clong55
clong55 OP t1_jebluoe wrote
Reply to comment by EqualSein in High-yield savings account - Which type of Ally should I open? by clong55
Gotcha. What about Ally's money market account over savings?
clong55 OP t1_jeb8yio wrote
And to avoid transaction fees with Ally's money market/savings account, the rule of thumb would be to minimize outgoing wire transfers, i.e transfer money from Ally to a different bank, right?
Transfer between accounts within Ally, and from Ally to say, National grid/Verizon for utilities should be free, as those are considered ACH transfers?
clong55 OP t1_jeb5pqk wrote
Reply to comment by hlshshdkdhdjd58829 in High-yield savings account - Which type of Ally should I open? by clong55
Dumb requestion, difference between CDs vs. Savings accounts is that Savings account is more flexible for withdrawals, correct? And do CDs usually have higher rates than Savings?
clong55 OP t1_jeb3rci wrote
Reply to comment by HleCmt in High-yield savings account - Which type of Ally should I open? by clong55
Thanks for the thorough explanation! So all the CDs I listed in the description are not ideal if premature withdrawals are expected, even with the no-penalty option, correct? And MM is the most flexible when it comes to withdrawal, which is good for emergency funds. Following is Savings account which could be used for down payments, right?
But what is the reason for not putting the down payment money in CDs?
Submitted by clong55 t3_12699rv in personalfinance
clong55 OP t1_jefvjp8 wrote
Reply to comment by HleCmt in High-yield savings account - Which type of Ally should I open? by clong55
very helpful to learn about different perspectives!
Another quick question about CDs, what happens after the term is up? Do we have the option to renew the term, or do we have to move everything out of the CDs?