![]() ![]() If your daily balance is less than $10,000, you'll earn NaN% on your entire account balance, which adds up to an annual percentage yield of NaN.The interest rate that you earn will depend on the balance in your account each day: Minimum balance to obtain Annual Percentage Yield (APY): There is no minimum balance required to obtain the disclosed APY. So I use SoFi for my checking which I've also been very happy with.Initial deposit: You can open the account with any amount-there is no minimum deposit required to open it. They also offer a checking account with an even higher rate but there you have to do a minimum number of debit card purchases and the usual hoop jumping which just isn't something I'm interested in doing for a few more bucks a year in interest. Also the high interest rate caps at 50k in account balance which is more than enough for me but might be an issue for some. My one nitpick is you have to watch the app carefully to see when they do rate cuts, they don't announce it in any way which I find a bit sneaky but I can live with that. 25 cut and I expect Redneck to stay at 2.25. I believe the consensus is next week there will be another. They were at 2.5 and have only come down. Also they've been quite a bit slower than the other banks on lowering rates as the fed does rate cuts. I also like that there aren't a bunch of hoops you need to jump through to get the high interest. I like that since it's a money market account I have a debit card and could get check writing if I needed immediate access to the money. Repost check: I searched and found a few posts here related to Capital One Money Market and even Performance Savings, but nothing showing the need to switch to the new type. I think you have to call, but let me know if there's a simpler way. Deleting the old account is a separate matter. ![]() Transfer your funds as the last step in the process, and you're good to go. Switching just one account should take 5-10 min online. emergency fund, home & auto, vacations, charities, gifts, etc.), so it took me about an hour to convert them all over. I keep a lot of savings accounts, one for each of my near-term financial goals categories (e.g. I want to make sure all of you are earning higher interest as well. However, I just personally found this out while trying to open a new savings account and was a little annoyed I was not getting the max interest available on my older savings accounts. There are probably better interest rates elsewhere. I don't work for Capital One and don't care if you switch from elsewhere.
0 Comments
Leave a Reply. |