Author Topic: This years high yield savings accounts????  (Read 925 times)

texxan1

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This years high yield savings accounts????
« on: October 27, 2020, 06:02:34 AM »
I havent seen much discussion on High Yield Savings accounts for 2020...

In looking, it seems there isnt much over 1% this year and im curious to what others are seeing.

Im T minus 58 working days left until retirement and will have about 300k in cash the day i leave... I have no plans on putting this into my taxable accounts as i have a few projects ( to make money) that i will be needing cash flow for, as well as cash on hand for potential market crashes etc for the  next few years.

So the thoughts then went to something that is high yield but just dont see much.

Can you guys offer up your opinions with what your currently doing

Thanks

Tex

NotJen

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Re: This years high yield savings accounts????
« Reply #1 on: October 27, 2020, 06:29:24 AM »
My high yield savings account is now earning 0.6% (itís been steadily dropping).  According to Doctor of Credit, you can find up to 1% right now, but I havenít decided to chase a higher rate yet: https://www.doctorofcredit.com/high-interest-savings-to-get/

Iíve done several account opening bonuses and earned $1,000 that way (and working on another $500).  I only have $30k to play with, so you could probably do better with more to move around.

I have no plans on putting this into my taxable accounts ... as well as cash on hand for potential market crashes etc for the  next few years.

You realize this is a contradiction.  Might as well put your extra in the market now and avoid market timing.

texxan1

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Re: This years high yield savings accounts????
« Reply #2 on: October 27, 2020, 06:37:53 AM »
I need to have that money in cash..... I could easily put it into my vanguard accounts, but my plans require alot of it to be right down the street in the bank lol..... im holding my breath on a deal right now lol

if that deal falls through, it will go strait to my vanguard

bbqbonelesswing

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Re: This years high yield savings accounts????
« Reply #3 on: October 27, 2020, 07:00:32 AM »
The Fed has cut rates to 0%. You aren't going to find a liquid, short-term, risk-free place to stash your money giving that high of a yield. Lately it seems most high yield savings accounts are giving about 0.6%.

https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts

SunnyDays

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Re: This years high yield savings accounts????
« Reply #4 on: October 27, 2020, 02:19:50 PM »
My local credit union offers 1.25% to 1.55%, depending on the amount saved.  Rates have always been higher there than anywhere else, especially when returns were higher in the past.

terran

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Re: This years high yield savings accounts????
« Reply #5 on: October 27, 2020, 09:04:27 PM »
There isn't really such a thing as high yield accounts right now. I'd just open an Ally account and now worry about it. They're never the highest rate, but the highest never seems to stay higher for very long, so unless you're happy constantly jumping around for a few tenths of a percent you won't do much better.

If you want to jump through some hoops signing up for some accounts with opening bonuses can offer some pretty good returns: https://www.doctorofcredit.com/best-bank-account-bonuses/ -- maybe do some checking bonuses now while you still have an easy direct deposit and do some savings bonuses when you have more time after you retire.