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80. Dump That Checking Account
This episode is all about why you should dump that checking account and u-haul it with your high yield savings accounts.
There's absolutely no reason to keep your cash/emergency fund in a checking account. Checking accounts have low interest rates. There's no reason to pay your credit cards from your checking accounts, either. High Yield Savings Accounts make your money grow more while you wait to pay your bills.
The only drawback to high yield savings account vs checking accounts is that you can only withdraw 10x a month (for Ally at least). The easy fix? Open multiple, free high yield savings accounts instead so you don't get worried about the limit.
Every day matters when it comes to letting your cash grow, and the right account matters. Keep your emergency fund in a high yield savings account and pay your credit cards from them too, so your cash earns astronomically higher interest while it sits there.
Every day matters when it comes to letting your cash grow, and the right account matters. Keep your emergency fund in a high yield savings account and pay your credit cards from them too, so your cash earns astronomically higher interest while it sits there.
To work 1:1 with me, click here!
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By @travelercharly
4.9
2929 ratings
This episode is all about why you should dump that checking account and u-haul it with your high yield savings accounts.
There's absolutely no reason to keep your cash/emergency fund in a checking account. Checking accounts have low interest rates. There's no reason to pay your credit cards from your checking accounts, either. High Yield Savings Accounts make your money grow more while you wait to pay your bills.
The only drawback to high yield savings account vs checking accounts is that you can only withdraw 10x a month (for Ally at least). The easy fix? Open multiple, free high yield savings accounts instead so you don't get worried about the limit.
Every day matters when it comes to letting your cash grow, and the right account matters. Keep your emergency fund in a high yield savings account and pay your credit cards from them too, so your cash earns astronomically higher interest while it sits there.
Every day matters when it comes to letting your cash grow, and the right account matters. Keep your emergency fund in a high yield savings account and pay your credit cards from them too, so your cash earns astronomically higher interest while it sits there.
To work 1:1 with me, click here!
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