Originally Posted by
Caspavio
well i googled and that 7% is only for the first 10k. that is like 300-400 after taxes, while a normal high yield savings gives you about 100-200 after taxes. you are only earning an extra ~$200, and since your fees will be 15*12*0.6=$108, it is simply not worth it
How is 7% APY on 10k = 300 after taxes?
It's 700 minus taxes...
Are you suggesting a smaller APY rate is better because then u pay less in taxes? U may as well aim for 0% to pay 0 taxes
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Also, you can open an account for ur spouse if you want 20k.
There are also a few of such accounts with varying maximum amounts , some of which are over 10K.
You can do the same thing with multiple different Banks and different accounts if you want to do say 50k.
I just picked it as an example.
Originally Posted by
Boraxo
I get it, you need to have the niche that is right for you. But I think your target market is too narrow, most people are not worried about inactive accounts closing, but rather about paying AFs they for cards they don't need. When you have 30 accounts it doesn't hurt your score much even if a couple close.
No I don't do cards or bank accounts with minimum transaction requirements. I am sure it is lucrative but I already have too many things to track. Maybe when I retire.
Gotcha, valid point.