Do you have a traditional "savings" account?

[james357]

I put 100k in 3.5% for 12 months. It comes due in late December. Money Market 50 in 3%. We are looking to move so keeping some liquid for moving expenses. But the market is crazy over priced now.

 

[Dice]

Hopefully, nobody here is in this group….

https://www.washingtonpost.com/business/2023/08/08/credit-card-debt-1-trillion-high-earners/

I pay off my credit cards in full every month. Haven't paid any interest in years. I might not eat as high on the hog as I want but I do not carry debt on credit cards.

 

[StuP]

you can get 5% from a deposit account right now.

 

[Ringleader]

Can't believe I'm shilling for our government...

Check out www.treasurydirect.gov

I think all the t-bills are paying over 5%. You can get them from 4 weeks maturity to 52.

And you don't have to fret over bank failures...

You need to be looking into the Thrift Savings Plan as well as other government employees. As an Army guy I was investing 10% of my salary and getting a rate of return between 9 and 16 percent. You do have the option to select high risk, low risk, bonds, etc. 9% return was not uncommon. I seriously don't think I'll touch most of the money in the account during my lifetime.

 

[czub]

I pay off my credit cards in full every month. Haven't paid any interest in years. I might not eat as high on the hog as I want but I do not carry debt on credit cards.

Funny enough, the way this information is reported and then used in all sorts of analyses and articles, there's no way to distinguish between people paying off their balance in full every month and those still making minimum payments to pay for their Spring Break 2012.

So yes, technically you and I both are carrying debt on our credit cards, even if I never paid interest on my various CCs in 20+ years. If you have a balance at the end of each month or each billing cycle - in their eyes, you're carrying a balance.

There are ways to short-circuit this by paying off balances prior to end of billing cycle and other tricks to get a short-term boost in your FICO score, but unless you're doing it right before applying for a mortgage/car loan and those 10-15 pts could make a difference, it doesn't matter.

 

[CAMSDADDY]

I put 100k in 3.5% for 12 months. It comes due in late December. Money Market 50 in 3%. We are looking to move so keeping some liquid for moving expenses. But the market is crazy over priced now.

My money market account is paying 4.3% and I can move at anytime. I want to do something with it but just cant make up my mind.

Funny enough, the way this information is reported and then used in all sorts of analyses and articles, there's no way to distinguish between people paying off their balance in full every month and those still making minimum payments to pay for their Spring Break 2012.

So yes, technically you and I both are carrying debt on our credit cards, even if I never paid interest on my various CCs in 20+ years. If you have a balance at the end of each month or each billing cycle - in their eyes, you're carrying a balance.

There are ways to short-circuit this by paying off balances prior to end of billing cycle and other tricks to get a short-term boost in your FICO score, but unless you're doing it right before applying for a mortgage/car loan and those 10-15 pts could make a difference, it doesn't matter.

I pay off my CC several times a month. Sometimes my score may range 10-15 points for no other reason than CC balance. I would freak out when it would drop and then realized unless Im making a purchase it doesnt matter and I would be financing a house for a while. I also found out that anything over 800 is pretty much the same to lenders

 

[GeauxLSU]

Funny enough, the way this information is reported and then used in all sorts of analyses and articles, there's no way to distinguish between people paying off their balance in full every month and those still making minimum payments to pay for their Spring Break 2012.

So yes, technically you and I both are carrying debt on our credit cards, even if I never paid interest on my various CCs in 20+ years. If you have a balance at the end of each month or each billing cycle - in their eyes, you're carrying a balance.

There are ways to short-circuit this by paying off balances prior to end of billing cycle and other tricks to get a short-term boost in your FICO score, but unless you're doing it right before applying for a mortgage/car loan and those 10-15 pts could make a difference, it doesn't matter.

True.
And when you finally get that 800+ score, you no longer need it.

 

[InTune]

Online...Citi bank..At the time, they had a couple of branches I could get face to face with someone. None now. Had trouble linking my bank account. Customer Service no help. Debit cards won't work etc. Just have cash parked there. Good rate for savings. I can transfer funds...just do it from another bank

 

[james357]

My money market account is paying 4.3% and I can move at anytime. I want to do something with it but just cant make up my mind.

I pay off my CC several times a month. Sometimes my score may range 10-15 points for no other reason than CC balance. I would freak out when it would drop and then realized unless Im making a purchase it doesnt matter and I would be financing a house for a while. I also found out that anything over 800 is pretty much the same to lenders

What bank has 4.3% money market rate?

 

[GeauxLSU]

What bank has 4.3% money market rate?

9 Best Money Market Account Rates for November 2023 | Bankrate

Money market rates are typically higher than traditional savings accounts. Compare money market accounts and open one today.

www.bankrate.com