Hey all,
I saw some mention of MMAs in a different thread and did some research and they seem like a great option for my family's Emergency Fund.
We don't touch our EF besides additional deposits, so the 6 withdrawals per statement wouldn't be an issue for us.
Obviously one that doesn't have monthly maintenance or withdrawal fees is ideal. Also, I am seeing a lot have minimum balance of $5,000 to get the advertised 1.8-2.0% APY, which wouldn't be an issue for us.
Just off the cuff, some of the banks that I've seen online that seemed to fit our needs/wants include CIT Bank, Total Direct Bank, and Comenity.
We're open to either a savings or checking account, basically whichever one will produce a higher yield. A physical debit card or checks is not incredibly important to us, as long as the funds are readily accessible for account transfers.
I am wondering if anyone with experience can let me know if there is anything that I am missing or overlooking before making a decision? They seem pretty straight forward, but just figured I'd try and get a little more insight.
Thanks ahead of time.
I saw some mention of MMAs in a different thread and did some research and they seem like a great option for my family's Emergency Fund.
We don't touch our EF besides additional deposits, so the 6 withdrawals per statement wouldn't be an issue for us.
Obviously one that doesn't have monthly maintenance or withdrawal fees is ideal. Also, I am seeing a lot have minimum balance of $5,000 to get the advertised 1.8-2.0% APY, which wouldn't be an issue for us.
Just off the cuff, some of the banks that I've seen online that seemed to fit our needs/wants include CIT Bank, Total Direct Bank, and Comenity.
We're open to either a savings or checking account, basically whichever one will produce a higher yield. A physical debit card or checks is not incredibly important to us, as long as the funds are readily accessible for account transfers.
I am wondering if anyone with experience can let me know if there is anything that I am missing or overlooking before making a decision? They seem pretty straight forward, but just figured I'd try and get a little more insight.
Thanks ahead of time.
