Savings account rec

[sadie]

Any recs on savings accounts with higher than 3% interest rates?

[dr.girlfriend]

Feb 17, 2023 21:29:01 GMT -5 sadie said:

Any recs on savings accounts with higher than 3% interest rates?

I’ve used FNBO Direct for years. They always seem to keep competitive. I checked and it’s 3.45% APY right now with no minimum.

[sadlebred]

Capital One is at 3.4% right now. Most of the good accounts seem to be hovering around that amount. No minimum in the 360 Savings Account.

[ZitchDog]

3.4% with Discover

[fortnightlily]

Related - how much do you all keep in liquid savings, and where do you put it if not in a savings account? CDs? Investments?

We have way too much cash sitting in a Citibank savings account with a pitiful interest rate. Not sure the Citigold status is worth it. We haven't tried to leverage their investment products yet.

[mrsd2006]

Amex HYSA is 3.5% right now.

fortnightlily, move it to a HYSA until you decide what to do with it.

[sometimesrunner]

CIBC is 3.94 right now. I've been with them for a couple of years and have no complaints.

[dr.girlfriend]

Feb 20, 2023 9:24:21 GMT -5 fortnightlily said:

Related - how much do you all keep in liquid savings, and where do you put it if not in a savings account? CDs? Investments?

We have way too much cash sitting in a Citibank savings account with a pitiful interest rate. Not sure the Citigold status is worth it. We haven't tried to leverage their investment products yet.

Somewhere between "liquid" and not is the I-series bonds we funded in October 2022 and January 2023.  I think we lose interest if we cash out early, and the rate is variable of course, but right now they are super high interest (9.62% and 6.89% for the first six months of each).

Otherwise, we keep meaning to set up a non-retirement brokerage account and not getting around to it.  Hopefully this will be the year.  We have way too much spread between the high-yield savings and our regular checking account, but we are also having some big expenses this year (international trips, home renovations) that had me dragging my heels about really putting it somewhere less liquid.

[fortnightlily]

Feb 20, 2023 9:36:11 GMT -5 mrsd2006 said:

Amex HYSA is 3.5% right now.

fortnightlily , move it to a HYSA until you decide what to do with it.

Yeah, we had moved some to the 360 Money Market Capital One account a couple years ago, though I just noticed the interest rate has dropped quite a bit so I guess I have to close that one and open a 'Performance Savings' now. Blegh, why must they do that? We have our accounts under a revocable trust so I always feel like I have to call or visit the branch, can't just open an account online

[sadlebred]

Feb 20, 2023 9:24:21 GMT -5 fortnightlily said:

Related - how much do you all keep in liquid savings, and where do you put it if not in a savings account? CDs? Investments?

We have way too much cash sitting in a Citibank savings account with a pitiful interest rate. Not sure the Citigold status is worth it. We haven't tried to leverage their investment products yet.

HYSA. CDs if the interest is good. You can "ladder" the cds. If you need the $$ in a cd, the only interest is 3 months of interest.

Citiback sucks. Go with an online bank or your local credit union. You'll get higher interest rates.

[brooke77]

Ally and Capital One are both at 3.4%

[niemand88f]

I’ve used Synchrony Bank for several years- no complaints. They’re currently 3.75%

[whitemerlot]

[mention]fortnightlily [/mention] I keep 6 months expenses in cash.

I have my money in the capital one performance at 3.4%.

[simpsongal]

I'm still waiting for CDs to hit a point where I think locking up the money is worth it.

So if not a HYSA, dividend paying stocks or index funds. The market still seems to be recovering. Buy low