High Yield Saving Account Questions

[evantwheeler]

Just saw this on IG this morning….

 

[Runs2rch]

So which is guaranteed the safest?

 

[evantwheeler]

So which is guaranteed the safest?

Cash buried in the backyard

 

[bowtiejunkie]

Is CIT Bank the same as Citibank?

CIT Bank is a division of First Citizens Bank.

 

[boatnam2]

1 Yr T-bill mid 4.60's today, I don't see some of these high paying no name internet banks paying mid 5's too much longer. Still better than 0000001

 

[Vamodsquad]

We have a local Bank that's paying 4.65-4.75%. That's the best I've found around here so far.
I feel better doing business with a Bank that I can walk in it's front door !

 

[DaBank]

Flagstar Bank is offering 5.5% and that rate is guaranteed for 5 month's. I am going with them today.

 

[Not_Tonto]

Just opened one with Logix FCU and got 4.75. No term limit, can add or pull when I want, no questions or fees.

 

[havasujeeper]

Flagstar Bank is offering 5.5% and that rate is guaranteed for 5 month's. I am going with them today.

Seems they are "banking" on the fact that most people are lazy, and will forget the interest will be dropping considerably after 5 months.

 

[evantwheeler]

Flagstar Bank is offering 5.5% and that rate is guaranteed for 5 month's. I am going with them today.

I looked into this one yesterday, and it had some pretty terrible reviews on Nerd Wallet. I ended up doing a promotional rate at Wells Fargo with a conversion on my current savings acct. Promo rate is 4.6% APY for a year with $25k of new money if it stays above 25k for 12 months. Basically a CD, but I can put all my other savings into that account and get that rate for 12 months and not lock it up. I know many hate WF, but in almost 2 decades banking with them, I don't have a single complaint.

On edit: The one with terrible reviews was a Flagstar associated service - My Banking Direct . After reading about them, I just lumped Flagstar in with them and decided to stay at Wells Fargo.

 

[manxman]

Back when this thread started, I was looking for a high yield bank account and went ahead and put some money in Jenius. It's been paying me 5.24% for the last 3 months without a problem. It took a few days to see the money in the account, wich was a little scary and weird, but it all went in and has been working well. I would do $10k at a time and wait a few days. So far with what I have put in, i have been seeing consistent 5.24 to 5.25% returns.

 

[Havasu blue label]

Try F&A Credit union

 

[boatpi]

We bank with Wells. To get any reasonable rate you need to be in money market. About 5%+.

 

[EmpirE231]

With the fed rate cut, I figured it was coming. Betterment account notice today that it will go from 5% to 4.5%

anyone else getting notices from others?

 

[CLCookie]

You made me look, I put a good chunk of money in March in a treasury fund, still paying 5.2% as of this morning. Not sure where my next move will be, but I sure would like to keep that return through the election

 

[Rajobigguy]

In today’s economy it seems like the best bang for the buck is to spend it before it devaluates.

 

[cofooter]

With the fed rate cut, I figured it was coming. Betterment account notice today that it will go from 5% to 4.5%

anyone else getting notices from others?

It'll keep going down as fed reduces rates. My 5%+ callable CD's are starting to get called...... I knew it would happen but thought I'd get several more months at least. Also looking for something to replace them at a decent locked in rate ....

 

[evantwheeler]

This seems like a pretty good option, better offer than I can get leaving money in Wells Fargo HYSA when you account for the bonus. 4% APY and $750 bonus if you transfer $75k or more and hold for 75 days. What am I missing?

Premium Savings Offer | E*TRADE

Get up to $750 by opening a Premium Savings Account by June 30, 2025, and complete three steps.

us.etrade.com

 

[boatpi]

As a business that deals in seven figure sales, we use these accounts to park extra cash. In many businesses cash flow,
Especially when expanding is critical, so we keep it parked for use in and off throughout the year. That is the main benefit of these accounts.

 

[dnewps]

This seems like a pretty good option, better offer than I can get leaving money in Wells Fargo HYSA when you account for the bonus. 4% APY and $750 bonus if you transfer $75k or more and hold for 75 days. What am I missing?

Premium Savings Offer | E*TRADE

Get up to $750 by opening a Premium Savings Account by June 30, 2025, and complete three steps.

us.etrade.com

Why not a zero risk asset like 3 month treasury? Pays 4.3.

 

[evantwheeler]

Why not a zero risk asset like 3 month treasury? Pays 4.3.

What are the risks associated with a savings account vs. a treasury?

 

[dnewps]

What are the risks associated with a savings account vs. a treasury?

In normal conditions not much. But if the shit hits the fan…the bank has your money vs being able to sell your treasury. It’s considered a zero risk asset.

 

[Paradox]

CDs are FDIC insured up to $250k and you can have multiple accounts (all insured) at different institutions or under different account names at the same institution. A decent amount of higher paying (dividends in this case) EFTs, REITS, etc., with a long track record are out there as well. While you can currently get CDs in the 4.35% range (I just bought one) or better, even in retirement (which I’m doing this year) it is likely not enough, at least in my case as I want to continue to build principal. My opinion is you have to diversify and take some moderate risk. If I could average 7% or better over the next couple of decades (assuming I live that long) I’d be satisfied..

 

[Mike Honcho]

We have a local Bank that's paying 4.65-4.75%. That's the best I've found around here so far.
I feel better doing business with a Bank that I can walk in it's front door !

What bank is this out of curiosity

 

[Vamodsquad]

What bank is this out of curiosity

Home | Ridge View Bank

Ridge View Bank is a premier business and personal bank serving Roanoke, VA and surrounding areas.

ridgeviewbank.bank

 

[DWRAT]

This seems like a pretty good option, better offer than I can get leaving money in Wells Fargo HYSA when you account for the bonus. 4% APY and $750 bonus if you transfer $75k or more and hold for 75 days. What am I missing?

Premium Savings Offer | E*TRADE

Get up to $750 by opening a Premium Savings Account by June 30, 2025, and complete three steps.

us.etrade.com

Wells Fargo is still paying 4% currently.
You have to play a little game of pull out and re-deposit every 6 months though.

Savings and Certificate of Deposit (CD) Interest Rates | Wells Fargo

See today’s savings and CD interest rates.

www.wellsfargo.com

 

[TimeBandit]

T-bills are up right now, but a few months ago I switched to SWVXX at Schwab for liquidity.

4.15% right now, buy or sell at any time for zero costs. $1. increments

 

[playdeep]

Wells Fargo is still paying 4% currently.
You have to play a little game of pull out and re-deposit every 6 months though.

Savings and Certificate of Deposit (CD) Interest Rates | Wells Fargo

See today’s savings and CD interest rates.

www.wellsfargo.com

Just did that actually...
Was in at 4.60&the deal expired.
Had to put my money in a local bank&trust at 4.05.
Wells Fargo said come back and re open an account in 3 weeks at 4.0.
Told them to phuck themselves.