Welcome to Saving Money with Andrew! For us, the NY Times is essential. But a full-priced subscription is really expensive at $17/month for Basic Digital and $25/month for All Access.[1] Instead, we’ve paid $4/month for the past several years for Basic Digital, and last week we upgraded to All Access for just an additional $1/month.
A little off today’s topic but hoping for your thoughts. I use an online bank to stash my emergency fund, higher yield then my primary bank. My question is, at what point would you consider moving to a new bank offering better terms? It seems as though every month a different bank will up their yield but I’m not sure chasing a .05% better return is worth the effort. Any thoughts on this?
Sure! I personally think of it as how much incremental interest I'd earn (in dollars) on the higher rate versus the value of my time and also the increased complexity of having to open another account. So it will definitely depend on the size of the account, but I probably wouldn't do it for less than $200-300/year in additional interest, and maybe more than that if I was otherwise happy with my current bank.
And banks can always change their savings rates, so it might not be the best deal a month from now. So as long as my high-yield savings was paying somewhere close-ish to the highest rates available and I was happy with them otherwise, I probably wouldn't move it. Just my personal view!
Great tip, I just got the $5 offer :)
A little off today’s topic but hoping for your thoughts. I use an online bank to stash my emergency fund, higher yield then my primary bank. My question is, at what point would you consider moving to a new bank offering better terms? It seems as though every month a different bank will up their yield but I’m not sure chasing a .05% better return is worth the effort. Any thoughts on this?
Sure! I personally think of it as how much incremental interest I'd earn (in dollars) on the higher rate versus the value of my time and also the increased complexity of having to open another account. So it will definitely depend on the size of the account, but I probably wouldn't do it for less than $200-300/year in additional interest, and maybe more than that if I was otherwise happy with my current bank.
And banks can always change their savings rates, so it might not be the best deal a month from now. So as long as my high-yield savings was paying somewhere close-ish to the highest rates available and I was happy with them otherwise, I probably wouldn't move it. Just my personal view!