Just Opened Up A Chase Checking Acct

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daniel2304
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Postby daniel2304 » Tue Feb 11, 2014 5:58 pm

samhradh wrote:Always a good idea to have a rainy day fund...so keeping $1500 (or more, really) around is advised. Unless it earns no interest and you keep all of your funds in a savings account?


The point to have a emergency fund is to use when you're short of money, so it does not make sense to me whenever you need to tap in your saving, you're facing a monthly fee charge.
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samhradh
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Postby samhradh » Tue Feb 11, 2014 9:14 pm

daniel2304 wrote:The point to have a emergency fund is to use when you're short of money, so it does not make sense to me whenever you need to tap in your saving, you're facing a monthly fee charge.


Well, that really depends on your bank. Take the Ally account that darkguy mentioned: I believe you get six free withdraws per cycle. And we were talking about checking accounts anyway.

Where I can say there's absolutely no logic is in not having an emergency fund. Getting away from paycheck to paycheck living is one of the first steps of financial planning. Even if all you can do is save $5 per month, it's a start. I read something recently (may have even been on this forum) that said every dollar you get should have a purpose. For me, my ER fund is serving the purpose of keeping me sane because I don't have to be stressed every day about how I'll pay a bill if something unexpected comes up.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

darkguy2
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Postby darkguy2 » Tue Feb 11, 2014 10:09 pm

You are correct about having 6 per month. But that is only when you take money out and not putting it in so you really do not even need that many. I can only see myself using 2 at the most in a month.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
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Vattené
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Postby Vattené » Wed Feb 12, 2014 12:33 am

I keep a few thousand in checking, too. My local bank gives 2% interest (as long as you meet 3-4 requirements) and it's completely free checking. That's much better than any savings account or CD I've seen in quite a while.
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FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

samhradh
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Postby samhradh » Wed Feb 12, 2014 8:11 am

2%!?!?!?!?! Where do you bank?
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

Nucstorm
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Postby Nucstorm » Wed Feb 12, 2014 8:30 am

Vattené wrote:I keep a few thousand in checking, too. My local bank gives 2% interest (as long as you meet 3-4 requirements) and it's completely free checking. That's much better than any savings account or CD I've seen in quite a while.


Yes, where do you bank? We would love to know! :)

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Vattené
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Postby Vattené » Wed Feb 12, 2014 1:46 pm

samhradh wrote:2%!?!?!?!?! Where do you bank?


Nucstorm wrote:Yes, where do you bank? We would love to know! :)


I know, right? I jumped on that as soon as I found out about it! It is Montgomery Bank in Missouri: https://www.montgomerybank.com/dp_ratesheet.aspx?mktID=28&catID=38&accID=81

The first account type, eBlue Checking, is the only thing they offer that is even close to 2%. I'll admit I haven't been actively shopping around, but I don't know of any banks that offer anything remotely comparable, either.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

TheLethargicAge
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Postby TheLethargicAge » Wed Feb 12, 2014 1:57 pm

Dylan1982 wrote:The only reason why I did it was b/c I got an offer in the mail that if I open it up and deposit $100, in turn they will give me a $200 :cool:


Also another reason that I opened up the Chase checking acct is b/c I already have a Chase Freedom card. I asked the Chase rep about the Feedom and Checking acct. They are still doing that.

10% Annual Bonus: When you have both the Freedom and checking acct, you get an extra 10% annually on the cash back you've already earned on new purchases.


I know someone has that formula, what does it look like again?


All in all I am happy to now have a Chase checking acct!!!


Excellent choice, Chase is a great bank.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

samhradh
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Postby samhradh » Wed Feb 12, 2014 5:26 pm

Vattené wrote:The first account type, eBlue Checking, is the only thing they offer that is even close to 2%. I'll admit I haven't been actively shopping around, but I don't know of any banks that offer anything remotely comparable, either.


It's interesting that they limit the 1.99% interest to accounts with 15K or less.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

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Vattené
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Postby Vattené » Wed Feb 12, 2014 6:18 pm

samhradh wrote:It's interesting that they limit the 1.99% interest to accounts with 15K or less.
Yeah, it is the reverse of most interest rate schedules, which want to incentivize depositing as much money as you can with a bank. I guess it is to prevent people from essentially using the accounts as CDs and parking a ton of money there (to cut down on their interest expense).
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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