Author Topic: Best "high yield" savings account?  (Read 4622 times)

Mako13

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Best "high yield" savings account?
« on: January 20, 2013, 08:13:49 AM »
Howdy!

So after finishing grad school and starting a post doc position I finally am starting to build up some money in the ol savings account. I'm at a not so impressive 6.5k right now but the number is growing by about a grand each month.  Right now it is sitting in a capital one account which isn't doing much interest wise, so I'm looking into options that will give me a bit more.  I'm wondering if anybody has any recommendations. Ally looks to have the best rate right now but they generally have terrible costumer service reviews. ING gets mentioned a bit around here, and the reviews seem a bit better.  I'm curious as to what savings accounts the mustachian community at large uses/recommends.

Thanks

kudy

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Re: Best "high yield" savings account?
« Reply #1 on: January 20, 2013, 09:48:13 AM »
My favorite right now is the Sallie Mae money market account paying 1.05%:
https://www.salliemae.com/banking/

ajmers

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Re: Best "high yield" savings account?
« Reply #2 on: January 20, 2013, 09:56:19 AM »
Not sure how the account interest rates differ, but ING was just bought by Capital One. I've had ING for about 2 years now and it was originally at 1.15% APY, and it's gone down to .747% since then.

Another Reader

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Re: Best "high yield" savings account?
« Reply #3 on: January 20, 2013, 12:26:05 PM »
Ally has always been very good about resolving issues and I think their customer service is better than most.  For some reason, I can't open new accounts without a telephone verification and I always have to call them to complete the transaction.  That's really been the only issue.  Sallie Mae has a better rate on their money market account right now, as previously noted.  Pentagon FCU offers 1.25 percent on a 1 year CD, minimum $1,000 and you have to qualify to join.  You may want to look at I-bonds as well.   They pay more than CD's and if you hold them for awhile, the penalty for cashing them in is fairly small.

sheepstache

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Re: Best "high yield" savings account?
« Reply #4 on: January 21, 2013, 12:24:02 PM »
Somebody else on here had mentioned kasasa.com and I liked it.  You put in your zip code to find and compare credit unions.  Generally there's not a residency requirement so I would suggest trying zip codes from different parts of the country.  It's a good way to find those high-interest checking accounts if you don't mind jumping through some hoops, like having your direct deposit go there or making a minimum number of debit card transactions, or whatever, depending on the bank.