L asks: I will soon have anywhere from $25 to $75k that I need to store, because I’m not sure how I want to invest it yet—I may buy real estate in next six months, donate some of it in the next two months, or put some into a 401(k). How do I quickly find the bank, online or in person, where I can keep the money liquid but earn the best interest rate? I already have a BOA checking and savings account, a Schwab checking and savings account (1.05%), and two Bank of America risk-free CDS (2.50%) that will soon mature. [...]
M. asks: My credit union is offering a 4.01 percent APY checking account. Back in the good old days my HSBC ‘high yield’ savings account had an interest rate a little higher than that, but now it’s just over one percent. Should I move my money to this checking account?
The account has the following stipulations to earn that rate: (1) You must use your check card 12 times each monthly cycle. (2) You must get either direct deposit or use their online bill payment to pay at least one bill. (3) You must enroll in their online banking program.
If the three conditions are not met you will earn something like 0.15% APY. I was thinking is it worth it for me to move my savings over there, sign up for bill payment and pay something stupid like a cell phone bill, and just used the check card to buy gum 12 times a month and get that good interest rate for my savings account. What do you think? [...]
Craig asks: ING Electric Orange MasterCard: What is the APR for the credit card use? [...]
