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scanchain
- Senior Member
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posted: Oct. 14, 2009 @ 12:39p 
The savings rate and MMF yield generally have the same trend but because of their different nature, one rate could be better than another in different times. Sometimes, the best savings rate would beat MMF rates by a mile (as it is now), but at other times, MMF yields would be much better than the best savings rate. By having my smart cash alive, I could easily move my money from the savings account to taxable MMF or tax-free MMF when it makes sense. |
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oopsz
- Happy Member
rated:
posted: Oct. 14, 2009 @ 1:13p
craig10x said:Fidelity told me that the reason you can't see your balance at the atm is because they use a 3rd party bank and they don't want that bank to have access to the information (which by the way, sounds like a pretty stupid reason...after all, that bank IS holding the money for them...lol).... Unless something has changed in the last three years, the money is held by 5/3 bank or Suntrust, the debit card is issued by PNC bank, checks are issued by UMB bank, and the credit card is issued by MBNA/BoA. So the bank holding the money isn't the same as the bank running debit transactions. |
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Crazytree
- Senior Member - 6K
rated:
posted: Oct. 14, 2009 @ 2:10p
scanchain said:I have the Alliant Checking / Savings setup.
But I am keeping mySmartCash for now for the following reasons
* very good billpay system
* my paycheck gets deposited on Thursdays instead of Fridays in a bank
* FSLXX's yields are low because of current MMF conditions; its yield would become competitive again when market rates go up
* ability to use a tax-exempt MMF as sweep
* it costs nothing if you don't use any of the MMF
* ATM rebates
I am keeping a balance of around $200. The possible loss of interest compared to Alliant is no more than pocket change each month.Fidelity does post direct deposits one day early. and I agree their MM rates will become competitive once market rates go up... but why wait? |
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dblevitan
- Tired Member
rated:
posted: Nov. 12, 2009 @ 7:50p
Crazytree said: but why wait?
In my case, it's simple...I don't have enough money to hold in a savings/checking account that the extra interest would make it worth it to deal with yet another bank account. I already have way too many of them. Plus, Fidelity's customer service has been great, and the advantage of going to any ATM and getting free withdrawals is great. Frankly, most of my free money at the moment is going into mutual funds, which have been doing rather well compared to any savings account.
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