High Interest Savings Account

[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.

[arcticpineapplecorp.]

just saw this on another post:

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/

[roccodean]

just saw this on another post:

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]

Amex, Marcus come to mind. I use Amex but only for some short term stuff.

[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.

[roccodean]

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?

[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.

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]

just saw this on another post:

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.

[Orbuculum Nongata]

The world's two biggest oxymorons:

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

[user9532]

https://www.americanexpress.com/en-us/b ... s/account/

[MikeG62]

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.

[jpohio]

Live Oak Bank. Very good customer service, rates comparable to Marcus and Ally

[checkyourmath]

HMBradley Bank is offering 3%. I am fine with Ally. The yield isn't that bad compared to other HISA.

[SmileyFace]

The world's two biggest oxymorons:

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

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.

[smalliebigs]

I actually jumped away from Ally's online savings to putting my emergency fund into VASIX.

[willthrill81]

Why is $250k in cash not enough?

[SlowMovingInvestor]

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]

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.

[toodleoo]

Capital One 360

[arcticpineapplecorp.]

just saw this on another post:

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.

[Orbuculum Nongata]

The world's two biggest oxymorons:

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

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.

Yes, OP is definitely looking for the savings interest rate that sucks the least.

[dvvader]

The world's two biggest oxymorons:

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

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.

[Orbuculum Nongata]

The world's two biggest oxymorons:

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

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

[anon_investor]

just saw this on another post:

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]

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

[cowbman]

T-mobile money offers 4% on the first $3000 and 1% thereafter

[goodenyou]

The world's two biggest oxymorons:

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

Never understood the fetish with Barry Manilow with women in the UK. He’s a big hit there. Some things are best left unexplained.

[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]

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.

[patrick]

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.

[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.

I remember all my life
Raining down as cold as ice
Shadows of a man
A face through a window…

[anon_investor]

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]

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]

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]

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/

[Munir]

Marcus.

[LadyGeek]

This thread is now in the Personal Finance (Not Investing) forum (savings account).

[Marseille07]

Marcus.

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.

[anon_investor]

Marcus.

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]

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]

Marcus.

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.

[SmileyFace]

Marcus.

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.

[anon_investor]

Marcus.

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]

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]

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.

[Nicolas]

The world's two biggest oxymorons:

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

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]

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%

[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/

[anon_investor]

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]

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.