It was one of the tools that allowed me to maintain healthy credit card usage habits. In my idle time when messing around on my phone I’d gotten into the habit of just transferring money from my checking account to my credit card, often in excess of my actual balance, so as to cover “pending” purchases.
Not only will my bank no longer let me do that, just to twist the knife a bit, they will let me make multiple payments totaling the pending total due so long as no individual payment exceeds my actual balance.
So it’s not that they can no longer handle negative balances on the card, it’s just that they’ve half-ass made the interface disallow it.
Where is this mythical high yield savings account?
I use Fidelity investments; money that isn’t in stocks automatically goes into SPAXX, a market rate high yield savings account.
One that earns you more than the default 0.15% or so that you earn on most savings accounts.
You have to do a bit of hunting, but for example, I have an account with Citizens Access that earns 3.50% last time I checked. It’s not much, but it’s better than earning nothing on the emergency fund that I want to keep liquid and accessible.
That is a really good rate. Online only version of Citizens bank right? The regular citizens rates are low like everyone elses, I wonder why they are offering such a high rate? You would think online banking wouldnt be that much of a benefit to them anymore but I guess it is. Pretty rare these days!
Yeah, its their online-only bank.
I have no idea why some banks can offer those CD-like rates while others offer virtually zero. Capital One 360 Savings and Ally have similar rates as well.
Cash app has one that’s 4%. Probably not quite what inflation is but not terrible either.
Inflation is at 9% this year last i checked (US)
That is really high. I haven’t checked in a while
Yeah…my union job has contracted yearly raises that almost always beat out inflation. Have technically taken a pay cut the last two years
That’s kind of nice tbh
Eh, im on call and barely get enough hours to make rent. But gauranteed breaks and stuff is cool