The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Thegoblinchief on January 31, 2014, 10:17:00 AM

Title: Best Yield Online Savings (US)?
Post by: Thegoblinchief on January 31, 2014, 10:17:00 AM
I've been using Capital One 360 (formerly ING Orange) for years. I still remember when I got 6%.

Currently I get 0.75% APY

Can other Mustachians please share reputable banks that might give a higher yield? This is mainly where I park emergency funds and a small account for our godson and kids until they have a big enough balance to open a Vanguard account.

Alternatively, if there's a different investment vehicle that's stable, reasonably liquid, and with no/low minimum balance, I'm all ears.
Title: Re: Best Yield Online Savings (US)?
Post by: nordlead on January 31, 2014, 10:23:54 AM
Ally, CapitalOne360, Barclay, and SmartyPig all tend to have the highest rates. I think SmartyPig is the highest at 1%.

You can earn 5% with Mango, but getting the money out is difficult and there is a cap of $5k. Probably not worth it.

There are various credit unions that provide 2-3% if you swipe their debit card enough times per month. I'm not a fan of debit cards so I can't point you to one, but I know they exist.

You could go iBonds or CD's for higher interest, but then you have penalties upon withdrawal and are slightly less liquid.

Other than that, you won't find a liquid account much better than that.
Title: Re: Best Yield Online Savings (US)?
Post by: electriceagle on January 31, 2014, 11:29:08 AM
Lake Michigan Credit Union pays 3% on the first 15k (more than enough for an emergency fund for most folks) if you swipe their card a certain number of times per month and do direct deposit.
Title: Re: Best Yield Online Savings (US)?
Post by: Fireman on January 31, 2014, 11:44:36 AM
Check out http://www.nerdwallet.com they have a lot of good info including savings account rates.
Title: Re: Best Yield Online Savings (US)?
Post by: wtjbatman on January 31, 2014, 07:20:47 PM
Ironically enough, Bankrate (http://www.bankrate.com/) is a good site for this. Not to mention a bunch of other money related things.