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PSA: That "free" checking account at the credit union is costing you $15 a month in lost interest
I heard a guy at the counter in PNC last week bragging about his credit union rejecting all fees. Then I did the math on my own account at Navy Federal. The rate is like 0.01% APY. Meanwhile a basic high-yield savings from an online bank is giving 4.5%. That means on a $4,000 balance, I'm leaving about $15 a month on the table. Is the convenience really worth that much to you?
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jessica_dixon1d ago
Oh come on, you're really going to let a few bucks a month dictate where you keep your money? That $15 you think you're losing assumes you wouldn't touch that cash for emergencies or even look at the balance. Most people who chase those high rates end up transferring money around like crazy and messing up once with a fee that wipes out months of gains. Plus, have you actually tried calling an online bank when your card gets declined at 2 AM? Good luck getting a real person on the line without holding for an hour. A credit union with free checking and a shared branch network has actual tellers who know your name and won't nickle and dime you for breathing. So you tell me, is a few hundred bucks a year really worth the headache of dealing with a faceless app when your life gets complicated?
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Jess, how much did YOU lose to an emergency fund sitting in a 0.01% account?
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