Quote Originally Posted by Midwest Player View Post
Nay, that's nothing. Here is something to rattle your feathers. In fact, it is starting to rattle mine.

I might of mentioned this before. I have two checking accounts. One is used just for my gambling transactions, and the other is my personal checking account used for everything but gambling. At the end of last year, I had over $50,000 in each of them earning just 0.02% interest. In the past, I didn't care much because all short term investments were paying zip. However, that is no longer the case. At Schwab a one year CD now pays over 5%, and a money market account pays around 4.5%. I still have a lot in my two checking accounts earning just about zip. I did move some out of my gambling account at the start of the year, and I will be moving more out soon. I still don't know what is a good amount to keep in my checking account. I want to always have at least enough for 6 months living expenses.
"I might HAVE mentioned..." (obligated to do that as Don has given up on it )

My feathers are fine, thanks for asking.

Anyway, I have a Schwab acct as well. I keep cash in SWVXX, one of their money market funds. It is currently paying about 4.8%. I am in a premier banking program at my bank which gives me no fee accounts, free online billpay, a free safe deposit box, etc. I keep just above the minimum required (20K) to stay fee-free. It's very easy to do online transfers from Schwab and/or other online banks, as needed, to cover expenses, so there's no reason to keep extra money in a virtually zero-interest account. I generally transfer funds once or twice per month, depending how much I need for checks "written" (actually online billpay). Keeping 6 months of living expenses in a zero-interest account seems silly to me. Perhaps I have more time for this than you do, as my roof shoveling time commitment is zero.