how much you earn in interest

Question

BP members how much interest you earn a month with 60 k in the bank

Robert A Garcia · Answer

If you had an equity line you could use the spare 60K to pay it down and save (or earn) 4% to 6%.  You also could go get it again if you need it.

Filiberto Cortes · Answer

thank you  everybody for your answers

Brian Garrett · Answer

American Express 1.35%

Julio Miranda · Answer

Brick and Mortar banks (BofA, Chase, Wells) will offer a lot less because of overhead (generally). Online Banks will offer more because, well there online. Ally as many mentioned is a huge online bank that offers good rates. Discover also has good rates, they currently show a 1.3% APY.

I have 6% APY in a small savings linked to a Prepaid card called Mango Money. They require $800 in Direct Deposit a month into the prepaid card and the savings acct will earn 6%. The 6% tops out at 5k, anything more will earn like .02%..not bad its kind of a hassle but for $300 a year its worth it.

Alexander Felice · Answer

Ally 1.25%

Been using them for years, great place to store money short term.

Nathan Patterson · Answer

Ally bank, 1.25%.  Not great but it's something for my emergency fund.  If you would like to know how much you will earn on $60K, use an interest calculator like one on "the calculator site" to help.

Dave Van Horn · Answer

@Filiberto Cortes

I try to not keep that much in any one bank. I always try to keep my money moving (like the bank does, funnily enough)

The current inflation rate is around 2.2%.

Not many banks pay more than that in interest. That's why it's more beneficial in my opinion to become the bank ;)

how much you earn in interest

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