Customer's Bank - seeking high apy savings

[Blonde Lawyer]

I have a good chunk of money I need to keep liquid so I have it in a Cap One Money Market currently.  I see that Cap One is switching their Money Market and old savings accounts to their new performance savings.  You have to open a new account and move your money yourself though.  The MM is currently getting 1.5% (if you have over $20 or $25k) and the performance savings 1.7%.

This got me looking around because if I'm going to bother with yet another new account I want it to be getting the best rate.  Customer's Bank is offering 2.25% for accounts over $25k guaranteed through the end of June.  I've never heard of them.  Anyone have any good or bad experiences I should know about?

[secondcor521]

No, but banks will offer better terms to get additional deposits (so they can lend them and make money off the spread), then lower the rate somewhat once they've gotten what they can redeploy.  They're hoping you'll be lazy and stay.  So (a) be prepared for that, and (b) consider switching to a bank that has a reputation for being among the best for longer periods of time.  If you do chase rates, be prepared to decide whether it's worth switching for a 0.5% difference (which, once you do the math and subtract taxes, is not that much money really).

Make sure it's FDIC insured, of course, and if you're concerned about that you can check with the FDIC themselves instead of the bank.

[Blonde Lawyer]

Yeah, I’m leaning towards keeping it where it is but switching to the newer preferred product.

[Sibley]

I understood that you don't need to open a new account, just click an option or call them.

[Xlar]

I understood that you don't need to open a new account, just click an option or call them.

Can you give me some more details? I've only found the option to: 1. Create a new savings account, 2. transfer the funds, 3. close the original account, 4. update all external linked accounts.

If there's a way to change the existing account that would save me a ton of time updating the other accounts that are linked.

[BrightFIRE]

I have a good chunk of money I need to keep liquid so I have it in a Cap One Money Market currently.  I see that Cap One is switching their Money Market and old savings accounts to their new performance savings.  You have to open a new account and move your money yourself though.  The MM is currently getting 1.5% (if you have over $20 or $25k) and the performance savings 1.7%.

This got me looking around because if I'm going to bother with yet another new account I want it to be getting the best rate.  Customer's Bank is offering 2.25% for accounts over $25k guaranteed through the end of June.  I've never heard of them.  Anyone have any good or bad experiences I should know about?

Let me refer you to Deposit Accounts https://www.depositaccounts.com/banks/customers-bank.html They always have a list of the current best CD, savings, checking, etc deals and they have a database of reviews. Reviews of Customer's Bank are really mixed - either 5 star or 1 star.

[Bobberth]

The Federal Reserve lowered interest rates several times last year so rates in general have been falling. Banks have been lowering their rates at different speeds-some fast and some slow. Just because a bank is higher today doesn't mean it will be tomorrow. I wouldn't put in a whole lot of effort chasing yields in a falling rate environment.