I think the thing to do here would be to only keep $10K at OnPath and the rest elsewhere, so $30K would earn $1732 annually. It boils down to an extra $15/mo in interest for 15 debit card purchases, which IMO is too much work even if it’s automated.
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I would agree. I was looking at putting 10k in the 7% checking vs just putting it in a 6 mo 5.5% CD, and the additional amount just didn’t seem worth the hassle.
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I have never used BillPay. I set up autopay on the merchant’s site.
I had health insurance withdrawn monthly from Alliant Savings and just switched it to Primis Savings. Years ago, the utility said it required a checking account, so BGE was coming from Alliant checking. I just switched it to Primis Savings. I also pay rent from Primis, but not on autopay.
Every other recurring bill is on the 2.5% back card.
I just opened a Primis checking account with $1 to get an ATM card in case I need cash. I have to transfer funds from Savings to Checking to withdraw cash.
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Primis is fairly new to you, right? I wonder if they will remain competitive. You still have to go through the hassle of updating auto pay on all the merchants site’s when you change.
I’ve had my account for over a year.
Since I only have two autopays, it wouldn’t be much of a hassle.
Primis was founded as Southern National Bancorp in 2005, changed its name in 2021.
How do you only have two auto-pays?!?!?
You said you have a credit card, health insurance, and utility. That’s at least 3.
Two auto-pays from savings or checking (Utility, Health Insurance).
The rest are on the Alliant credit card. They’ve been there about 7 years. I don’t anticipate changing them. (Comcast, T-Mobile, Auto & Rental Insurance, Neighborhood Sun (electric), Vision Care, 3 media subscriptions).
I never put credit card payments on auto-pay. I use 3 cards regularly: Alliant 2.5%, Amex 6% groceries, Citibank 5% groceries. Right now I’m also using the Northwest 2% card because there’s a bonus and the Advancial card because of a no-fee 0% 12 month balance transfer offer.
PS I save $12-$20 a month with the Solar Electric Service and can pay it with a credit card so I get an additional 2.5% savings.
How do you pay your credit cards? You said you never use bill pay.
I don’t use auto-pay for credit cards. I pay them from my savings accounts. Until recently I paid Alliant from Alliant Savings but now I’m paying from Primis Savings.
I usually pay before the statement date, so the balance appears as zero on the credit report.
Why pay it early when you’re earning over 5%?
It keeps my credit score higher so I can get credit limit increases and new cards.
At no point has Primis paid more for savings than checking.
Not really, from your own experience:
Chase Ink Cash 5x UR, no AF, huge SUB 
.
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There was a promotion last year, so the savings rate has always been higher for me than the checking rate.
That was a matter between $0 and $5 and only Experian lowered the score. The score went up slightly at the other two bureaus. I commented on it because it was unique.
More debt reduces credit scores, as everyone knows.
I recently paid two months credit card bills with 0% balance transfers, so those funds will be in savings for a year.
That’s the standard rate they were offering when Primis crossed 5% and hit everyone’s radar last winter. When they cut that rate, they grandfathered the higher original rate for those with an account already opened.
The checking account offered the exact same rate last winter, and remains similarly grandfathered at the same higher rate.
I didn’t open a checking account then.
Unless you’re already on the borderline, these small changes do not matter.
I know my score will drop by >100 points in a few weeks because of my recent tax payments. It will be back to normal in another month, so I don’t really care.