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Discussion Starter · #1 ·
I currently have Chase Bank, but their fees are terrible so I'm going to make the move to Alliant Credit Union. Have any of you used ACU? Please tell me anything you've experienced. Also, while ordering on Amazon, I keep seeing the option to use an Amazon store card. Is this worth it? I don't plan on purchasing much yet, but as I get my money up I do plan on getting a credit card. Is this the right one to have? We have dogs and I produce, so I see myself buying often, but not sure if it's for my benefit. I'm currently paying 25 bucks for 2 products but they're saying it'd be $5 with a store card.  Thanks!
 

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Ally bank has the highest interest rate for your savings account
It’s like 3% so clutch but the catch Is that it’s online only bank so in order to withdraw cash u need a checking account at another bank

But I’m a firm advocate of keeping discussions on KTT but personal finance is a completely different beast you need ppl who know what they’re doing so I will reccomend u reddit.com/r/personalfinance
 

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spacecadet said:
Ally bank has the highest interest rate for your savings account
It’s like 3% so clutch but the catch Is that it’s online only bank so in order to withdraw cash u need a checking account at another bank

But I’m a firm advocate of keeping discussions on KTT but personal finance is a completely different beast you need ppl who know what they’re doing so I will reccomend u reddit.com/r/personalfinance
ally actually just slashed their rate to 1.9% after the fed reduced rates. still recommend it tho. gets me a few hundred extra bucks each year.
 

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I use Citibank for my savings and credit card.

Savings is 2.36% APY and credit card is 2% cash back on everything (I prefer the highest overall instead of rotating).
 

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Discussion Starter · #7 ·
spacecadet said:
reddit.com/r/personalfinance
thanks!

gennycraig said:
I use Citibank for my savings and credit card.

Savings is 2.36% APY and credit card is 2% cash back on everything (I prefer the highest overall instead of rotating).
why do people have 2 banks? And I don't really understand anything you said on the last part
 

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omowhiite said:
thanks!

why do people have 2 banks? And I don't really understand anything you said on the last part
I am no expert, but this is what I know based on personal research on the topic. Feel free to correct me if I am misinformed or verify what I am saying with your own research!

APY pretty much means how much money the bank will pay you for having your money in their hands. Remember, the banks are using all of the money that people put in there. They invest it, loan it out to other customers, etc.

Let’s use $10,000 as an example.
I put $10,000 in a Citibank savings account that offers 2.36% APY. Say you do not add to or take away from that and it compounds monthly, you will have $10,238.57 after one year.

The $238.57 is the bank incentivizing you for using their services (letting them use your money).

I, personally, search out to get the most out of my money. This means finding the best financial institutes to use for the different services I use. Citibank, currently, offers me the best value in both the savings account and credit card spaces (highest APY and all around cash back, respectively). My checking account is still with Capital One, because I have not really found a benefit of moving it somewhere else since I do not keep much of a balance in there (since savings accounts almost always provide a higher yield on your money since it is a less liquid account).

It is important to realize that the banks want you because it is how they make money. Do your research and find what services you need from a bank and what perks are best fitted for you. Then go out and join that bank. And if you find something better, then change! You do not owe any bank anything. If they are not providing you with the best possible perks available, then you have no reason to stick with them. It is YOUR money!

Reply or PM me if you have any questions or need any of this clarified. I am probably not the most clear in explaining it as I am still a novice to it all.

 

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What I have:

Ally Savings - 1.9% compounded daily (was at like 2.25% prior to Fed cut)

Cap1 Quicksilver - 2% cash back on everything

Barclay Uber VISA - 4% cash back on dining because I eat out 99% of the time. Pay for streaming services on this CC and they give a $50 credit

 

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I use chase and dont really have issues with fees but then again I dont really use it for much other than your basic checking account services.

I have a Western Union for my savings just so my money aint all in one place but I might start moving sum into my savings at chase
 

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Discussion Starter · #13 ·
Hollewood Brodie said:
Disappointed that I wasn’t quoted itt as finances is what I do for a living :clap:
give your knowledge.

gennycraig said:
Reply or PM me if you have any questions or need any of this clarified. I am probably not the most clear in explaining it as I am still a novice to it all.
thanks yeah i'll message you soon
 
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