Best high yield savings?

18,163 Views | 72 Replies | Last: 3 yr ago by spongeboob_squaresharts
Brian Earl Spilner
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
12:16p, 7/29/22
AG
In terms of APY, no fees, easiest transfers, etc?

Nerdwallet shows LendingClub has a high rating and currently have an APY of 2.07%.

Any reviews/thoughts on this, or better suggestions?

(I closed my Citi savings account earlier in the year when I moved all my cash into I-Bonds and suddenly got hit with fees.)
Reply Quote
Omperlodge
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
12:53p, 7/29/22
I have found that no one company seems to have the highest rate. I stopped trying to chase the .5% to 1% gap that fluctuates as they all try to win your deposit. AMEX is currently lagging on rate but I have found that they are the quickest in and out for transfer so I have stuck with them. The one thing missing is the ability to subdivide the account for different goals. I wish you could do that but it is a minor complaint.
Reply Quote
6
SociallyConditionedAg
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:05p, 7/29/22
AG
I'm interested in seeing how Zera Financial works out. They offer 3% per month FDIC insured. Sounds crazy, but who knows.

https://zerafinancial.com/
Reply Quote
Brian Earl Spilner
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to SociallyConditionedAg • 1:44p, 7/29/22
AG
Based on the term rates I'm guessing these are essentially CD's? Also I can't find any reviews anywhere so I'm guessing they're brand new.
Reply Quote
1
hamean02
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:44p, 7/29/22
AG
my Citi savings just bumped to 1.4% -- no other accounts necessary.
Reply Quote
2
Omperlodge
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Brian Earl Spilner • 1:46p, 7/29/22
Brian Earl Spilner said:
Based on the term rates I'm guessing these are essentially CD's? Also I can't find any reviews anywhere so I'm guessing they're brand new.

Been around for at least a decade. The rate is the annual and calculated basis on the monthly average balance. Usually paid the first day of the next month.
Reply Quote
1
Brian Earl Spilner
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Brian Earl Spilner • 2:20p, 7/29/22
AG
Brian Earl Spilner said:
Based on the term rates I'm guessing these are essentially CD's? Also I can't find any reviews anywhere so I'm guessing they're brand new.


Sorry, meant term periods*. I see they have different rates for different term periods and there is a penalty for early withdrawals.

I'm somewhat skeptical about it being around a decade as Google is giving me next to nothing as far as customer reviews, and it's not even on Nerdwallet.
Reply Quote
1
2 edits
Bobcat-Ag
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:22p, 7/29/22
Marcus by Goldman is up to 1.5%. Pretty easy to use.
Reply Quote
9
OldArmyCT
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:40p, 7/29/22
AG
Even at 3% unless you have a large amount of money in there your after tax return is puny. Find 3 or 4 high dividend stocks and sock money there, liquidity is 3 days and your chances of making more than the dividend should be high. If you're worried about losing add sell stops.
Reply Quote
SociallyConditionedAg
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Brian Earl Spilner • 3:51p, 7/29/22
AG
Brian Earl Spilner said:
Based on the term rates I'm guessing these are essentially CD's? Also I can't find any reviews anywhere so I'm guessing they're brand new.

Yeah, the minimum term is 6 months and you're paid monthly. I have no idea how they make money with that model.
Reply Quote
redag06
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:55p, 7/29/22
My CIT Bank account just sent an email they were increasing my account 1.9
Reply Quote
1
Red Pear Luke
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:03p, 7/29/22
Sponsor
AG
ALLY said they are bumping to 1.4%.

They've been jacking it up quite a bit the last two months or so
Reply Quote
Brian Earl Spilner
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to OldArmyCT • 4:13p, 7/29/22
AG
OldArmyCT said:
Even at 3% unless you have a large amount of money in there your after tax return is puny. Find 3 or 4 high dividend stocks and sock money there, liquidity is 3 days and your chances of making more than the dividend should be high. If you're worried about losing add sell stops.


This is basically just for holding my emergency fund, maybe like $10k or so, and only because my I-bonds are already maxed.

Currently have almost 95% of my NW in the market across my brokerage and retirement accounts.

This is essentially money which would otherwise sit in checking.
Reply Quote
1 edit
PPAag06
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:22p, 7/29/22
AG
https://www.doctorofcredit.com/high-interest-savings-to-get/

I personally use etrade and they just raised the rate to 2%. I also have a smaller subset of funds at Marcus and they raised rates to 1.5% today. Both are very easy to use.
Reply Quote
Spaceship
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Bobcat-Ag • 6:08p, 7/29/22
AG
Bobcat-Ag said:
Marcus by Goldman is up to 1.5%. Pretty easy to use.

This is mine as well and I like it.
Reply Quote
1
redag06
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:04p, 7/29/22
Just got another email from wealthfront their rate is now 2%
Reply Quote
1
AgsMyDude
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to OldArmyCT • 9:31p, 7/29/22
AG
OldArmyCT said:
Even at 3% unless you have a large amount of money in there your after tax return is puny. Find 3 or 4 high dividend stocks and sock money there, liquidity is 3 days and your chances of making more than the dividend should be high. If you're worried about losing add sell stops.


Guessing just a straight up brokerage account works for this?
Reply Quote
Dill-Ag13
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:43p, 7/29/22
AG
Sofi is 1.8%
Reply Quote
2
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to redag06 • 8:18a, 7/30/22
AG
redag06 said:
My CIT Bank account just sent an email they were increasing my account 1.9
Have yet to see this and there is nothing on the site about it in my account.

Will be moving my money. I'm going to experiment with OldArmyCT's method with some slightly less liquid cash reserves.
Reply Quote
1 edit
Red Pear Luke
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:31a, 7/30/22
Sponsor
AG
I was able to find this credit card last night offering 2.5% cash back on all purchases up to a monthly cap of $10K.

Reply Quote
1
redag06
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to YouBet • 10:14a, 7/30/22
YouBet said:
redag06 said:
My CIT Bank account just sent an email they were increasing my account 1.9
Have yet to see this and there is nothing on the site about it in my account.

Will be moving my money. I'm going to experiment with OldArmyCT's method with some slightly less liquid cash reserves.
Do you have the "Savings Connect" account?
Reply Quote
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to redag06 • 10:36a, 7/30/22
AG
redag06 said:
YouBet said:
redag06 said:
My CIT Bank account just sent an email they were increasing my account 1.9
Have yet to see this and there is nothing on the site about it in my account.

Will be moving my money. I'm going to experiment with OldArmyCT's method with some slightly less liquid cash reserves.
Do you have the "Savings Connect" account?
No, I have Savings Builder. I guess they added a new product and left me behind.
Reply Quote
Iowaggie
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
12:05p, 8/1/22
AG
Posted about Orion Credit Union before. Currently at 3% (for first $10000) in their Premium Checking.


This is the requirement

To earn your dividends, be eligible for ATM Fee Reimbursements, and make this a free checking account, just meet these two simple qualifiers per month:
  • Electronic deposits totaling at least $500/month Electronic deposits include: direct deposit, ATM deposit, mobile deposit, and electronic transfers from another financial institution.
  • Spend at least $500/month on your Orion debit or Orion credit card

Reply Quote
Ag CPA
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:49p, 8/1/22
AG
Citi and Goldman seem to lead but I have stuck with Amex versus chasing rates, which is up to 1.4% this week. I plan to start moving more money back into equities this fall anyways so it is just a short-term solution besides our emergency cash funds.
Reply Quote
1 edit
TxAg20
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:17p, 8/1/22
AG
Goldman cash account is currently paying 2.18% and MorganStanley currently 2.15%. They were at 1.41% and 1.50% respectively last month.
Reply Quote
Drawkcab
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:46p, 8/1/22
I get 1.4% from Ally. Not the best but not near the worst. Just stick with an online only account and you're pretty much assured to blow anything a brink and mortar bank would offer out of the water.
Reply Quote
1
Baby Billy
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:59p, 8/3/22
AG
PCOXX is a money market mutual fund that can be purchased in any brokerage account. It pays around 2.15% right now.
Reply Quote
strbrst777
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:24a, 8/4/22
Fact' There are NO high yield savings accounts, money market accounts or CD's. Calling a 1 or 2 percent account "high yield" is marketing. Some are higher yield than others-none are high. The yield is considered ordinary income and is reduced by taxes. These accounts are essentially holding tanks that do not offset inflation. High yield? No!
Reply Quote
1
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to strbrst777 • 9:29a, 8/4/22
AG
strbrst777 said:
Fact' There are NO high yield savings accounts, money market accounts or CD's. Calling a 1 or 2 percent account "high yield" is marketing. Some are higher yield than others-none are high. The yield is considered ordinary income and is reduced by taxes. These accounts are essentially holding tanks that do not offset inflation. High yield? No!
I think we all realize this conversation is based on relatives.
Reply Quote
22
Brian Earl Spilner
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to strbrst777 • 11:12a, 8/4/22
AG
strbrst777 said:
Fact' There are NO high yield savings accounts, money market accounts or CD's. Calling a 1 or 2 percent account "high yield" is marketing. Some are higher yield than others-none are high. The yield is considered ordinary income and is reduced by taxes. These accounts are essentially holding tanks that do not offset inflation. High yield? No!


Thanks for explaining. I'm sure none of us knew that.

I-Bonds are the only place to offset inflation and that is maxed at $10k a person.
Reply Quote
2
txaggie79
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to strbrst777 • 11:44a, 8/4/22
AG
Very helpful.
Reply Quote
Red Pear Luke
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
12:08p, 8/4/22
Sponsor
AG
Just got an email from USAA today that say's they are reducing the credit card cash back to 1.5% from 2% after reducing a few years ago from 2.5%.

Long story short - Will be either switching to JPM/Chase or Alliant Credit Union above with their 2.5% cash back.

Anyone have any thoughts/recommendations?
Reply Quote
nkc1981
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Drawkcab • 7:40a, 8/5/22
AG
Just got an email that Ally is increasing their rate to 1.6% as of today - 2nd time they've increased it in the last week or so.
Reply Quote
SZ
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:18a, 8/5/22
AG
AMEX upped their rates again. Now up to 1.4%
Reply Quote
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:29a, 8/5/22
AG
I'm getting 2.28 with the evil empire.
Reply Quote
Last Page
Page 1 of 3 ▼
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.