selzzz said:

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AMEX upped their rates again. Now up to 1.4%

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and they finally linked their savings accounts to your credit card accounts so can see them in one log in...

Another option to consider for "high yield" savings is Live Oak Bank.

I've used them for over 4 years and they have typically stayed ahead of AMEX, Citi Accelerate and Cap One.

Right now they are at 1.75%


liveoakbank.com

That is the main reason I have not switched to another company despite their rates being lower than most.

Not a savings account, but I have started putting a portion of my emergency savings in I Bonds. Currently paying 9+%. Money is locked for 12 months. Can only buy 10k per person per year. If accessed within 5 years of purchase, lose last 3 months of interest. Hence why the wife and I are slowly buying a portion per year. Eventually will have all of our emergency funds there.

YouBet said:

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strbrst777 said:

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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!

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I think we all realize this conversation is based on relatives.

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Everyone but one…

On a serious note, I use Discover and they are at 1.5%

Open an account on TreasuryDirect.gov and there are a plethora of Treasury Bill opportunities maturing in as little as 4 weeks at 2.15% or so. You'll make about $90 by locking up $50,000 for one month with no risk.

Mentioned this on the first page. I-Bonds should be the first place to park some money that won't be needed. This thread is more for emergency funds that can be accessed whenever.

Oh wow didn't know there were short term options like that

Bank of America is at 0.02%

Aggie84whoop said:

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Open an account on TreasuryDirect.gov and there are a plethora of Treasury Bill opportunities maturing in as little as 4 weeks at 2.15% or so. You'll make about $90 by locking up $50,000 for one month with no risk.

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I've never done it in the past but I think that I am going to get into the T-bill game; I set up an account on TreasuryDirect for my I-bonds earlier in the year and the rates are getting attractive enough to commit some cash. I know that you can do this through various ETFs but the fees eat into an already-thin return.

Bobcat-Ag said:

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Marcus by Goldman is up to 1.5%. Pretty easy to use.

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They are a bit low. Synchrony and Barclay at 1.65%. Ally at 1.60% but just raised. I expect Marcus to move up in next week or two. I have a chunk with them ($200k) and likely move $50k to Synchrony...they have seemed to be first mover out of these 4, but you never know. If they were able to get deposits where they wanted by being first mover then they could lag for a bit.

You're only looking at this from one side of the picture. Should interest rates drop, I can 100% assure you that Bank of America would beat all of the other banks you named in dropping to 0.01% and may just preemptively go negative for fun (again, being the first mover).

selzzz said:

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AMEX upped their rates again. Now up to 1.4%

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Bumped it again to 1.5% today; I know it is still chump change but I remember being excited to get 0.4% at the beginning of the year.

Ag CPA said:

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selzzz said:

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AMEX upped their rates again. Now up to 1.4%

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Bumped it again to 1.5% today; I know it is still chump change but I remember being excited to get 0.4% at the beginning of the year.

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I remember back in the day of the mid aughts when I was getting 5% with my first online savings account at HSBC.

Haha, that's exactly my story. My first online savings was at HSBC for 5% and they promised to always be near the top since they're online and have no overhead costs. Fast forward to today and that same account is at 0.05% or 1.75% if you jump through a few hoops to meet certain qualifications, which I don't.

Anyway I just came to say Ally is up to 2% now, no hoops.

I have found that credit unions are the best access to higher savings and checking rates. I personally have accounts with the following:

- Lake Michigan Credit Union (Michigan) - Max Checking - 3% on up to $15,000 with stipulations like a one time $5 joining fee, 10x charges per month with debit, and a direct deposit payment.
- T-Mobile Money Bank (not a Credit Union, but worth a mention): 4% up to $3,000 - 10x charges per month and a T-Mobile member
- Digital Credit Union (Massachusetts) - Primary Savings Account - up to $1,000 Savings - Currently 6.17% (beyond joining, no further action)
- Blue FCU (Wyoming) - Accelerated Savings - 5% up to $1,000 (beyond joining, no further action)

Beyond the first two, it's a set it and forget it setup. I typically keep an eye out every quarter for new rates and CUs. If I like the terms, I apply for their account. You don't have to be a resident for most CU states because they let you pay into a not-for-profit entity that helps with membership access.

This is one of the websites I reference: https://smartasset.com/checking-account/best-credit-unions

I also have Ally Bank, Lending Club (loans are closed, but they opened an online bank), and Schwab Bank which offer benefits in their offerings. (E.g. I use Schwab Bank for international debit purchases, when needed).

If you're banking a salary or (combined home income) of >$250k per year, there are alternatives to the above to protect against inflation, like using US government treasuries.

Places like Bank Rate and Nerd Wallet that create lists of high interest accounts used to always have Ally listed near the top. Now Ally doesn't even make the list even though their rates beat many of the banks that do. What happened? Has Ally stopped paying them to get on the lists?

Ally might have ended the affiliate linking or doesn't pay as well as others.

New HEB debit/savings account gives 6% APY on first $2,000. Yes, only $2,000, but a decent way to put 2k somewhere and forget about it.

Woodedge inspired me to look into credit unions which I've never really done because I wrongly assumed I wouldn't be able to get an account at a lot of credit unions outside my local community.

I've found may places offering higher rates require a monthly direct deposit into the account to get that rate. However, the high rate is usually capped at like $500 or $1000 and then drops down to less than 1% like everyone else so obviously don't want to just keep direct depositing into the account and build a huge balance earning nothing.

I'm thinking about setting up a direct deposit but also an automatic monthly transfer out of the same amount to keep the balance at $500 or $1000 or whatever it needs to be. Anyone ever done anything like that? Would the institution think this looks fishy?

Drawkcab said:

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Woodedge inspired me to look into credit unions which I've never really done because I wrongly assumed I wouldn't be able to get an account at a lot of credit unions outside my local community.

I've found may places offering higher rates require a monthly direct deposit into the account to get that rate. However, the high rate is usually capped at like $500 or $1000 and then drops down to less than 1% like everyone else so obviously don't want to just keep direct depositing into the account and build a huge balance earning nothing.

I'm thinking about setting up a direct deposit but also an automatic monthly transfer out of the same amount to keep the balance at $500 or $1000 or whatever it needs to be. Anyone ever done anything like that? Would the institution think this looks fishy?

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This is fine. I did this back in the day for various banks to get a bonus in combination with credit card churning. IMO, its not worth all the work unless there is a bonus. "higher rate" that is capped is not enough. But to each their own.

Money market funds all around 3.9% this week and adjusting for rising rates. Banks making a killing only giving 1%-1.5%.

Ag CPA said:

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selzzz said:

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AMEX upped their rates again. Now up to 1.4%

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Bumped it again to 1.5% today; I know it is still chump change but I remember being excited to get 0.4% at the beginning of the year.

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AMEX up to 3% now.

Discover savings is 3% apy now

I'm using UFB Direct right now. Current advertised savings rate is 3.83% but word of warning on them. Every time they up their rate, they create a new account type and leave you at your current rate. So I opened a preferred account at 2.6% then they went up to 3.15%. But that was for an "elite account". I called and converted thinking hmm, that's weird. They did it again when they bumped up to 3.83%. Checked my account and I was at 3.15% still and there is a new account type called "high yield". Another 5 minute call to convert. Not that big of a deal but you need to monitor it. I doubt they'll be so generous on the way down.

NoHo Hank said:

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I'm using UFB Direct right now. Current advertised savings rate is 3.83% but word of warning on them. Every time they up their rate, they create a new account type and leave you at your current rate. So I opened a preferred account at 2.6% then they went up to 3.15%. But that was for an "elite account". I called and converted thinking hmm, that's weird. They did it again when they bumped up to 3.83%. Checked my account and I was at 3.15% still and there is a new account type called "high yield". Another 5 minute call to convert. Not that big of a deal but you need to monitor it. I doubt they'll be so generous on the way down.

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CIT Bank has been doing this as well.

My highest high yield currently is Wealthfront at 3.3%

Citi raised their rate to 3.1% a couple of weeks ago... if you deposit $50k into the acct, they give you a $450 bonus deposit.

Another for Citi Accelerate Savings....I think it's back up to 3.1% last I checked.

3.46 on my T+0 FDIC money, 3.61 on T+1 Treasury money market.

Citi up to 3.40% yesterday.

Ally to 3.3% yesterday. I like their bucket system so I can get away from using an excel sheet to earmark what of my savings is allocated for different things.

Except I still have it duplicated in excel.

Robinhood Gold is up to 4% as of today, but is 5$ a month.

Not sure if there is a thing against cap one but they are at 4.15 for 12 months.