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Do you get paid interest on your checking account?
- Thread starter PICK3
- Start date
PICK3 said:
Since no women will screw you might as well let your bank do it.
fitnessgrl8621
New member
WaMu has an online savings that's 5% right now! No Min., open with $1. (if you open up a WaMu Free Checking w/ it, but our account seriously kicks A$$! 
). Then you can just keep the bulk of your money in the Savings, and transfer to the checking online as need be.
). Then you can just keep the bulk of your money in the Savings, and transfer to the checking online as need be.
fitnessgrl8621
New member
caligirl said:
Noo, I haven't heard that. I work for WaMu, not that that means they tell us EVERYTHING
But, I haven't heard that. We did sell a LOT of our Mortgages to Wells, but that's about it.
fitnessgrl8621
New member
PICK3 said:
Yeah, exactly. But a lot, or at least at WaMu, you have to keep at least 2500 in the MM account, AND it doesn't earn nearly as much as the online savings. I think for 0-4,999 it pays 0.15% (in TX anyway).
PICK3
New member
fitnessgrl8621 said:
I thought it was the other away around, e.g. the MM account earned more than savings accounts.
At my bank a saving account yields these miserable numbers (APY):
$0.01–$9,999.99 0.50%
$10,000–$24,999.99 2.35%
$25,000–$49,999.99 2.65%
$50,000–$149,999.99 3.75%
$150,000–$249,999.99 4.00%
Over $250,000 4.25%
Why don't money market and traditional savings accounts earn the same (or nearly the same) interest?
chewyxrage
New member
PICK3 said:
All the companies are creating online savings and checking accounts and have high interest rates because they are all competing for the same customers, so once one company did it, the rest had to follow.
chewyxrage
New member
I think it's because money markets are more traditional, have been around forever, and lots of people already use them.
The companies are offering crazy rates on the savings purely to build a customer base, and since these are relatively new each co. wants to get their market share ASAP so it's a promotion dealio. Some of the accounts only offer the 5% rate on the initial deposit, it's a lower rate for anything deposited after the initial deposit, make sure you read the agreement.
Fitness girl can probably offer better insight....
I have a WaMu one.
The companies are offering crazy rates on the savings purely to build a customer base, and since these are relatively new each co. wants to get their market share ASAP so it's a promotion dealio. Some of the accounts only offer the 5% rate on the initial deposit, it's a lower rate for anything deposited after the initial deposit, make sure you read the agreement.
Fitness girl can probably offer better insight....
I have a WaMu one.
avidinternet
New member
Citibank 4.65% online + give you $50.00 for starting a new account.
Honestly it all depends on what bank, and how much you have in the account. Around here citizens bank is the best option for money market..However, with my bank that I use it is better to have a checking. Money markets only allow a certain amount of checks and withdrawels a month where as checking it does not matter.
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