I see, that is some good insight to have. I have been looking into Ally since seeing that prior post I was referring to and it seems like a great option. The only sticking point was the discrepancy between their interest rate vs higher rates on the market. But that absolutely makes sense to consider who offers high rates consistently.

Thank you so much!

Any of the big names will do, and I recently did Discover as they have a promo for $150 for a 15k deposit or $200 for a 25k deposit which makes up for the .2% I'm missing out on at only 3.3%

I haven't looked at those smaller names too hard but just make sure you read all the fine print as most require steps such as minimum deposits a month and stuff of that nature.

In general, HYSA rates can change on a dime, so looking at the current highest rates is only marginally useful. You want to look at who consistently has high rates which tend to be places like Ally or Discover. It is not uncommon for other less well known banks to bump up their interest rates temporarily to get new customers, then drop them back down. So in that sense it usually makes more sense to go with a bank with high enough interest rates that you like, rather than the bank with highest raw interest rate.

>Also, I understand that in February there may be a interest rate hike so I will keep my ears open for that as well.

The Federal Reserve is almost certainly going to raise the Federal Funds rate by 0.25 percentage points in February, but this is not the rate you get on savings account. In all likelihood this rate hike is already "priced in" to the rates you're seeing.

They used to be GMAC before they rebranded in ~2009

No they haven't been around that long. They were GE financial before (GEs auto loans I believe) then more recently started to become Ally and even .ore recently started to issue more products beyond auto loans and HYSA.

They're a no physical presence bank but as far as digital goes, they're so far behind being a competitive digital bank. CapitalOne is the leadering in digital services.

You can reduce to a bare minimum policy

No, that would be illegal

I am not assuming that. I was continuing what u/uski said, in my examples.

It could be any currency, but they chose to benchmark against USD and EUR.

I already pointed out in another comment that exchanging currencies would bring it's own issues, but Uski seemed to think it would be better to have foreign currency based on the inflation rate of OPs own currency. I think it's far too simplistic a view.

I even pointed out in my comment you replied to that they may have no use for USD.

Noting better than a paid off vehicle. I'm going to drive mine as long as possible. 52k miles after 5 years of loan payments..

I don't know that I would advise doing that. I have heard some horror stories about people doing things like this. Just pay monthly like you always do. You are better off investing the extra than giving to the landlord.

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Save as much as you can. Look at the wiki for Order of how to do that.

For a home loan, they look at gross income, not net. You'll be fine there. Same for a car loan.

Look at the age your known relatives have died at as along as they were non accidental.

Do an honest review of your own health. Do you exercise, Eat relatively healthy, and maintain a healthy weight? If you don’t do any of these things deduct at least a decade. Smoke/vape(weed or tobacco) deduct another decade.

Go to the Dr for a checkup. If they read you the riot act either shape up or plan to retire early.

There’s no guarantees. I almost bit the dust at 28 when I was at my healthiest. But once I made it past that the second 28 has been gravy.

My family is all over the map. So I’m planning on lasting to 95. IMHO it’s better to have some extra cash left over at 95 and not need it then be broke and have no way of making enough to live on or sponging off my kids.

Why is everyone assuming this poster is going to exchange their $$ for USD? If I earn 5.89% on Euros or Yen or some other currency because I live in a country that uses them, why would I convert that money to USD vs. just using it my own country as the native currency of that country?

Did you also cancel your car insurance since you’re a good driver?

I’ll probably maintain. I’ve shaved a decade off the loan paying extra and decreased interest by over 30k already.

Guess people forget with a mortgage paid off I would have $1500 /mo immediately going into savings again and whatever interest I was paying would be null.

What state? Here in PA rent is "due" the 1st but there's a legal 5 day grace period so legally it's due on or before the 5th.

My online rent portal doesn't get updated with the bill until the 20th - 23rd. Couldn't pay in advance even if I wanted to.

Prenup... not in your situation.

Combine income, combine expenses. You two will be one, one dream, one future. It does not sound that your relationship is at that point.

Two choices: - get some counseling - stay single.

(prenup= love your money more than you love your partner.....)

Why not just pay when it’s due out of that account?

Exchange rates that consumers get either have fees, or are not bank rates, so each currency conversion also has a cost. So a higher rate in a foreign currency, or a currency which has lower inflation still does not necessarily make a better investment, especially for something short term like in the scenario OP has.

Pretty much all currencies (with the exception of the Swiss Franc), over time, go down in value - that is simply inflation. The fact it's happening is not important, the important part would be about whether one currency has higher or lower inflation than another, and then factor in both and any fees and effort for the investment. Buying foreign currency could also bring tax and accounting implications too.

Your commnt reads as though the only important rate of inflation is the one of a foreign currency to the investor; but the investors local currency inflation rate is at least as important.

Over 10 years EUR has dropped agains USD, but over 6 months EUR is stronger against USD, and continuing in that path right now.

Based on your previous comment everyone should have their investments in Swiss Francs most likely.

I wouldn’t say it’s incredibly common but we did it. It definitely helped us, owners told us, since we were one of 15 offers and they picked ours.

The point is that if you get 5.89% on a currency that devaluates, you are better off buying foreign assets. It's important because people come here and say they make an obscene amount of interest, but 100% is crap if you have 200% inflation. We need to compare apples and apples and interest rates alone don't mean anything unfortunately.

And as to the timing this is something universal that affects all types of investments. No investment is eternally and universally good.

Yes, this is a bad idea.

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