV.

 

[PERSonalTime]

I keep Chase just because they are everywhere. I maintain $2K ($1500 required) and yes I earn the .01% so I'm losing money there. Oh well.

+1 Won the game already!

 

[audreyh1]

I have little bits sprinkled here and there to keep certain accounts open. I don’t worry about it. I move the bulk of my funds where they earn better rates.

 

[Another Reader]

I have little bits sprinkled here and there to keep certain accounts open. I don’t worry about it. I move the bulk of my funds where they earn better rates.

Same here. A little work to make sure they are current and stay open, but worth the effort in uncertain times.

 

[tenant13]

I moved my post tax brokerage account to Chase because they offered 2k bonus. But then I just kept it there because it’s just as good as what Schwab offers and I like having accounts in different institutions. Plus transferring dividends is instant. As a bonus I’m a Private Client so everything is free. And I do have a private banker. It comes handy sometimes.

 

[Crabbyjerry]

Bruce

As the late great Bruce Williams used to say: the cheapest option is not always the least expensive.

A good man we listened to for many years

 

[jazz4cash]

A good man we listened to for many years

Yep, same here.