Got enough saved up that I'm starting to pay attention when I see an ad for an online savings account paying 4%. I was thinking of opening several of them at different places so I'm not putting all my eggs in one basket. In case I forget to read SketchBank's fine print that says I can only withdraw funds on a Tuesday by flying in person to their call center in India.
I guess my first question is, is this a good idea? Is there something I'm missing? If a savings account pays more than a CD, what's the catch?
My second question is, if you open multiple savings accounts at once, do you get on some list? I worked at a bank many years ago and I remember they flagged people for all kinds of stupid reasons based on computer models and third party reporting bureaus I wouldn't trust to hold my sandwich.
aaronsegman t1_j2f6aif wrote
Reply to Weekend Help and Victory Thread for the week of December 30, 2022 by IndexBot
Got enough saved up that I'm starting to pay attention when I see an ad for an online savings account paying 4%. I was thinking of opening several of them at different places so I'm not putting all my eggs in one basket. In case I forget to read SketchBank's fine print that says I can only withdraw funds on a Tuesday by flying in person to their call center in India.
I guess my first question is, is this a good idea? Is there something I'm missing? If a savings account pays more than a CD, what's the catch?
My second question is, if you open multiple savings accounts at once, do you get on some list? I worked at a bank many years ago and I remember they flagged people for all kinds of stupid reasons based on computer models and third party reporting bureaus I wouldn't trust to hold my sandwich.