How Your Bank Account Could Be Costing You $1,000+ Annually
00:00:00.000 | If you're wondering whether it's really worth switching, I guess it depends a little bit on
00:00:03.280 | how much cash you have. But I would say the average person listening to this episode who's
00:00:08.000 | using an account at a regular bank is probably missing out on at least $1,000 a year of interest
00:00:14.160 | by using the wrong bank account. Maybe $1,000 isn't important to you. Maybe it's super meaningful.
00:00:19.040 | I have a feeling that if it's not important, you probably also keep a lot more money in
00:00:22.240 | checking accounts. So maybe that number will be a lot higher for you. If you do have $50,000,
00:00:26.800 | $100,000, or maybe you're even saving for a down payment or you're making regular tuition payments,
00:00:32.560 | missing out on 5% is going to be thousands of dollars a year. And even if the alternative
00:00:36.400 | isn't zero, but it's 0.48% like you're getting at Schwab or 0.25% like you're getting at the
00:00:43.200 | Ally checking account, it's still close to $1,000 a year. So to me, that's worth it,
00:00:48.720 | especially when some of these products are such a better experience.