Author Topic: High-interest savings accounts?  (Read 6489 times)

CientoUno

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High-interest savings accounts?
« on: January 26, 2016, 06:46:39 PM »
Not sure if this is the appropriate place to ask, but I'd like some thoughts on what organizations you fine folks use for keeping your easily accessible cash. Right now I've got a savings and checking account with Chase Bank, and as I went to check my balance online today, I made a horrifying discovery-- 0.03% interest rate on my savings account I've had for many years. It's the one my dad set up for me a long time ago as a kid, and thankfully it did a fantastic job of teaching me the value of saving, but surely I can find a better deal than this, right?

What do you guys in the States use? Because I'll be moving back Stateside from Thailand around July, and along with jumping into index investing, I'd also like to get a better deal going on the savings account side of things too. Thanks in advance y'all!

GrowingTheGreen

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Re: High-interest savings accounts?
« Reply #1 on: January 26, 2016, 08:15:53 PM »
Ally Bank.  They're generally at the top and are at 1% right now.

They also have pretty good customer service and will reimburse $10 in ATM fees every month if you don't use an "in-network" atm.  "in-network" arms are all over the place.  Very happy with them.

Vagabond76

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Re: High-interest savings accounts?
« Reply #2 on: January 26, 2016, 09:08:50 PM »
Screw 0.3% or even 1%.

You might be able to find small banks with outstanding rates, up to a certain balance.  Generally you have to have (or manufacture) 10-15 debit card transactions a month.

I use Gibsland Bank (NW Louisiana), 4.11% APR for balances up to $15k.  Must get online statements, have one direct deposit or ACH per month, and 15 debit card transactions per month.  There are several others around the country.

Anything more than $15k should be (1) invested or (2) part of savings for a large purchase.

letired

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Re: High-interest savings accounts?
« Reply #3 on: January 26, 2016, 09:36:09 PM »
I did the Netspend prepaid debit card for the 5% on $5k savings account. It's been pretty painless, and if you use a referral link, you get a $20 bonus (http://www.mynetspendcard.com?uref=6164291128). The setup takes a while, but the maintenance looks to be within my tolerance.

The rest of my emergency/cash is in Ally. 1% ain't great, but I have found in myself an inability to dick around with direct deposit and number of monthly transactions.

JZinCO

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Re: High-interest savings accounts?
« Reply #4 on: January 26, 2016, 09:59:59 PM »
Gibsland sounds nice, but you have to open an account in person?
I use Consumers Credit Union. They just clamped down on shmucks like me so now I'm down to a bit over 3% interest when I make 12 debit card transactions/mo and push an ACH (counts as DD).

CientoUno

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Re: High-interest savings accounts?
« Reply #5 on: January 26, 2016, 11:22:07 PM »
I use Consumers Credit Union. They just clamped down on shmucks like me so now I'm down to a bit over 3% interest when I make 12 debit card transactions/mo and push an ACH (counts as DD).
I use Gibsland Bank (NW Louisiana), 4.11% APR for balances up to $15k.  Must get online statements, have one direct deposit or ACH per month, and 15 debit card transactions per month.  There are several others around the country.

Anything more than $15k should be (1) invested or (2) part of savings for a large purchase.

It sounds like the idea with things like this is, awesome interest rates in exchange for a certain number of guaranteed transactions? My initial impression is, as nice as those high interest rates are, that this would be a bit stressful-- I'd always end up worrying if I hit the monthly minimum or not. What's the penalty for making fewer transactions?

JZinCO

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Re: High-interest savings accounts?
« Reply #6 on: January 27, 2016, 12:04:03 AM »
I use Consumers Credit Union. They just clamped down on shmucks like me so now I'm down to a bit over 3% interest when I make 12 debit card transactions/mo and push an ACH (counts as DD).
I use Gibsland Bank (NW Louisiana), 4.11% APR for balances up to $15k.  Must get online statements, have one direct deposit or ACH per month, and 15 debit card transactions per month.  There are several others around the country.

Anything more than $15k should be (1) invested or (2) part of savings for a large purchase.

It sounds like the idea with things like this is, awesome interest rates in exchange for a certain number of guaranteed transactions? My initial impression is, as nice as those high interest rates are, that this would be a bit stressful-- I'd always end up worrying if I hit the monthly minimum or not. What's the penalty for making fewer transactions?
At CCU the interest paid gets knocked down to 0.01 for the month missed. I referred to myself as schmuck because I was doing 12 debit and 12 credit transactions at 50 cents each for the past 11 months to get the 4.09% interest. Now they require a monthly minimum spend of $500 and no set # of transactions for the same tier (which earns just 3.59% as of next month).
Still though, I'm happy to get 3.09% from now on.
More here: http://www.myconsumers.org/personal/checking/rewards-checking-update.html

CientoUno

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Re: High-interest savings accounts?
« Reply #7 on: January 27, 2016, 12:52:07 AM »
At CCU the interest paid gets knocked down to 0.01 for the month missed. I referred to myself as schmuck because I was doing 12 debit and 12 credit transactions at 50 cents each for the past 11 months to get the 4.09% interest. Now they require a monthly minimum spend of $500 and no set # of transactions for the same tier (which earns just 3.59% as of next month).
Still though, I'm happy to get 3.09% from now on.
More here: http://www.myconsumers.org/personal/checking/rewards-checking-update.html

Well I have about 16K total to my name currently (before whatever my employment ends up being upon my return) and I definitely want at least 5K of that going into VTSMX. The low tier has so many criteria but that middle and high tier seem better. I just don't want to be held to minimum spending. The idea is to save my money, not spend X amount. Especially once you get to 20K, you have to spend 1,000 of it per month? I'm sure I'll end up spending that anyway, on rent and everything, but to be made to have to kind of rubs me the wrong way...

But you know what, upon further reflection, I think the issue is that I'm just unused to thinking about American things in American dollar amounts now. Been using Thai baht for so long that I'm all out of whack! $500 or $1,000 to me seems like so much, because I regularly live on the equivalent of under $300/month here, and in fact $1,200 is my monthly salary here. Totally different scale!

Does it count if you withdraw $500 in cash all at once and then do with it what you will?
« Last Edit: January 27, 2016, 12:55:10 AM by CientoUno »

Indexer

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Re: High-interest savings accounts?
« Reply #8 on: January 27, 2016, 05:18:26 AM »
I keep 5k at MangoMoney.  Mangomoney.com

They will pay 6% on the savings account up to 5k, but they have hoops you have to jump through. You have to have at least a $50 direct deposit, and pay $3/month for the debit card.  However, 6% interest on a savings account!!!!

Then I keep a few thousand at capital one 360. They are my bank so that is my very liquid money I could have access to right now if I want. It is earning 0.75%.

Then I keep some fairly liquid money in VASIX. Yes, I know, it isn't cash. However it is liquid, has historically returned in the 4-5% range, and even in 2008 it was only down about 10%. For money that I probably won't need I'm ok with taking a little risk to get a return that will at least outpace inflation.

I am considering opening a netspend account to move the money that is currently at capital one, but I might be making a large purchase(house down payment) so it isn't a change I would make right now.

Bbqmustache

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Re: High-interest savings accounts?
« Reply #9 on: January 27, 2016, 05:22:51 AM »
Instead of running after an interest rate, we use a credit union checking account that rewards us up to $5 a month cash back for debit card transactions.  Minimal hoops to jump through keeps us free to take time doing other things.  Look for Kasasa checking at a CU near you, plus shared branching.  Love both!

JZinCO

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Re: High-interest savings accounts?
« Reply #10 on: January 27, 2016, 09:11:53 AM »
Does it count if you withdraw $500 in cash all at once and then do with it what you will?

From the link I posted:
Quote
$500 CCU Visa Credit Card purchases, no minimum number of transactions

johnny847

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Re: High-interest savings accounts?
« Reply #11 on: January 27, 2016, 09:32:03 AM »
I use Consumers Credit Union. They just clamped down on shmucks like me so now I'm down to a bit over 3% interest when I make 12 debit card transactions/mo and push an ACH (counts as DD).
I use Gibsland Bank (NW Louisiana), 4.11% APR for balances up to $15k.  Must get online statements, have one direct deposit or ACH per month, and 15 debit card transactions per month.  There are several others around the country.

Anything more than $15k should be (1) invested or (2) part of savings for a large purchase.

It sounds like the idea with things like this is, awesome interest rates in exchange for a certain number of guaranteed transactions? My initial impression is, as nice as those high interest rates are, that this would be a bit stressful-- I'd always end up worrying if I hit the monthly minimum or not. What's the penalty for making fewer transactions?

Use square cash to send money from your ccu debit card tov someone you trust to give you your money back.

I convinced a friend to sign up for the account, and we send each other money back and forth every month to complete the debit card requirement.

Vagabond76

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Re: High-interest savings accounts?
« Reply #12 on: January 27, 2016, 01:03:22 PM »
I use Consumers Credit Union. They just clamped down on shmucks like me so now I'm down to a bit over 3% interest when I make 12 debit card transactions/mo and push an ACH (counts as DD).
I use Gibsland Bank (NW Louisiana), 4.11% APR for balances up to $15k.  Must get online statements, have one direct deposit or ACH per month, and 15 debit card transactions per month.  There are several others around the country.

Anything more than $15k should be (1) invested or (2) part of savings for a large purchase.

It sounds like the idea with things like this is, awesome interest rates in exchange for a certain number of guaranteed transactions? My initial impression is, as nice as those high interest rates are, that this would be a bit stressful-- I'd always end up worrying if I hit the monthly minimum or not. What's the penalty for making fewer transactions?

Use square cash to send money from your ccu debit card tov someone you trust to give you your money back.

I convinced a friend to sign up for the account, and we send each other money back and forth every month to complete the debit card requirement.

I use Square Cash to give small amounts of money to my kids. The computer is set to send recurring emails which trigger debit card transactions through Square.

FrugalKube

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Re: High-interest savings accounts?
« Reply #13 on: February 25, 2016, 11:12:41 PM »
I keep 5k at MangoMoney.  Mangomoney.com

They will pay 6% on the savings account up to 5k, but they have hoops you have to jump through. You have to have at least a $50 direct deposit, and pay $3/month for the debit card.  However, 6% interest on a savings account!!!!

Then I keep a few thousand at capital one 360. They are my bank so that is my very liquid money I could have access to right now if I want. It is earning 0.75%.

Then I keep some fairly liquid money in VASIX. Yes, I know, it isn't cash. However it is liquid, has historically returned in the 4-5% range, and even in 2008 it was only down about 10%. For money that I probably won't need I'm ok with taking a little risk to get a return that will at least outpace inflation.

I am considering opening a netspend account to move the money that is currently at capital one, but I might be making a large purchase(house down payment) so it isn't a change I would make right now.
I may have to look into MangoMoney

MustacheAndaHalf

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Re: High-interest savings accounts?
« Reply #14 on: February 26, 2016, 12:35:19 AM »
I keep 5k at MangoMoney.  Mangomoney.com

They will pay 6% on the savings account up to 5k, but they have hoops you have to jump through. You have to have at least a $50 direct deposit, and pay $3/month for the debit card.  However, 6% interest on a savings account!!!!

Then I keep a few thousand at capital one 360. They are my bank so that is my very liquid money I could have access to right now if I want. It is earning 0.75%.

Then I keep some fairly liquid money in VASIX. Yes, I know, it isn't cash. However it is liquid, has historically returned in the 4-5% range, and even in 2008 it was only down about 10%. For money that I probably won't need I'm ok with taking a little risk to get a return that will at least outpace inflation.

I am considering opening a netspend account to move the money that is currently at capital one, but I might be making a large purchase(house down payment) so it isn't a change I would make right now.
I may have to look into MangoMoney
Is there a reason you're making personal notes in threads that have no replies for a month?