Online High yield savings account for emergency funds

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Sab3699
Posts: 20
Joined: Wed Jan 03, 2018 12:24 pm

Online High yield savings account for emergency funds

Post by Sab3699 » Wed Jan 03, 2018 12:30 pm

Hello Bogleheads,

I was looking for recommendations for a high yield savings. At this time the best rates are 1.4% with Marcus, 1.3% with Discover and a few others and 1.25 with Ally.

Anyone have any recommendations or experience with these banks or others for savings purposes

- thanks!

am
Posts: 2509
Joined: Sun Sep 30, 2007 9:55 am

Re: Online High yield savings account for emergency funds

Post by am » Wed Jan 03, 2018 12:38 pm

I like amex savings 1.35 and ally. No problems over the years

Sab3699
Posts: 20
Joined: Wed Jan 03, 2018 12:24 pm

Re: Online High yield savings account for emergency funds

Post by Sab3699 » Wed Jan 03, 2018 12:50 pm

am wrote:
Wed Jan 03, 2018 12:38 pm
I like amex savings 1.35 and ally. No problems over the years
Great thanks, Do you know if there is a cost with transferring the money over from another checking account (I use Chase)

am
Posts: 2509
Joined: Sun Sep 30, 2007 9:55 am

Re: Online High yield savings account for emergency funds

Post by am » Wed Jan 03, 2018 12:53 pm

Sab3699 wrote:
Wed Jan 03, 2018 12:50 pm
am wrote:
Wed Jan 03, 2018 12:38 pm
I like amex savings 1.35 and ally. No problems over the years
Great thanks, Do you know if there is a cost with transferring the money over from another checking account (I use Chase)
Not for me and I also use chase.

IowaFarmWife
Posts: 77
Joined: Thu Nov 02, 2017 9:42 pm

Re: Online High yield savings account for emergency funds

Post by IowaFarmWife » Wed Jan 03, 2018 1:00 pm

Barclay Bank is also offering 1.3%; I have had no issues with this one either.

onourway
Posts: 971
Joined: Thu Dec 08, 2016 3:39 pm

Re: Online High yield savings account for emergency funds

Post by onourway » Wed Jan 03, 2018 1:11 pm

I would choose Capital One Money Market if you have over $10k and collect their $200 account bonus for opening. They have been among the first to raise rates in the last year as well.

I am currently considering moving from Capital One to Vanguard Tax Exempt Money Market at this point as tax-equivalent yields appear to be approaching 2% there for me. Open to hearing cons to this move as well.

User avatar
CAsage
Posts: 931
Joined: Sun Mar 27, 2016 6:25 pm

Re: Online High yield savings account for emergency funds

Post by CAsage » Wed Jan 03, 2018 1:11 pm

I have never found a charge for funds transferred between linked accounts, though they take a bit of time. Transfer and set up can take a couple days to wind through.
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

User avatar
bligh
Posts: 718
Joined: Wed Jul 27, 2016 9:13 pm

Re: Online High yield savings account for emergency funds

Post by bligh » Wed Jan 03, 2018 1:11 pm

I have been using Marcus for almost 2 years now (was GoldmanSachs Bank before) and have had a pretty good experience with them.

I am not a fan of their new website but I hardly have to interact with it and it more or less does the job.

User avatar
telemark
Posts: 2221
Joined: Sat Aug 11, 2012 6:35 am

Re: Online High yield savings account for emergency funds

Post by telemark » Wed Jan 03, 2018 1:21 pm

Another happy Amex savings user here. I like that they've never needed to pull my credit report.

thangngo
Posts: 883
Joined: Sun Feb 26, 2017 2:08 pm

Re: Online High yield savings account for emergency funds

Post by thangngo » Wed Jan 03, 2018 1:22 pm

bligh wrote:
Wed Jan 03, 2018 1:11 pm
I have been using Marcus for almost 2 years now (was GoldmanSachs Bank before) and have had a pretty good experience with them.

I am not a fan of their new website but I hardly have to interact with it and it more or less does the job.
+1. I'm in the same boat. As long as I can download monthly statements, verify their records and interest calculation, I'm fine with the new website.

User avatar
Sandtrap
Posts: 4266
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii😀 Northern AZ.😳

Re: Online High yield savings account for emergency funds

Post by Sandtrap » Wed Jan 03, 2018 1:23 pm

Bankrate.com
j :D

frazzlefeet
Posts: 38
Joined: Mon Aug 07, 2017 10:08 am

Re: Online High yield savings account for emergency funds

Post by frazzlefeet » Wed Jan 03, 2018 1:34 pm

I have had an account with Capital One for years (from when it was ING). While i haven't had any negative experiences with Capital One, I suddenly got annoyed that i have to keep 10K in the money market to earn the same rate as other banks that have no minimum balance requirements. I just opened a savings account at Live Oak Bank (1.50%) the other day and if all goes smoothly with a few test transfers in the near future, I plan to close the Capital One account. HTH!

Jack FFR1846
Posts: 6654
Joined: Tue Dec 31, 2013 7:05 am

Re: Online High yield savings account for emergency funds

Post by Jack FFR1846 » Wed Jan 03, 2018 1:37 pm

Redneck Bank is 1.5% up to $35k. I've got $35k in there. Heard about them here on Bogleheads.
Bogle: Smart Beta is stupid

margered
Posts: 82
Joined: Sat Nov 02, 2013 5:56 pm

Re: Online High yield savings account for emergency funds

Post by margered » Wed Jan 03, 2018 1:54 pm

I have been with Salem 5 since 2012. Rates went down and lately were .8%. I just contacted them to close the account and they offered 1.5% .

Hockey10
Posts: 198
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: Online High yield savings account for emergency funds

Post by Hockey10 » Wed Jan 03, 2018 4:38 pm

CIT Bank shows 1.55% on their website today. I think this is a new rate in the past day or so. I have an account there. I have found their telephone customer service to be good, but their website is a bit clunky (not nearly as user friendly as Ally Bank).

https://www.bankoncit.com/high-yield-savings/

Palatineman
Posts: 133
Joined: Mon Jun 20, 2016 10:40 pm

Re: Online High yield savings account for emergency funds

Post by Palatineman » Wed Jan 03, 2018 5:13 pm

Sab3699 wrote:
Wed Jan 03, 2018 12:30 pm
Hello Bogleheads,

I was looking for recommendations for a high yield savings. At this time the best rates are 1.4% with Marcus, 1.3% with Discover and a few others and 1.25 with Ally.

Anyone have any recommendations or experience with these banks or others for savings purposes

- thanks!
I have a Discover online savings account 1.30 with a few K in there that I transfer from my brick and mortar checking accounts.

If you have 25K or more, I recommend the Ally 11 month no penalty CD's - 1.75 you can cash in, if needed.

User avatar
nisiprius
Advisory Board
Posts: 35442
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: Online High yield savings account for emergency funds

Post by nisiprius » Wed Jan 03, 2018 5:28 pm

I'm getting 1.3% in the $10,000-minimum money market savings account at Capital One 360, 1% in the regular "savings" accounts. Nothing particular to say about Capital One, had 'em since about the year 2000 when they were ING Direct, they've always seemed good and reliable. But with one detail. I don't know how other online banks compare. Transfers from Capital One to our brick-and-mortar bank accounts seem awfully slow to me, even though they tell you so... on the order of five business days before I see the money as "available funds" in the bank account. That might be a potential problem for one's only "emergency fund."

You can open an so-called "360 Checking" and get an ATM card to use with it; no physical checks, $1,000/day ATM cash limit; can only deposit with a mobile phone, not at an ATM machine. That might increase its usefulness as an emergency fund.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

CantPassAgain
Posts: 495
Joined: Fri Mar 15, 2013 8:49 pm

Re: Online High yield savings account for emergency funds

Post by CantPassAgain » Wed Jan 03, 2018 5:30 pm

I had an account with Barclays that changed to a Goldman Sachs online savings account and just recently was changed to "Marcus By Goldman Sachs." Checked just now and they are advertising 1.4%.

https://www.marcus.com/us/en

Trev H
Posts: 1871
Joined: Fri Mar 02, 2007 10:47 pm

Re: Online High yield savings account for emergency funds

Post by Trev H » Wed Jan 03, 2018 5:32 pm

I have had online savings at Capitol One since they were ING.

I used to keep basically 1/3 of my EF in...

Local brick and mortar bank, earning doodly squat
1/3 in Cap One/ING Savings Account
1/3 in Vanguards Wellesley Income Fund

That 1/3 I put into Wellesley has grown NICELY over the years and I have just let it be. I now have significant taxable savings at Vanguard invested in TSM and FTSE XUS... so the Wellesley component is not really needed for EF now days... but it is still there. Some day I will spend it.

Trev H

User avatar
mudfud
Posts: 1216
Joined: Tue Feb 20, 2007 4:34 pm

Re: Online High yield savings account for emergency funds

Post by mudfud » Wed Jan 03, 2018 5:42 pm

1.6% at DollarSavingsDirect
"Are you sure you have tested an a priori hypothesis?" | | Image

ImmigrantSaver
Posts: 172
Joined: Tue Nov 22, 2016 6:24 pm

Re: Online High yield savings account for emergency funds

Post by ImmigrantSaver » Wed Jan 03, 2018 6:34 pm

nisiprius wrote:
Wed Jan 03, 2018 5:28 pm
I'm getting 1.3% in the $10,000-minimum money market savings account at Capital One 360, 1% in the regular "savings" accounts. Nothing particular to say about Capital One, had 'em since about the year 2000 when they were ING Direct, they've always seemed good and reliable. But with one detail. I don't know how other online banks compare. Transfers from Capital One to our brick-and-mortar bank accounts seem awfully slow to me, even though they tell you so... on the order of five business days before I see the money as "available funds" in the bank account. That might be a potential problem for one's only "emergency fund."

You can open an so-called "360 Checking" and get an ATM card to use with it; no physical checks, $1,000/day ATM cash limit; can only deposit with a mobile phone, not at an ATM machine. That might increase its usefulness as an emergency fund.
I have both 360 Checking and Savings for the reasons described above. But I did get the actual physical checks. I highly dislike writing checks and only was forced to use them for rental payments. Trying to switch to their "send e-check" feature (supposed to be completely free) this month. We'll see how that goes.

For savings I used both Amex and Barclays and would recommend both!

User avatar
tennisplyr
Posts: 1527
Joined: Tue Jan 28, 2014 1:53 pm
Location: Sarasota, FL

Re: Online High yield savings account for emergency funds

Post by tennisplyr » Wed Jan 03, 2018 7:14 pm

Have Ally savings and have had no issues with them.
Those who move forward with a happy spirit will find that things always work out.

HockeyFan99
Posts: 16
Joined: Wed May 22, 2013 8:53 pm

Re: Online High yield savings account for emergency funds

Post by HockeyFan99 » Wed Jan 03, 2018 8:22 pm

Another long time Capital One user, since the ING Direct days. Have stuck with them largely because their site is easy to use, we also have Capital One credit cards / checking, and their rates are generally near the top (but not at the very top) of the market.

Basically, have never had a negative experience in a decade plus, so haven't really gone chasing other savings accounts, though have recently shifted some of our growing EF into Ally 11m no penalty CD as well as I Bonds to try to fend off inflation erosion at least a little bit.
"I'm spending a year dead for tax reasons." - Hotblack Desiato

Sockpuppet
Posts: 107
Joined: Mon Oct 23, 2017 9:06 pm

Re: Online High yield savings account for emergency funds

Post by Sockpuppet » Wed Jan 03, 2018 11:58 pm

I bank with Discover and have been very pleased. They have great customer service that is available 24/7.

Also, given past history I would expect them to raise their rates next month.

Tbonerazor
Posts: 25
Joined: Tue Jan 02, 2018 2:50 pm

Re: Online High yield savings account for emergency funds

Post by Tbonerazor » Mon Jan 29, 2018 10:52 pm

Kind of late to the discussion. I am using CIT Bank. When i opened the account it was 1.35% and then they increased to 1.55%. So far has been hassle free, though my first deposit was a check and i haven't made a second transfer from my account.

HockeyFan99
Posts: 16
Joined: Wed May 22, 2013 8:53 pm

Re: Online High yield savings account for emergency funds

Post by HockeyFan99 » Sun Feb 04, 2018 2:20 pm

Capital One just recently raised my rate again. Always nice to receive those emails. Interesting that their rates have been rising while Ally's CD rates have been falling.
"I'm spending a year dead for tax reasons." - Hotblack Desiato

Phaeton
Posts: 4
Joined: Wed Jan 31, 2018 8:27 pm

Re: Online High yield savings account for emergency funds

Post by Phaeton » Sun Feb 04, 2018 2:26 pm

Just wanted to add that Barclays is currently at 1.5% and I have used them for multiple years. Seems to be one of the highest rates or close enough that it is not worth rate chasing at another bank for. As mentioned earlier, Bankrate.com is a good resource to compare savings rates.

geologist20
Posts: 19
Joined: Fri Mar 11, 2016 11:57 am

Re: Online High yield savings account for emergency funds

Post by geologist20 » Mon Feb 05, 2018 12:39 am

Sockpuppet wrote:
Wed Jan 03, 2018 11:58 pm
I bank with Discover and have been very pleased. They have great customer service that is available 24/7.

Also, given past history I would expect them to raise their rates next month.
Should be 1.4% now, based on my most recent login today.

perl
Posts: 122
Joined: Mon Apr 28, 2014 12:46 pm

Re: Online High yield savings account for emergency funds

Post by perl » Mon Feb 05, 2018 1:42 am

Alliant credit union is 1.45% currently. They're a good choice if you prefer a credit union to a bank. They are fast with ACH transfers.

luckybamboo
Posts: 187
Joined: Tue Nov 01, 2016 7:56 pm

Re: Online High yield savings account for emergency funds

Post by luckybamboo » Mon Feb 05, 2018 11:28 pm

nisiprius wrote:
Wed Jan 03, 2018 5:28 pm
I'm getting 1.3% in the $10,000-minimum money market savings account at Capital One 360, 1% in the regular "savings" accounts. Nothing particular to say about Capital One, had 'em since about the year 2000 when they were ING Direct, they've always seemed good and reliable. But with one detail. I don't know how other online banks compare. Transfers from Capital One to our brick-and-mortar bank accounts seem awfully slow to me, even though they tell you so... on the order of five business days before I see the money as "available funds" in the bank account. That might be a potential problem for one's only "emergency fund."

You can open an so-called "360 Checking" and get an ATM card to use with it; no physical checks, $1,000/day ATM cash limit; can only deposit with a mobile phone, not at an ATM machine. That might increase its usefulness as an emergency fund.
I have 360-Checking and it is a very nice checking account with check writing and bill pay option. Also, if it is easy enough you can open a regular Capital One account (brick and mortar not 360), and you can instantaneous transfer from 360 to regular and access it locally.
I haven't had trouble transferring money from Capital One 360. Funds are available in 2 business days in my other bank.

bluerafters
Posts: 63
Joined: Mon Sep 18, 2017 7:14 pm

Re: Online High yield savings account for emergency funds

Post by bluerafters » Fri Mar 09, 2018 12:12 pm

Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.

Nova1967
Posts: 146
Joined: Fri May 27, 2016 3:22 pm

Re: Online High yield savings account for emergency funds

Post by Nova1967 » Sat Mar 10, 2018 8:06 am

I have GS Marcus which has a functional web site and customer service. I believe having access to to the website and Customer Service Reps is more convenient vs choosing a poor accessible online bank that pays 1.5 percent vs a reliable bank that pays 1.4%
I had a very poor experience trying to open an account with Ally, (who wants to belong to a bank that has a website that is frequently out of operation)

IowaFarmWife
Posts: 77
Joined: Thu Nov 02, 2017 9:42 pm

Re: Online High yield savings account for emergency funds

Post by IowaFarmWife » Sat Mar 10, 2018 8:28 am

bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
You may want to double check your Barclay's account- my savings has risen to 1.5%.

Sab3699
Posts: 20
Joined: Wed Jan 03, 2018 12:24 pm

Re: Online High yield savings account for emergency funds

Post by Sab3699 » Sat Mar 10, 2018 9:49 am

I had decided to join CIT and opened it up in January at 1.55%, I noticed other banks going up so I hope it goes up more. have not had any issue. I have not tried to move ant money out yet. my only quell is that it takes about 5 days for the money to be fully available when moving from my chase checking account. Not sure if this is with all banks or just CIT.

bluerafters
Posts: 63
Joined: Mon Sep 18, 2017 7:14 pm

Re: Online High yield savings account for emergency funds

Post by bluerafters » Sat Mar 10, 2018 10:44 pm

IowaFarmWife wrote:
Sat Mar 10, 2018 8:28 am
bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
You may want to double check your Barclay's account- my savings has risen to 1.5%.
Just checked APY 1.20%. Just about had it with Barclay's...

MrUpwardlyMobile
Posts: 9
Joined: Wed Mar 07, 2018 9:27 pm
Contact:

Re: Online High yield savings account for emergency funds

Post by MrUpwardlyMobile » Sat Mar 10, 2018 11:05 pm

Nova1967 wrote:
Sat Mar 10, 2018 8:06 am
I have GS Marcus which has a functional web site and customer service. I believe having access to to the website and Customer Service Reps is more convenient vs choosing a poor accessible online bank that pays 1.5 percent vs a reliable bank that pays 1.4%
I had a very poor experience trying to open an account with Ally, (who wants to belong to a bank that has a website that is frequently out of operation)
Marcus by Goldman Sachs is at 1.50% currently

ThePrince
Posts: 233
Joined: Sun Aug 20, 2017 9:15 pm
Location: U.S.A.

Re: Online High yield savings account for emergency funds

Post by ThePrince » Sat Mar 10, 2018 11:45 pm

bluerafters wrote:
Sat Mar 10, 2018 10:44 pm
IowaFarmWife wrote:
Sat Mar 10, 2018 8:28 am
bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
You may want to double check your Barclay's account- my savings has risen to 1.5%.
Just checked APY 1.20%. Just about had it with Barclay's...
Something’s wrong. Are you sure the 1.2% rate isn’t for a CD you own? Barclay’s online savings rate is presently 1.50%. Check their website, as it is clearly evident.

ThePrince
Posts: 233
Joined: Sun Aug 20, 2017 9:15 pm
Location: U.S.A.

Re: Online High yield savings account for emergency funds

Post by ThePrince » Sat Mar 10, 2018 11:48 pm

bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
In the link you provide, it correctly states Barclays’ online savings rate is 1.50%. Not sure where or how you’re getting 1.20%.

Nova1967
Posts: 146
Joined: Fri May 27, 2016 3:22 pm

Re: Online High yield savings account for emergency funds

Post by Nova1967 » Sun Mar 11, 2018 8:44 am

MrUpwardlyMobile wrote:
Sat Mar 10, 2018 11:05 pm
Nova1967 wrote:
Sat Mar 10, 2018 8:06 am
I have GS Marcus which has a functional web site and customer service. I believe having access to to the website and Customer Service Reps is more convenient vs choosing a poor accessible online bank that pays 1.5 percent vs a reliable bank that pays 1.4%
I had a very poor experience trying to open an account with Ally, (who wants to belong to a bank that has a website that is frequently out of operation)
Marcus by Goldman Sachs is at 1.50% currently
It was a hypothetical example that I prefer immediate access to the online banks website for a fraction of a percentage less vs a bank that has a website that is frequently down and unreliable but may offer 1/10 of a percentage more on the return

MrUpwardlyMobile
Posts: 9
Joined: Wed Mar 07, 2018 9:27 pm
Contact:

Re: Online High yield savings account for emergency funds

Post by MrUpwardlyMobile » Sun Mar 11, 2018 9:10 am

Nova1967 wrote:
Sun Mar 11, 2018 8:44 am
MrUpwardlyMobile wrote:
Sat Mar 10, 2018 11:05 pm
Nova1967 wrote:
Sat Mar 10, 2018 8:06 am
I have GS Marcus which has a functional web site and customer service. I believe having access to to the website and Customer Service Reps is more convenient vs choosing a poor accessible online bank that pays 1.5 percent vs a reliable bank that pays 1.4%
I had a very poor experience trying to open an account with Ally, (who wants to belong to a bank that has a website that is frequently out of operation)
Marcus by Goldman Sachs is at 1.50% currently
It was a hypothetical example that I prefer immediate access to the online banks website for a fraction of a percentage less vs a bank that has a website that is frequently down and unreliable but may offer 1/10 of a percentage more on the return
Ah. Well in any event, I agree that GS Bank is a solidly reliable bank compared to some of the higher interest competitors.

bluerafters
Posts: 63
Joined: Mon Sep 18, 2017 7:14 pm

Re: Online High yield savings account for emergency funds

Post by bluerafters » Sun Mar 11, 2018 1:20 pm

ThePrince wrote:
Sat Mar 10, 2018 11:45 pm
bluerafters wrote:
Sat Mar 10, 2018 10:44 pm
IowaFarmWife wrote:
Sat Mar 10, 2018 8:28 am
bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
You may want to double check your Barclay's account- my savings has risen to 1.5%.
Just checked APY 1.20%. Just about had it with Barclay's...
Something’s wrong. Are you sure the 1.2% rate isn’t for a CD you own? Barclay’s online savings rate is presently 1.50%. Check their website, as it is clearly evident.
Wrote them an email this morning, just received this reply:

Thank you for contacting Barclay Bank. The interest rate and APY are established at our discretion and, as permitted by law, are variable and subject to change at any time without notice. Unfortunately, we do not receive prior notification as to when the rates will change, we only receive notification once the change has been implemented. Currently you have the Dream High Yield Savings Account that is currently offering a 1.20% Annual Percentage Yield, if you would like to take advantage of the higher rate of the 1.50% APY that is being offered, you are more than welcome to open a new Traditional High Yield Savings account. The Dream HYSA offers the deposit bonuses and the no withdrawal bonuses, which the Traditional HYSA does not offer, however, with the Traditional HYSA there are no monthly deposit limits. Each account that we offer has different benefits, however all rates are not subject to change. Please feel free to contact us at 888-710-8756 if you need further assistance. We are available from 8:00 am to 8:00 pm EST 7 days a week. Sincerely, Barclays Customer Care --

User avatar
CardinalRule
Posts: 102
Joined: Sun Jan 15, 2017 11:01 am
Location: Pacific Northwest

Re: Online High yield savings account for emergency funds

Post by CardinalRule » Sun Mar 11, 2018 1:47 pm

I've had an American Express "High Yield Savings" account for quite a while, primarily as an emergency fund, and have been happy for the most part. As with any savings account, you are limited in terms of how many withdrawals you can make. The rates are competitive, but if Quicken is important to you, note that direct, one-step downloads no longer work - at least not for me.

Image

This is pretty annoying and inconvenient in my case - I use Quicken extensively, and the stated work with aggregators has been going on for many months - and it's one reason why I am gradually moving over all my emergency funds to Capital One 360.

epargnant
Posts: 15
Joined: Wed Dec 06, 2017 10:34 am

Re: Online High yield savings account for emergency funds

Post by epargnant » Sun Mar 11, 2018 8:41 pm

nisiprius wrote:
Wed Jan 03, 2018 5:28 pm
I'm getting 1.3% in the $10,000-minimum money market savings account at Capital One 360, 1% in the regular "savings" accounts. Nothing particular to say about Capital One, had 'em since about the year 2000 when they were ING Direct, they've always seemed good and reliable. But with one detail. I don't know how other online banks compare. Transfers from Capital One to our brick-and-mortar bank accounts seem awfully slow to me, even though they tell you so... on the order of five business days before I see the money as "available funds" in the bank account. That might be a potential problem for one's only "emergency fund."

You can open an so-called "360 Checking" and get an ATM card to use with it; no physical checks, $1,000/day ATM cash limit; can only deposit with a mobile phone, not at an ATM machine. That might increase its usefulness as an emergency fund.
I have a 360 Checking account. I have a debit/ATM card and a physical checkbook for it. You can also go through the website and CapitalOne will mail a check for you, no charge for postage. I can also deposit checks at my local brick & mortar CapitalOne bank through the ATM machine, which I do all the time. Transfers from my CapitalOne 360 Savings Accounts & Money Market account are instant to/from the checking account. It's worked great for me.

cutterinnj
Posts: 237
Joined: Wed Jun 01, 2011 10:08 pm

Re: Online High yield savings account for emergency funds

Post by cutterinnj » Sun Mar 11, 2018 8:56 pm

VMMXX, vanguard money market, pays about 1.5%.

No, it’s not fdic insured; however, if this defaults, the world has bigger problems.

wisevermilion
Posts: 9
Joined: Sat Jun 20, 2015 4:53 pm

Re: Online High yield savings account for emergency funds

Post by wisevermilion » Mon Mar 12, 2018 9:00 am

I have been using Barclays for my emergency funds.

There are 2 types of accounts:
  • Online Savings = current APY 1.50%
  • Dream = current APY 1.20%
The 2 types used to have similar APYs. However, in the past year, Barclays started increasing the Online Savings but not the Dream. Thus, I am mostly no longer using the Dream account.

One downside to holding emergency funds in an online-only institution is that to get quick access to that money may take several days. At Barclays, I don't have a debit card nor check writing. Thus, I'd have to ACH or wire transfer elsewhere (which could cause delays).

Jack FFR1846
Posts: 6654
Joined: Tue Dec 31, 2013 7:05 am

Re: Online High yield savings account for emergency funds

Post by Jack FFR1846 » Mon Mar 12, 2018 9:09 am

Ablebanking : 1.7%

Redneck Bank: 1.75% to $35k
Bogle: Smart Beta is stupid

RetiredNewbie
Posts: 20
Joined: Sun Dec 10, 2017 7:52 am
Location: Southeast Virginia

Re: Online High yield savings account for emergency funds

Post by RetiredNewbie » Wed Mar 14, 2018 9:12 pm

ThePrince wrote:
Sat Mar 10, 2018 11:48 pm
bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
In the link you provide, it correctly states Barclays’ online savings rate is 1.50%. Not sure where or how you’re getting 1.20%.
I am sure that you have the Barclays old Dream Account. When I noticed their regular savings account rate was rising and the Dream Account's rate was frozen, I called and asked them if they were about to discontinue the Dream account. They said they would no longer be offering new dream accounts, and allowed me to transfer over to the standard account. The website said for a few months that the Dream Account was no longer accepting new members, but now there is no mention of it at all. They will be glad to transfer you to the Standard account, currently at 1.5%, like they did for me.
Your attitude about risk changes significantly when the bear begins to maul you.

bluerafters
Posts: 63
Joined: Mon Sep 18, 2017 7:14 pm

Re: Online High yield savings account for emergency funds

Post by bluerafters » Wed Mar 14, 2018 10:30 pm

RetiredNewbie wrote:
Wed Mar 14, 2018 9:12 pm
ThePrince wrote:
Sat Mar 10, 2018 11:48 pm
bluerafters wrote:
Fri Mar 09, 2018 12:12 pm
Watching this as well. My current dissatisfaction with my Barclay's 1.2% savings account has me looking around at these other banks.

https://www.depositaccounts.com/blog/be ... ounts.html

This site has a regularly updated table with the highest yields.
In the link you provide, it correctly states Barclays’ online savings rate is 1.50%. Not sure where or how you’re getting 1.20%.
I am sure that you have the Barclays old Dream Account. When I noticed their regular savings account rate was rising and the Dream Account's rate was frozen, I called and asked them if they were about to discontinue the Dream account. They said they would no longer be offering new dream accounts, and allowed me to transfer over to the standard account. The website said for a few months that the Dream Account was no longer accepting new members, but now there is no mention of it at all. They will be glad to transfer you to the Standard account, currently at 1.5%, like they did for me.
Yeah, I think that’s what happened. It was so long ago at this point. I’m not sure I’ll stay though. These rates keep going up and tempting me...

bluerafters
Posts: 63
Joined: Mon Sep 18, 2017 7:14 pm

Re: Online High yield savings account for emergency funds

Post by bluerafters » Mon Mar 19, 2018 12:38 pm


Post Reply