Author Topic: Savings account with high interest?  (Read 2899 times)

FastStache

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Savings account with high interest?
« on: July 15, 2014, 06:00:24 PM »
I'm looking for a place to store 20K with a good interest rate. I'm shooting for at least 3%.

I've seen some banks mentioned on here. Does anyone have a link to a bank with this promotion at the moment? Are local credit unions the best bet?

Yes I am maxing my 401K and roth each year.

NathanDrake

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Re: Savings account with high interest?
« Reply #1 on: July 15, 2014, 07:59:50 PM »
I'm in the same boat. I have an emergency fund of around 20K sitting in a checking account earning nothing.

I'm curious what the legitimate alternatives are. I'd prefer to not have to go through all kinds of hoops to get interest.

bryanth

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Re: Savings account with high interest?
« Reply #2 on: July 15, 2014, 08:41:48 PM »
I'm currently using the American Express High Yield Savings account. It's not much, 0.8%, but is much better than sitting in a checking account.

GGNoob

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Re: Savings account with high interest?
« Reply #3 on: July 15, 2014, 08:47:27 PM »
The PayPal  prepaid debit card has a savings account with 5% interest for the first $5k (and $5 a month fee). The Mango Money card has 6% on the first $5k with direct deposits and 2% without. So you could split money between the accounts for a decent return.


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neo von retorch

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Re: Savings account with high interest?
« Reply #4 on: July 15, 2014, 09:03:20 PM »
Mango charges $3 / month.

They also have a broken Customer Service contact form. Probably intentional... shady!

Cyrano

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Re: Savings account with high interest?
« Reply #5 on: July 15, 2014, 09:44:40 PM »
Find a rewards checking account paying 3% and jump through its reasonable hoops.

FastStache

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Re: Savings account with high interest?
« Reply #6 on: August 04, 2014, 11:38:36 AM »
Found this thing online....

http://www.glcu.org/ultimatechecking

Seems to be a good deal with ok restrictions.

frugaliknowit

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Re: Savings account with high interest?
« Reply #7 on: August 04, 2014, 11:53:20 AM »
Use "Kasasa" accounts which require "jumping through hoops" (kasasa.com).  The hoops consist of stuff like 10-15 debit card purchases per month, e-statements, certain number of ach credits, etc.  This requires careful record keeping as you have to somehow separate (spreadsheet) checking or spending money and savings if you use this technique.  Be careful to read all of the rules and fine print.