BP members how much interest you earn a month with 60 k in the bank
1.25 at Ally bank.
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 ;)
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.
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.
Been using them for years, great place to store money short term.
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.
American Express 1.35%
thank you everybody for your answers
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