Dump That Checking Account
This episode is all about why you should dump that checking account and u-haul it with your high yield savings accounts.
There’s absolutely no reason to keep your cash/emergency fund in a checking account. Checking accounts have low interest rates. There’s no reason to pay your credit cards from your checking accounts, either.
High Yield Savings Accounts make your money grow more while you wait to pay your bills. The only drawback to high yield savings account vs checking accounts is that you can only withdraw 10x a month (for Ally at least).
The easy fix? Open multiple, free high yield savings accounts instead so you don’t get worried about the limit. Every day matters when it comes to letting your cash grow, and the right account matters. Keep your emergency fund in a high yield savings account and pay your credit cards from them too, so your cash earns astronomically higher interest while it sits there.
Charly is a formerly undocumented digital nomad helping first gen clients embody their millionaire selves. Charly’s clients go from feeling guilty and anxious about money to feeling empowered to make money moves and PLAY more. Work 1:1 with them here.
The language of money seems intimidating because it’s designed to exclude those who are not familiar with it. Charly is all about changing that and making our community wealthy AF!
Follow Charly on IG: @travelercharly