Need a new high yield savings account

[Anonymous]

Anyone like Forbright Bank?

[Anonymous]

Anonymous wrote:Robinhood cash account with gold membership.
They all will lower the interest rates soon. There's no need to chase the rates from bank to bank.
Keeping your money in Voo for the last 5-10 years and then selling some whenever you need it, is a better deal than any savings account.
Buy it at Fidelity at different prices and pick to sell some based on long term vs short term, and their cost basis that suits you best.
Voo should be the new savings account.

m
Spoken by some Millenials who’s only known a bull market for over a decade.

If you need the money soon, you don’t put it in stocks. It’s clear Op needs the money.

[Anonymous]

Ally is fine

[Anonymous]

Rates are definitely falling, despite the news reports of the opposite. I don’t know how much you have, but if you have no specific plans for all of this money, then I would put a portion in a time deposit (CD or treasury) to lock-in today’s rates. Those HYSAs are going to drop like a stone once the Fed starts cutting.You can always break the CD or sell the treasury if you want the cash.

[Anonymous]

Live Oak is so easy to use and has some of the better rates, but it too is falling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I use American Express, but the 3.8% isn't looking so great anymore. There are several banks with 4.25 or 4.35%. But when I read the reviews, it looks like they have some unhappy customers. If you have an interest rate over 4% (for a balance around $50K) and are happy with the customer service at your bank, please recommend it.

50k at 3.8% =$1,900
50k at 4.2% =$2,100

Spend the time you are thinking about this instead on how to make more money. It will lead to better results than $200 a year! Unless you are retired then you have the time to think about this.

+1
Focus more on your overall strategy, not finding the most optimal return on cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Open a brokerage account with fidelity or vanguard and put it in a money market fund instead.

If you are unfamiliar with money market funds they are extremely safe and generally pay better returns than a high-yield savings account.

See vanguard's MMF as an example:

https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx

Plus, once you are ready to start investing in slightly higher-risk / higher-return options like, say an S&P500 index fund, you will have a platform to do so.

Money market funds aren't FDIC insured. Shouldn't that be important to me?


Only if you worry the US will default
On its debt which has never happened

[Anonymous]

Reviving this thread! What HYSA are people happy with? (I have about 600K that needs to be in a very low-risk account but still want to be earning interest and not sure a MMF is right for me, although I do currently have a 401K with Fidelity)

[Anonymous]

Anonymous wrote:Reviving this thread! What HYSA are people happy with? (I have about 600K that needs to be in a very low-risk account but still want to be earning interest and not sure a MMF is right for me, although I do currently have a 401K with Fidelity)

Don't use it, but OpenBank (Santander's online-only subsidiary) is at 4.2%.

https://www.openbank.us/banking/high-yield-savings-account

[Anonymous]

Anonymous wrote:

Anonymous wrote:Reviving this thread! What HYSA are people happy with? (I have about 600K that needs to be in a very low-risk account but still want to be earning interest and not sure a MMF is right for me, although I do currently have a 401K with Fidelity)

Don't use it, but OpenBank (Santander's online-only subsidiary) is at 4.2%.

https://www.openbank.us/banking/high-yield-savings-account

Ooh with a nice little bonus if you have Verizon cell service. https://www.verizon.com/financial-services/high-yield-online-savings-account/

[Anonymous]

I like openbank. I wish they did CDs and let you do more accounts like Capital One does (where I moved my money from).

I also have an account with Marcus.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Reviving this thread! What HYSA are people happy with? (I have about 600K that needs to be in a very low-risk account but still want to be earning interest and not sure a MMF is right for me, although I do currently have a 401K with Fidelity)

Don't use it, but OpenBank (Santander's online-only subsidiary) is at 4.2%.

https://www.openbank.us/banking/high-yield-savings-account

Ooh with a nice little bonus if you have Verizon cell service. https://www.verizon.com/financial-services/high-yield-online-savings-account/

I don’t have Verizon but what’s the bonus?

[Anonymous]

I check the BankRate rundown now and then. You have to scroll down a bit to get past the sponsored posts.

OpenBank is at the top right now.

https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Reviving this thread! What HYSA are people happy with? (I have about 600K that needs to be in a very low-risk account but still want to be earning interest and not sure a MMF is right for me, although I do currently have a 401K with Fidelity)

Don't use it, but OpenBank (Santander's online-only subsidiary) is at 4.2%.

https://www.openbank.us/banking/high-yield-savings-account

Ooh with a nice little bonus if you have Verizon cell service. https://www.verizon.com/financial-services/high-yield-online-savings-account/

I don’t have Verizon but what’s the bonus?

It's monthly Verizon bill credit for a year depending on how much you have in the account. $1000= $5/month, $10k= $10/month, $30k= $15/month.

[Anonymous]

Is there a season more people don’t just buy SGOV for the tax benefits?