Best High-Yield Savings Acct?

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traveler90
Posts: 206
Joined: Wed Nov 13, 2013 2:46 pm

Best High-Yield Savings Acct?

Post by traveler90 »

Bogleheads,

I am looking to open up a high-yield savings account to (slowly) begin saving for a future down payment (5 or 6 years away). I believe most here recommend this instead of a muni bond fund.

What are the best options out there? What do bogleheads use for this?
bungalow10
Posts: 2311
Joined: Sat Apr 09, 2011 6:28 am
Location: Chicago North Shore

Re: Best High-Yield Savings Acct?

Post by bungalow10 »

My credit union pays 1.25%, no strings.

I also have another credit union that pays 3.09% on up-to $10k, with lots of hoops. I keep 10k there and the rest in the 1.25% account.
An elephant for a dime is only a good deal if you need an elephant and have a dime.
mich_bogle
Posts: 85
Joined: Mon Jun 02, 2014 3:54 pm

Re: Best High-Yield Savings Acct?

Post by mich_bogle »

Ally is popular around here as an online bank. Currently pays 0.87% for savings, which is very close to the best you'll find.
an_asker
Posts: 4903
Joined: Thu Jun 27, 2013 2:15 pm

Re: Best High-Yield Savings Acct?

Post by an_asker »

Why don't you go with Uncle Sam? The I-bond currently yields 1.94% and you don't pay taxes until you redeem them. I may be wrong, but from your post it does not look like you might hit the annual purchase limit (and if you will, you could still buy up to that limit!).
bnes
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Joined: Thu May 22, 2014 12:29 am
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Re: Best High-Yield Savings Acct?

Post by bnes »

Given that timeframe and stated goal, I'd put the money into I-Bonds. They'll yield better than any short term savings, defer taxes and overall won't loose out to inflation much if at all. If your timeframe stretches out, you can hold them up to 30 years.
evilityb
Posts: 238
Joined: Wed Jul 02, 2014 10:16 am
Location: The District of Columbia

Re: Best High-Yield Savings Acct?

Post by evilityb »

Barclay's is offering 0.9% on savings with competitive rates on CDs, as well.
She/her | Make sure the fortune that you seek is the fortune that you need - Ben Harper
bcjb
Posts: 453
Joined: Wed Aug 21, 2013 7:01 pm

Re: Best High-Yield Savings Acct?

Post by bcjb »

GE Capital has 0.9% as well. But if you won't need the money for a while, I bonds are a better alternative.
Pale Horse
Posts: 80
Joined: Tue Jul 16, 2013 2:43 pm

Re: Best High-Yield Savings Acct?

Post by Pale Horse »

bungalow10 wrote:My credit union pays 1.25%, no strings.

I also have another credit union that pays 3.09% on up-to $10k, with lots of hoops. I keep 10k there and the rest in the 1.25% account.

I tried googling "Bungalow10 Credit Union" but couldn't find your home page to see if I could join. :wink:

Care to share?
kayanco
Posts: 761
Joined: Sat Jun 07, 2014 12:20 am

Re: Best High-Yield Savings Acct?

Post by kayanco »

Quorum Credit Union 1.05%

Synchrony Bank (GE Capital Retail) 0.95%
marielake
Posts: 186
Joined: Fri Mar 14, 2014 5:39 pm

Re: Best High-Yield Savings Acct?

Post by marielake »

check out depositaccounts.com. Found a (Mass) bank there that offers 2% in a rewards checking account with only a few hoops.
john94549
Posts: 4638
Joined: Tue Jul 26, 2011 8:50 pm

Re: Best High-Yield Savings Acct?

Post by john94549 »

Alliant used to be stellar; then morphed into barely average. These days, anything at or over 1% with no "gotchas" is a pretty good deal. Visit www.depositaccounts.com/blog for the "best" deals on savings accounts. It kinda rankles when I know they're paying 1 and charging 3 (or more), but that's life.
Last edited by john94549 on Wed Jul 23, 2014 7:56 pm, edited 1 time in total.
Gecko10x
Posts: 390
Joined: Thu Jun 06, 2013 8:10 pm

Re: Best High-Yield Savings Acct?

Post by Gecko10x »

SmartyPig: 1%
bungalow10
Posts: 2311
Joined: Sat Apr 09, 2011 6:28 am
Location: Chicago North Shore

Re: Best High-Yield Savings Acct?

Post by bungalow10 »

Pale Horse wrote:
bungalow10 wrote:My credit union pays 1.25%, no strings.

I also have another credit union that pays 3.09% on up-to $10k, with lots of hoops. I keep 10k there and the rest in the 1.25% account.

I tried googling "Bungalow10 Credit Union" but couldn't find your home page to see if I could join. :wink:

Care to share?
The Quorum High Q account. I thought it was 1.25%, but someone else posted in the thread that it is 1.05%. I can't find the rate on their website, so I'll defer to the other person.
An elephant for a dime is only a good deal if you need an elephant and have a dime.
an_asker
Posts: 4903
Joined: Thu Jun 27, 2013 2:15 pm

Re: Best High-Yield Savings Acct?

Post by an_asker »

bungalow10 wrote:
Pale Horse wrote:
bungalow10 wrote:My credit union pays 1.25%, no strings.

I also have another credit union that pays 3.09% on up-to $10k, with lots of hoops. I keep 10k there and the rest in the 1.25% account.

I tried googling "Bungalow10 Credit Union" but couldn't find your home page to see if I could join. :wink:

Care to share?
The Quorum High Q account. I thought it was 1.25%, but someone else posted in the thread that it is 1.05%. I can't find the rate on their website, so I'll defer to the other person.
Who will pay me not to open a Quorum account? ;-)

Here is my track record (i.e., the havoc I have caused) :oops:

- completed the account application form for Adirondack HSA - they tacked on a monthly fee
- funded an HSA account at Alliant - their rates went from IIRC 1.05% to 0.7%
- funded an HSA account at ELFCU - they added a monthly fee for balance < $2,500
- funded an account at Incredible Bank - their rates went from IIRC 1.05% to 0.65%
kayanco
Posts: 761
Joined: Sat Jun 07, 2014 12:20 am

Re: Best High-Yield Savings Acct?

Post by kayanco »

bungalow10 wrote:
Pale Horse wrote:
bungalow10 wrote:My credit union pays 1.25%, no strings.

I also have another credit union that pays 3.09% on up-to $10k, with lots of hoops. I keep 10k there and the rest in the 1.25% account.

I tried googling "Bungalow10 Credit Union" but couldn't find your home page to see if I could join. :wink:

Care to share?
The Quorum High Q account. I thought it was 1.25%, but someone else posted in the thread that it is 1.05%. I can't find the rate on their website, so I'll defer to the other person.
The Quorum HighQ is currently 1.05%
They have good customer service, no min balance, free outgoing ACH electronic transfer (unlike BoA), no need to mail in signature card (unlike Synchrony/GE Capital Retail), the sub-accounts feature also.

Image
kayanco
Posts: 761
Joined: Sat Jun 07, 2014 12:20 am

Re: Best High-Yield Savings Acct?

Post by kayanco »

an_asker wrote:
bungalow10 wrote:
Pale Horse wrote:
bungalow10 wrote:My credit union pays 1.25%, no strings.

I also have another credit union that pays 3.09% on up-to $10k, with lots of hoops. I keep 10k there and the rest in the 1.25% account.

I tried googling "Bungalow10 Credit Union" but couldn't find your home page to see if I could join. :wink:

Care to share?
The Quorum High Q account. I thought it was 1.25%, but someone else posted in the thread that it is 1.05%. I can't find the rate on their website, so I'll defer to the other person.
Who will pay me not to open a Quorum account? ;-)

Here is my track record (i.e., the havoc I have caused) :oops:

- completed the account application form for Adirondack HSA - they tacked on a monthly fee
- funded an HSA account at Alliant - their rates went from IIRC 1.05% to 0.7%
- funded an HSA account at ELFCU - they added a monthly fee for balance < $2,500
- funded an account at Incredible Bank - their rates went from IIRC 1.05% to 0.65%
LOL :sharebeer
skyvue
Posts: 66
Joined: Tue May 08, 2012 7:14 am

Re: Best High-Yield Savings Acct?

Post by skyvue »

Aren't iBonds limited to $10,000 per year? Any way to move larger amounts into them via different accounts or bond types?
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