Reddit has become a guide to personal finance

Re:Reddit has become a guide to personal finance by jakehilborn on Wednesday March 04, 2020 @02:02PM (#22486754)

I get 5% interest on up-to a $20,000 balance in a high interest checking account. You'll see higher returns using a high interest checking as opposed to savings account if you can find one you qualify for.

High interest checking accounts: https://www.doctorofcredit.com/high-interest-savings-to-get/... Automation for meeting minimum spend requirements: https://github.com/jakehilborn/debbit

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Re:Reddit has become a guide to personal finance by aguyfromnb on Wednesday March 04, 2020 @04:15PM (#22488213)

>High interest checking accounts:

I clicked through a few of those offers. Each one has a balance limit (after which interest drops to near zero), monthly fees, sign-up fees, or requires you to generate banking fees through another service.

And how could they not? Finance isn't magic, and we are in a world of all-time low rates. There is no possible way these companies can be paying you 5% on cash without making it up elsewhere.

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Re:Reddit has become a guide to personal finance by jakehilborn on Thursday March 05, 2020 @12:35PM (#22495842)

The accounts typically have sign up bonuses, not fees. I got $125 bonus for signing up. The catch is typically that they require usage of the bank debit card N times per month. The github link is a program I wrote to hit that requirement by buying 50 cent Amazon gift cards and paying cable bills in small increments.

You'll never net more than $1000/year in one of these accounts given they have balance limits. Some folks sign up for multiple high interest checking accounts in order to park more money.

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