I, ~25 yr, have about 40k saved from working through college and from my job I've gotten since graduating. I understand that I need to have a HYSA for a emergency fund and that’s what I plan to put my 40k into rn I have everything set up through Chase (as my accounts were gifted to me by my parents) but am looking to transfer my account over.
the pickle is 1) my current credit limit is 1k could I even transfer all my money at once to a HYSA? 2) would this negatively impact my credit? 3) how should I go about doing this?
also: any tips/advice on picking where to have my HYSA to be would be welcome.
Would transferring more money than my credit limit to a HYSA be the smart thing to do?
byu/Bluebird8683 inpersonalfinance
Posted by Bluebird8683
3 Comments
> the pickle is 1) my current credit limit is 1k could I even transfer all my money at once to a HYSA
The former is entirely unrelated to the latter. Like zero connection what so ever.
> 2) would this negatively impact my credit?
Also entirely unrelated
> how should I go about doing this?
You transfer it via ACH, like any other transfer between accounts you own
Banks and CUs: https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions
what credit limit are you talking about
what transfer do you want to do, from where to where?
You should put all of your savings in your HYSA. Your credit limit has nothing to do with how much money you can have in a HYSA.