Your recommended banks for High Yield Savings & CDs

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SquawkIdent
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Re: Your recommended banks for High Yield Savings & CDs

Post by SquawkIdent »

rage_phish wrote: Wed Apr 07, 2021 9:02 am We’ve been happy with synchrony
Not me. Outgoing transfers take way too long. Ally and some of the others do it overnight. Not sure I understand why it takes this bank 5-6 calendar days to do an ACH outbound.

I’ll keep a placeholder of a couple of cents to keep it open (just in case it’s needed) but that’s all.
index2max
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

Since you asked for banks, I saw another boglehead in a forum of mine talk about a 3% account up to $15,000 that pays 0.5% above the cap.

It’s at a fintech called Porte. It’s a brand of Populus Financial group. I prefer to stay away from fintechs and deal directly with credit union myself, but take a look and see what you think.

Might be what you’re looking for.

https://www.depositaccounts.com/banks/porte/offers/
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

ChiKid24 wrote: Thu Apr 08, 2021 9:03 am
Pikel wrote: Tue Apr 06, 2021 10:40 am
JHU ALmuni wrote: Mon Apr 05, 2021 7:33 pm HM Bradley working for me. 3% up to 100K with minimal effort.
If they keep it at 3%, that is definitely a good deal. Do you know what the minimum direct deposit is? Seems a little tricky since you have to keep at least 20% of direct deposits with them, and they don't pay interest over 100k.
I have my payroll provider send $100 from each check to my account. That qualifies as a direct deposit. Then I put in another $60k, which is now earning 3%. I treat it like an emergency fund and have no intention of withdrawing. True the rate can change, but that happens everywhere including Marcus, Ally, etc. As another poster said, it's easy to set up all online and there isn't anyone else paying this high a savings rate on balances up to $100k today.
Wanted to add that if you get their credit card, that raises you up a "tier", and if already at 3% tier the effective rate becomes 3.5% (minimum $100 spend on card /month).

My understanding is the "offer" for a credit card is usually made after the first of the month and is made if your direct deposit indicates you have enough income to qualify. Can't recall the source, but I heard someone mention a DD of $2500 being enough. I can confirm that worked for me too...

The card also pays 3%/2%/1% cash back on top spending categories, but has a IIRC $60/year fee (waived first year). If you have a large balance, that extra 0.5% pays for the fee on its own. The Fidelity 2% card is my default CC, but I'm thinking of moving over any automated spending (like utilities) to the HMB card, if they are all in the same category the extra 1% cash back will be a little extra bonus.
L. H.
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Re: Your recommended banks for High Yield Savings & CDs

Post by L. H. »

I'm following as I am also looking for a similar account to park my savings in while they grow.

Question for those of you who are currently using HM Bradley: I noticed that they have a referral program which allows new users to set up accounts and IMMEDIATELY get the "Tier 1" 3% interest. Has anyone done this and actually seen that work? Being able to INSTANTLY get an account with 3% interest would be awesome while it lasted. (feel free to PM me a referral link :wink: Thanks! got one! )

I'm just wary of legitimacy. Anyone could throw up a website and SAY that they are a bank and that they are FDIC insured, I've never heard of HM Bradley before this thread and can't find much on the internet about them. Does the FDIC actually have a list of legitimately insured banks somewhere? I'll have to look that up in the morning. :)

(Second question: Does HM Bradley offer JOINT accounts? My husband and I usually set up all our accounts as joint-with-rights-of-survivorship or whatever the equivalent is, so that if something happened to either of us, the other would have immediate access to the money. )
Last edited by L. H. on Fri May 07, 2021 6:42 pm, edited 2 times in total.
tomsense76
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Re: Your recommended banks for High Yield Savings & CDs

Post by tomsense76 »

db55 wrote: Mon Apr 05, 2021 4:44 pm I'm looking for a High Yield Savings account yield of 0.50% and/or an 18-month CD rate of 0.60-0.65%.

I've had pretty good experiences with Ally, GS Bank (Marcus), and Synchrony. But I'm almost maxed out there and need recommendations for other banks.
I've also used Barclays, American Express, and CapitalOne in the past - but their interest rates are too low now.
Honestly low rates are kind of the norm. The spread between the lower and higher ones is ~0.10%. Probably not a meaningful difference.

Maybe it is worth looking at using a stable value fund in one's 401k using this technique in the wiki? This would cutdown on the number of accounts needed and provide a higher yield with still good safety (though not FDIC)
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enebyberg
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Re: Your recommended banks for High Yield Savings & CDs

Post by enebyberg »

Navy Federal
.50% - 6 months
.60% - 12 months
chazas
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Re: Your recommended banks for High Yield Savings & CDs

Post by chazas »

At present, T-Mobile Money is best for both. 1% on all balances, no hoops. (4% on a small portion if you jump through hoops which I do not.). It’s a bare bones FDIC insured checking account at Customers Bank. The ACH limits and timing are annoying but there are ways around that - I get free wires from my primary checking which are recognized within about 2 hours, and I can pull from my Fidelity account.
hudson
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Re: Your recommended banks for High Yield Savings & CDs

Post by hudson »

chazas wrote: Fri May 07, 2021 6:45 am At present, T-Mobile Money is best for both. 1% on all balances, no hoops. (4% on a small portion if you jump through hoops which I do not.). It’s a bare bones FDIC insured checking account at Customers Bank. The ACH limits and timing are annoying but there are ways around that - I get free wires from my primary checking which are recognized within about 2 hours, and I can pull from my Fidelity account.
T-Mobile isn't a bank; it's more of a wireless company...and you said that. So it's not really FDIC.
It's not clear how you get the 1%. I can usually find rates for any bank in a few seconds. For T-Mobile, all I found was a FAQ with lots of words.
I looked at Customer's Bank; they didn't offer 1%.
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Stinky
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Re: Your recommended banks for High Yield Savings & CDs

Post by Stinky »

Toyota Motor Credit Corporation IncomeDriver Notes are currently paying 1,50%

Here is a current thread about IncomeDriver Notes...
viewtopic.php?f=1&t=340088
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CoastLawyer2030
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Re: Your recommended banks for High Yield Savings & CDs

Post by CoastLawyer2030 »

I have been using Ally Bank since we started saving for a house in 2014. It is always near the top of this list with interest rates; very good customer service; easy app/online interface.

Highly recommend to just park your money there and forget it. The fractional differences in interest between Ally and whatever might be .05% higher that month are not worth your time.
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

L. H. wrote: Fri May 07, 2021 12:03 am I'm following as I am also looking for a similar account to park my savings in while they grow.

Question for those of you who are currently using HM Bradley: I noticed that they have a referral program which allows new users to set up accounts and IMMEDIATELY get the "Tier 1" 3% interest. Has anyone done this and actually seen that work? Being able to INSTANTLY get an account with 3% interest would be awesome while it lasted. (feel free to PM me a referral link :wink: )

I'm just wary of legitimacy. Anyone could throw up a website and SAY that they are a bank and that they are FDIC insured, I've never heard of HM Bradley before this thread and can't find much on the internet about them. Does the FDIC actually have a list of legitimately insured banks somewhere? I'll have to look that up in the morning. :)

(Second question: Does HM Bradley offer JOINT accounts? My husband and I usually set up all our accounts as joint-with-rights-of-survivorship or whatever the equivalent is, so that if something happened to either of us, the other would have immediate access to the money. )
They do offer joint accounts. I'm not aware of a way to set it up initially though... One of you will need to create the account, once created you can change it to a joint account.

I've not setup a joint account yet, as we may someday (such as when about to retire) want to create a 2nd account (so we can get interest in 2x * $100k). Additionally, we don't use HM Bradley as a "regular" back account. Two main reasons... First, their model is built to reward high savings rates, so we want to limit (or eliminate) withdrawals, and basically use this like a CD we make monthly contributions. Second, I still have the "this is new" concern in my head, so I don't want to put all my eggs in this basket... Instead we keep "near term" (1 - 3+ months cash) in a regular joint checking/saving setup.

This means (for us) HMBradley is for money we probably won't need for 3 - 6+ months. As such, I see less reason to worry about "joint" vs. "individual" accounts. That's plenty of time to get things moved if needed...

They are a FinTech, and there is a level of risk as a result... But the deposits are stored in Hatch bank, which is FDIC insured, and I have a routing number and account number so I can push/pull money to this account from other banks. (This seemed to be the big issue with other FinTech as they "forced" you to use them as an intermediary - you didn't have direct access to your funds. This is not true with HMBradley.)

That said, I have no idea how sustainable this model is... Maybe this initial rate is to grow AUM, and then will drop... Maybe it's a loss leader to other services, like credit cards (which I happily accepted when I got my offer - as it means an extra 0.5% interest on my deposits with $100/month minimum use)... Maybe they've figured out a way to cut costs (not allowing "checks") and make money in a different way that they can sustain a higher interest rate than a traditional bank... Time will tell, but for now I'll take the much higher interest rate than anyone else offers.
Last edited by SnowBog on Fri May 07, 2021 10:26 pm, edited 1 time in total.
L. H.
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Re: Your recommended banks for High Yield Savings & CDs

Post by L. H. »

SnowBog wrote: Fri May 07, 2021 2:27 pm
L. H. wrote: Fri May 07, 2021 12:03 am
(Second question: Does HM Bradley offer JOINT accounts? My husband and I usually set up all our accounts as joint-with-rights-of-survivorship or whatever the equivalent is, so that if something happened to either of us, the other would have immediate access to the money. )
They do offer joint accounts. I'm not aware of a way to set it up initially though... One of you will need to create the account, once created you can change it to a joint account.
Thank you for this. I looked up Hatch bank on the FDIC site to confirm (https://banks.data.fdic.gov/bankfind-su ... ails/25803#) and then checked out the Hatch Bank website and see that they list there that they do cover HM Bradley, so that covers the legitimacy/safety angle.

Now, I guess I just wait and see if anyone has a referral link they want to share via PM. ;)
Thanks! I've got one now. :)
Last edited by L. H. on Fri May 07, 2021 6:42 pm, edited 1 time in total.
chazas
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Re: Your recommended banks for High Yield Savings & CDs

Post by chazas »

hudson wrote: Fri May 07, 2021 7:20 am
chazas wrote: Fri May 07, 2021 6:45 am At present, T-Mobile Money is best for both. 1% on all balances, no hoops. (4% on a small portion if you jump through hoops which I do not.). It’s a bare bones FDIC insured checking account at Customers Bank. The ACH limits and timing are annoying but there are ways around that - I get free wires from my primary checking which are recognized within about 2 hours, and I can pull from my Fidelity account.
T-Mobile isn't a bank; it's more of a wireless company...and you said that. So it's not really FDIC.
It's not clear how you get the 1%. I can usually find rates for any bank in a few seconds. For T-Mobile, all I found was a FAQ with lots of words.
I looked at Customer's Bank; they didn't offer 1%.
You’re incorrect.
akrizzle88
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Re: Your recommended banks for High Yield Savings & CDs

Post by akrizzle88 »

HM Bradley offers up to 3% APY. However, you do need to jump through hoops to earn it. Like, saving 20% of your DD. Then it tiers down from there. However, does seem to be associated with a legit FDIC bank (Hatch Bank). How knows if they'll be able to offer this rate forever though.

https://realworldpersonalfinance.com/bank-pays-3-apy/
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

akrizzle88 wrote: Sat May 08, 2021 11:54 am HM Bradley offers up to 3% APY. However, you do need to jump through hoops to earn it. Like, saving 20% of your DD. Then it tiers down from there. However, does seem to be associated with a legit FDIC bank (Hatch Bank). How knows if they'll be able to offer this rate forever though.

https://realworldpersonalfinance.com/bank-pays-3-apy/
If your employer can split your DD, I'd argue there is zero hoops (other than waiting the first quarter for 3% rate if you don't have a referral code).

But if your employer can't split DD, it gets more complicated.
mikejuss
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Re: Your recommended banks for High Yield Savings & CDs

Post by mikejuss »

I don't keep enough cash to make the interest paid on a high-yield savings account meaningful to me. I'm curious: are lots of people here sitting on more than $100,000 in cash? If so, why?
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

mikejuss wrote: Sat May 08, 2021 2:25 pm I don't keep enough cash to make the interest paid on a high-yield savings account meaningful to me. I'm curious: are lots of people here sitting on more than $100,000 in cash? If so, why?
Currently, no. We keep less than $100k - but enough that I'll happily take 3.5% (with CC bonus) interest in what we do keep (or the portion of it I'll put into HM Bradley.

But if they sustain this model (maybe not the 3% exactly, but higher interest then other options to "reward savings"), we'll have > $100k when we increase our cash going into early retirement to help manage "income" and taxes.
JackoC
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Re: Your recommended banks for High Yield Savings & CDs

Post by JackoC »

chazas wrote: Fri May 07, 2021 6:39 pm
hudson wrote: Fri May 07, 2021 7:20 am
chazas wrote: Fri May 07, 2021 6:45 am At present, T-Mobile Money is best for both. 1% on all balances, no hoops. (4% on a small portion if you jump through hoops which I do not.). It’s a bare bones FDIC insured checking account at Customers Bank. The ACH limits and timing are annoying but there are ways around that - I get free wires from my primary checking which are recognized within about 2 hours, and I can pull from my Fidelity account.
T-Mobile isn't a bank; it's more of a wireless company...and you said that. So it's not really FDIC.
It's not clear how you get the 1%. I can usually find rates for any bank in a few seconds. For T-Mobile, all I found was a FAQ with lots of words.
I looked at Customer's Bank; they didn't offer 1%.
You’re incorrect.
Just to corroborate that you are right. It's all over T-Mobile's site and disclosures and every review of the account that it's a tie in deal where your money is actually deposited with Customers Bank and *is* FDIC insured. And it's entirely irrelevant, seems to me, whether Customers Bank offers the same deal as a standalone, there being various entirely plausible reasons why not (T-M is seeking to create wireless relationships here, even though don't *require* you to be a customer for the 1% deal, the deal between them and CV might include compensation to CB for the 'high' interest paid, and/or require the deal to be offered exclusively to people going through T-M).
index2max
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

My recommendations:

Avoid banks and stick with credit unions. Their non-profit tax status lets them avoid corporate income taxes and as cooperatives, that means more money in the pockets of members.

If you’re willing to do transactions consider (note these are per social security number. Use your spouse or kids to add more accounts at each CU) at these CUs accepting new members nationwide:

1. Evansville Teachers Federal Credit union (requires 15 debit card purchases per month)

3.3% up to $20,000

2. Lake Michigan Credit Union (requires 10 debit card purchases per month)

3.0% up to $15,000

3. Digital CU

6.17% up to $1,000 in primary savings

4. Blue Federal Credit Union

5% up to $1000 in accelerated savings.

See about other rates above $1,000 tier

https://www.bluefcu.com/bank/savings/ac ... ed-savings

5. Service CU (Portsmouth, NH)

5% up to $500 in primary savings

3% up to $3000 in holiday savings club account
hudson
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Re: Your recommended banks for High Yield Savings & CDs

Post by hudson »

Are these banks? I couldn't find them on the NCUA or FDIC lists.
H.M. Bradley
Porte
TMobile
Toyota Income Notes

If they aren't banks, how do you know that your money is protected?
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

hudson wrote: Sat May 08, 2021 7:37 pm Are these banks? I couldn't find them on the NCUA or FDIC lists.
H.M. Bradley
Porte
TMobile
Toyota Income Notes

If they aren't banks, how do you know that your money is protected?
If you read prior posts on this thread, you'll see that HM Bradley and T Mobile use FDIC banks (they aren't banks themselves, they use existing banks).

No such protection as I understand it with Toyota (those sound like bonds to me). My Total Bond Fund isn't FDIC insured, and I'm OK with it...

Not familiar with Porte.
mhop
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Re: Your recommended banks for High Yield Savings & CDs

Post by mhop »

mikejuss wrote: Sat May 08, 2021 2:25 pm I don't keep enough cash to make the interest paid on a high-yield savings account meaningful to me. I'm curious: are lots of people here sitting on more than $100,000 in cash? If so, why?
3% is great even for bonds or CDs these days, so I wouldn’t be surprised if some people do with HMBradley. I still personally like some bonds in taxable as a longer EF extension and this is a perfect use case for that money (and also IBonds).
index2max
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

SnowBog wrote: Sat May 08, 2021 9:57 pm
hudson wrote: Sat May 08, 2021 7:37 pm Are these banks? I couldn't find them on the NCUA or FDIC lists.
H.M. Bradley
Porte
TMobile
Toyota Income Notes

If they aren't banks, how do you know that your money is protected?
If you read prior posts on this thread, you'll see that HM Bradley and T Mobile use FDIC banks (they aren't banks themselves, they use existing banks).

No such protection as I understand it with Toyota (those sound like bonds to me). My Total Bond Fund isn't FDIC insured, and I'm OK with it...

Not familiar with Porte.
See my post earlier in this thread about Porte with a link to an article about it at depositaccounts.com

It's a fintech that partners with Metabank in SD, USA
Porte is a brand of the financial technology company (fintech) Populus Financial Group that has partnered with MetaBank to offer unique checking and savings accounts
hudson
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Re: Your recommended banks for High Yield Savings & CDs

Post by hudson »

index2max wrote: Sat May 08, 2021 11:49 pm
SnowBog wrote: Sat May 08, 2021 9:57 pm
hudson wrote: Sat May 08, 2021 7:37 pm Are these banks? I couldn't find them on the NCUA or FDIC lists.
H.M. Bradley
Porte
TMobile
Toyota Income Notes

If they aren't banks, how do you know that your money is protected?
If you read prior posts on this thread, you'll see that HM Bradley and T Mobile use FDIC banks (they aren't banks themselves, they use existing banks).

No such protection as I understand it with Toyota (those sound like bonds to me). My Total Bond Fund isn't FDIC insured, and I'm OK with it...

Not familiar with Porte.
See my post earlier in this thread about Porte with a link to an article about it at depositaccounts.com

It's a fintech that partners with Metabank in SD, USA
Porte is a brand of the financial technology company (fintech) Populus Financial Group that has partnered with MetaBank to offer unique checking and savings accounts
I agree that all except Toyota are companies that promise FDIC protection by partnering with FDIC protected banks.
Is that the same as FDIC protection?
My short and incomplete study of partner banks showed that at least one partner bank did not offer attractive interest rates.
Didn't Bernie Madoff use an FDIC bank.
MikeG62
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Re: Your recommended banks for High Yield Savings & CDs

Post by MikeG62 »

mikejuss wrote: Sat May 08, 2021 2:25 pm I don't keep enough cash to make the interest paid on a high-yield savings account meaningful to me. I'm curious: are lots of people here sitting on more than $100,000 in cash? If so, why?
Fixed income includes many flavors of interest bearing investments. In my view, high-yield savings (as well as CD's - both traditional and NP) are part of the short-end of our fixed income exposure. I personally consider "cash" to be that which sits in our non-interest bearing checking account (which is usually a high three figure or low four figure amount).

Given the current low yield on intermediate and longer-term fixed income, it seems to me to be more likely than not that future interest rates will be higher not lower (and higher than where they are now). If true, this will be a headwind for bonds. The same can't necessarily be said for high-yield savings accounts (or CD's). Of course, those investments face perhaps a larger inflation impact. Having said that, those funds can be redeployed/reinvested more readily (i.e., without the need to sell them at a depressed NAV). For these reasons, I like to have fixed income across the spectrum of duration.
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index2max
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

mikejuss wrote: Sat May 08, 2021 2:25 pm I don't keep enough cash to make the interest paid on a high-yield savings account meaningful to me. I'm curious: are lots of people here sitting on more than $100,000 in cash? If so, why?
I am maxing out retirement and tax-advantaged accounts that provide most flexibility (HSA, Roth IRAs, Roth 401(k) and Roth 403(b).

After that, I am just putting money into high-yield deposit accounts that net me 3% or more per year while waiting for a market crash like Buffett.

These ~1% yields in the stock market stink. I refuse to buy in, plus I know these prices are just built off of money printing, which never solved the inherent problems in our debt-, cheap-money addicted economy. So the next crash will be even harder. Bankruptcies are a good thing. It's just like death and decay in nature, but the federal reserve won't allow it, because it hurts their buddies on wall street.

I have over $100,000k saved up in these high-liquidity deposit accounts at my CUs and can't wait to jump in once the S&P 500 is below an index value of ~2200 again, which seems to be the pain point at which the Fed always says "Uncle" and cuts rates or prints more money.
hudson wrote: Sun May 09, 2021 5:42 am
index2max wrote: Sat May 08, 2021 11:49 pm
SnowBog wrote: Sat May 08, 2021 9:57 pm
hudson wrote: Sat May 08, 2021 7:37 pm Are these banks? I couldn't find them on the NCUA or FDIC lists.
H.M. Bradley
Porte
TMobile
Toyota Income Notes

If they aren't banks, how do you know that your money is protected?
If you read prior posts on this thread, you'll see that HM Bradley and T Mobile use FDIC banks (they aren't banks themselves, they use existing banks).

No such protection as I understand it with Toyota (those sound like bonds to me). My Total Bond Fund isn't FDIC insured, and I'm OK with it...

Not familiar with Porte.
See my post earlier in this thread about Porte with a link to an article about it at depositaccounts.com

It's a fintech that partners with Metabank in SD, USA
Porte is a brand of the financial technology company (fintech) Populus Financial Group that has partnered with MetaBank to offer unique checking and savings accounts
I agree that all except Toyota are companies that promise FDIC protection by partnering with FDIC protected banks.
Is that the same as FDIC protection?
My short and incomplete study of partner banks showed that at least one partner bank did not offer attractive interest rates.
Didn't Bernie Madoff use an FDIC bank.
I am not sure. I saw OP asking about banks, so I thought I'd recommend some of these fintechs partnering with FDIC-insured banks.

Personally I wouldn't touch them because I trust credit unions more in general (see 2008 bank bailouts), plus they are at a competitive advantage in not paying outside shareholders or corporate income taxes.
invest4
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Re: Your recommended banks for High Yield Savings & CDs

Post by invest4 »

RetiredNewbie wrote: Thu Apr 08, 2021 8:27 am I have been watching savings account rates on https://www.depositaccounts.com/savings/ closely for the past few years. CIT Bank used to be near the top of the heap, but for the past year has been among the lowest of the HYSAs and has been the first to reduce their rates. Today I closed my account online, without having to call them.

+1 This is what I use as it has wide coverage including CUs with special deals I don't think I would have ever found otherwise. I stay away from the ones which have consistently poor reviews...not worth the headache. Of course, some banks have "catnip" which I can't resist...like high bonus Citibank promotions with no direct deposit. Customer service is mostly poor and getting your money out is a pain (low daily / monthly withdrawal limits...eventually resorted to paying the $17 wire transfer to get it all out)...but the juice is worth the squeeze for me.
index2max
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

invest4 wrote: Sun May 09, 2021 9:58 am
RetiredNewbie wrote: Thu Apr 08, 2021 8:27 am I have been watching savings account rates on https://www.depositaccounts.com/savings/ closely for the past few years. CIT Bank used to be near the top of the heap, but for the past year has been among the lowest of the HYSAs and has been the first to reduce their rates. Today I closed my account online, without having to call them.

+1 This is what I use as it has wide coverage including CUs with special deals I don't think I would have ever found otherwise. I stay away from the ones which have consistently poor reviews...not worth the headache. Of course, some banks have "catnip" which I can't resist...like high bonus Citibank promotions with no direct deposit. Customer service is mostly poor and getting your money out is a pain (low daily / monthly withdrawal limits...eventually resorted to paying the $17 wire transfer to get it all out)...but the juice is worth the squeeze for me.
So glad another Boglehead turned me on to depositaccounts.com

That site rocks! So much good info there for savers looking to park their money at interest rates above 0.000000....00001% :sharebeer
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

index2max wrote: Sun May 09, 2021 9:32 am Personally I wouldn't touch them because I trust credit unions more in general (see 2008 bank bailouts), plus they are at a competitive advantage in not paying outside shareholders or corporate income taxes.
While structurally, I'd agree that CU's should be able to offer better services, I'm unwilling to make that a blanket statement.

Maybe I'm jaded, but I have been with a CU my entire life. And I was sorely disappointed that we were basically getting nothing in interest for 20+ years. And when I "woke up", and looked around at options (roughly 2018), it was to find "corporate greedy banks" that were paying 100x or more in interest.

So I encourage people to "pay attention" and go with options that best meet your goals - which may (or may not) be a CU.

For transparency, I had found another local CU that's paying 1% - much higher and on a bigger balance than I can find at other banks and without hoops. It was my primary "savings" account, but I'm starting to shift some of that to HM Bradley to align with 3x interest when it kicks in this July.
index2max
Posts: 471
Joined: Mon Jan 21, 2019 11:01 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

SnowBog wrote: Sun May 09, 2021 11:16 am
index2max wrote: Sun May 09, 2021 9:32 am Personally I wouldn't touch them because I trust credit unions more in general (see 2008 bank bailouts), plus they are at a competitive advantage in not paying outside shareholders or corporate income taxes.
While structurally, I'd agree that CU's should be able to offer better services, I'm unwilling to make that a blanket statement.

Maybe I'm jaded, but I have been with a CU my entire life. And I was sorely disappointed that we were basically getting nothing in interest for 20+ years. And when I "woke up", and looked around at options (roughly 2018), it was to find "corporate greedy banks" that were paying 100x or more in interest.

So I encourage people to "pay attention" and go with options that best meet your goals - which may (or may not) be a CU.

For transparency, I had found another local CU that's paying 1% - much higher and on a bigger balance than I can find at other banks and without hoops. It was my primary "savings" account, but I'm starting to shift some of that to HM Bradley to align with 3x interest when it kicks in this July.
Not all credit unions are the same. I've seen some that are big and popular in my area, but when I look at their deposit rates, they're terrible.

So I shop around and join CUs that are local or nationwide with good deals. All I can say is that if you live in a metropolitan area, you can probably find a good deal elsewhere. Don't feel attached to one bank or credit union.

Think of yourself as a megacorp hopping from one sovereign nation to another in search of tax-subsidies. You have options, you just have to be willing to walk away from a bad CU when they keep cutting rates, which I plan to do with one of mine soon.

I refuse to use HM Bradley because it essentially works as a CD. You can pull out more than 80% of what you put in monthly, but you'll get bumped down the next quarter in interest. I want maximum liquidity and interest to be ready for the upcoming market crash. Can't predict when it will be because stock market valuations are always subjective. Thankfully crowds tend to all do the same thing at once. March 2020 and Dec 2018 were so delightful to watch as an accumulator.
JackoC
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Joined: Sun Aug 12, 2018 11:14 am

Re: Your recommended banks for High Yield Savings & CDs

Post by JackoC »

hudson wrote: Sun May 09, 2021 5:42 am
index2max wrote: Sat May 08, 2021 11:49 pm
SnowBog wrote: Sat May 08, 2021 9:57 pm
hudson wrote: Sat May 08, 2021 7:37 pm Are these banks? I couldn't find them on the NCUA or FDIC lists.
H.M. Bradley
Porte
TMobile
Toyota Income Notes
If they aren't banks, how do you know that your money is protected?
If you read prior posts on this thread, you'll see that HM Bradley and T Mobile use FDIC banks (they aren't banks themselves, they use existing banks).
No such protection as I understand it with Toyota (those sound like bonds to me). My Total Bond Fund isn't FDIC insured, and I'm OK with it...
Not familiar with Porte.
See my post earlier in this thread about Porte with a link to an article about it at depositaccounts.com
It's a fintech that partners with Metabank in SD, USA
Porte is a brand of the financial technology company (fintech) Populus Financial Group that has partnered with MetaBank to offer unique checking and savings accounts
I agree that all except Toyota are companies that promise FDIC protection by partnering with FDIC protected banks.
Is that the same as FDIC protection?
Yes. It's right on the headline page for T-Mobile. 'FDIC Insured'. How do we know *100%* that's true? How do we 100% know that the websites of banks/CU's that don't have branches in our area we've actually seen are not fronts for other organizations, and the FDIC might not say 'never heard of them' if they don't give us back the money? And while you're at it, prove to me you're not a camel. :happy

But seriously, nobody has to deposit their money anywhere if they don't feel safe. I just see no particularly good reason to doubt FDIC insurance actually applies in tie-in marketing deals where major corporations (T-Mobile) are telling you it's actually a deposit into a real bank which they are naming.
https://www.t-mobilemoney.com/en/home.html
SnowBog
Posts: 1388
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

index2max wrote: Sun May 09, 2021 11:45 am Not all credit unions are the same. I've seen some that are big and popular in my area, but when I look at their deposit rates, they're terrible.
So I shop around and join CUs that are local or nationwide with good deals.... Don't feel attached to one bank or credit union.
...
I refuse to use HM Bradley because it essentially works as a CD. You can pull out more than 80% of what you put in monthly, but you'll get bumped down the next quarter in interest. I want maximum liquidity and interest to be ready for the upcoming market crash.
Drop the CU limiter, and I completely agree! Shop around from time to time!

On HM Bradley, I'm OK with the limits. I figure, with the extra 0.5% from having their CC, even if I get 0% in a quarter (taking out more than 100% of deposits), the annual average is still over 2.6%
index2max
Posts: 471
Joined: Mon Jan 21, 2019 11:01 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

SnowBog wrote: Sun May 09, 2021 12:11 pm
index2max wrote: Sun May 09, 2021 11:45 am Not all credit unions are the same. I've seen some that are big and popular in my area, but when I look at their deposit rates, they're terrible.
So I shop around and join CUs that are local or nationwide with good deals.... Don't feel attached to one bank or credit union.
...
I refuse to use HM Bradley because it essentially works as a CD. You can pull out more than 80% of what you put in monthly, but you'll get bumped down the next quarter in interest. I want maximum liquidity and interest to be ready for the upcoming market crash.
Drop the CU limiter, and I completely agree! Shop around from time to time!

On HM Bradley, I'm OK with the limits. I figure, with the extra 0.5% from having their CC, even if I get 0% in a quarter (taking out more than 100% of deposits), the annual average is still over 2.6%
Yeah, been reading about getting an extra 50 basis points of yields if you sign up for their CC offer. 3.5% yield on a savings account up to $100k is not too shabby, especially if you have a lot of extra cash sitting around you don't need or want to invest at this time.

I limit myself to credit unions out of principle, just like how I stick with Vanguard for my Roth IRAs. Others can do as they want. Just look at LMCU's 3% max checking account. They've held that rate since 2011, I think, after they dropped from 4%. That's longevity! Find me a bank that stuck around with such a rate for so long during the 2010s...

That being said I'm not afraid to use Fidelity for their zero-cost HSA and stick my money into their zero-expense total us stock market fund to save myself from using my employer's HSA, which charges fees to invest with.
WindyLily
Posts: 1
Joined: Sun May 09, 2021 6:59 am

Re: Your recommended banks for High Yield Savings & CDs

Post by WindyLily »

Resend my first post on this board. Have 100k emergency fund and try to find a higher yield saving vehicle (currently with Marcus which the rate has dropped to 0.5%). Come across recommendation of HM Bradley and question: I noticed that they have a referral program which allows new users to set up accounts and IMMEDIATELY get the "Tier 1" 3% interest. Has anyone done this and actually seen that work? Being able to INSTANTLY get an account with 3% interest would be awesome while it lasted. [OT comment removed by admin LadyGeek]. I have no problem to set up DD with the account. Or buy I bond since inflation goes up? Thanks in advance for any advice! (I know I bond has restrictions so I plan to gradually buy 5 x 10k) and the rest still in a savings account.)
mhop
Posts: 75
Joined: Tue Jul 23, 2013 12:41 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by mhop »

WindyLily wrote: Sun May 09, 2021 6:10 pm Resend my first post on this board. Have 100k emergency fund and try to find a higher yield saving vehicle (currently with Marcus which the rate has dropped to 0.5%). Come across recommendation of HM Bradley and question: I noticed that they have a referral program which allows new users to set up accounts and IMMEDIATELY get the "Tier 1" 3% interest. Has anyone done this and actually seen that work? Being able to INSTANTLY get an account with 3% interest would be awesome while it lasted. [OT comment removed by admin LadyGeek]. I have no problem to set up DD with the account. Or buy I bond since inflation goes up? Thanks in advance for any advice! (I know I bond has restrictions so I plan to gradually buy 5 x 10k) and the rest still in a savings account.)
I have done a referral and yes it’s pretty instantaneous for the other person. If I remember correctly, at the time the referrer received a “rewind” back to 3% in return and I received that email within minutes - I believe that specific part of the program no longer exists.

Ibonds have seen a lot of popularity on the board with the uptick in inflation.
JackoC
Posts: 2317
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Re: Your recommended banks for High Yield Savings & CDs

Post by JackoC »

SnowBog wrote: Sun May 09, 2021 11:16 am
index2max wrote: Sun May 09, 2021 9:32 am Personally I wouldn't touch them because I trust credit unions more in general (see 2008 bank bailouts), plus they are at a competitive advantage in not paying outside shareholders or corporate income taxes.
While structurally, I'd agree that CU's should be able to offer better services, I'm unwilling to make that a blanket statement.

Maybe I'm jaded, but I have been with a CU my entire life. And I was sorely disappointed that we were basically getting nothing in interest for 20+ years. And when I "woke up", and looked around at options (roughly 2018), it was to find "corporate greedy banks" that were paying 100x or more in interest.
I agree. I try to leave my socio-political theories and biases behind and get the best rate. The fact that the CU is not for profit may give a warm and fuzzy feeling to some but is not directly relevant to my bottom line. The rate offered is what's relevant, however the institution achieves that rate (lack of profit, greater efficiency, a loss leader which they'll make up for with other more profitable business with some customers attracted by that good rate...but not me, etc). IME CU's usually have the best rates on term CD's if you're shopping around for *the* best rate with no consideration of location, 'service', 'one stop shop' or anything besides best rate. But not always. On savings accounts I find banks are relatively more likely to be best. In part because savings accounts aren't as purely about the rate right this second, since it can change at any time. CU's I believe are more likely to put up great rates for a short period, which is fine with CD's if you catch the deal, but savings accounts are more about the institution's commitment to being close to the best rate continuously. Also with savings accounts you're dealing with them more, transferring money in/out and that's easier (better website, higher transfer limits) with some institutions than others. I have a CD with one CU that was really painful to deal with. It was worth it for a 5 yr CD paying 1.93% more than the 5 yr note, painfully inefficient dealing two times, beginning and end, but I would not consider having a savings account with that CU.

Again I'm talking about rate shopping online. If people want a brick and mortar one stop shop with a friendly 'howdy do' that's a different thing. Although, one of our CD credit unions happens to be only a few miles from our house: at one point they happened to have the highest 5 yr CD rate nationally that we qualified for. But their service is terrible. The local BOA branch (8 minute walk) is far better on service. But that doesn't mean I'd have put money for 5 yrs at BOA at 0.5% or whatever completely uncompetitive rate they were giving when that CU was offering 3.1% (awhile back, obviously). I deal with BOA for free on stuff that's favorable to me (mainly, 2.625%>5.25% credit card cashback and no minimum balance on checking account by keeping $100k+ of ETF's parked at Merrill) Then if I actually need a signature guarantee, foreign wire transfer etc. I can walk over and get it, and their service is quite efficient and friendly enough for me (people's taste on that also varies).
index2max
Posts: 471
Joined: Mon Jan 21, 2019 11:01 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

JackoC wrote: Mon May 10, 2021 9:05 am
SnowBog wrote: Sun May 09, 2021 11:16 am
index2max wrote: Sun May 09, 2021 9:32 am Personally I wouldn't touch them because I trust credit unions more in general (see 2008 bank bailouts), plus they are at a competitive advantage in not paying outside shareholders or corporate income taxes.
While structurally, I'd agree that CU's should be able to offer better services, I'm unwilling to make that a blanket statement.

Maybe I'm jaded, but I have been with a CU my entire life. And I was sorely disappointed that we were basically getting nothing in interest for 20+ years. And when I "woke up", and looked around at options (roughly 2018), it was to find "corporate greedy banks" that were paying 100x or more in interest.
I agree. I try to leave my socio-political theories and biases behind and get the best rate. The fact that the CU is not for profit may give a warm and fuzzy feeling to some but is not directly relevant to my bottom line. The rate offered is what's relevant, however the institution achieves that rate (lack of profit, greater efficiency, a loss leader which they'll make up for with other more profitable business with some customers attracted by that good rate...but not me, etc). IME CU's usually have the best rates on term CD's if you're shopping around for *the* best rate with no consideration of location, 'service', 'one stop shop' or anything besides best rate. But not always. On savings accounts I find banks are relatively more likely to be best. In part because savings accounts aren't as purely about the rate right this second, since it can change at any time. CU's I believe are more likely to put up great rates for a short period, which is fine with CD's if you catch the deal, but savings accounts are more about the institution's commitment to being close to the best rate continuously. Also with savings accounts you're dealing with them more, transferring money in/out and that's easier (better website, higher transfer limits) with some institutions than others. I have a CD with one CU that was really painful to deal with. It was worth it for a 5 yr CD paying 1.93% more than the 5 yr note, painfully inefficient dealing two times, beginning and end, but I would not consider having a savings account with that CU.

Again I'm talking about rate shopping online. If people want a brick and mortar one stop shop with a friendly 'howdy do' that's a different thing. Although, one of our CD credit unions happens to be only a few miles from our house: at one point they happened to have the highest 5 yr CD rate nationally that we qualified for. But their service is terrible. The local BOA branch (8 minute walk) is far better on service. But that doesn't mean I'd have put money for 5 yrs at BOA at 0.5% or whatever completely uncompetitive rate they were giving when that CU was offering 3.1% (awhile back, obviously). I deal with BOA for free on stuff that's favorable to me (mainly, 2.625%>5.25% credit card cashback and no minimum balance on checking account by keeping $100k+ of ETF's parked at Merrill) Then if I actually need a signature guarantee, foreign wire transfer etc. I can walk over and get it, and their service is quite efficient and friendly enough for me (people's taste on that also varies).
I settled on being a CU-only kind of guy because I have a say in how they do things as a member who is also part-owner. As a bank customer, I have no say in things, unless I am a shareholder too. CUs only have one master to serve: their members. It's just like how Vanguard only has its clients to serve and no outside shareholders like at Blackrock or Fidelity.

If you are a very-high-net-worth individual, maybe a bank might better suit your needs. As far as getting medallion signature guarantees etc. my credit unions offer those things for free too. Bank of America definitely isn't any better when it comes to that stuff.

Remember when Wells Fargo and Bank of America were going to charge debit card holders $5/month as a service fee? Credit Unions don't have to nickel and dime their members like that.

https://en.wikipedia.org/wiki/Bank_Tran ... y#Overview

If your local CU has crappy service, all I can suggest is to go to another one. I'd say the same thing if your local bank was no good. Not all banks or credit unions are created equal. Some branches within the same financial institution have lousy staff

If you have tens of thousands of dollars worth of cash to store at higher interest, if you're married, you can easily park $20,000 each at Evansville CU, $15,000 each at LMCU, and put $3500 each in savings accounts at Service CU. This way you maintain maximum liquidity for the upcoming market crash, while preserving your interest rate. HMBradley would punish you with a rate cut for that.
SnowBog
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Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

index2max wrote: Mon May 10, 2021 12:43 pm If you have tens of thousands of dollars worth of cash to store at higher interest, if you're married, you can easily park $20,000 each at Evansville CU, $15,000 each at LMCU, and put $3500 each in savings accounts at Service CU. This way you maintain maximum liquidity for the upcoming market crash, while preserving your interest rate. HMBradley would punish you with a rate cut for that.
While there is undoubtedly an "upcoming market crash" - I have no idea if that's in 1 month, 1 year, 1 decade...

I also believe "time in the market" will beat "timing the market", so I don't hold money "on the side" waiting for an eventual crash. If/when that crash happens, my normal TLH and AA rebalancing will be sufficient.

While I'm glad you think that "you have a say" in how your CU is run, I think that's unrealistic... Or maybe no more realistic than thinking you have a say in how Vanguard operates their funds or business. At best, you are a "shareholder" in the CU. Maybe they even allow you to "vote" - but often only on the board members and other token items.

Again, conceptually I agree with your premise of CUs (and Vanguard) being more aligned to be low cost /better for their members. But that's not universally true. Fidelity and others now offer lower fee funds than Vanguard. Why? Because it's what they think they need to do to compete - and competition in free markets is a good thing.

And currently HM Bradley let's a couple hold significantly more at a higher rate with zero hoops (provided you can "split" your direct deposit). Even if I lose the interest rate for 3 months, the composite rate (and balances) is vastly better than alternatives.

Works for me...
JackoC
Posts: 2317
Joined: Sun Aug 12, 2018 11:14 am

Re: Your recommended banks for High Yield Savings & CDs

Post by JackoC »

index2max wrote: Mon May 10, 2021 12:43 pm
JackoC wrote: Mon May 10, 2021 9:05 am
SnowBog wrote: Sun May 09, 2021 11:16 am
index2max wrote: Sun May 09, 2021 9:32 am Personally I wouldn't touch them because I trust credit unions more in general (see 2008 bank bailouts), plus they are at a competitive advantage in not paying outside shareholders or corporate income taxes.
While structurally, I'd agree that CU's should be able to offer better services, I'm unwilling to make that a blanket statement.

Maybe I'm jaded, but I have been with a CU my entire life. And I was sorely disappointed that we were basically getting nothing in interest for 20+ years. And when I "woke up", and looked around at options (roughly 2018), it was to find "corporate greedy banks" that were paying 100x or more in interest.
I agree. I try to leave my socio-political theories and biases behind and get the best rate. The fact that the CU is not for profit may give a warm and fuzzy feeling to some but is not directly relevant to my bottom line. The rate offered is what's relevant, however the institution achieves that rate (lack of profit, greater efficiency, a loss leader which they'll make up for with other more profitable business with some customers attracted by that good rate...but not me, etc). IME CU's usually have the best rates on term CD's if you're shopping around for *the* best rate with no consideration of location, 'service', 'one stop shop' or anything besides best rate. But not always. On savings accounts I find banks are relatively more likely to be best. In part because savings accounts aren't as purely about the rate right this second, since it can change at any time. CU's I believe are more likely to put up great rates for a short period, which is fine with CD's if you catch the deal, but savings accounts are more about the institution's commitment to being close to the best rate continuously. Also with savings accounts you're dealing with them more, transferring money in/out and that's easier (better website, higher transfer limits) with some institutions than others. I have a CD with one CU that was really painful to deal with. It was worth it for a 5 yr CD paying 1.93% more than the 5 yr note, painfully inefficient dealing two times, beginning and end, but I would not consider having a savings account with that CU.

Again I'm talking about rate shopping online. If people want a brick and mortar one stop shop with a friendly 'howdy do' that's a different thing. Although, one of our CD credit unions happens to be only a few miles from our house: at one point they happened to have the highest 5 yr CD rate nationally that we qualified for. But their service is terrible. The local BOA branch (8 minute walk) is far better on service. But that doesn't mean I'd have put money for 5 yrs at BOA at 0.5% or whatever completely uncompetitive rate they were giving when that CU was offering 3.1% (awhile back, obviously). I deal with BOA for free on stuff that's favorable to me (mainly, 2.625%>5.25% credit card cashback and no minimum balance on checking account by keeping $100k+ of ETF's parked at Merrill) Then if I actually need a signature guarantee, foreign wire transfer etc. I can walk over and get it, and their service is quite efficient and friendly enough for me (people's taste on that also varies).
1. I settled on being a CU-only kind of guy because I have a say in how they do things as a member who is also part-owner. As a bank customer, I have no say in things, unless I am a shareholder too. CUs only have one master to serve: their members. It's just like how Vanguard only has its clients to serve and no outside shareholders like at Blackrock or Fidelity.

2. If you are a very-high-net-worth individual, maybe a bank might better suit your needs. As far as getting medallion signature guarantees etc. my credit unions offer those things for free too. Bank of America definitely isn't any better when it comes to that stuff.

3. Remember when Wells Fargo and Bank of America were going to charge debit card holders $5/month as a service fee? Credit Unions don't have to nickel and dime their members like that.

4. If your local CU has crappy service, all I can suggest is to go to another one. I'd say the same thing if your local bank was no good. Not all banks or credit unions are created equal. Some branches within the same financial institution have lousy staff

5. If you have tens of thousands of dollars worth of cash to store at higher interest, if you're married, you can easily park $20,000 each at Evansville CU, $15,000 each at LMCU, and put $3500 each in savings accounts at Service CU. This way you maintain maximum liquidity for the upcoming market crash, while preserving your interest rate. HMBradley would punish you with a rate cut for that.
1. Again I look to the bottom line. I came to mainly use Vanguard because their mutual fund/ETF ER's were low. The fact 'they have no shareholders to please' is to me meaningless theory. The practical fact was lower ER. Now Vanguard's advantage in stock fund ER's is smaller or gone in some cases, despite their competitors being public stock companies, but I have too much unrealized capital gain to switch equity funds over small ER differences, and no particular reason to hold Vanguard funds somewhere else. And, Vanguard still tends to have a significant advantage in bond fund ER's. But the corporate structure itself has no direct bearing. It's the bottom line difference, if there is.

2. Everyone has their own definitions of 'very high NW', but getting the best cash back on credit cards in the market at BOA (cash, not airline miles/points which is a different game) only requires parking $100k in ETF's at Merrill for free. That's worth $1-2k a year for me. Then, for the incidentals that anyone can do (signature gtee) BOA also can, and the stuff some small bank/CU's have trouble with, like foreign wires, again BOA can, and 8 minutes walk (there's a local bank not CU next door to BOA, but their service also sucks, I tried them). I'm not seeing how I come out ahead forcing myself to use just CU's or why my practical view would be limited to 'very high net worth', though I'm not saying I don't qualify (but if you say you do, gteed there will be a post redefining it to just above your NW :happy ).

3. I don't pay BOA anything. What other people pay is their problem.

4. The crappy service at that CU is fine for that CD because it was the highest rate nationally when purchased, my point, and as I said was my point. It's no reason to accept a lower CD rate somewhere else, but also no reason to move other business there. Nor is there any *practical* reason I can see to seek out a CU for the sake of it being a CU. If a CU's rate is No.1 nationally for the CD maturity I need (among deals I qualify for), I do it. That's pretty much it.

5. On amounts much more than that in total including CD portfolio not only savings accounts. And I interpret the topic here 'best CD and high yields savings' to mean rates, not some socio-political attitude about banks v CU's, nor some basically imaginary 'say' I'd have as one member of a CU in how it's run (a smidgen more than jack). I aim to be pretty strictly practical with money and save my impractical quirks for other contexts. :happy
SnowBog
Posts: 1388
Joined: Fri Dec 21, 2018 11:21 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by SnowBog »

Edited: found this link of anyone interested: https://thepointsguy.com/news/critical- ... d-rewards/

Not quite on topic (although it does require a presence at BOA/Merrill), but what credit card are you referencing with the posts below?

I assume the "-> 5.25%" implies their "Preferred Rewards" tiers (or whatever they call them).

But the only "cash back" card I saw at BOA was a 3% on a single category of your choice (and I think 2% on grocery and 1% on everything else). Is there a 2.625% cash back card I'm not finding on their website?
JackoC wrote: Mon May 10, 2021 9:05 am I deal with BOA for free on stuff that's favorable to me (mainly, 2.625%>5.25% credit card cashback and no minimum balance on checking account by keeping $100k+ of ETF's parked at Merrill)
JackoC wrote: Mon May 10, 2021 2:47 pm getting the best cash back on credit cards in the market at BOA (cash, not airline miles/points which is a different game) only requires parking $100k in ETF's at Merrill for free. That's worth $1-2k a year for me.
Last edited by SnowBog on Mon May 10, 2021 3:20 pm, edited 2 times in total.
JackoC
Posts: 2317
Joined: Sun Aug 12, 2018 11:14 am

Re: Your recommended banks for High Yield Savings & CDs

Post by JackoC »

SnowBog wrote: Mon May 10, 2021 2:59 pm Not quite on topic (although it does require a presence at BOA/Merrill), but what credit card are you referencing with the posts below?

I assume the "-> 5.25%" implies their "Preferred Rewards" tiers (or whatever they call them).

But the only "cash back" card I saw at BOA was a 3% on a single category of your choice (and I think 2% on grocery and 1% on everything else). Is there a 2.625% cash back card I'm not finding on their website?
JackoC wrote: Mon May 10, 2021 9:05 am I deal with BOA for free on stuff that's favorable to me (mainly, 2.625%>5.25% credit card cashback and no minimum balance on checking account by keeping $100k+ of ETF's parked at Merrill)
JackoC wrote: Mon May 10, 2021 2:47 pm getting the best cash back on credit cards in the market at BOA (cash, not airline miles/points which is a different game) only requires parking $100k in ETF's at Merrill for free. That's worth $1-2k a year for me.
As I mentioned, those are the cash back rates contingent on being at 'Platinum Honors' level, which requires (last I checked though I have more) $100k total with BOA and Merrill. Which you can satisfy by just parking ETF's you own anyway at Merrill with no ongoing fees, even get up to several $100 account opening bonus for moving them there.

Having done that,
Premium Rewards card pays 3.5% on travel, 2.625% on everything else, $95 annual fee but can always be offset by up to $100 credit for airline incidentals and sometimes by special credits, like a $50 supermarket credit this year. Unlimited spending.

Cash Rewards cards. These are the ones that are 1/2/3 normally but that becomes 1.75/3.5/5.25 at Platinum Honors level. The second two tiers of reward are limited to $2.5k total per card per quarter, but BOA allows multiple CR cards. We have 4 different ones, I think people here have mentioned 5, I'm not sure what the upper limit is. No annual fee.

This again is worth between $1k-$2k/yr to us *over and above a generic 2% on everything card*. All this stuff depends on situations, but I would consider myself engaging in cutting off nose to spite my face behavior to do all my business with say PenFed (a good CU, I have a checking account and couple of cards I opened for bonuses there, best is 2% on everything, though they also don't have a local branch) because they 'aren't a greedy bank'. I want that extra cash back, maybe I'm 'greedy' too :happy
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