Barclays Savings Rate Drops to 1.9% (October 9, 2019)

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obafgkm
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Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by obafgkm » Wed Oct 09, 2019 4:11 pm

Barclays savings rate is now 1.9%, as of today, October 9, 2019.

student
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by student » Wed Oct 09, 2019 4:26 pm

Same as Marcus.

neilpilot
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by neilpilot » Wed Oct 09, 2019 4:38 pm

student wrote:
Wed Oct 09, 2019 4:26 pm
Same as Marcus.
....and Capital One

index2max
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by index2max » Thu Oct 10, 2019 12:28 pm

Both my credit unions have held the rates they pay on their high-interest checking accounts above 2%... one at 2.02% and the other a 3.5% :D

At a Bank you are just a customer with a dollar sign over your head. They have no mercy nickel and diming with silly fees.

At a credit union, you are not a customer, but a member in a cooperative where it is one man, one vote.

Considering credit unions in the US don’t pay corporate tax because they are non-profits, that means that by default they can afford to pass down more savings to their members then a bank with an equivalent amount of assets in the form of higher interest rates on deposits and lower borrowing rates on loans.

Wish I made the switch sooner!

batpot
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by batpot » Thu Oct 10, 2019 12:46 pm

DOC still seems to have most up to date info:
https://www.doctorofcredit.com/high-int ... gs-to-get/

Highly doubt the ones offering greater than 2.3% will stay there for long, though Brio and Vio have been at the top for a few months now.

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greg24
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by greg24 » Thu Oct 10, 2019 1:13 pm

Vanguard Prime Money Market 1.97%

batpot
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by batpot » Tue Oct 15, 2019 7:09 pm

batpot wrote:
Thu Oct 10, 2019 12:46 pm
DOC still seems to have most up to date info:
https://www.doctorofcredit.com/high-int ... gs-to-get/

Highly doubt the ones offering greater than 2.3% will stay there for long, though Brio and Vio have been at the top for a few months now.
Ha, not any more.
And they changed mid month...annoying for anyone holding funds with them.

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Kevin M
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by Kevin M » Tue Oct 15, 2019 7:18 pm

greg24 wrote:
Thu Oct 10, 2019 1:13 pm
Vanguard Prime Money Market 1.97%
SEC yield now down to 1.96%, but you want to look at compound yield if comparing to APY at a bank or credit union. At 1.96% SEC yield, compound yield is 1.98%.

Kevin
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by Kevin M » Tue Oct 15, 2019 7:26 pm

index2max wrote:
Thu Oct 10, 2019 12:28 pm
Both my credit unions have held the rates they pay on their high-interest checking accounts above 2%... one at 2.02% and the other a 3.5% :D
Are these reward checking accounts (RCAs)? If so, what are the balance caps? I have an RCA at a bank earning 3.33%, but balance cap is $25K.
index2max wrote:
Thu Oct 10, 2019 12:28 pm
At a Bank you are just a customer with a dollar sign over your head. They have no mercy nickel and diming with silly fees.

At a credit union, you are not a customer, but a member in a cooperative where it is one man, one vote.

Considering credit unions in the US don’t pay corporate tax because they are non-profits, that means that by default they can afford to pass down more savings to their members then a bank with an equivalent amount of assets in the form of higher interest rates on deposits and lower borrowing rates on loans.

Wish I made the switch sooner!
I have a savings account at a local B&M bank paying 2.50% APY until July 2020. Some credit unions have good rates, some have horrible rates, and some are in between. Ditto for banks. I have accounts at many banks and credit unions, and none of them consistently has the best rates. Many offered a great CD rate at some point in the past (otherwise I wouldn't have opened an account), but don't offer any competitive rates now.

Kevin
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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by batpot » Tue Oct 15, 2019 7:27 pm

Kevin M wrote:
Tue Oct 15, 2019 7:18 pm
greg24 wrote:
Thu Oct 10, 2019 1:13 pm
Vanguard Prime Money Market 1.97%
SEC yield now down to 1.96%, but you want to look at compound yield if comparing to APY at a bank or credit union. At 1.96% SEC yield, compound yield is 1.98%.

Kevin
You can beat that easily with an FDIC insured bank; why is this even on the table?

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Re: Barclays Savings Rate Drops to 1.9% (October 9, 2019)

Post by Kevin M » Tue Oct 15, 2019 7:46 pm

batpot wrote:
Tue Oct 15, 2019 7:27 pm
Kevin M wrote:
Tue Oct 15, 2019 7:18 pm
greg24 wrote:
Thu Oct 10, 2019 1:13 pm
Vanguard Prime Money Market 1.97%
SEC yield now down to 1.96%, but you want to look at compound yield if comparing to APY at a bank or credit union. At 1.96% SEC yield, compound yield is 1.98%.

Kevin
You can beat that easily with an FDIC insured bank; why is this even on the table?
Because this thread is about Barclays bank dropping their rate to 1.90% APY, and 1.98% > 1.90%.

Because some people don't like to keep switching banks to get the highest rate. Yes, I see three banks offering 2.40% at DepositAccounts, but I don't already have accounts at any of those banks. I do happen to have a savings account at a local bank earning 2.50% APY, but that's no longer available, and was a local deal when it was, so it doesn't do anyone else here any good.

Because some banks have low ACH limits, so if you want to move large amounts, you must initiate the transactions from a brokerage or another bank (with a higher ACH limit). Not a problem with a Vanguard money market fund.

Because you might have an IRA at Vanguard, and it's inconvenient to do IRA transfers just to get a higher yield on cash.

Kevin
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