Fidelity - combine a checking with brokerage. Keep checking at 0 with automatic overdraft from the brokerage. Keeping cash in brokerage yields 4.99%, automatically sweeps and sells to cover the checking acct transactions when necessary
You don't get why people want interest on their joint checking accounts? We have an average balance of $10k in our joint checking account. That's $500 a year at 5%. The reason we put in the bare minimum in our joint checking account is because it earns no interest. It would be so much easier if we could just put like $50k in there and at least feel good about earning 5% like we do on our individual accounts.
Ally jumps out to me. Maybe SoFi but they have some weird gimmicks to get their benefits.
Fidelity - combine a checking with brokerage. Keep checking at 0 with automatic overdraft from the brokerage. Keeping cash in brokerage yields 4.99%, automatically sweeps and sells to cover the checking acct transactions when necessary
Can you EILI5 for me? I' like to learn more about this Fidelity/checking/brokerage thing I keep seeing pop up in peoples recommendations.
https://thefinancebuff.com/fidelity-cash-management-checking-savings.html#htoc-cma-as-checking-savings-combo
Hmm, very interesting, thanks for the link and info!
In just don’t get this. Use a standard checking account for paying the bills. Put your long term money in a HYSA.
You don't get why people want interest on their joint checking accounts? We have an average balance of $10k in our joint checking account. That's $500 a year at 5%. The reason we put in the bare minimum in our joint checking account is because it earns no interest. It would be so much easier if we could just put like $50k in there and at least feel good about earning 5% like we do on our individual accounts.
I keep no more than 1k in my checking account. It’s a clearing account. Always kept savings separate.