High yield checking/savings accounts

[Duckhunterbrad]

Anyone have a great suggestion for a high yield checking or savings account? I found Primis bank online and they are offering 4% but reviews aren't the best. Online presences only is just fine. I realize it's hard to find great customer service and a high paying interest rate. You can have one or the other, but not both!

 

[MacJenkins]

We are getting 3.3% at a small local bank here in Utah. With excellent service, our VP there is just a text away from anything needed and will come to me if needed.

 

[Brock A]

Robinhood is 3.35%. That is what I use.

 

[passinggas33]

Ally used to be my go to. Haven’t checked lately though to see their rates.

 

[Jon Boy]

I use wealth front and it’s been excellent. Quick transfers.

 

[waspocrew]

Wells Fargo often has promotions for a high yield savings. It was over 4% a year ago and the interest I accrued was great.

SoFi is another option (I haven’t used them before). Currently offering 4% for 6 months, then back to standard 3.3%.

 

[CorbLand]

Capital One is currently 3.30.

You can also just put it in a brokerage account in SPAXX. It’s generally slightly higher than most HYSA.

Also, some brokerages allow you to buy Tbills through them. You can roll money through those and they are exempt from state taxes. If you do a large amount of money, that can save you a bunch, depending on your states taxes.

 

[BigMiss]

Marcus by Goldman Sachs. Been using them for nearly 10 years. My current rate of 3.65% is the lowest I have ever had if I am remembering correctly. Its been as high as over 5% in recent years. I wouldn't look anywhere else. Transfers are super easy, the website is easy to use and looks nice, rates are always good, and they offer promotional high CD rates regularly.

 

[LostArra]

You can also just put it in a brokerage account in SPAXX. It’s generally slightly higher than most HYSA.

Anyone who already has a brokerage account (Fidelity, Schwab, Vanguard) will have access to a fed govt mm fund that pays a decent rate and maintains a price of $1. Simple transfers to your bank when needed.

 

[Ianmac]

Tax accountant here. There are several out there that are all pretty comparable. No reason to over complicate it. It can be simple as googling them and comparing the top choices to find what fits for you. Or you can over research everything like I like to do. Some have certain contribution or distribution rules and other contingencies. Just find what you like!


Sent from my iPhone using Tapatalk

 

[getcervid]

Fidelity has a cash management account that is the best in my opinion.

Pros:
-Core position SPAXX (Money market fund, pays market rates, currently 3.32% and often higher than HYSA) or a high interest position (lower, not as competitive, 1.84% FDIC insured)
-Comes with a debit card
-No fees, lots of flexibility, no minimums, etc.
-Can deposit cash back from the fidelity 2% cash back card directly into this account
-ATM reimbursement

Cons:
-It’s a money market fund, so you could theoretically lose money. The competitive interest rate position (SPAXX) is not FDIC insured

Otherwise, I use Ally and Capital One. They’re fine. Sofi is good too. I like Ally’s “buckets”, it really helps us keep track of savings goals.

Picking any of these is a great choice, and you’ll get competitive interest rates without bank hopping. Capital One is my least favorite out of what I’ve tried and opened. Just not a lot of features.

Ally does have withdrawal frequency limits- 10/month. Kinda annoying if you use it for more than long term goals with occasional transactions, but that is how many use HYSA’s anyway. I’ve come up against it a few times when spending for certain goals happens heavily in one month.

 

[cnelk]

Im using Betterment - 4%

 

[Poser]

I’m using WealthFront at 4.3%.
Here’s a referral link with the bonus terms if you’re interested:

When you sign up, we both can earn a +0.75% APY boost, 0.50% investing deposit match—or both. https://www.wealthfront.com/c/affiliates/invited/AFFB-LWVK-WWBI-PX8J

 

[CorbLand]

Fidelity has a cash management account that is the best in my opinion.

Pros:
-Core position SPAXX (Money market fund, pays market rates, currently 3.32% and often higher than HYSA) or a high interest position (lower, not as competitive, 1.84% FDIC insured)
-Comes with a debit card
-No fees, lots of flexibility, no minimums, etc.
-Can deposit cash back from the fidelity 2% cash back card directly into this account
-ATM reimbursement

Cons:
-It’s a money market fund, so you could theoretically lose money. The competitive interest rate position (SPAXX) is not FDIC insured

Otherwise, I use Ally and Capital One. They’re fine. Sofi is good too. I like Ally’s “buckets”, it really helps us keep track of savings goals.

Picking any of these is a great choice, and you’ll get competitive interest rates without bank hopping. Capital One is my least favorite out of what I’ve tried and opened. Just not a lot of features.

Ally does have withdrawal frequency limits- 10/month. Kinda annoying if you use it for more than long term goals with occasional transactions, but that is how many use HYSA’s anyway. I’ve come up against it a few times when spending for certain goals happens heavily in one month.

SPAXX is covered by SIPC.

It doesn’t stop you from “losing” money due to volatility in markets but does protect you if your brokerage goes insolvent.

 

[eddielasvegas]

As mentioned by @BigMiss Marcus is a good option and it has a decent promo bonus in place now too.

Gets your APY way up there. Link HERE. No affiliation.


Eddie

 

[getcervid]

SPAXX is covered by SIPC.

It doesn’t stop you from “losing” money due to volatility in markets but does protect you if your brokerage goes insolvent.

Thank you for the added nuance, sir. Yes- I was primarily talking about the outside chance that the money market fund "breaks the buck", which is essentially unheard of but not impossible. Thank you for explaining the SIPC coverage for the case that Fidelity/brokerage company goes under. That's not something I understood.

 

[ThatHumble]

We got turned on to Axos last year. They were higher but currently offer 4%. Been easy to work with

 

[SDHNTR]

Is it really worth opening new accts to gain an extra quarter point? Do the math. The difference probably won’t even buy you a sammich. Any decent bank or brokerage firm you are already doing business with should offer competitive options.

 

[Duckhunterbrad]

These responses are exactly why I posted this morning. Thank you all for the help! I haven't looked into a HYSA as I've used my local bank for deposits. However, I will be closing 2 large transactions in the next 60 days and need to have that money working while I'm hunting the next deal.

 

[cnelk]

Is it really worth opening new accts to gain an extra quarter point? Do the math. The difference probably won’t even buy you a sammich. Any decent bank or brokerage firm you are already doing business with should offer competitive options.

For me yes.

My CU offers 5% on the first $2000. After that it drops off A LOT.
So I have $2000 making 5% and a lot more making 4% in Betterment