High yield savings accounts

kuksul08

kuksul08

Suh Dude
Is anyone using one of these? Which ones are legit, recommended, etc?

I am seeing anywhere from 2.00 to 2.40% APY but want to pick the right one.
 
JesasaurusRex

JesasaurusRex

Deleted User
My problem chasing these in the past has been 3 months after they're done advertising these rates and getting you to move your money over they gradually reduce them to what everyone else is offering (or lower). Not sure what CDs are doing as of late but it's probably a better bet, least you won't feel like you wasted your time.
 
kuksul08

kuksul08

Suh Dude
So, they can change the rates on a monthly basis, whereas a CD is locked in at that rate? Sorry I am a real noob at this.
 
Caddywumpus

Caddywumpus

4N631
Nerd wallet has good rates and lists like 15 different banks.

I'm currently with ally bank @ 1.9% but my CD is locked in at 2.3%
 
JesasaurusRex

JesasaurusRex

Deleted User
kuksul08 said:
So, they can change the rates on a monthly basis, whereas a CD is locked in at that rate? Sorry I am a real noob at this.
Click to expand...

afaik they can change em at any time
had one for about 3 months and it was less than half the rate i initially had :rolleyes
 
rodr

rodr

Well-known member
You could open a Schwab account and invest in a money fund, or anything else you like. SWVXX is close to 2% right now.
 
A

asdfghwy

Well-known member
I went through this same issue a few months ago and decided on a 2.X% american express HYS account. Only reason I didn't go with a CD is because I am looking to purchase a home a home within the next year and don't want the cash locked in.
 
bojangle

bojangle

FN # 40
Staff member
I've had one with igobanking.com for years. When I first started, rates for everything were much higher and for a while my high yield savings account was in the 6% range. They are currently advertising 1.9%. I just checked my account and I'm currently receiving a rate of 1.88%. Their fine print says that existing accounts might be lower than their advertised rates for new accounts. Rates can change at any time. But they don't only go down. They also go up too. It depends on the Fed and the overall market.

Anyways, I've been happy enough with the product.
 
Arsey

Arsey

Quintessence of dust
The Certificate liquidity is a non issue these days, at least at my CU. It’s practically the same thing as a savings account. I have added money in and moved money out during a certificate term without any problems.
From the 1st United site:

Fixed-Rate Certificates
Above-market rates
Flexible terms between 6 and 84 months
Low $250 minimum
One-time bump feature – Some of our certificates even let you bump-up your rate online once during the term
Add-on feature – Add more money to your certificate at any time
Withdrawal feature – Withdraw your interest penalty-free at any time
Youth certificate option with low $25 minimum
Insured to $250,000 by the NCUA

https://www.1stunitedcu.org/certificates
 
bruceflinch

bruceflinch

I love Da Whores
My girlfriend got a notice from Patelco credit Union. I have an account there myself.
The high-yield (2% lol ) interest went down as you put more in the acct. :wtf I guess that’s why I only earned $.14 in interest last year .
I remember in second grade as we set up savings accounts in school. We received 4% interest . :afm199

I wouldn’t mind throwing five or 10 grand into an account to get 4% interest
 
R

Removed 3

Banned
With the Fed expected to lower the federal funds rate, expect consumer (financial) products that are adjustable rate to move in the same direction.

You can set up more than 1 CD and choose varying terms -- short term and long term -- to control liquidity.
 
kingmoochr

kingmoochr

WHARRGARBL
I have a wealthfront account. It was 2.57, dropped to 2.32 when the fed dropped, not just arbitrarily. I have 8 months of savings in it and am happy to receive my $190/month of interest without the hassle of worring about CD rules and fees. I also really like their Path feature and use it to view all my financial accounts including expenses, retirement, and investment in 1 place. I'm currently on track to retire at 61 with no real changes in my financial status.
 
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R

Removed 3

Banned
Never heard from anyone that any online bank is not legit. Who would have the balls to say they are FDIC-insured when they're not.

www.bankrate.com is a popular site people use to shop for rates
 
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900ss

900ss

Well-known member
Star One Credit Union pays 2.00% and have done so for a while. $25.00 minimum balance.

VMMXX (Vanguard Prime Money Market Fund) currently pays 2.13% with a 0.16% ER. $3,000 minimum investment.
VMFXX (Vanguard Federal Money Market Fund) currently pays 2.09% with a 0.11% ER. $3,000 minimum investment.

As RODR stated, Schwab SWVXX is paying close to 2% (1.97% as of today) with a 0.44% ER.
 
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wannabe

wannabe

"Insignificant Other"
My Capital One 360 Money Market (online) account is currently paying 2% with zero issues with liquidity.
 
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