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Moved my $8,200 emergency fund from my bank to a broker money market, the monthly interest went from $1.10 to $31
For two years my savings sat at my local bank in San Antonio earning basically nothing, about a dollar a month, which I told myself was fine because it felt safe. Last week I finally moved it to a money market through my brokerage and the first statement showed $31 in interest for the same money in one month. Has anyone else switched their emergency fund over, and did you keep part of it at the regular bank just for quick access?
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wyatt_garcia5h ago
My emergency fund sat in a regular savings account for years making me about twelve bucks a year total, so you beat me on the patience game. Moving most of it to a money market was the best boring decision I ever made, and the jump in interest was real. I still keep about a thousand at the local bank for same day access, since transfers from the brokerage take a couple days to clear.
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