High interest savings

[tealblue]

Hi, I’ve kept a decent amount of $$ stashed in my regular savings which was fine when everyone was paying like 1%. But now I see rates are much higher - a local credit union has CD’s for 5% and I’m seeing online banks with savings rates of 4-5%.

Any recommendations on a place I could stash $30-40k? I need it to be semi accessible as I think I will lose my job next year, so I don’t want to lock it up in a CD that’s based on keeping it there for a number of months/years.

I’m seeing sofi online but I have to do a direct deposit (from my paycheck?) and Barclays have good rates but don’t have any idea what’s the best to choose. Help please!

[wanderingback]

Capital one is 4.3%.

I think many of us OG MMers are with them cause they used to be something 360 and they had higher interest rates than everyone else and then capital one bought them. So have had my account since 2006 (can’t believe I’ve been on here since then!)

[tealblue]

Aug 7, 2023 11:34:10 GMT -5 wanderingback said:

Capital one is 4.3%.

I think many of us OG MMers are with them cause they used to be something 360 and they had higher interest rates than everyone else and then capital one bought them. So have had my account since 2006 (can’t believe I’ve been on here since then!)

Thanks!! I’ve been putting this off forever because rates were non existent and we were doing house stuff where I needed the cash. But now that spending will need to be on hold, I need to be an adult and do something productive with my money.

[puppylove64]

I have Ally and like it. I just saw good rates at capital one and opened accounts for the kids online. It was super easy. A lot of these o lines banks are very user friendly and have free transfers so it is super easy!

[Susie]

I have a couple online savings accounts for different purposes.  Currently Lending Club is giving me the best rate at 4.5%, followed by Capital One 360 at 4.3%.

I've used several different banks over the years, FNBO Direct, CIBC, and the two I mentioned.  They've all been more or less equivalent to work with.  I just go for the best rates.

[sadlebred]

If you find a good rate on a 6 month cd, you could put some of it in there. The penalty for withdraw is usually 3 months of interest.

I agree with Cap. One. The rates are good.

[tvlmm]

Wealthfront is at 5.3% if you have a referral. Happy to share mine. Otherwise, it's 4.8%.

[jewel]

I’ve used Synchrony for quite awhile now and they’re currently at 4.5%, I believe.

I also just opened a new acct at Popular Direct for 5.05%. I haven’t used them before but they have great reviews at bank rate.

[EvieEthelGarland]

Aug 7, 2023 11:34:10 GMT -5 wanderingback said:

Capital one is 4.3%.

I think many of us OG MMers are with them cause they used to be something 360 and they had higher interest rates than everyone else and then capital one bought them. So have had my account since 2006 (can’t believe I’ve been on here since then!)

Verify your rate if you have the Cap One savings. I had it from way back and never noticed the rate dropped to 0.3%.  I hadn't paid attention in years because rates were so low, but it never went back up. I have had my kitchen remodel fund sitting in there for the past 18 months and have lost so much possible interest. 

For some reason I was denied opening accounts at 2 banks so I went with AMEX at 4% since I already had an account there. 

[wanderingback]

Aug 7, 2023 16:25:16 GMT -5 EvieEthelGarland said:

Aug 7, 2023 11:34:10 GMT -5 wanderingback said:

Capital one is 4.3%.

I think many of us OG MMers are with them cause they used to be something 360 and they had higher interest rates than everyone else and then capital one bought them. So have had my account since 2006 (can’t believe I’ve been on here since then!)

Verify your rate if you have the Cap One savings. I had it from way back and never noticed the rate dropped to 0.3%.  I hadn't paid attention in years because rates were so low, but it never went back up. I have had my kitchen remodel fund sitting in there for the past 18 months and have lost so much possible interest. 

For some reason I was denied opening accounts at 2 banks so I went with AMEX at 4% since I already had an account there. 

Yes thank you!

I made the same PSA a couple of months ago when I noticed this. Only 1 if my 4 accounts were at the 4.3% rate so I opened a new one.

[mccallister84]

Aug 7, 2023 16:25:16 GMT -5 EvieEthelGarland said:

Aug 7, 2023 11:34:10 GMT -5 wanderingback said:

Capital one is 4.3%.

I think many of us OG MMers are with them cause they used to be something 360 and they had higher interest rates than everyone else and then capital one bought them. So have had my account since 2006 (can’t believe I’ve been on here since then!)

Verify your rate if you have the Cap One savings. I had it from way back and never noticed the rate dropped to 0.3%.  I hadn't paid attention in years because rates were so low, but it never went back up. I have had my kitchen remodel fund sitting in there for the past 18 months and have lost so much possible interest. 

For some reason I was denied opening accounts at 2 banks so I went with AMEX at 4% since I already had an account there. 

Yea I feel like this is a little shady thing Capital One does (although maybe all banks do it?). They just start new accounts that then become their HYSA. But of course they don’t make it common knowledge that the money market is now just a regular savings account and the performance savings is the high yield one. I usually only know when someone posts about it here. It’s always easy enough to open up the new high yield account but there’s always some lag before I realize there’s a new one.

[okla]

I just opened a new HY savings account at TIAA with 4.75 for the first year. Their regular rate on that account is 4.3. I already had an account there making 4, but moved it over for the promo rate.

[Deleted]

I have an American Express Savings account that is currently paying 4.15%

[reason2believe]

I’ve been with capital one for a long time - as others have mentioned it’s currently at 4.3%.

I also have a CD with them that is at 5%. They have a current offer for an 18 month CD at 5.15% but it doesn’t sound like that will work for you.

[egeiger]

We have had a good experience with Ally and have received two or three rate increases over the last year. I think it is a 48 hour transfer delay, so reasonable.

[fortnightlily]

Aug 7, 2023 19:08:08 GMT -5 mccallister84 said:

Aug 7, 2023 16:25:16 GMT -5 EvieEthelGarland said:

Verify your rate if you have the Cap One savings. I had it from way back and never noticed the rate dropped to 0.3%.  I hadn't paid attention in years because rates were so low, but it never went back up. I have had my kitchen remodel fund sitting in there for the past 18 months and have lost so much possible interest. 

For some reason I was denied opening accounts at 2 banks so I went with AMEX at 4% since I already had an account there. 

Yea I feel like this is a little shady thing Capital One does (although maybe all banks do it?). They just start new accounts that then become their HYSA. But of course they don’t make it common knowledge that the money market is now just a regular savings account and the performance savings is the high yield one. I usually only know when someone posts about it here. It’s always easy enough to open up the new high yield account but there’s always some lag before I realize there’s a new one.

This annoys me so much because we like to have our HYSA in our revocable trust and you can't just open a new Trust account, you have to open a new account then do the paperwork all over again to convert it to a Trust.

[cherry1111]

CIT is at 5.05% for their platinum savings (meaning your balance must be over $5k)

[katieb4tom]

I am at 5% for CIT and 4.35% for Citibank.

[fryjack2]

Aug 7, 2023 16:25:16 GMT -5 EvieEthelGarland said:

Aug 7, 2023 11:34:10 GMT -5 wanderingback said:

Capital one is 4.3%.

I think many of us OG MMers are with them cause they used to be something 360 and they had higher interest rates than everyone else and then capital one bought them. So have had my account since 2006 (can’t believe I’ve been on here since then!)

Verify your rate if you have the Cap One savings. I had it from way back and never noticed the rate dropped to 0.3%.  I hadn't paid attention in years because rates were so low, but it never went back up. I have had my kitchen remodel fund sitting in there for the past 18 months and have lost so much possible interest. 

For some reason I was denied opening accounts at 2 banks so I went with AMEX at 4% since I already had an account there. 

I told my FIL (retired finance/accounting) this and he checked the random capital one savings account they have for the grandkids and sure enough, he was still getting the lower rate and switched.  He thinks I'm a finance whiz now  

[dr.girlfriend]

Aug 9, 2023 12:45:13 GMT -5 fortnightlily said:

Aug 7, 2023 19:08:08 GMT -5 mccallister84 said:

Yea I feel like this is a little shady thing Capital One does (although maybe all banks do it?). They just start new accounts that then become their HYSA. But of course they don’t make it common knowledge that the money market is now just a regular savings account and the performance savings is the high yield one. I usually only know when someone posts about it here. It’s always easy enough to open up the new high yield account but there’s always some lag before I realize there’s a new one.

This annoys me so much because we like to have our HYSA in our revocable trust and you can't just open a new Trust account, you have to open a new account then do the paperwork all over again to convert it to a Trust.

If it helps, I've had my HYSA at FNBO Direct for more than fifteen years now, and the rate stays competitive with no minimum balance and no fees.  They only have one savings account I believe so there aren't these kind of shenanigans.  I just checked and it's currently at 5.15% APY.

[jlt19]

Make sure you check Doctor of Credit website to see if there’s any bonuses for opening new accounts. I think Capital One has one going on right now for a few hundred, though that may only be their checking. But a lot of banks have these types of bonuses that people rarely know about, can’t hurt to check!