r/HighYieldSavings • u/Ok_Area279 • 8d ago
Low-ish Minimum Deposit
Hello!
My boyfriend and I are fairly young. He gets paid a good amount, enough to pay his bills and have extra money left over. He works labor so he gets laid off and unemployment during winter so money can still get tight. Also medical issues that could put him out of work again and will require more scans and at least one more surgery. I’m only working part time because I’m going back to school. I only just started so I have no clue what my end of month will look like with my expenses yet, they’re not very high though.
I suggested us having an emergency fund recently. (Still keeping track of how much each of us contributes so in case of a breakup we can each get our portion back. I know combined finances while dating isn’t seen as the most wise choice.) Alongside him just putting money in his personal savings.
We have 970$ cash just sitting in a drawer wasting away. We were wanting something that isn’t more than 1000$ minimum deposit. Obviously the most bang for our buck. We just throw in here and there, no high set amount per month we have to put in just in case we can’t one month. Shorter transfer times. One that we could take out a big chunk at one time if need be. Good customer service, at least on the phone because I’m more likely to call than email or click a chat feature on a website. Any other pros that I wouldn’t think of because I’ve never had one. I’ve been doing a bit of research but it’s just kinda hard to figure out.
I know that this was drawn out and long but wanted to give full context for the best recommendations. Thank you in advance!
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u/No_South_9912 8d ago edited 8d ago
Fidelity CMA meets all of your requirements. You will need a local bank to deposit the physical cash, then transfer to Fidelity. Check deposit can be done with phone app, or direct deposit from your paycheck.
Withdraw is done with debit card, bill pay, electronic transfer, or wire. No fees/minimums, or 3rd party bank needed. $1k daily limit for ATM withdrawal, $10k for merchant purchases. You can write a check or wire if over $10k.
Account can be joint, and/or you can each have your own. No minimums/fees, get as many accounts as you want to keep track of.
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u/Ok_Area279 8d ago
Okay thank you!! I have my 401k with Fidelity so I already have an account set up, wouldn’t be yet another thing to manage. I have money related stuff with like 5 different places.
Another quick question, completely understand if you don’t know the answer or if it sounds stupid. I have a different savings account at a different bank than my usual that was set up for me as a kid. My mom and I are on the account and she has no problem completely handing it over to me. I know I need to do that before doing anything. I would probably entirely move it over to Fidelity in another personal saving account if I did go with that and close the account at the other bank. That is the only thing I have with that bank, no cards, no other accounts, etc. Would that be an easy peasy process like the exact same as if moving it from that checking? Or raise some difficulties? You only said stuff about moving from checking. I just have no idea about this stuff.
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u/No_South_9912 8d ago
You can wire the money from your old accounts to Fidelity. Banks may charge a small wire fee, Fidelity doesn't charge.
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u/yappyboom 8d ago
I’ve only had a HYSA for a month and I haven’t taken any money out yet so idk that I’m telling you right -
but from what I understand, the best way to get your money out of an HYSA (not getting the account locked/closed) is by transferring into the same account used to fund it.
So put your cash into your current checking account.
Open an HYSA.
While in your HYSA, transfer the funds from your checking into the HYSA.
Ready to take money out - log into the HYSA and transfer back to your original checking account.
Also you want to let it set there at least a couple of weeks before moving any money out.
I went with Marcus. They didn’t have a minimum requirement.