Yes. My work direct deposit is now $25 into SoFi checking, balance into Chase checking Archived Message
Posted by snipes824 on January 17, 2024, 10:44:10, in reply to "Does it require a recurring automatic deposit?*"
I’m assuming it could be $1 as there is no minimum, but I just did $25. Previous Message Previous Message Because there are no physical branches, they’ve invested heavily in a great app that’s easy to use and plays well with other financial apps (like connecting for easy transfers to my chase app). Can’t compare them to others as it’s the only one I’ve used, but I like them. The one thing to keep in mind is that in order to get the 4.6% rate in savings, you need to use their direct deposit in checking. But there’s no minimum. So I now have a split direct deposit from work: $25 to SoFi checking, the rest to my chase checking). It’s a *slight* annoyance to change your direct deposit setup at work to put a few dollars in a different account, but it’s a one time thing that takes like 15 minutes. They also do send a ton of emails looking to get you to use their other products (personal loans, credit card, investing, etc.), but they’re easy to ignore and delete. Previous Message Previous Message I have SoFi and there’s a no fee transfer to my main bank (plus it has its own debit card), so it’s as accessible as it can be. I assume others are similar. Previous Message I have some cash that I'll use to supplement payroll income for my annual budget. I have distribution income, also, but don't know exactly when I'll take it or how much it will be, so I set aside cash. I'm using it to supplement because I'm maxing out my companies match - 50% up to 60% of my salary. So dumping 60% of my salary into the 401(k). I don't necessarily want the cash sitting in my checking account but it does need to be accessible. Is there anything other than a high-yield savings account with no fees or penalties for withdrawals that would do the trick? I thought about staggering some short-term CD maturity dates but the interest isn't as good as the savings account. Anything else? Am I missing something? Overthinking it? Not coincidentally, looking for some recs on local financial planners. Ready to move my business.
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