High Interest Savings Account

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Topic Author
roccodean
Posts: 82
Joined: Thu Mar 26, 2020 7:19 am

High Interest Savings Account

Post by roccodean »

Can someone rec'd a high interest savings account other than Ally (reached the FDIC insured limit).
I am ok with online banking only. Thanks in advance.
User avatar
arcticpineapplecorp.
Posts: 6477
Joined: Tue Mar 06, 2012 9:22 pm

Re: High Interest Savings Account

Post by arcticpineapplecorp. »

just saw this on another post:
protagonist wrote: Wed Nov 18, 2020 4:54 pm Merchants Bank of IN offers a MM rate of 1% APY that has been stable since March. No guarantees it will remain so, but it is easy for anybody to join.
Min. deposit $50. No max.
Apply online.
https://www.merchantsbankofindiana.com/ ... l-banking/
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
Topic Author
roccodean
Posts: 82
Joined: Thu Mar 26, 2020 7:19 am

Re: High Interest Savings Account

Post by roccodean »

arcticpineapplecorp. wrote: Thu Nov 19, 2020 8:27 am just saw this on another post:
protagonist wrote: Wed Nov 18, 2020 4:54 pm Merchants Bank of IN offers a MM rate of 1% APY that has been stable since March. No guarantees it will remain so, but it is easy for anybody to join.
Min. deposit $50. No max.
Apply online.
https://www.merchantsbankofindiana.com/ ... l-banking/
Thanks. Would prefer a name I'd heard of/national.
jebmke
Posts: 11667
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: High Interest Savings Account

Post by jebmke »

Amex, Marcus come to mind. I use Amex but only for some short term stuff.
When you discover that you are riding a dead horse, the best strategy is to dismount.
User avatar
SmileyFace
Posts: 6027
Joined: Wed Feb 19, 2014 10:11 am

Re: High Interest Savings Account

Post by SmileyFace »

Marcus by Goldman Sachs. Until recently they used to always have a slightly higher rate than Ally - now they seem pretty much to stay in lock step (they just dropped from 0.6 to 0.5 - I would guess Ally will drop to this as well in the coming week)..
I have also used Synchrony although they seem to have a delay with ACH transfers (Marcus's complete in a day).
Barclays would be a third option.
Topic Author
roccodean
Posts: 82
Joined: Thu Mar 26, 2020 7:19 am

Re: High Interest Savings Account

Post by roccodean »

SmileyFace wrote: Thu Nov 19, 2020 8:45 am Marcus by Goldman Sachs. Until recently they used to always have a slightly higher rate than Ally - now they seem pretty much to stay in lock step (they just dropped from 0.6 to 0.5 - I would guess Ally will drop to this as well in the coming week)..
I have also used Synchrony although they seem to have a delay with ACH transfers (Marcus's complete in a day).
Barclays would be a third option.
Thank you. I've read about Marcus...you have been happy with them?
User avatar
SmileyFace
Posts: 6027
Joined: Wed Feb 19, 2014 10:11 am

Re: High Interest Savings Account

Post by SmileyFace »

roccodean wrote: Thu Nov 19, 2020 8:47 am
SmileyFace wrote: Thu Nov 19, 2020 8:45 am Marcus by Goldman Sachs. Until recently they used to always have a slightly higher rate than Ally - now they seem pretty much to stay in lock step (they just dropped from 0.6 to 0.5 - I would guess Ally will drop to this as well in the coming week)..
I have also used Synchrony although they seem to have a delay with ACH transfers (Marcus's complete in a day).
Barclays would be a third option.
Thank you. I've read about Marcus...you have been happy with them?
Yes. I am disappointed of the 4 I mentioned they no longer have the highest rate - but 0.1% is immaterial (and I believe just a short term difference).
I have CDs and a HY Savings account with them. I have had problem with Ally and Synchrony in that ACH transfers to my primary Brick&Mortar bank take a few days - at Marcus it is always within 24 hours. If you decide to open a CD the process is usually instant - no credit check / need to unlock-credit and disposition instructions can be easily changed online (e.g. cash-out and deposit in X versus renew). The online site has been flawless for me. When they make a rate change - they notify you by email. I am keeping Ally and Synchrony open with $5 each in them just in case they offer an incentive in the future (it seemed for a while I was simply rotating between the three depending upon who had the current bonus) - right now all my savings are at Marcus.
lakpr
Posts: 6243
Joined: Fri Mar 18, 2011 9:59 am

Re: High Interest Savings Account

Post by lakpr »

roccodean wrote: Thu Nov 19, 2020 8:38 am
arcticpineapplecorp. wrote: Thu Nov 19, 2020 8:27 am just saw this on another post:
protagonist wrote: Wed Nov 18, 2020 4:54 pm Merchants Bank of IN offers a MM rate of 1% APY that has been stable since March. No guarantees it will remain so, but it is easy for anybody to join.
Min. deposit $50. No max.
Apply online.
https://www.merchantsbankofindiana.com/ ... l-banking/
Thanks. Would prefer a name I'd heard of/national.
This review seems to indicate that the Merchants Bank of Indiana is well capitalized, and has little risk of failure.

https://smartasset.com/checking-account ... eview-8056

Given this, I think giving up half the yield you can get just because you wanted a "nationally known name", is unwise.
User avatar
Orbuculum Nongata
Posts: 494
Joined: Thu Nov 06, 2014 1:58 pm

Re: High Interest Savings Account

Post by Orbuculum Nongata »

The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
Potential - distraction = performance.
MikeG62
Posts: 3255
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: High Interest Savings Account

Post by MikeG62 »

roccodean wrote: Thu Nov 19, 2020 8:47 am
SmileyFace wrote: Thu Nov 19, 2020 8:45 am Marcus by Goldman Sachs. Until recently they used to always have a slightly higher rate than Ally - now they seem pretty much to stay in lock step (they just dropped from 0.6 to 0.5 - I would guess Ally will drop to this as well in the coming week)..
I have also used Synchrony although they seem to have a delay with ACH transfers (Marcus's complete in a day).
Barclays would be a third option.
Thank you. I've read about Marcus...you have been happy with them?
I do business with both Ally and Marcus. They are very comparable. In fact, I prefer to do business with Marcus.
Real Knowledge Comes Only From Experience
jpohio
Posts: 97
Joined: Sun Apr 09, 2017 9:48 am

Re: High Interest Savings Account

Post by jpohio »

Live Oak Bank. Very good customer service, rates comparable to Marcus and Ally
checkyourmath
Posts: 113
Joined: Wed Nov 18, 2020 12:46 pm

Re: High Interest Savings Account

Post by checkyourmath »

HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
User avatar
SmileyFace
Posts: 6027
Joined: Wed Feb 19, 2014 10:11 am

Re: High Interest Savings Account

Post by SmileyFace »

Orbuculum Nongata wrote: Thu Nov 19, 2020 9:01 am The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
High is a relative term. Some savings accounts have "High Interest" as compared to others. Can't compare them to HY-Bond and Equity returns.
Similarly for "Greatest" being relative to only Manilow's works. You can find a few songs that aren't quite as obnoxious/mind-numbing as others - those the greatest. It doesn't mean they are any "Greater" than nearly every other musician on the planet.
8-)
smalliebigs
Posts: 193
Joined: Wed Jan 04, 2017 10:48 am

Re: High Interest Savings Account

Post by smalliebigs »

I actually jumped away from Ally's online savings to putting my emergency fund into VASIX.
User avatar
willthrill81
Posts: 21462
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: High Interest Savings Account

Post by willthrill81 »

Why is $250k in cash not enough?
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
SlowMovingInvestor
Posts: 1850
Joined: Sun Sep 11, 2016 11:27 am

Re: High Interest Savings Account

Post by SlowMovingInvestor »

checkyourmath wrote: Thu Nov 19, 2020 9:35 am HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
You need Direct Deposit and 'savings' to get that rate ? How hard is it to get 3% ?
Godot
Posts: 450
Joined: Fri Jun 08, 2018 3:44 pm
Location: Little Beirut

Re: High Interest Savings Account

Post by Godot »

checkyourmath wrote: Thu Nov 19, 2020 9:35 am HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
HMBradley Bank is overly and unnecessarily complicated with required direct deposits, confusing tier rates, and a 100K cap, beyond which no interest is paid.
Estragon: I can't go on like this. | Vladimir: That's what you think. | ― Samuel Beckett, Waiting for Godot
toodleoo
Posts: 2
Joined: Fri Nov 16, 2018 11:26 am

Re: High Interest Savings Account

Post by toodleoo »

Capital One 360
User avatar
arcticpineapplecorp.
Posts: 6477
Joined: Tue Mar 06, 2012 9:22 pm

Re: High Interest Savings Account

Post by arcticpineapplecorp. »

roccodean wrote: Thu Nov 19, 2020 8:38 am
arcticpineapplecorp. wrote: Thu Nov 19, 2020 8:27 am just saw this on another post:
protagonist wrote: Wed Nov 18, 2020 4:54 pm Merchants Bank of IN offers a MM rate of 1% APY that has been stable since March. No guarantees it will remain so, but it is easy for anybody to join.
Min. deposit $50. No max.
Apply online.
https://www.merchantsbankofindiana.com/ ... l-banking/
Thanks. Would prefer a name I'd heard of/national.
i understand.

they are FDIC however, so just as secure as any other FDIC bank online or otherwise.
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
User avatar
Orbuculum Nongata
Posts: 494
Joined: Thu Nov 06, 2014 1:58 pm

Re: High Interest Savings Account

Post by Orbuculum Nongata »

SmileyFace wrote: Thu Nov 19, 2020 10:47 am
Orbuculum Nongata wrote: Thu Nov 19, 2020 9:01 am The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
High is a relative term. Some savings accounts have "High Interest" as compared to others. Can't compare them to HY-Bond and Equity returns.
Similarly for "Greatest" being relative to only Manilow's works. You can find a few songs that aren't quite as obnoxious/mind-numbing as others - those the greatest. It doesn't mean they are any "Greater" than nearly every other musician on the planet.
8-)
Yes, OP is definitely looking for the savings interest rate that sucks the least. :wink:
Potential - distraction = performance.
dvvader
Posts: 82
Joined: Fri Nov 22, 2019 7:07 pm

Re: High Interest Savings Account

Post by dvvader »

Orbuculum Nongata wrote: Thu Nov 19, 2020 9:01 am The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
When I was in high school, I went on a day long road trip with my dad and we listened to the Barry Manilow's Greatest Hits album multiple times through. Some exotic form of torture... Some 15+ years later and I can still sing along to pretty much every song on that album... It was quite the experience and a memory I will likely never forget.
User avatar
Orbuculum Nongata
Posts: 494
Joined: Thu Nov 06, 2014 1:58 pm

Re: High Interest Savings Account

Post by Orbuculum Nongata »

dvvader wrote: Thu Nov 19, 2020 12:01 pm
Orbuculum Nongata wrote: Thu Nov 19, 2020 9:01 am The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
When I was in high school, I went on a day long road trip with my dad and we listened to the Barry Manilow's Greatest Hits album multiple times through. Some exotic form of torture... Some 15+ years later and I can still sing along to pretty much every song on that album... It was quite the experience and a memory I will likely never forget.
That's awesome! Any road-trip-with-dad memory should be unforgettable.

Enjoy: https://www.youtube.com/watch?v=3qKtCBcj0xE
Last edited by Orbuculum Nongata on Thu Nov 19, 2020 12:10 pm, edited 1 time in total.
Potential - distraction = performance.
User avatar
anon_investor
Posts: 3751
Joined: Mon Jun 03, 2019 1:43 pm

Re: High Interest Savings Account

Post by anon_investor »

roccodean wrote: Thu Nov 19, 2020 8:38 am
arcticpineapplecorp. wrote: Thu Nov 19, 2020 8:27 am just saw this on another post:
protagonist wrote: Wed Nov 18, 2020 4:54 pm Merchants Bank of IN offers a MM rate of 1% APY that has been stable since March. No guarantees it will remain so, but it is easy for anybody to join.
Min. deposit $50. No max.
Apply online.
https://www.merchantsbankofindiana.com/ ... l-banking/
Thanks. Would prefer a name I'd heard of/national.
I personally use Ally, but if I had to open another online savings account I would go with one of the following, with a strong perference towards American Express or Discover since they both have 24/7 live phone support, the other 2 do not:

Discover (0.55% APY):
https://www.discover.com/online-banking ... s-account/

American Express (0.60% APY):
https://www.americanexpress.com/en-us/b ... d-savings/

Synchrony (0.60% APY):
https://www.synchronybank.com/banking/h ... d-savings/

Marcus (0.50% APY):
https://www.marcus.com/us/en/savings
radiowave
Posts: 2452
Joined: Thu Apr 30, 2015 5:01 pm

Re: High Interest Savings Account

Post by radiowave »

I've used Discover savings in the past and it was overall a good experience. Dropped them over a year ago to simplify number of banks.

As above, today they are showing 0.55%: https://www.discover.com/online-banking ... rc=aw.ds
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
cowbman
Posts: 230
Joined: Sat Jan 14, 2017 2:10 pm

Re: High Interest Savings Account

Post by cowbman »

T-mobile money offers 4% on the first $3000 and 1% thereafter
User avatar
goodenyou
Posts: 2435
Joined: Sun Jan 31, 2010 11:57 pm
Location: Skating to Where the Puck is Going to Be..or on the golf course

Re: High Interest Savings Account

Post by goodenyou »

Orbuculum Nongata wrote: Thu Nov 19, 2020 9:01 am The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
Never understood the fetish with Barry Manilow with women in the UK. He’s a big hit there. Some things are best left unexplained.
Last edited by goodenyou on Thu Nov 19, 2020 3:02 pm, edited 1 time in total.
"Ignorance more frequently begets confidence than does knowledge" | Do you know how to make a rain dance work? Dance until it rains.
ChiKid24
Posts: 333
Joined: Fri Aug 09, 2019 3:43 pm

Re: High Interest Savings Account

Post by ChiKid24 »

I just moved my High Interest Savings from Marcus to Affirm. First I heard about them was after buying a Peloton. They are the default 0% financing that Peloton uses on bike purchases, and my monthly payment goes through them. Then I saw they offered a nice 1% APY savings account. It's an online bank and requires an app, but the rate is almost 2x Marcus, which just declined again to 0.55%. They are a relatively new bank, but I read they just filed for an IPO yesterday and the financials for the company show solid growth.
patrick
Posts: 1805
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: High Interest Savings Account

Post by patrick »

SlowMovingInvestor wrote: Thu Nov 19, 2020 11:00 am
checkyourmath wrote: Thu Nov 19, 2020 9:35 am HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
You need Direct Deposit and 'savings' to get that rate ? How hard is it to get 3% ?
It isn't very hard if you have a direct deposit of your paycheck/benefits that can be easily adjusted. The savings requirement is simply that the net savings (total deposits minus total withdrawals) has to be at least 20% of the total deposits, or alternatively that total withdrawals can be no more than 80% of total deposits. I put 5% of my paycheck into HMBradley with the other 95% going into other accounts that I can spend/invest without worrying about the qualificaiton.
Last edited by patrick on Thu Nov 19, 2020 3:49 pm, edited 2 times in total.
patrick
Posts: 1805
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: High Interest Savings Account

Post by patrick »

Godot wrote: Thu Nov 19, 2020 11:13 am
checkyourmath wrote: Thu Nov 19, 2020 9:35 am HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
HMBradley Bank is overly and unnecessarily complicated with required direct deposits, confusing tier rates, and a 100K cap, beyond which no interest is paid.
All the other accounts I have seen paying over 1% have much lower caps, and many of them also have qualification requirements.
User avatar
CardinalRule
Posts: 505
Joined: Sun Jan 15, 2017 11:01 am
Location: United States

Re: High Interest Savings Account

Post by CardinalRule »

I am pretty much chasing yields for HYSAs. Unless a bonus is involved, it is hardly worth it.

What am I most interested in at the moment, is a cure for earworm. I saw this thread earlier today, and now I can’t get Mandy out of my head. :oops:

I remember all my life
Raining down as cold as ice
Shadows of a man
A face through a window…
User avatar
anon_investor
Posts: 3751
Joined: Mon Jun 03, 2019 1:43 pm

Re: High Interest Savings Account

Post by anon_investor »

ChiKid24 wrote: Thu Nov 19, 2020 1:38 pm I just moved my High Interest Savings from Marcus to Affirm. First I heard about them was after buying a Peloton. They are the default 0% financing that Peloton uses on bike purchases, and my monthly payment goes through them. Then I saw they offered a nice 1% APY savings account. It's an online bank and requires an app, but the rate is almost 2x Marcus, which just declined again to 0.55%. They are a relatively new bank, but I read they just filed for an IPO yesterday and the financials for the company show solid growth.
FYI apparently Affirm is not a bank. It's website says: "Affirm savings accounts are held with Cross River Bank, Member FDIC."
See https://www.affirm.com/savings

Cross River Bank, does appear to be FDIC insured:
https://research2.fdic.gov/bankfind/det ... se&tabId=2

But I would be cautious holding money at a place that claims FDIC insurance via another entity... just look at what happened with Beam Financial:
https://www.cnbc.com/2020/11/18/ftc-sue ... -back.html
SlowMovingInvestor
Posts: 1850
Joined: Sun Sep 11, 2016 11:27 am

Re: High Interest Savings Account

Post by SlowMovingInvestor »

patrick wrote: Thu Nov 19, 2020 3:37 pm
SlowMovingInvestor wrote: Thu Nov 19, 2020 11:00 am
checkyourmath wrote: Thu Nov 19, 2020 9:35 am HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
You need Direct Deposit and 'savings' to get that rate ? How hard is it to get 3% ?
It isn't very hard if you have a direct deposit of your paycheck/benefits that can be easily adjusted. The savings requirement is simply that the net savings (total deposits minus total withdrawals) has to be at least 20% of the total deposits, or alternatively that total withdrawals can be no more than 80% of total deposits. I put 5% of my paycheck into HMBradley with the other 95% going into other accounts that I can spend/invest without worrying about the qualificaiton.

But you don't get the improved tier for at least 3 months, during which time they could change the rates, right ? Yield chasing always has that problem, but this one seems particularly prone to such issues. What is their past history in terms of changing rates ?
JBTX
Posts: 7122
Joined: Wed Jul 26, 2017 12:46 pm

Re: High Interest Savings Account

Post by JBTX »

I've used discover bank (same as discover cards) for years with zero problems.

Tmobile has a bank at earns 1.0% up to $100k. Haven't tried it yet. Supposedly fdic insured.

https://www.doctorofcredit.com/high-int ... gs-to-get/
JBTX
Posts: 7122
Joined: Wed Jul 26, 2017 12:46 pm

Re: High Interest Savings Account

Post by JBTX »

SlowMovingInvestor wrote: Thu Nov 19, 2020 5:22 pm
patrick wrote: Thu Nov 19, 2020 3:37 pm
SlowMovingInvestor wrote: Thu Nov 19, 2020 11:00 am
checkyourmath wrote: Thu Nov 19, 2020 9:35 am HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.
You need Direct Deposit and 'savings' to get that rate ? How hard is it to get 3% ?
It isn't very hard if you have a direct deposit of your paycheck/benefits that can be easily adjusted. The savings requirement is simply that the net savings (total deposits minus total withdrawals) has to be at least 20% of the total deposits, or alternatively that total withdrawals can be no more than 80% of total deposits. I put 5% of my paycheck into HMBradley with the other 95% going into other accounts that I can spend/invest without worrying about the qualificaiton.

But you don't get the improved tier for at least 3 months, during which time they could change the rates, right ? Yield chasing always has that problem, but this one seems particularly prone to such issues. What is their past history in terms of changing rates ?
Pretty detailed write up.here. Also look through comments. I'm not sure I'm going to bite on this one. You won't grt the preferred rates until the start of the next quarter anyway

https://www.doctorofcredit.com/new-bank ... hmbradley/
User avatar
Munir
Posts: 2754
Joined: Mon Feb 26, 2007 4:39 pm
Location: Oregon

Re: High Interest Savings Account

Post by Munir »

Marcus.
User avatar
LadyGeek
Site Admin
Posts: 67276
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: High Interest Savings Account

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (savings account).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Marseille07
Posts: 388
Joined: Fri Nov 06, 2020 1:41 pm

Re: High Interest Savings Account

Post by Marseille07 »

Munir wrote: Thu Nov 19, 2020 7:07 pmMarcus.
Yeah, Marcus is the best. I actually don't mind the FDIC insured limit. At some point you'll have to go over anyway, unless you have like 5 savings accounts all having 250K each.
User avatar
anon_investor
Posts: 3751
Joined: Mon Jun 03, 2019 1:43 pm

Re: High Interest Savings Account

Post by anon_investor »

Marseille07 wrote: Thu Nov 19, 2020 8:35 pm
Munir wrote: Thu Nov 19, 2020 7:07 pmMarcus.
Yeah, Marcus is the best. I actually don't mind the FDIC insured limit. At some point you'll have to go over anyway, unless you have like 5 savings accounts all having 250K each.
At that some point you might have to ask yourself why do you have so much cash...
gjlynch17
Posts: 198
Joined: Wed Apr 15, 2015 12:32 pm

Re: High Interest Savings Account

Post by gjlynch17 »

If you are active, Fitness Bank may offer the highest rates. They currently offer 0.85% if you average 12,500 steps per month (10,000 if you are 65 or older).

https://www.fitnessbank.fit/

I also echo the recommendations of Marcus and Live Oak Bank. I have had accounts at all three. Fitness Bank has the highest rates while Marcus and Live Oak have competitive rates, good customer services, high ACH transfer limits and fast ACH transfers.
Marseille07
Posts: 388
Joined: Fri Nov 06, 2020 1:41 pm

Re: High Interest Savings Account

Post by Marseille07 »

anon_investor wrote: Thu Nov 19, 2020 8:40 pm
Marseille07 wrote: Thu Nov 19, 2020 8:35 pm
Munir wrote: Thu Nov 19, 2020 7:07 pmMarcus.
Yeah, Marcus is the best. I actually don't mind the FDIC insured limit. At some point you'll have to go over anyway, unless you have like 5 savings accounts all having 250K each.
At that some point you might have to ask yourself why do you have so much cash...
I'm still new to Boglehead-style investing. I am DCA-ing as we speak. It's not easy to deploy a boatload of cash.
User avatar
SmileyFace
Posts: 6027
Joined: Wed Feb 19, 2014 10:11 am

Re: High Interest Savings Account

Post by SmileyFace »

anon_investor wrote: Thu Nov 19, 2020 8:40 pm
Marseille07 wrote: Thu Nov 19, 2020 8:35 pm
Munir wrote: Thu Nov 19, 2020 7:07 pmMarcus.
Yeah, Marcus is the best. I actually don't mind the FDIC insured limit. At some point you'll have to go over anyway, unless you have like 5 savings accounts all having 250K each.
At that some point you might have to ask yourself why do you have so much cash...
Yeah - I don't plan on ever holding enough cash to hit the limit.
User avatar
anon_investor
Posts: 3751
Joined: Mon Jun 03, 2019 1:43 pm

Re: High Interest Savings Account

Post by anon_investor »

Marseille07 wrote: Thu Nov 19, 2020 8:58 pm
anon_investor wrote: Thu Nov 19, 2020 8:40 pm
Marseille07 wrote: Thu Nov 19, 2020 8:35 pm
Munir wrote: Thu Nov 19, 2020 7:07 pmMarcus.
Yeah, Marcus is the best. I actually don't mind the FDIC insured limit. At some point you'll have to go over anyway, unless you have like 5 savings accounts all having 250K each.
At that some point you might have to ask yourself why do you have so much cash...
I'm still new to Boglehead-style investing. I am DCA-ing as we speak. It's not easy to deploy a boatload of cash.
How much cash are you holding? Sounds like too much... (I am pro lump sum)
dachshunddad
Posts: 169
Joined: Mon Sep 03, 2018 8:22 pm

Re: High Interest Savings Account

Post by dachshunddad »

I’ve used discover with no problems and a nice app. I recently opened Marcus based on input from BH. The main reason is transfer takes less than 24 hours. Discover could take easily 3 or 4 days. Also, Marcus gives you No penalty CD option.
Marseille07
Posts: 388
Joined: Fri Nov 06, 2020 1:41 pm

Re: High Interest Savings Account

Post by Marseille07 »

anon_investor wrote: Thu Nov 19, 2020 9:10 pm How much cash are you holding? Sounds like too much... (I am pro lump sum)
It's a lot but it's ok, my retirement horizon is probably mid-next year anyway. It doesn't hinge on the speed of deployment.
User avatar
Nicolas
Posts: 2356
Joined: Wed Aug 22, 2012 7:41 am
Contact:

Re: High Interest Savings Account

Post by Nicolas »

dvvader wrote: Thu Nov 19, 2020 12:01 pm
Orbuculum Nongata wrote: Thu Nov 19, 2020 9:01 am The world's two biggest oxymorons:

1. High Interest Savings Account
2. Barry Manilow's Greatest Hits

:happy
When I was in high school, I went on a day long road trip with my dad and we listened to the Barry Manilow's Greatest Hits album multiple times through. Some exotic form of torture... Some 15+ years later and I can still sing along to pretty much every song on that album... It was quite the experience and a memory I will likely never forget.
I pity you.
MathIsMyWayr
Posts: 2512
Joined: Mon Mar 27, 2017 10:47 pm
Location: CA

Re: High Interest Savings Account

Post by MathIsMyWayr »

Caltech Emplyees Federal Credit Union
TIER APY*
$ 0.00 - $25,000.00 0.40%
$ 25,000.01 - $100,000.00 0.50%
$100,000.01 - $250,000.00 0.60%
$250,000.01 and above 0.70%
User avatar
Nicolas
Posts: 2356
Joined: Wed Aug 22, 2012 7:41 am
Contact:

Re: High Interest Savings Account

Post by Nicolas »

Have you considered Redneck Bank? They offer some attractive rates and are FDIC insured. I have no experience with them myself. https://redneck.bank/ :D
Last edited by Nicolas on Fri Nov 20, 2020 9:57 am, edited 1 time in total.
User avatar
anon_investor
Posts: 3751
Joined: Mon Jun 03, 2019 1:43 pm

Re: High Interest Savings Account

Post by anon_investor »

Marseille07 wrote: Thu Nov 19, 2020 10:47 pm
anon_investor wrote: Thu Nov 19, 2020 9:10 pm How much cash are you holding? Sounds like too much... (I am pro lump sum)
It's a lot but it's ok, my retirement horizon is probably mid-next year anyway. It doesn't hinge on the speed of deployment.
Ah, that makes more sense then. If I had that much "cash" I would make use of some treasuries (principal protection would be more important than yield), I would hate to lose money holding more than FDIC insurance coverage at a bank that went under.
Marseille07
Posts: 388
Joined: Fri Nov 06, 2020 1:41 pm

Re: High Interest Savings Account

Post by Marseille07 »

anon_investor wrote: Fri Nov 20, 2020 12:13 am Ah, that makes more sense then. If I had that much "cash" I would make use of some treasuries (principal protection would be more important than yield), I would hate to lose money holding more than FDIC insurance coverage at a bank that went under.
I'm probably less careful in this regard. I do use well-known financial institutions, but I'm also kind of betting that those institutions are "too big to fail" and get bailed out.
Post Reply