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Shoutout to the $7 monthly fee that made me move my savings to a broker
I kept my savings at my bank for 6 years because my mom always said a real bank is safer than some app. Last month I actually added up the fees and it was $7 a month plus 0.01% interest, which came out to losing about $84 a year for nothing. I moved $12,000 to a brokerage money market account and I'm getting 4.3% now, which is roughly $43 a month instead of pennies. I always thought brokers were for stock gamblers, but a plain cash account with no fee is just a better checking account. Has anyone else switched a boring savings account over, or do you keep some at the bank just for the ATM?
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terry_walker2d ago
My buddy did the same thing and now buys his lunch with the monthly interest.
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