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bflaminio t1_j6ngtkm wrote

Do the math on how much you really will make at Ally vs Chase (based on how long you expect to keep money there and how much money you will be keeping on deposit). That will give you a fairly solid number with which you can decide if it is worth the convenience of having everything at Chase vs the extra money you would get at Ally.

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Tech_geek23 OP t1_j6nh7qe wrote

I know ally won't be some crazy high amount. Given current rates it would result in a 1099-int but not a big enough number to be wowed if that makes sense.

Sounds like may as well just keep my money in the same place

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bflaminio t1_j6ni4xc wrote

There are advantages beyond monetary for doing so. I use Schwab Bank for most of my banking, and it is linked to my Schwab Brokerage account. My e-fund sits in the brokerage account, invested in a money market fund. It doesn't pay quite as much as the better HYSAs, but if I need to make an emergency payment it's simple to transfer money between the two accounts.

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Tech_geek23 OP t1_j6niinp wrote

That makes sense as well. I link all my accounts so the actions are easy but having 2 different apps and sites is not my favorite thing

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