

Best Bank Account Setup to Earn Interest on All Your Cash
84 snips Jun 5, 2024
Discover the best bank accounts to replace your checking account and earn higher interest rates. Learn essential features to look for in a primary bank and practical tips for optimizing your finances. Explore various high-yield options while weighing their pros and cons. Get insights into innovative banking solutions and how to automate your cash management. Plus, find out how to maximize your banking versatility and navigate the world of modern financial needs with ease!
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Choosing a Primary Bank Account
- Prioritize trustworthiness in a bank, ensuring FDIC or CIPIC insurance and avoiding institutions with negative reviews.
- Essential features include ACH access, ATM/debit card, check sending, joint access, mobile deposit, and reasonable limits.
Optimizing Bank Account Choice
- Optimize for net after-tax yield, considering fees and tax advantages like state tax-free interest from U.S. treasuries.
- Consider tiebreakers like simplicity, user experience, compatibility with aggregator sites, and trust titling.
Alternative to Savings Accounts
- Brokerage accounts offering treasury ETFs or index funds often provide better after-tax returns than high-yield savings accounts due to state tax advantages.
- Explore Wealthfront's automated bond ladder and calculator to assess potential returns with tax advantages.