Author Topic: High Yield Savings account suggestion please  (Read 1389 times)

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
High Yield Savings account suggestion please
« on: August 06, 2019, 08:11:00 AM »
Currently I have my emergency fund and my free cash for buying stocks currently in Ally because they had 2.2% APY
BUT with the rates getting cut, they recently started cutting, it was 2.1, now its 1.9

I am thinking to pull my money and move a chunk to Green Dot to get their max 3% (but their fees are... so I am second guessing this) and the rest I will move to other places that have higher than 2%

Any suggestions?
Where do you all stash cash?

v8rx7guy

  • Handlebar Stache
  • *****
  • Posts: 1423
  • Location: Bellingham, WA
Re: High Yield Savings account suggestion please
« Reply #1 on: August 06, 2019, 08:33:47 AM »
I would go with a high yield savings account that has a good bonus, even if they have a slightly lower rate.  The 3 that I know of right now that have decent bonuses are Capitalone 360 ($200?), Discover Bank ($200?) and Simple Bank ($250?).  These all require depositing at least $10K.  They may be off by a few 1/10ths of a percent from the best rates out there, but bonus far makes up for that.  Personally, I love My Capitalone 360 MM account, but I recently switched to Simple to get the next bonus (this one has way more hoops to jump thru).

Cool Friend

  • Bristles
  • ***
  • Posts: 336
Re: High Yield Savings account suggestion please
« Reply #2 on: August 06, 2019, 09:10:08 AM »
I was thinking about this last night when I got their email update about the rate dropping.  But I recall last summer when I opened my account the rate was also 1.90%, so I might just leave it in there... the rate was good enough for me then, after all.

Following for tips on better options anyway.

Dragonswan

  • Bristles
  • ***
  • Posts: 363
  • Location: Between realms
Re: High Yield Savings account suggestion please
« Reply #3 on: August 07, 2019, 08:02:27 AM »
Comenity direct is giving 2.49% for savings accounts and 2.5% for CDs with very low minimums.  I too am distressed about Ally bank lowering their rate (I get it's because of the Fed rates moving but still) and then have the gall to say they're still 10X better than the "average" bank.  So my biggest savings account is moving to Comenity.

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: High Yield Savings account suggestion please
« Reply #4 on: August 07, 2019, 09:42:00 AM »
I would go with a high yield savings account that has a good bonus, even if they have a slightly lower rate.  The 3 that I know of right now that have decent bonuses are Capitalone 360 ($200?), Discover Bank ($200?) and Simple Bank ($250?).  These all require depositing at least $10K.  They may be off by a few 1/10ths of a percent from the best rates out there, but bonus far makes up for that.  Personally, I love My Capitalone 360 MM account, but I recently switched to Simple to get the next bonus (this one has way more hoops to jump thru).
is it a one time bonus? are there any requirements to get that bonus or fees?
I will take a look at those when I get a chance, so they are money market? is it hard to get money out? since this is my emergency fund I would need to get at it within a day or 2 preferably


Comenity direct is giving 2.49% for savings accounts and 2.5% for CDs with very low minimums.  I too am distressed about Ally bank lowering their rate (I get it's because of the Fed rates moving but still) and then have the gall to say they're still 10X better than the "average" bank.  So my biggest savings account is moving to Comenity.

I had the same reaction, Ally have all the advertising about how other banks are stealing from you by giving less of a percentage, then they do this, confusing messaging

Does Comenity have any transaction requirements? or caps?

I am running into a lot of places that have high rates (3-3.3%) but you have to use their debit card and have a certain amount of bill pays/transactions per month or you end up paying a fee, which drastically brings down the actual percentage

v8rx7guy

  • Handlebar Stache
  • *****
  • Posts: 1423
  • Location: Bellingham, WA
Re: High Yield Savings account suggestion please
« Reply #5 on: August 07, 2019, 09:52:36 AM »
I would go with a high yield savings account that has a good bonus, even if they have a slightly lower rate.  The 3 that I know of right now that have decent bonuses are Capitalone 360 ($200?), Discover Bank ($200?) and Simple Bank ($250?).  These all require depositing at least $10K.  They may be off by a few 1/10ths of a percent from the best rates out there, but bonus far makes up for that.  Personally, I love My Capitalone 360 MM account, but I recently switched to Simple to get the next bonus (this one has way more hoops to jump thru).
is it a one time bonus? are there any requirements to get that bonus or fees?
I will take a look at those when I get a chance, so they are money market? is it hard to get money out? since this is my emergency fund I would need to get at it within a day or 2 preferably

 Yes, one time bonuses.  Requirements, as mentioned above, are typically minimums of $10K held in the account for 3 months or so.  For Instance, the Simple Bank one is $10K for 3 months and the Discover Bank one is $15K or $25K for $150 or $200 respectively for 2 months I believe.

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: High Yield Savings account suggestion please
« Reply #6 on: August 07, 2019, 10:38:53 AM »
snip


 Yes, one time bonuses.  Requirements, as mentioned above, are typically minimums of $10K held in the account for 3 months or so.  For Instance, the Simple Bank one is $10K for 3 months and the Discover Bank one is $15K or $25K for $150 or $200 respectively for 2 months I believe.

oh thats not bad, cool thanks

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1414
Re: High Yield Savings account suggestion please
« Reply #7 on: August 07, 2019, 11:14:18 AM »
We've used Synchrony & CIT in addition to Ally, money market & CDs. Also Schwab SNAXX.

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: High Yield Savings account suggestion please
« Reply #8 on: August 07, 2019, 01:18:00 PM »
We've used Synchrony & CIT in addition to Ally, money market & CDs. Also Schwab SNAXX.

so here is the run down so far

Comenity is  2.45%
Synchrony is 2.15%
CIT is 1.55%
Capital One 360MM is 2.0%

use2betrix

  • Handlebar Stache
  • *****
  • Posts: 1827
Re: High Yield Savings account suggestion please
« Reply #9 on: August 07, 2019, 02:07:44 PM »
Personal Capital has something like 2.3%.

rosarugosa

  • Stubble
  • **
  • Posts: 118
  • Location: Eastern Massachusetts
Re: High Yield Savings account suggestion please
« Reply #10 on: August 08, 2019, 06:50:28 AM »
I've been very happy with Barclays Bank.  Rate is currently at 2.1%.  I find them to be one of the fastest to increase rates and one of the slowest to decrease rates.

BrightFIRE

  • Stubble
  • **
  • Posts: 203
  • Location: Philadelphia
Re: High Yield Savings account suggestion please
« Reply #11 on: August 08, 2019, 01:08:07 PM »
This blog is a great resource for all of the savings/checking/CD rates because he goes into great detail about the loopholes and things like the break even point for breaking a CD and paying the penalty to move your funds. https://www.depositaccounts.com/blog/ He also follows the Fed and does trend tracking on historical rate cuts/raises and what banks do in response.

Bear in mind that with the Fed rate cut, it's likely other banks will cut in the near future as well, so don't go chasing .01% rate differences.

Personally, my main "bank" is Alliant Credit Union. They raised rates like 9 times in the past year and then stopped at 2.1% and have held there. I didn't think it was worth the hassle to move my money around for a few points. Caveat, my SO and I each have $1000 sitting in DCU savings for the 5% rate on balances of $1000 or less. It's a tiny way to eke out a little more interest on my e-fund.

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: High Yield Savings account suggestion please
« Reply #12 on: August 09, 2019, 09:17:46 AM »
This blog is a great resource for all of the savings/checking/CD rates because he goes into great detail about the loopholes and things like the break even point for breaking a CD and paying the penalty to move your funds. https://www.depositaccounts.com/blog/ He also follows the Fed and does trend tracking on historical rate cuts/raises and what banks do in response.

Bear in mind that with the Fed rate cut, it's likely other banks will cut in the near future as well, so don't go chasing .01% rate differences.

Personally, my main "bank" is Alliant Credit Union. They raised rates like 9 times in the past year and then stopped at 2.1% and have held there. I didn't think it was worth the hassle to move my money around for a few points. Caveat, my SO and I each have $1000 sitting in DCU savings for the 5% rate on balances of $1000 or less. It's a tiny way to eke out a little more interest on my e-fund.

thanks I will take a look at that link

I think a ~0.5% is worth my time though

I have both my emergency fund in ally and my car restoration fund in there as well

DCU savings??? hmmm gonna look into that

Chris @ Saturday Financial

  • Stubble
  • **
  • Posts: 107
  • Age: 33
Re: High Yield Savings account suggestion please
« Reply #13 on: August 10, 2019, 12:40:32 PM »
Betterment has a new high yield account offering up to 2.44%.

If you want to maximize the return on a tiny amount of money, get a Netspend premium card / savings account.  They offer 5% on up to $1,000.  If you’re married you can have an account for each spouse.

SmileAllDay

  • Stubble
  • **
  • Posts: 118
  • Traveling full-time with my wife since '16.
    • So, where were we?
Re: High Yield Savings account suggestion please
« Reply #14 on: August 10, 2019, 01:29:10 PM »
CIT Online is actually 2.30% as of today. I use it and haven't had any issues. $100 minimum to open. You've either gotta deposit at least $100 per month or have >$25,000 in the account to keep the higher rate.

As mentioned, Betterment kinda broke the internet a bit a couple weeks back by offering a one-stop shop that combines their investing offering with unlimited ATM fee rebates internationally (like Schwab) and a saving APY of 2.44% (heads up: this rate is promotional and, I believe, depends on you joining a waitlist).

Capital One 360 is pretty good too and has the option to open unlimited accounts if you wanna bucket for separate goals.

Much of a muchness, as we say in Ireland!


Dragonswan

  • Bristles
  • ***
  • Posts: 363
  • Location: Between realms
Re: High Yield Savings account suggestion please
« Reply #15 on: August 12, 2019, 10:50:00 AM »
I would go with a high yield savings account that has a good bonus, even if they have a slightly lower rate.  The 3 that I know of right now that have decent bonuses are Capitalone 360 ($200?), Discover Bank ($200?) and Simple Bank ($250?).  These all require depositing at least $10K.  They may be off by a few 1/10ths of a percent from the best rates out there, but bonus far makes up for that.  Personally, I love My Capitalone 360 MM account, but I recently switched to Simple to get the next bonus (this one has way more hoops to jump thru).
is it a one time bonus? are there any requirements to get that bonus or fees?
I will take a look at those when I get a chance, so they are money market? is it hard to get money out? since this is my emergency fund I would need to get at it within a day or 2 preferably


Comenity direct is giving 2.49% for savings accounts and 2.5% for CDs with very low minimums.  I too am distressed about Ally bank lowering their rate (I get it's because of the Fed rates moving but still) and then have the gall to say they're still 10X better than the "average" bank.  So my biggest savings account is moving to Comenity.

I had the same reaction, Ally have all the advertising about how other banks are stealing from you by giving less of a percentage, then they do this, confusing messaging

Does Comenity have any transaction requirements? or caps?

I am running into a lot of places that have high rates (3-3.3%) but you have to use their debit card and have a certain amount of bill pays/transactions per month or you end up paying a fee, which drastically brings down the actual percentage
Nope. No transaction requirements or caps.

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: High Yield Savings account suggestion please
« Reply #16 on: August 12, 2019, 02:25:37 PM »
Comenity direct is giving 2.49% for savings accounts and 2.5% for CDs with very low minimums.  I too am distressed about Ally bank lowering their rate (I get it's because of the Fed rates moving but still) and then have the gall to say they're still 10X better than the "average" bank.  So my biggest savings account is moving to Comenity.

I had the same reaction, Ally have all the advertising about how other banks are stealing from you by giving less of a percentage, then they do this, confusing messaging

Does Comenity have any transaction requirements? or caps?

I am running into a lot of places that have high rates (3-3.3%) but you have to use their debit card and have a certain amount of bill pays/transactions per month or you end up paying a fee, which drastically brings down the actual percentage
Nope. No transaction requirements or caps.
[/quote]

awesome, I think its a "nobrainer"

El_Mariachi

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: High Yield Savings account suggestion please
« Reply #17 on: August 14, 2019, 10:27:13 AM »
so I moved my money to Comenity, it was pretty painless, I am now enjoying .55% more interest

I tried to open a DCU savings account to get the 6% but they didnt let me because I dont qualify based on their membership requirements....

Dragonswan

  • Bristles
  • ***
  • Posts: 363
  • Location: Between realms
Re: High Yield Savings account suggestion please
« Reply #18 on: August 14, 2019, 01:23:38 PM »
Congratulations!  I'm thinking of putting a few thousand into a CD with Comenity as the Fed may fiddle with the rates some more.