Calculator to easily manage average daily minimum balance requirement? Also any suggestions on maximizing by keeping in savings until needing to move over to chck to meet avg. bal?

Submitted by 77thway t3_z8icki in personalfinance

Have a checking account that has an average daily balance requirement for the checking portion only. Is there a way I can maximize savings interest by keeping in savings, then transferring over x amount on x date to do so or something? I guess it would likely be a wash then since both calculate average, right? Any other solutions?

Thanks so much!

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Mysunsai t1_iybtycr wrote

There’s not a trick to it, if that’s what you’re asking. If your average balance in checking is increased by transferring from savings, the average balance in savings is lower by an equal amount.

Getting a better bank would solve the problem.

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77thway OP t1_iybvvo7 wrote

Thanks. Yes, I may end up closing this account. Is one of the banks that I keep for the savings rate aspect, but weighing out different variables and was thinking about different configurations. Thanks again.

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sol_in_vic_tus t1_iybu6kf wrote

Find a new bank or credit union and save yourself the hassle of average daily balance requirements. Otherwise, keep the amount you're required to in the account.

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No_Tension_280 t1_iyc45z9 wrote

I would just treat the average required as the min daily and call it good. Are we talking over a $ a month difference in interest?, and I be the fee is more than that if you round wrong

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