high yield savings account

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DanFrancis
Posts: 63
Joined: Wed Jun 21, 2017 12:38 am

high yield savings account

Post by DanFrancis »

Have any of you ever used an FDIC insured high yield savings account from one of the big banks like Citi or Barclays? Right now they are paying around 1.50 to 1.65%. I figured why not get a higher yield with my cash rather than the .18% I'm getting now. Thoughts? Experiences?
Makefile
Posts: 315
Joined: Fri Apr 22, 2016 11:03 pm

Re: high yield savings account

Post by Makefile »

Yes, many of us have had one for years. Don't count on the APYs staying that high for long. They will stay competitive with brick and mortar banks and money market funds, however, if 2008-2015 repeats.

Besides APY the only differentiator you might check first is which has a fee-free ATM near you if that's important to you. They may also vary in sophistication of digital features (mobile apps, etc.) and how forceful they push them (paper statement fees, etc.).
mega317
Posts: 4582
Joined: Tue Apr 19, 2016 10:55 am

Re: high yield savings account

Post by mega317 »

I use Ally. 1.5% and probably dropping. But historically stayed well ahead of the traditional banks. No-penalty CDs are a good option to lock in similar rates for longer than they are likely to last for savings accounts.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
Blender
Posts: 200
Joined: Wed May 13, 2015 10:56 am

Re: high yield savings account

Post by Blender »

Check out Marcus and Ally.
Invest4lt
Posts: 143
Joined: Sat Jul 15, 2017 12:25 pm

Re: high yield savings account

Post by Invest4lt »

American Express bank is paying 1.6 with no fees or minimum.
atdharris
Posts: 675
Joined: Wed Jan 02, 2019 3:18 pm

Re: high yield savings account

Post by atdharris »

I've used Amex for years, and they currently are paying 1.6%. No complaints with them, but they do not have an app.
kmft
Posts: 78
Joined: Tue Jan 28, 2020 1:17 pm

Re: high yield savings account

Post by kmft »

Ally, Marcus, Discover, or Synchrony. I suggest Ally if you’re going to pick just one due to ease of use.
Nightowl99
Posts: 36
Joined: Mon Feb 26, 2018 7:49 pm

Re: high yield savings account

Post by Nightowl99 »

If you're an AARP member, the latest email from them ("AARP Member Benefits Update"), offers an extra .10 on a Marcus by Goldman Sachs high yield savings account for a total of 1.15%. It's easy to apply for it if you already have a Marcus account, just takes a few clicks.
"Please delete my account" -- jazzmaster | "Yeah, delete my account, too! Also, I'd like an order of flapjacks, thanks. And extra napkins."--Robot Monster
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