High Yield Savings Account Recommendations?

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joo2lo
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High Yield Savings Account Recommendations?

Post by joo2lo » Tue Jan 23, 2018 2:05 pm

Does anyone here have any recommendations regarding a high yield savings account to put our emergency fund into. I am looking at synchrony bank right now and their interest is pretty high at 1.45%. Everyone keeps raving about ally bank but their interest rates are lower. I would be using this account to basically just park our funds and let it sit. Trying to offset inflation. Liquidity is important of course. I don't care for having a checking account or customer service as I rarely make calls. Any suggestions?

indyfish
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Re: High Yield Savings Account Recommendations?

Post by indyfish » Tue Jan 23, 2018 2:06 pm

I have a Barclay's account - they just went up to 1.50 APY today for their savings account.

Zithron
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Re: High Yield Savings Account Recommendations?

Post by Zithron » Tue Jan 23, 2018 2:09 pm

I've been happy with my capital one 360 money market account. Went up to 1.4% today for balances over 10k.

RAchip
Posts: 253
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Re: High Yield Savings Account Recommendations?

Post by RAchip » Tue Jan 23, 2018 2:15 pm

If you have a meaningful amount of money I would just put it in the vanguard prime mmf.

Chuck
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Re: High Yield Savings Account Recommendations?

Post by Chuck » Tue Jan 23, 2018 2:25 pm

RAchip wrote:
Tue Jan 23, 2018 2:15 pm
If you have a meaningful amount of money I would just put it in the vanguard prime mmf.
Wow, it's showing 1.44% after this "lost decade."

onourway
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Re: High Yield Savings Account Recommendations?

Post by onourway » Tue Jan 23, 2018 2:29 pm

2nd the Vanguard Prime mmf, especially if you already have a Vanguard account.

BigMoneyNoWhammies
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Re: High Yield Savings Account Recommendations?

Post by BigMoneyNoWhammies » Tue Jan 23, 2018 2:33 pm

I have the Goldman Sachs online savings account. 1.5% and no complaints with them over the last 18 months.

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Svensk Anga
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Re: High Yield Savings Account Recommendations?

Post by Svensk Anga » Tue Jan 23, 2018 3:33 pm

I too endorse the Vanguard prime mm fund, if you are okay going without FDIC insurance. I kept our emergency cash there from 1982 until 2009 when yields went to nothing. I switched then to American Express Bank. Lately I have gone back to VG. It seems their rate increases have been a step ahead of AmEx the last few months.

Anyone have a guess where this will settle out? Could we expect the MM fund to have a durable edge vs on line banks, or are they about the same? I paid no attention to the on line banks pre-crisis.

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Hopeful
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Re: High Yield Savings Account Recommendations?

Post by Hopeful » Tue Jan 23, 2018 3:37 pm

Is the yield on Vanguard Prime MM of 1.44% after the 0.16% ER?

onourway
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Re: High Yield Savings Account Recommendations?

Post by onourway » Tue Jan 23, 2018 3:38 pm

Hopeful wrote:
Tue Jan 23, 2018 3:37 pm
Is the yield on Vanguard Prime MM of 1.44% after the 0.16% ER?
Yes

Chuck
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Re: High Yield Savings Account Recommendations?

Post by Chuck » Tue Jan 23, 2018 3:42 pm

I am also using I-Bonds, which are currently yielding 2.58%. Standard risks and disclaimers apply. (Not liquid for first year. 3-month penalty up to 5 years. Rate changes every 6 months, etc.)

Exafchick
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Re: High Yield Savings Account Recommendations?

Post by Exafchick » Tue Jan 23, 2018 4:04 pm

indyfish wrote:
Tue Jan 23, 2018 2:06 pm
I have a Barclay's account - they just went up to 1.50 APY today for their savings account.
I just checked my Barclay's savings account and APY is still 1.40.

ThePrince
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Re: High Yield Savings Account Recommendations?

Post by ThePrince » Tue Jan 23, 2018 4:15 pm

Longtime Barclays user too. Barclays' yields on its savings account and CDs are usually better than Ally and Capital One.

patrick
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Re: High Yield Savings Account Recommendations?

Post by patrick » Tue Jan 23, 2018 6:01 pm

Here is a fairly long list including higher interest ones: https://www.doctorofcredit.com/high-int ... gs-to-get/

ThePrince
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Re: High Yield Savings Account Recommendations?

Post by ThePrince » Tue Jan 23, 2018 9:02 pm

Exafchick wrote:
Tue Jan 23, 2018 4:04 pm
indyfish wrote:
Tue Jan 23, 2018 2:06 pm
I have a Barclay's account - they just went up to 1.50 APY today for their savings account.
I just checked my Barclay's savings account and APY is still 1.40.
I just checked and the interest rate for Barclays savings account is indeed 1.50%.

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fortfun
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Re: High Yield Savings Account Recommendations?

Post by fortfun » Tue Jan 23, 2018 9:19 pm

Use this link and get a 500 dollar bonus at capital one:
capitalone.com/my500bonus

Interest rate 1.4 It would take a while to make 500 on a .1 difference.

SpringHill105
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Re: High Yield Savings Account Recommendations?

Post by SpringHill105 » Tue Jan 23, 2018 9:23 pm

CIT Bank (online) 1.55, ableBank 1.70

rockylou
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Re: High Yield Savings Account Recommendations?

Post by rockylou » Tue Jan 23, 2018 9:28 pm

I have had account at Synchrony bank for several years and very happy with them. They just sent out notice offering 2% one year CD.

DecoyTurkey
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Re: High Yield Savings Account Recommendations?

Post by DecoyTurkey » Tue Jan 23, 2018 9:39 pm

CIT Bank is 1.55% now. I moved my emergency fund to CIT Bank from Capital One 360 about a year ago, and have been very happy.

Grasshopper911
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Re: High Yield Savings Account Recommendations?

Post by Grasshopper911 » Tue Jan 23, 2018 9:45 pm

We have accounts at both Goldman and Barclays. They both seem to always have the best rates and move within days of each other. I noticed yesterday Goldmam was 1.5 % and Barclay was 1.4%. Today Barclay went up to 1.5

brokendirtdart
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Re: High Yield Savings Account Recommendations?

Post by brokendirtdart » Tue Jan 23, 2018 9:52 pm

Grasshopper911 wrote:
Tue Jan 23, 2018 9:45 pm
We have accounts at both Goldman and Barclays. They both seem to always have the best rates and move within days of each other. I noticed yesterday Goldmam was 1.5 % and Barclay was 1.4%. Today Barclay went up to 1.5
My Barclays still shows 1.4 when I log on, but it might just be delay in updating.

I did not notice when it went from 1.3 to 1.4 as I only logged on today due to receiving the 1099 available email.

Either way, I'm happy with Barclays for a no frills "high yield" savings account.

Agggm
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Re: High Yield Savings Account Recommendations?

Post by Agggm » Tue Jan 23, 2018 10:28 pm

RAchip wrote:
Tue Jan 23, 2018 2:15 pm
If you have a meaningful amount of money I would just put it in the vanguard prime mmf.
Why? :confused

Agggm
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Re: High Yield Savings Account Recommendations?

Post by Agggm » Tue Jan 23, 2018 10:30 pm

DecoyTurkey wrote:
Tue Jan 23, 2018 9:39 pm
CIT Bank is 1.55% now. I moved my emergency fund to CIT Bank from Capital One 360 about a year ago, and have been very happy.
Yup. Don't forget to check out your local banks too. Mine has a 2.53% checking at the moment. It had bottomed out at 2.01% during the last few years.

KATNYC
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Re: High Yield Savings Account Recommendations?

Post by KATNYC » Tue Jan 23, 2018 10:33 pm

We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000

Easy monthly usage requirements:
Direct deposit into any LMCU account (transfer $10 minimum from another account, automated)
Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card account x 10)
Minimum of 4 logins to home banking per month (we use YNAB with linked accounts which checks LMCU like 50 times per month, automated)
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Exafchick
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Re: High Yield Savings Account Recommendations?

Post by Exafchick » Wed Jan 24, 2018 9:38 am

ThePrince wrote:
Tue Jan 23, 2018 9:02 pm
Exafchick wrote:
Tue Jan 23, 2018 4:04 pm
indyfish wrote:
Tue Jan 23, 2018 2:06 pm
I have a Barclay's account - they just went up to 1.50 APY today for their savings account.
I just checked my Barclay's savings account and APY is still 1.40.
I just checked and the interest rate for Barclays savings account is indeed 1.50%.
Yeah, mine finally says the new rate! Excellent news!

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sperry8
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Re: High Yield Savings Account Recommendations?

Post by sperry8 » Wed Jan 24, 2018 9:42 am

PurePoint Financial is 1.6% APY. Able Banking is 1.7%. I'd go with those if you want to earn a little more than VG Prime MM which is 1.45%.
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

al_harrington
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Re: High Yield Savings Account Recommendations?

Post by al_harrington » Wed Jan 24, 2018 10:21 am

Svensk Anga wrote:
Tue Jan 23, 2018 3:33 pm
I too endorse the Vanguard prime mm fund, if you are okay going without FDIC insurance. I kept our emergency cash there from 1982 until 2009 when yields went to nothing. I switched then to American Express Bank. Lately I have gone back to VG. It seems their rate increases have been a step ahead of AmEx the last few months.

Anyone have a guess where this will settle out? Could we expect the MM fund to have a durable edge vs on line banks, or are they about the same? I paid no attention to the on line banks pre-crisis.
I'm curious what advantages you see in VMMXX over a high yield savings account? Is it the benefit of consolidation at Vanguard for convenience? Are dividends/interest treated differently for tax purposes? I personally am not concerned about the lack of FDIC insurance on VMMXX. Thanks.

snowman
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Re: High Yield Savings Account Recommendations?

Post by snowman » Thu Jan 25, 2018 11:18 am

KATNYC wrote:
Tue Jan 23, 2018 10:33 pm
We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000

Easy monthly usage requirements:
Direct deposit into any LMCU account (transfer $10 minimum from another account, automated)
Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card account x 10)
Minimum of 4 logins to home banking per month (we use YNAB with linked accounts which checks LMCU like 50 times per month, automated)
Sign up to receive eStatements/eNotices
Could you please elaborate on this, if you don't mind? Especially the direct deposit part?

We currently hold our HSA account at LMCU, so it would be easy to just open another account. However, we don't have any income at this point (other than occasional withdrawals from IRA). I looked at Chase and BofA promos, and they specifically EXCLUDE ACH transfer from another bank as qualifying direct deposit. You seem to indicate that's not the case with LMCU. Do you just do ACH transfer once a month from your "main" checking account at another bank into LMCU and they count it as qualifying direct deposit?

Thank you.

tenkuky
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Re: High Yield Savings Account Recommendations?

Post by tenkuky » Thu Jan 25, 2018 11:24 am

We froze our credit after the leak disasters last year, all including Chex.
What are folks' thoughts about chasing rates, which might mean unfreezing and refreezing Chex?
We are at 1.35 at Ally savings and Ally 11-mo no-penalty CD @ 1.75.
Worth going for 1.4 and bonus at CapOne and other higher rates?
How much of a hassle is the unfreeze-refreeze from those who did it for this purpose?

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inittowinit
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Re: High Yield Savings Account Recommendations?

Post by inittowinit » Thu Jan 25, 2018 11:24 am

al_harrington wrote:
Wed Jan 24, 2018 10:21 am
Svensk Anga wrote:
Tue Jan 23, 2018 3:33 pm
I too endorse the Vanguard prime mm fund, if you are okay going without FDIC insurance. I kept our emergency cash there from 1982 until 2009 when yields went to nothing. I switched then to American Express Bank. Lately I have gone back to VG. It seems their rate increases have been a step ahead of AmEx the last few months.

Anyone have a guess where this will settle out? Could we expect the MM fund to have a durable edge vs on line banks, or are they about the same? I paid no attention to the on line banks pre-crisis.
I'm curious what advantages you see in VMMXX over a high yield savings account? Is it the benefit of consolidation at Vanguard for convenience? Are dividends/interest treated differently for tax purposes? I personally am not concerned about the lack of FDIC insurance on VMMXX. Thanks.
Seconding this question.

KATNYC
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Re: High Yield Savings Account Recommendations?

Post by KATNYC » Thu Jan 25, 2018 12:25 pm

snowman wrote:
Thu Jan 25, 2018 11:18 am
KATNYC wrote:
Tue Jan 23, 2018 10:33 pm
We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000

Easy monthly usage requirements:
Direct deposit into any LMCU account (transfer $10 minimum from another account, automated)
Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card account x 10)
Minimum of 4 logins to home banking per month (we use YNAB with linked accounts which checks LMCU like 50 times per month, automated)
Sign up to receive eStatements/eNotices
Could you please elaborate on this, if you don't mind? Especially the direct deposit part?

We currently hold our HSA account at LMCU, so it would be easy to just open another account. However, we don't have any income at this point (other than occasional withdrawals from IRA). I looked at Chase and BofA promos, and they specifically EXCLUDE ACH transfer from another bank as qualifying direct deposit. You seem to indicate that's not the case with LMCU. Do you just do ACH transfer once a month from your "main" checking account at another bank into LMCU and they count it as qualifying direct deposit?

Thank you.
Yes, we have $10 scheduled ACH transfers to LMCU monthly, $10 to each account since $10 is the minimum at our main bank.
We move $5 per month (per account) to an Amazon online gift card account in .50 increments to hit the 10 debit card requirement.
We use YNAB budget software with direct import so that system pulls from all linked accounts multiple times per day to hit the login requirement.

Image

snowman
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Re: High Yield Savings Account Recommendations?

Post by snowman » Thu Jan 25, 2018 12:32 pm

KATNYC wrote:
Thu Jan 25, 2018 12:25 pm
snowman wrote:
Thu Jan 25, 2018 11:18 am
KATNYC wrote:
Tue Jan 23, 2018 10:33 pm
We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000

Easy monthly usage requirements:
Direct deposit into any LMCU account (transfer $10 minimum from another account, automated)
Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card account x 10)
Minimum of 4 logins to home banking per month (we use YNAB with linked accounts which checks LMCU like 50 times per month, automated)
Sign up to receive eStatements/eNotices
Could you please elaborate on this, if you don't mind? Especially the direct deposit part?

We currently hold our HSA account at LMCU, so it would be easy to just open another account. However, we don't have any income at this point (other than occasional withdrawals from IRA). I looked at Chase and BofA promos, and they specifically EXCLUDE ACH transfer from another bank as qualifying direct deposit. You seem to indicate that's not the case with LMCU. Do you just do ACH transfer once a month from your "main" checking account at another bank into LMCU and they count it as qualifying direct deposit?

Thank you.
Yes, we have $10 scheduled ACH transfers to LMCU monthly, $10 to each account since $10 is the minimum at our main bank.
We move $5 per month (per account) to an Amazon online gift card account in .50 increments to hit the 10 debit card requirement.
We use YNAB budget software with direct import so that system pulls from all linked accounts multiple times per day to hit the login requirement.
Thanks! As far as Amazon transfers go, how do you do that? Do you have LMCU account set up in Amazon, and you pull money out of your LMCU account from Amazon website? Or do you somehow do it when logged in to LMCU account?

And as far as login goes, I assume you can just login directly (without YNAB or Mint that I use) 4 x and be done with that requirement?

Thanks for taking your time to respond.

KATNYC
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Re: High Yield Savings Account Recommendations?

Post by KATNYC » Thu Jan 25, 2018 1:12 pm

snowman wrote:
Thu Jan 25, 2018 12:32 pm
KATNYC wrote:
Thu Jan 25, 2018 12:25 pm
snowman wrote:
Thu Jan 25, 2018 11:18 am
KATNYC wrote:
Tue Jan 23, 2018 10:33 pm
We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000

Easy monthly usage requirements:
Direct deposit into any LMCU account (transfer $10 minimum from another account, automated)
Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card account x 10)
Minimum of 4 logins to home banking per month (we use YNAB with linked accounts which checks LMCU like 50 times per month, automated)
Sign up to receive eStatements/eNotices
Could you please elaborate on this, if you don't mind? Especially the direct deposit part?

We currently hold our HSA account at LMCU, so it would be easy to just open another account. However, we don't have any income at this point (other than occasional withdrawals from IRA). I looked at Chase and BofA promos, and they specifically EXCLUDE ACH transfer from another bank as qualifying direct deposit. You seem to indicate that's not the case with LMCU. Do you just do ACH transfer once a month from your "main" checking account at another bank into LMCU and they count it as qualifying direct deposit?

Thank you.
Yes, we have $10 scheduled ACH transfers to LMCU monthly, $10 to each account since $10 is the minimum at our main bank.
We move $5 per month (per account) to an Amazon online gift card account in .50 increments to hit the 10 debit card requirement.
We use YNAB budget software with direct import so that system pulls from all linked accounts multiple times per day to hit the login requirement.
Thanks! As far as Amazon transfers go, how do you do that? Do you have LMCU account set up in Amazon, and you pull money out of your LMCU account from Amazon website? Or do you somehow do it when logged in to LMCU account?

And as far as login goes, I assume you can just login directly (without YNAB or Mint that I use) 4 x and be done with that requirement?

Thanks for taking your time to respond.
No problem. I have both LMCU debit cards added as payment methods on our Amazon account.
I log on to Amazon to reload the gift card balance: https://www.amazon.com/asv/reload/order ... oad_button

You can set up auto-reload on the Amazon site, minimum $5, but that would mean $50 per month from LMCU to Amazon to hit the 10 transaction minimum.

Yes, you can certainly login directly to LMCU to hit the minimum of 4. We cut out that login step to LMCU since it's linked.

LawyersGunsAndMoney
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Re: High Yield Savings Account Recommendations?

Post by LawyersGunsAndMoney » Thu Jan 25, 2018 1:30 pm

I use Marcus (formerly Goldman Sachs Bank). The branding is weird and the new UI isn't great - but transfers execute in 1 day unlike, say, Barclays where you're lucky if they happen in 4.

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Leif
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Re: High Yield Savings Account Recommendations?

Post by Leif » Thu Jan 25, 2018 1:34 pm

With Vanguard Prime money market yielding 1.45% I'm starting to think about moving my funds from my "high yield" savings to Vanguard (Fidelity MM still around 1%). That would certainly be easier to handle then constantly moving funds back and forth. The problem is I'm using Fidelity for my checking activity. Right now I'm using Synchrony HY. If Vanguard Prime MM starts to exceed Synchrony then I'll transfer to Vanguard. In my experience transfers between Vanguard and Fidelity are quick. Transfers between Fidelity and Synchrony take a while.
Last edited by Leif on Thu Jan 25, 2018 2:15 pm, edited 2 times in total.
Investors should diversify across many asset-classes so that whatever happens, we will not have all our investments in underperforming asset classes and thereby fail to meet our goals-Taylor Larimore

snowman
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Re: High Yield Savings Account Recommendations?

Post by snowman » Thu Jan 25, 2018 1:42 pm

Thanks again, KATNYC. So it seems like Amazon is not fully automated - does that mean you go in and manually enter $.50 10x in a row to hit the 10 monthly debits minimum? Or does LMCU have daily limits? Thanks again!

RAchip
Posts: 253
Joined: Sat May 07, 2016 7:31 pm

Re: High Yield Savings Account Recommendations?

Post by RAchip » Thu Jan 25, 2018 1:52 pm

Agggm wrote:
Tue Jan 23, 2018 10:28 pm
RAchip wrote:
Tue Jan 23, 2018 2:15 pm
If you have a meaningful amount of money I would just put it in the vanguard prime mmf.
Why? :confused
Because I think the best place to hold a large amount of cash and get a decent return is one of the top mmf's in the world, particularly if you have cash that significantly exceeds the FDIC insurance. With interest rates rising as quickly as they have been, rather than trying to jump around I am just keeping most cash with vanguard as its just as easy to get it as with any online bank and it earns a top rate. If you are only dealing with a modest amount of cash, it really doesn't matter because the difference is pennies.

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Svensk Anga
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Re: High Yield Savings Account Recommendations?

Post by Svensk Anga » Thu Jan 25, 2018 2:04 pm

inittowinit wrote:
Thu Jan 25, 2018 11:24 am
al_harrington wrote:
Wed Jan 24, 2018 10:21 am
Svensk Anga wrote:
Tue Jan 23, 2018 3:33 pm
I too endorse the Vanguard prime mm fund, if you are okay going without FDIC insurance. I kept our emergency cash there from 1982 until 2009 when yields went to nothing. I switched then to American Express Bank. Lately I have gone back to VG. It seems their rate increases have been a step ahead of AmEx the last few months.

Anyone have a guess where this will settle out? Could we expect the MM fund to have a durable edge vs on line banks, or are they about the same? I paid no attention to the on line banks pre-crisis.
I'm curious what advantages you see in VMMXX over a high yield savings account? Is it the benefit of consolidation at Vanguard for convenience? Are dividends/interest treated differently for tax purposes? I personally am not concerned about the lack of FDIC insurance on VMMXX. Thanks.
Seconding this question.
I see only minor convenience as the advantage of using VMMXX instead of a high yield savings account. I realize I could get a few more basis points currently by bouncing to whichever on-line bank has the best deal. Ideally, I would simplify by settling on one or the other. Currently I have mutual fund dividends flowing into VMMXX. Its also easy to get my taxable brokerage account cash flows to VMMXX via the settlement fund. From there they flow to my local CU checking account for spending or to other investments including IRA's at VG. My on-line bank is kind of isolated.

Extrapolating from what we have seen the last few months (MM yield moving from 0.1% to 1.45% while on-line banks move from 0.9% to 1.5% +/-), I just wonder if there is some structural reason that we might expect the yield momentum in MM to carry them past the high-yield account. Pre-crisis, I paid no attention to the on-line banks, so I don't know what normal might look like. I do remember that the yields on brick-and-mortar bank MM accounts were unimpressive.

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Leif
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Re: High Yield Savings Account Recommendations?

Post by Leif » Thu Jan 25, 2018 2:26 pm

Svensk Anga wrote:
Thu Jan 25, 2018 2:04 pm
Extrapolating from what we have seen the last few months (MM yield moving from 0.1% to 1.45% while on-line banks move from 0.9% to 1.5% +/-), I just wonder if there is some structural reason that we might expect the yield momentum in MM to carry them past the high-yield account. Pre-crisis, I paid no attention to the on-line banks, so I don't know what normal might look like. I do remember that the yields on brick-and-mortar bank MM accounts were unimpressive.
That is a good question. Back in the day of MM on-line banks and high yield accounts were not really a "thing". It may be that on-line banks will fight to hold on to their deposits as MM rates rise.
Investors should diversify across many asset-classes so that whatever happens, we will not have all our investments in underperforming asset classes and thereby fail to meet our goals-Taylor Larimore

Agggm
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Re: High Yield Savings Account Recommendations?

Post by Agggm » Thu Jan 25, 2018 2:43 pm

RAchip wrote:
Thu Jan 25, 2018 1:52 pm
Agggm wrote:
Tue Jan 23, 2018 10:28 pm
RAchip wrote:
Tue Jan 23, 2018 2:15 pm
If you have a meaningful amount of money I would just put it in the vanguard prime mmf.
Why? :confused
Because I think the best place to hold a large amount of cash and get a decent return is one of the top mmf's in the world, particularly if you have cash that significantly exceeds the FDIC insurance. With interest rates rising as quickly as they have been, rather than trying to jump around I am just keeping most cash with vanguard as its just as easy to get it as with any online bank and it earns a top rate. If you are only dealing with a modest amount of cash, it really doesn't matter because the difference is pennies.
Oh I didn't realize you meant cash specifically. Yeah. In that case I agree with you.

TheDDC
Posts: 132
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Re: High Yield Savings Account Recommendations?

Post by TheDDC » Thu Jan 25, 2018 2:49 pm

Do you have a local community bank or CU that has a Kasasa option? They are usually 2% APY on checking or savings. I have accounts at two banks right now with that option.

-TheDDC

Blueskies123
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Location: South Florida

Re: High Yield Savings Account Recommendations?

Post by Blueskies123 » Thu Jan 25, 2018 2:57 pm

Leif wrote:
Thu Jan 25, 2018 1:34 pm
With Vanguard Prime money market yielding 1.45% I'm starting to think about moving my funds from my "high yield" savings to Vanguard (Fidelity MM still around 1%). That would certainly be easier to handle then constantly moving funds back and forth. The problem is I'm using Fidelity for my checking activity. Right now I'm using Synchrony HY. If Vanguard Prime MM starts to exceed Synchrony then I'll transfer to Vanguard. In my experience transfers between Vanguard and Fidelity are quick. Transfers between Fidelity and Synchrony take a while.
I thought the same thing about Fido until I found FZDXX FIDELITY MMKT PREMIUM CLASS. Yields 1.35%

Blueskies123
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Location: South Florida

Re: High Yield Savings Account Recommendations?

Post by Blueskies123 » Thu Jan 25, 2018 3:01 pm

tenkuky wrote:
Thu Jan 25, 2018 11:24 am
We froze our credit after the leak disasters last year, all including Chex.
What are folks' thoughts about chasing rates, which might mean unfreezing and refreezing Chex?
We are at 1.35 at Ally savings and Ally 11-mo no-penalty CD @ 1.75.
Worth going for 1.4 and bonus at CapOne and other higher rates?
How much of a hassle is the unfreeze-refreeze from those who did it for this purpose?
I have the same issue. I have passed on some credit cards because I did not want to bother with unfreezing my accounts. I may go back and change the options at the credit reporting sites so I can lift my freeze myself.
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A credit lock is supposedly superior to a credit freeze in that it's easier to undo the lock, and then lock it again. Experian says you can unlock “instantly,” while TransUnion says you can enact a lock or unlock “with a single swipe or click.” Consumers simply have to sign into their online account to lock or unlock.Oct 10, 2017
Credit Lock vs. Credit Freeze: How These Security Options Stack Up ...
www.nasdaq.com/.../credit-lock-vs-credi ... stack-up-c...

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Leif
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Re: High Yield Savings Account Recommendations?

Post by Leif » Thu Jan 25, 2018 5:44 pm

Blueskies123 wrote:
Thu Jan 25, 2018 2:57 pm
I thought the same thing about Fido until I found FZDXX FIDELITY MMKT PREMIUM CLASS. Yields 1.35%
I was not aware of this fund. $100k initial deposit is a bit of a hurdle. Is there a minimum maintenance?

- Never mind. I found it. $10K minimum maintenance. That is doable. Thanks.
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92irish
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Re: High Yield Savings Account Recommendations?

Post by 92irish » Thu Jan 25, 2018 7:03 pm

If you travel abroad - Ally Bank has excellent overseas Debit & ATM withdrawal fees. They are at 1% whereas many banks charge $5 per withdrawl plus 3% on top of that. Something to consider. I keep Ally just for that.

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Re: High Yield Savings Account Recommendations?

Post by youngpleb » Thu Jan 25, 2018 7:04 pm

I’ve got a high yield savings account with Live Oak Bank (online bank) that only has about $400 in it, yet they’re paying me 1.6%. They bumped it up from 1.5% about a week ago!
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Re: High Yield Savings Account Recommendations?

Post by susa » Tue Mar 13, 2018 10:20 am

CIT Bank is 1.75% as of March 2018.

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Re: High Yield Savings Account Recommendations?

Post by RetiredNewbie » Wed Mar 14, 2018 9:49 pm

I have been very happy with my Barclay's savings account, currently at 1.5%. I love its no-frills online banking site. It has everything I need, and nothing I don't. But over the past nine months, as the Fed has been raising rates, I have watched other bank's rates rise soon afterwards on Bankrate.com, while waiting and wondering when Barclays was going to catch up to them. The two banks that have raised their rates the most dependably, and which also have a 5 star Bankrate rating, have been Live Oak Bank and CIT Bank. I have been considering opening an account with one of them.

Two days ago Bankrate showed that CIT Bank had started offering a Money Market Account at 1.75%. It posted the following report about it... https://www.bankrate.com/banking/mma/ci ... t-account/ . Since CIT Bank was on my radar screen anyway, I opened one of these new MMAs two days ago. They validated my external (Wells Fargo) account the next day. So far so good, but time will tell.
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Re: High Yield Savings Account Recommendations?

Post by sperry8 » Sun Mar 18, 2018 7:59 am

92irish wrote:
Thu Jan 25, 2018 7:03 pm
If you travel abroad - Ally Bank has excellent overseas Debit & ATM withdrawal fees. They are at 1% whereas many banks charge $5 per withdrawl plus 3% on top of that. Something to consider. I keep Ally just for that.
If you travel abroad you'd be much better off with Charles Schwab who charges $0 and 0 in fees (rather than 1% at Ally).
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