Author Topic: High Yield Savings Account  (Read 2189 times)

Offline chayam

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High Yield Savings Account
« on: January 26, 2011, 08:10:30 PM »
I was wondering if anybody had suggestions for a high yield savings account. I am using Bank of America now and I am not really gaining anything....
Thanks in advance.

Offline Cholentfresser

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Re: High Yield Savings Account
« Reply #1 on: January 26, 2011, 08:12:41 PM »
does it need to be a savings account? how about the bank direct checking for aa miles?
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Offline chayam

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Re: High Yield Savings Account
« Reply #2 on: January 26, 2011, 08:32:46 PM »
I saw that posted in other threads....I'd prefer an account that earns interest.

Offline AsherO

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Re: High Yield Savings Account
« Reply #3 on: January 26, 2011, 08:35:11 PM »
I was wondering if anybody had suggestions for a high yield savings account. I am using Bank of America now and I am not really gaining anything....
Thanks in advance.

There's no interest to be earned these days, you should reconsider bank-direct considering the value of AA miles (vs. a paltry 1% interest).
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Offline Cholentfresser

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Re: High Yield Savings Account
« Reply #4 on: January 26, 2011, 08:41:54 PM »
and if things change and interest rates go up, you can always cancel your account. you are not locked in. you have nothing to lose and everything to gain.
just don't forget to PM dan for a refferal for an extra 1000 miles...
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Offline Dan

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Re: High Yield Savings Account
« Reply #5 on: January 26, 2011, 08:42:08 PM »
There's no interest to be earned these days, you should reconsider bank-direct considering the value of AA miles (vs. a paltry 1% interest).
+1
And don't forget that you aren't taxed on miles and you get 1.2 miles per dollar and miles are worth well more than just a penny each.
That 1% interest you earn probably becomes less than 0.7%
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Offline Yellow

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Re: High Yield Savings Account
« Reply #6 on: January 26, 2011, 08:47:32 PM »
Please excuse my ignorance, but how does this AA thing work? do you get 1.2 miles per dollar per month or year? And whats the minimum amount of money i can put in there?

Offline Cholentfresser

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Re: High Yield Savings Account
« Reply #7 on: January 26, 2011, 09:12:10 PM »
this has been discussed on another thread. do a search and u shall find.
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Offline Dan

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Re: High Yield Savings Account
« Reply #8 on: January 26, 2011, 09:13:29 PM »
Please excuse my ignorance, but how does this AA thing work? do you get 1.2 miles per dollar per month or year? And whats the minimum amount of money i can put in there?
Minimum $2,500 in the checking account to avoid fees.
You get 1.2 miles per dollar per year.
So $2,500 will earn 250 miles every month.
$10,000 will earn 1,000 miles every month.
$50,000 will earn 5,000 miles every month.
Etc.
Plus there are signup bonuses (2,000) , billpay bonuses (2,000), direct deposit bonuses (5,000), etc.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Yellow

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Re: High Yield Savings Account
« Reply #9 on: January 26, 2011, 09:38:36 PM »
this has been discussed on another thread. do a search and u shall find.
I knew there was a thread, but couldn't find it. Sorry
Thanks dan for filling me filling me in

Offline est

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Re: High Yield Savings Account
« Reply #10 on: January 26, 2011, 10:38:45 PM »
around how much do AAmiles sell for - for those of us that work and cannot take trips round the world!

Offline azhoopsfan

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Re: High Yield Savings Account
« Reply #11 on: January 28, 2011, 12:02:44 PM »
around how much do AAmiles sell for - for those of us that work and cannot take trips round the world!

If you sell them, you should be paying tax on the gain, which greatly reduces the value.  They'll never expire as long as you keep earning so save them until you eventually earn time off for a trip. 

Offline Dan

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Re: High Yield Savings Account
« Reply #12 on: January 28, 2011, 12:06:44 PM »
around how much do AAmiles sell for - for those of us that work and cannot take trips round the world!
I don't redeem them unless they save me at least 1.9 cents each. 
If you know someone who needs a last minute $1,500 flight across the country for 25,000 miles I suppose he would pay you a lot for them.  If you just use them for a casual $200 trip, not so much.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.