What's the highest yield account that can be used to easily pay your credit card / debit card balances? Because having even just $20k sitting in a checking account ready to pay bills you're losing out on $1,000/yr.
It's the same rate they have for savings... they've previously had competitive savings rate, but they have been raising rates slowly this time.
I had thought the online high yield savings accounts also had high yield checking, but I don't see much currently. I only saw one offer from a bank whose name I don't recognize.
Some of the brokerages offer a checking account that sweeps into money market, or checkwriting against moneymarket holdings, you can look around a bit there.
I always keep a balance in my checking to ease my mind, but the bulk of my monies I keep in a savings account next to it and I transfer as needed prior to paying the bills.
1. https://www.nerdwallet.com/article/banking/how-regulation-d-...
If I screw up (shit happens) I have overdraft protection so the checking just pulls from my savings with no overdraft fees, but ideally this never happens.
Of course, none of this actually matters because transfer restrictions on savings accounts were lifted as pointed out by a sibling commenter. The only reason I don't just pay straight out of my savings is because I simply prefer to keep outgoing monies to my checking account.
i.e. for simplification, try to get all bills to come out on the 1st, then make sure that $20k hits the account on the 25th. For the rest of the month it can be empty.