High Yield Savings Accounts

[purplepenguin7]

What are the best high yield savings accounts out there right now? I just realized my former "high yield" account was converted to a regular savings at some point.  I don't have a huge balance but I'd like   to be earning more if possible! Capital One seems to be the highest right now (3.0%)...any experience with them as a bank? 

[k3am]

I think a large number of us on the MM board use Capital One. I have no complaints. We use them just for savings accounts, our checking is elsewhere. I like that I can have multiple accounts targeted for different purposes, but they all roll up into one statement.

[purplepenguin7]

Oct 31, 2022 13:49:58 GMT -5 k3am said:

I think a large number of us on the MM board use Capital One. I have no complaints. We use them just for savings accounts, our checking is elsewhere. I like that I can have multiple accounts targeted for different purposes, but they all roll up into one statement.

oh that's great, I had been looking for account that did that.  thanks!

[mrsslocombe]

I've had Capital One for years (originally it was ING Orange, then got bought and rolled over). I have auto savings set up, transfers between my regular checking account at another bank and the savings at Capital One are super easy.

My only word of caution/advice is to check the products they offer every 3-6 months. Sometimes they offer some slightly differently named kind of savings account with a better rate. It's very quick to open up a new kind of account and move your money over, but you just have to keep an eye out to get the best rate/product.

Also their CD rates are currently going up every month, I just opened a 24 month CD in September 2022 at 3% and now the savings account is earning 3%...so that was a "waste." 24 month CDs are currently 4%.

[k3am]

Oct 31, 2022 17:29:23 GMT -5 mrsslocombe said:

Also their CD rates are currently going up every month, I just opened a 24 month CD in September 2022 at 3% and now the savings account is earning 3%...so that was a "waste." 24 month CDs are currently 4%.

We are in a rising rate environment - this is going to be true for every institution, not just Capital One. 

[whitemerlot]

I’m annoyed that my Capital One “money market” account is at 0.8% and their performance savings rate is 3.0. I’ve already got a few linked accounts. It feels like a pain.

[mrsd2006]

I'm using AMEX.

www.cnbc.com/select/best-high-yield-savings-accounts/

[Susie]

Lending Club is currently 3.12% for savings.
Capital One 360 is currently 3.00% for performance savings.
FNBO Direct is currently 2.15%.  I still have an account there but have mostly shifted away from it for obvious reasons.

[dancelnow]

Bask just raised mine to 3.6%

[gt7301b]

Nov 1, 2022 12:06:06 GMT -5 Susie said:

Lending Club is currently 3.12% for savings.
Capital One 360 is currently 3.00% for performance savings.
FNBO Direct is currently 2.15%.  I still have an account there but have mostly shifted away from it for obvious reasons.

Thanks for posting this.  My original Capital One account was getting less than 1%, so I opened the new Performance Account.  It took me all of 5 minutes and I found a bonus online if I transfer $10,000 from an external account. 

[TR]

Nov 3, 2022 8:49:38 GMT -5 gt7301b said:

Nov 1, 2022 12:06:06 GMT -5 Susie said:

Lending Club is currently 3.12% for savings.
Capital One 360 is currently 3.00% for performance savings.
FNBO Direct is currently 2.15%.  I still have an account there but have mostly shifted away from it for obvious reasons.

Thanks for posting this.  My original Capital One account was getting less than 1%, so I opened the new Performance Account.  It took me all of 5 minutes and I found a bonus online if I transfer $10,000 from an external account. 

Ditto! Minus the bonus, I didn't find that, but I also don't have an external account to transfer from anyway lol But this will get us a couple hundred extra each month in interest so...WINNING.

[buckeyegirl]

I'm glad I read this. I just opened a new account with Capital One and went from .3% to 3.0%.

[whitemerlot]

To follow up, I did open a capital one performance account last night too. It was easy, but still so many accounts.

[statgirl]

whitemerlot I also opened one and drained the others and closed them at Capital One because that was too many savings accounts.

[twinmomma]

Nov 3, 2022 13:10:35 GMT -5 buckeyegirl said:

I'm glad I read this. I just opened a new account with Capital One and went from .3% to 3.0%.

Same! I'm so excited to have my savings in a place where it will actually accrue something!

[Deleted]

I'm glad I opened this post. I already had an FNBO and Capital One account, but neither was earning much of anything, so I opened a new account at both to start actually earning decent interest.

[lessel]

Quick follow-up question... I was just talking w/our financial advisor about this. She said a lot of her clients have liked using ally because they have a 'bucket' feature where you can organize your savings into buckets that kind of look like sub-accounts. I feel like that would really work for my brain at the moment... do other of these ones recommended here have that function?

[winemaker06]

Nov 8, 2022 14:46:25 GMT -5 lessel said:

Quick follow-up question... I was just talking w/our financial advisor about this. She said a lot of her clients have liked using ally because they have a 'bucket' feature where you can organize your savings into buckets that kind of look like sub-accounts. I feel like that would really work for my brain at the moment... do other of these ones recommended here have that function?

Capital One lets you open as many performance savings accounts as you want, and they all display in one view. I used this extensively in the past for short-term savings and closed them when done. You get a single tax statement at the end of the year even though they are separate accounts. And transfers between are instant.

[memenee]

Oct 31, 2022 17:29:23 GMT -5 mrsslocombe said:

I've had Capital One for years (originally it was ING Orange, then got bought and rolled over). I have auto savings set up, transfers between my regular checking account at another bank and the savings at Capital One are super easy.

My only word of caution/advice is to check the products they offer every 3-6 months. Sometimes they offer some slightly differently named kind of savings account with a better rate. It's very quick to open up a new kind of account and move your money over, but you just have to keep an eye out to get the best rate/product.

Also their CD rates are currently going up every month, I just opened a 24 month CD in September 2022 at 3% and now the savings account is earning 3%...so that was a "waste." 24 month CDs are currently 4%.

Capital One is currently 4% for a 12 month CD and I just wanted to ask what exactly happens at the
One year mark - do I just collect my investment and interest when the 12
Months are up and that’s it? Thanks! I’ve only ever had stocks or mutual funds - never a CD. I appreciate it.

Also, it’s $50,000 that I will need in a year for something so after one year do I have 50,000 x 4% = $2,000 so $52000 or is it compounded differently? Thank you!

[mrsslocombe]

Nov 13, 2022 21:23:13 GMT -5 memenee said:

Oct 31, 2022 17:29:23 GMT -5 mrsslocombe said:

I've had Capital One for years (originally it was ING Orange, then got bought and rolled over). I have auto savings set up, transfers between my regular checking account at another bank and the savings at Capital One are super easy.

My only word of caution/advice is to check the products they offer every 3-6 months. Sometimes they offer some slightly differently named kind of savings account with a better rate. It's very quick to open up a new kind of account and move your money over, but you just have to keep an eye out to get the best rate/product.

Also their CD rates are currently going up every month, I just opened a 24 month CD in September 2022 at 3% and now the savings account is earning 3%...so that was a "waste." 24 month CDs are currently 4%.

Capital One is currently 4% for a 12 month CD and I just wanted to ask what exactly happens at the
One year mark - do I just collect my investment and interest when the 12
Months are up and that’s it? Thanks! I’ve only ever had stocks or mutual funds - never a CD. I appreciate it.

Also, it’s $50,000 that I will need in a year for something so after one year do I have 50,000 x 4% = $2,000 so $52000 or is it compounded differently? Thank you!

When the term is up you have a window of time to act (I think its 10 days)-you can transfer the money to a different account, you can move the money to a different cd, or if you do nothing it will auto-renew (for the same length of time, at whatever the interest rate is at that time). 

CDs earn compound interest on an annual basis-so for CDs 12 months or less, yes it's a simple 50,000x4%=2,000. If your CD was longer than 12 months you'd have to calculate the compound on 52,000 after year 1. 

[Deleted]

I just got an email that my Amex savings has increased to 3.0%

[simpsongal]

Nov 17, 2022 10:19:17 GMT -5 @sameoldstory said:

I just got an email that my Amex savings has increased to 3.0%

Yup, and not gonna lie, I probably feel too giddy at the prospect of earning more interest on savings than I'm paying in interest on my mortgage or other outstanding loans.

[Deleted]

Nov 17, 2022 15:32:34 GMT -5 simpsongal said:

Nov 17, 2022 10:19:17 GMT -5 @sameoldstory said:

I just got an email that my Amex savings has increased to 3.0%

Yup, and not gonna lie, I probably feel too giddy at the prospect of earning more interest on savings than I'm paying in interest on my mortgage or other outstanding loans.

I'm going to enjoy it while I can! I will have to refinance in a couple of months to buy out my STBX and the mortgage rates make me want to cry.

[ZitchDog]

3% on my Discover Bank Account's Online Savings!

[sent]

I have a Marcus account and it is also at 3%.

[jewel]

Synchrony is at 3.25%.

My mortgage is 1.99% and my H’s car has a small balance at 2.69%. My vanguard MFs are sad right now, YTD, but it’s amazing to have a savings account alone at a higher interest rate than any of our debt.

[dr.girlfriend]

Ooh, I just checked and FNBO Direct is up to 3% too!