Author Topic: High Yield Savings accounts (4%+)  (Read 2073 times)

hgjjgkj

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High Yield Savings accounts (4%+)
« on: October 03, 2017, 09:06:39 PM »

Are these legit? I often see them at credit unions. I am unsure if they are FDIC insured or what the bank is doing to get a 5% yield. The debit card payments create some challenges. If you ran up $2 15 times a month that is 360 dollars, so you are barely ahead on 5% interest on 10K...


https://www.doctorofcredit.com/northpointe-5-interest-checking-account/
https://www.doctorofcredit.com/high-interest-savings-to-get/

ixtap

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Re: High Yield Savings accounts (4%+)
« Reply #1 on: October 03, 2017, 09:11:24 PM »
My SO had one of those. Once a month, he would get groceries in the self service lane and ring items up individually. Then they started considering all transactions at one store in the same day as one transaction. And Amex offered 6% on groceries. Now, we can't be bothered with these jump through the hoops accounts.

Aggie1999

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Re: High Yield Savings accounts (4%+)
« Reply #2 on: October 04, 2017, 07:40:26 AM »
Sure, I've done many of those high interest checking accounts over the years. Problem with them is inevitably they will start dropping the interest rates at some point after introduction. I got to the point I decided they were not worth the hassle, especially when having to deal with out of town banks.

Heroes821

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Re: High Yield Savings accounts (4%+)
« Reply #3 on: October 04, 2017, 08:52:36 AM »
I have heard second and third hand that amazon gift card reloads can be done in $1 increments and can be used to meet these spending requirements.

smallstache

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Re: High Yield Savings accounts (4%+)
« Reply #4 on: October 04, 2017, 08:07:32 PM »
I've had one for 6 years now.

smallstache

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Re: High Yield Savings accounts (4%+)
« Reply #5 on: October 04, 2017, 08:14:42 PM »
I've had one for 6 years now.

See this;  https://www.doctorofcredit.com/northpointe-5-checking-adds-restrictive-language-regarding-debit-card-usage/

My bank does not, to my knowledge, have such language.  If it did, the bank would immediately terminate my rewards status.