Best High Interest Savings Account?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
BogleGoggle
Posts: 7
Joined: Sat Apr 07, 2018 2:25 pm

Best High Interest Savings Account?

Post by BogleGoggle » Sun Apr 08, 2018 9:59 am

Hi! I currently use Capital One 360 for my savings account which yields 1.00%. Is there another savings account that has higher interest? I don't want to be charged any fees or anything like that. I want it to be easy and secure.

Is there any negatives of opening/closing another checking account like a credit card does? I would also have to check if Capital One 360 has any account minimums.

User avatar
Rob5TCP
Posts: 3076
Joined: Tue Jun 05, 2007 7:34 pm
Location: New York, NY

Re: Best High Interest Savings Account?

Post by Rob5TCP » Sun Apr 08, 2018 10:04 am

this blog lists all the highest CD's, savings accounts, etc; requirements and gotchas (if any)

https://www.depositaccounts.com/blog/

https://www.depositaccounts.com/blog/ba ... ts-survey/

SlowMovingInvestor
Posts: 651
Joined: Sun Sep 11, 2016 11:27 am

Re: Best High Interest Savings Account?

Post by SlowMovingInvestor » Sun Apr 08, 2018 10:08 am

My experience is that Purepoint has been the market leader (or close to it) for much of the last year (excluding teaser or restricted rates).

They just upped to 1.75%. Good reason to break my Ally Bank 1.75% CD.

User avatar
rhinopylon
Posts: 40
Joined: Mon Apr 02, 2018 10:51 am

Re: Best High Interest Savings Account?

Post by rhinopylon » Sun Apr 08, 2018 10:11 am

Ally bank offers a slightly higher savings interest and has been slowly increasing it over the last year. If you want to jump through a few more set-up hoops, there are online banks that offer up to 5% interest if you follow the steps. There have been threads on these in the past.

And yes, there is a version of your credit score for savings accounts. It's called the Chex System but there isn't a rating number that I'm aware of. However, if you open a great many savings/checking accounts in a short amount of time, a bank might decline your application. Maybe around 5-8 might trigger a subsequent bank to deny your application?

oldguy
Posts: 85
Joined: Sat Dec 13, 2014 12:40 pm

Re: Best High Interest Savings Account?

Post by oldguy » Mon Apr 16, 2018 2:25 pm

I use American Express, Synchrony, Discover, Ally and Barclays ... all are equally easy to use.
As of today 4-16-18 rates are
Synchrony 1.55%
American Express 1.55%
Barclays 1.50%
Discover 1.50%
Ally 1.45%

User avatar
susa
Posts: 422
Joined: Sat Oct 06, 2007 4:30 pm
Contact:

Re: Best High Interest Savings Account?

Post by susa » Mon Apr 16, 2018 2:33 pm

Popular Direct 2.00% on savings starting at 5k -- we just moved from CIT Bank 1.75% and previously from Able Bank 1.70%

Rates are higher for CD's

https://www.populardirect.com/

https://www.doctorofcredit.com/best-ban ... t-bonuses/
Last edited by susa on Mon Apr 16, 2018 4:21 pm, edited 1 time in total.

gr7070
Posts: 196
Joined: Fri Oct 28, 2011 10:39 am

Re: Best High Interest Savings Account?

Post by gr7070 » Mon Apr 16, 2018 3:32 pm

Alliance CU has been in that second tier for easily a decade. Currently 1.5% ("savings account").

I take the second tier in this case because that never changes (for a decade anyway). They have no gimmicks and their rates are always just under the top performers; who seem to move in and out over time. I could chase a higher rate, but frankly I'm too lazy.

Are any of those top performers equally consistent at the very top? I'd move if I felt one would be as consistent at a provided higher rate.

User avatar
bostondan
Posts: 512
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Best High Interest Savings Account?

Post by bostondan » Tue Apr 17, 2018 12:17 pm

SlowMovingInvestor wrote:
Sun Apr 08, 2018 10:08 am
My experience is that Purepoint has been the market leader (or close to it) for much of the last year (excluding teaser or restricted rates).

They just upped to 1.75%. Good reason to break my Ally Bank 1.75% CD.
+1

I have had an excellent experience with Purepoint. No secret fees. They also gave me some fancy teas on my birthday, which I enjoyed more than I expected.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

ChinchillaWhiplash
Posts: 420
Joined: Sat Jan 20, 2018 5:40 pm
Location: Colorado

Re: Best High Interest Savings Account?

Post by ChinchillaWhiplash » Tue Apr 17, 2018 12:43 pm

I've been using AmEx. Pretty easy to set up. No fees or minimum balance required. 6 transfers a month and you can link up to 3 bank accounts.

onourway
Posts: 1113
Joined: Thu Dec 08, 2016 3:39 pm

Re: Best High Interest Savings Account?

Post by onourway » Tue Apr 17, 2018 12:58 pm

Since you are already with Capital One and want things simple, the easiest thing is to open a Capital One Money Market Account which pays 1.5% if you keep at least $10k in there. Transfers are instantaneous.

If you have money at a brokerage like Vanguard or Schwab you can use their Money Market Funds to get ~1.65-1.75% on any balance.

gr7070
Posts: 196
Joined: Fri Oct 28, 2011 10:39 am

Re: Best High Interest Savings Account?

Post by gr7070 » Tue Apr 17, 2018 1:09 pm

onourway wrote:
Tue Apr 17, 2018 12:58 pm
If you have money at a brokerage like Vanguard or Schwab you can use their Money Market Funds to get ~1.65-1.75% on any balance.
That's not been my experience with Vanguard for well over a decade. They're consistently way below even the second tier online savings accounts. Right now Prime MMA is paying 1%.

Is there something I'm missing?

SlowMovingInvestor
Posts: 651
Joined: Sun Sep 11, 2016 11:27 am

Re: Best High Interest Savings Account?

Post by SlowMovingInvestor » Tue Apr 17, 2018 1:12 pm

gr7070 wrote:
Tue Apr 17, 2018 1:09 pm
onourway wrote:
Tue Apr 17, 2018 12:58 pm
If you have money at a brokerage like Vanguard or Schwab you can use their Money Market Funds to get ~1.65-1.75% on any balance.
That's not been my experience with Vanguard for well over a decade. They're consistently way below even the second tier online savings accounts. Right now Prime MMA is paying 1%.

Is there something I'm missing?
Prime MMA is currently paying 1.77%, 1,83% for Admiral.

onourway
Posts: 1113
Joined: Thu Dec 08, 2016 3:39 pm

Re: Best High Interest Savings Account?

Post by onourway » Tue Apr 17, 2018 1:17 pm

SlowMovingInvestor wrote:
Tue Apr 17, 2018 1:12 pm
gr7070 wrote:
Tue Apr 17, 2018 1:09 pm
onourway wrote:
Tue Apr 17, 2018 12:58 pm
If you have money at a brokerage like Vanguard or Schwab you can use their Money Market Funds to get ~1.65-1.75% on any balance.
That's not been my experience with Vanguard for well over a decade. They're consistently way below even the second tier online savings accounts. Right now Prime MMA is paying 1%.

Is there something I'm missing?
Prime MMA is currently paying 1.77%, 1,83% for Admiral.
Indeed. :D

GoldenGoose
Posts: 86
Joined: Tue Jan 30, 2018 2:08 pm

Re: Best High Interest Savings Account?

Post by GoldenGoose » Tue Apr 17, 2018 1:17 pm

The interest looks good at these online institutions but my concern is if you want to close your account or if you want to get cash, how do you do it and how fast do you get your money?

onourway
Posts: 1113
Joined: Thu Dec 08, 2016 3:39 pm

Re: Best High Interest Savings Account?

Post by onourway » Tue Apr 17, 2018 1:22 pm

GoldenGoose wrote:
Tue Apr 17, 2018 1:17 pm
The interest looks good at these online institutions but my concern is if you want to close your account or if you want to get cash, how do you do it and how fast do you get your money?
Many of the banks listed here will give you an ATM card if you want it. Or you write a check. Or do an ACH transfer to whatever account you like.

The reality is that whether your funds are held in a local bank or online, in either case after the deposit is made, your money is nothing more than an entry in a database.

SrGrumpy
Posts: 703
Joined: Wed Aug 05, 2015 3:21 pm

Re: Best High Interest Savings Account?

Post by SrGrumpy » Tue Apr 17, 2018 1:25 pm

GoldenGoose wrote:
Tue Apr 17, 2018 1:17 pm
The interest looks good at these online institutions
Not to nitpick, but let's face it - the interest is lousy! But I get your point.
GoldenGoose wrote:
Tue Apr 17, 2018 1:17 pm
but my concern is if you want to close your account or if you want to get cash, how do you do it and how fast do you get your money?
External transfer to another a/c. Takes 1-3 business days, depending on ACH transfer speeds, If you want to close the account, do an external transfer for the entire amount. Then call or SM the institution to close the account formally.

BogleMelon
Posts: 1325
Joined: Mon Feb 01, 2016 11:49 am

Re: Best High Interest Savings Account?

Post by BogleMelon » Tue Apr 17, 2018 1:26 pm

susa wrote:
Mon Apr 16, 2018 2:33 pm
Popular Direct 2.00% on savings starting at 5k -- we just moved from CIT Bank 1.75% and previously from Able Bank 1.70%

Rates are higher for CD's

https://www.populardirect.com/

https://www.doctorofcredit.com/best-ban ... t-bonuses/
I don't like their fees:
https://www.populardirect.com/pdfs/513_ ... losure.pdf
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

farnsy
Posts: 80
Joined: Tue Dec 15, 2015 8:49 pm

Re: Best High Interest Savings Account?

Post by farnsy » Tue Apr 17, 2018 1:27 pm

I use http://www.dollarsavingsdirect.com. No minimums, fees, service charges, or penalties. The rates usually are the highest around for that type of account. Currently (2018-04-17) at 1.8%. No frills, though. Only takes deposits from your linked checking account. Can't write checks nor use an ATM.

PopularDirect looks very good at 2% currently but requires a $5K deposit and also has monthly fees if you go a long time without transactions or your balance drops below $500. On the other hand, you can deposit checks there with your phone, so that's good. I may actually switch over.

User avatar
gunn_show
Posts: 1422
Joined: Wed Jun 06, 2007 3:02 pm

Re: Best High Interest Savings Account?

Post by gunn_show » Tue Apr 17, 2018 4:40 pm

Just helped my mom move her credit union money earning zilch over to Goldman's Marcus product. It's at 1.60% right now and some attractive CD rates.

Was very simple to do, very nice website

https://www.marcus.com/us/en/savings/high-yield-savings
"The best life hack of all is to just put the work in and never give up." Bas Rutten

User avatar
whodidntante
Posts: 3572
Joined: Thu Jan 21, 2016 11:11 pm

Re: Best High Interest Savings Account?

Post by whodidntante » Tue Apr 17, 2018 4:49 pm

GoldenGoose wrote:
Tue Apr 17, 2018 1:17 pm
The interest looks good at these online institutions but my concern is if you want to close your account or if you want to get cash, how do you do it and how fast do you get your money?
Close your account -- drain the balance then call or use a secure message.
Get cash -- use your ATM card at an ATM (same day), take a debit card cash advance at a bank branch (same day), use an ACH transfer (1-4 business days) or wire transfer (same day if done by cutoff time), buy a money order with the ATM card (same day), or write a check (0-11 business days).

perl
Posts: 130
Joined: Mon Apr 28, 2014 12:46 pm

Re: Best High Interest Savings Account?

Post by perl » Tue Apr 17, 2018 4:57 pm

Alliant credit union is great.

Post Reply