Need a new HYSA

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rage_phish
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Need a new HYSA

Post by rage_phish »

Hi, we currently have Synchrony and are not happy with them. The transfer time to get money out is way too long. Nearly a week it seems

And now that interest rates have risen at competitors, it’s worthwhile for us to change (we’re currently at .85%)

Any recommendations on where to switch to?

We want the following:

To maximize the APY
Fast transfers to other banks
Mobile check deposit would be nice
As would a atm card I suppose (though I don’t think we have aver used our synchrony one)
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anon_investor
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Re: Need a new HYSA

Post by anon_investor »

rage_phish wrote: Sun Jun 19, 2022 10:33 am Hi, we currently have Synchrony and are not happy with them. The transfer time to get money out is way too long. Nearly a week it seems

And now that interest rates have risen at competitors, it’s worthwhile for us to change (we’re currently at .85%)

Any recommendations on where to switch to?

We want the following:

To maximize the APY
Fast transfers to other banks
Mobile check deposit would be nice
As would a atm card I suppose (though I don’t think we have aver used our synchrony one)
Ally Bank
Katietsu
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Re: Need a new HYSA

Post by Katietsu »

I do not have a specific recommendation. My experience is that bank transfers will take longer with a new account for the the first 30-60 days. Just something to plan for or ask about.
dvvader
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Re: Need a new HYSA

Post by dvvader »

I use Ally, been with them since 2016 and have no complaints. APY is only 0.90% currently but it meets all your other criteria. Bank to bank transfers are quick (1-2 business days), but I also have a checking account at Ally that I keep open if I need quicker access (check writing, debit card, etc.).
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FiveK
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Re: Need a new HYSA

Post by FiveK »

Marcus by Goldman Sachs® is another well-established one.

Best High-Yield Online Savings Accounts is updated monthly.
Marseille07
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Re: Need a new HYSA

Post by Marseille07 »

Ally or Marcus.

I used to be in the same situation, hated Synchrony's slow transfer time.
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stupidkid
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Re: Need a new HYSA

Post by stupidkid »

I've been with ally since it was gmac - maybe since 2005?

It's not always the highest rate but very competitive. Great interface, easy to do almost everything online or through chat. I've always experienced fantastic customer service.

I don't know if it's because I started as a gmac customer but I also seem to get unlimited ATM fee refunds including international - but I don't believe that's standard.

Edit to add: I have tried other banks, tempted by higher rates. They usually change the rates or there's some other problem. I have an Amex business checking account which currently has a 1.1% apy and it's fine, but slow transfers and subpar interface.
Last edited by stupidkid on Sun Jun 19, 2022 11:14 am, edited 1 time in total.
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JupiterJones
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Re: Need a new HYSA

Post by JupiterJones »

I'm with Ally too and have been satisfied with them so far.
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123
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Re: Need a new HYSA

Post by 123 »

Ally Bank does things very well. Just about everything you might need to do can be done using their website. Makes it real easy to open accounts, and, unfortunately for them, it makes it real easy to close accounts and take your money elsewhere as needed.
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leland
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Re: Need a new HYSA

Post by leland »

An even bigger list with decent reviews: https://www.doctorofcredit.com/high-int ... gs-to-get/

I've been using T-Mobile and Marcus mainly. They work just fine.
single2019
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Re: Need a new HYSA

Post by single2019 »

I prefer Ally over Marcus because Marcus blocks you when you are out of the country (my experience is limited to certain countries)
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Cheez-It Guy
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Re: Need a new HYSA

Post by Cheez-It Guy »

And I prefer Marcus because they don't cap you at 6 monthly withdrawals.
hate2work
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Re: Need a new HYSA

Post by hate2work »

First Foundation Savings is now at 1.65%

https://www.firstfoundationinc.com/pers ... ne-savings
Raspberry-503
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Re: Need a new HYSA

Post by Raspberry-503 »

Marcus is working well, easy to use, no fees of course, few restrictions/limits (I think can't hold more than $1M, which is already a lot to have in cash)
I haven't used Ally in a long time but they were great back then.

I'd be wary of rates too good to be true, I'd want to see whether it's just a short-term promotion or if they have a history of consistently beating the average.
JustThisGuy
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Re: Need a new HYSA

Post by JustThisGuy »

If you want a bank that's a little more fun, check out Redneck Bank. Yes, you read that correctly. The site is a hoot and their service is fantastic. Transfers in or out are fast but are limited to $5K/day. You can call in and get a higher limit for one-off use if you need it. If you do need to call the CS number, the first voice you hear will be a real person, not a machine.

The most recent rate is 0.85%. That has not yet adjusted from last week's Fed announcement, but I imagine it will in the next few days.
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user9532
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Re: Need a new HYSA

Post by user9532 »

I have been using American Express Savings for a long time. Starting June 21, 2022, their rate is going up to 0.90%.
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Gray
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Re: Need a new HYSA

Post by Gray »

rage_phish wrote: Sun Jun 19, 2022 10:33 am Hi, we currently have Synchrony and are not happy with them. The transfer time to get money out is way too long. Nearly a week it seems

And now that interest rates have risen at competitors, it’s worthwhile for us to change (we’re currently at .85%)

Any recommendations on where to switch to?

We want the following:

To maximize the APY
Fast transfers to other banks
Mobile check deposit would be nice
As would a atm card I suppose (though I don’t think we have aver used our synchrony one)
I love Ally. I just setup an account for my daughter last night to save money from her regular checking account. They may not have the absolute highest rates, but what they do they do well.
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happenstance
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Re: Need a new HYSA

Post by happenstance »

I have not tried Ally, but I have recently tried Marcus, Synchrony, AmEx, and TIAA Bank. Marcus and Synchrony consistently have the highest rates and seem to raise them the quickest. Marcus has fast transfers and the nicest website (IMO). Synchrony has the slowest transfers and a decent website. AmEx consistently has lower rates, but transfers are fast, and the website is no-frills but works. TIAA is kind of in the middle of the pack on all three of those dimensions. I would recommend Marcus.
teamDE
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Re: Need a new HYSA

Post by teamDE »

If I already have amex credit cards, is an amex savings account accessible through the same login and website? That'd kinda be nice.
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happenstance
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Re: Need a new HYSA

Post by happenstance »

teamDE wrote: Wed Jun 22, 2022 12:54 pm If I already have amex credit cards, is an amex savings account accessible through the same login and website? That'd kinda be nice.
They did recently roll-out logging in with your AmEx CC login. But I don't see why that's an advantage.
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8foot7
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Re: Need a new HYSA

Post by 8foot7 »

I like Amex. Same day ACH before 11 AM (I think it's 11) means money I transfer out in the morning is in my checking account by 4:30 PM the same day. That's essentially as good as a wire, for free. Mine is linked to my Amex login with my charge card. Rate is always competitive. It is simple and easy.
Deskandchairs
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Re: Need a new HYSA

Post by Deskandchairs »

JupiterJones wrote: Sun Jun 19, 2022 11:14 am I'm with Ally too and have been satisfied with them so far.
Maybe you should read all the reviews (largely negative recently) for Ally on deposits.com. here is the most recent one, as an example:
Not Good Anymore - Freezes Accounts
Posted by: tp3st | Jun 22, 2022

I've been a customer with Ally for nearly 10 years and they froze my account because I initiated a wire transfer. I never had problems sending wire transfers before. It's been several days that I can't login to my account or access my money. When I try to use my debit card to do something like make a purchase or pump gas it automatically gets declined.

I called their "fraud" department and answered the security questions but they keep saying they are looking into it and never get back to me in a timely manner. Luckily I have funds in an external account that I can use to allow me to live. I don't know how long more this is going to go on for but it's unacceptable. I will be moving my money elsewhere.
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JupiterJones
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Re: Need a new HYSA

Post by JupiterJones »

Deskandchairs wrote: Thu Jun 23, 2022 5:13 pm
JupiterJones wrote: Sun Jun 19, 2022 11:14 am I'm with Ally too and have been satisfied with them so far.
Maybe you should read all the reviews (largely negative recently) for Ally on deposits.com. here is the most recent one, as an example:
I'm not really sure how reading other people's anecdotes of dissatisfaction would change the fact that I, personally, "have been satisfied with them so far".
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FrugalInvestor
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Re: Need a new HYSA

Post by FrugalInvestor »

I've used Ally for the past 2-3 years and typically make two scheduled automatic one or two one-time transfers to multiple outside (linked) accounts every month. The transfers take one to three days, everything goes like clockwork and their email confirmations make it very clear what is happening and when. Their website is very straightforward.
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Variant
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Re: Need a new HYSA

Post by Variant »

user9532 wrote: Tue Jun 21, 2022 12:29 pm I have been using American Express Savings for a long time. Starting June 21, 2022, their rate is going up to 0.90%.
Same here. Transfers are pretty quick and rate has typically been competitive. You can now share a login with your American Express credit card too. ;)
johnegonpdx
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Re: Need a new HYSA

Post by johnegonpdx »

Marcus works fine for me. APY at 1.0% right now.
Learned from this forum that E*Trade has a savings account offering 1.4%, so that might be worth checking out.
criticalmass
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Re: Need a new HYSA

Post by criticalmass »

It doesn't make sense to earn less than 1.0% on a Savings account when you can earn that on a Checking account (e.g. T-Mobile Money).

For savings, consider the Vanguard Federal Money Market Fund (i.e. the Settlement fund) if you already have a Vanguard account. It is currently paying 1.35%. Or your favorite similar money market. Not NCUA/FDIC insured, but extremely safe.
criticalmass
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Re: Need a new HYSA

Post by criticalmass »

Variant wrote: Thu Jun 23, 2022 10:46 pm
user9532 wrote: Tue Jun 21, 2022 12:29 pm I have been using American Express Savings for a long time. Starting June 21, 2022, their rate is going up to 0.90%.
Same here. Transfers are pretty quick and rate has typically been competitive. You can now share a login with your American Express credit card too. ;)
Consider Kabbage by American Express. You can also share a login with your American Express credit card AND you get 1.1% instead of 0.9%. The 1.1% hasn't changed since interest rates have started going up, and it probably won't until there is significant competitive pressure.
dogbones
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Re: Need a new HYSA

Post by dogbones »

Marcus Goldman Sachs is at 1% currently (was just at .85 not long ago, so I imagine they'll keep climbing). ETA no ATM, but easy transfers for sure
cat_guy
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Re: Need a new HYSA

Post by cat_guy »

Alliant: 1.0
M1+ ($125/ year, first year free): 1.3
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anon_investor
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Re: Need a new HYSA

Post by anon_investor »

Ally is now also 1%. Ally's money market account offers a debit card and checks (though currently a 6 withdrawal a month limit, but unlimited ATM withdrawals).
UnionMan354
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Re: Need a new HYSA

Post by UnionMan354 »

We have had a good experience with Discover bank HYSA:
https://www.discover.com/online-banking ... s-account/

Believe they're still doing savings promotions too: https://www.nerdwallet.com/article/bank ... ings-bonus

Hope this helps,
Robert
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user9532
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Re: Need a new HYSA

Post by user9532 »

criticalmass wrote: Fri Jun 24, 2022 12:54 am
Variant wrote: Thu Jun 23, 2022 10:46 pm
user9532 wrote: Tue Jun 21, 2022 12:29 pm I have been using American Express Savings for a long time. Starting June 21, 2022, their rate is going up to 0.90%.
Same here. Transfers are pretty quick and rate has typically been competitive. You can now share a login with your American Express credit card too. ;)
Consider Kabbage by American Express. You can also share a login with your American Express credit card AND you get 1.1% instead of 0.9%. The 1.1% hasn't changed since interest rates have started going up, and it probably won't until there is significant competitive pressure.
Kabbage is only for business checking, not for personal.
criticalmass
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Re: Need a new HYSA

Post by criticalmass »

user9532 wrote: Sun Jun 26, 2022 12:03 pm
criticalmass wrote: Fri Jun 24, 2022 12:54 am
Variant wrote: Thu Jun 23, 2022 10:46 pm
user9532 wrote: Tue Jun 21, 2022 12:29 pm I have been using American Express Savings for a long time. Starting June 21, 2022, their rate is going up to 0.90%.
Same here. Transfers are pretty quick and rate has typically been competitive. You can now share a login with your American Express credit card too. ;)
Consider Kabbage by American Express. You can also share a login with your American Express credit card AND you get 1.1% instead of 0.9%. The 1.1% hasn't changed since interest rates have started going up, and it probably won't until there is significant competitive pressure.
Kabbage is only for business checking, not for personal.
For sole proprietor that is a a distinction without much difference.
LuckyGuy
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Re: Need a new HYSA

Post by LuckyGuy »

I’ve been using Ally for a few years now. I’ve been very happy with them.
wbarabas
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Re: Need a new HYSA

Post by wbarabas »

Commenity bank. It's all online. 1.65% currently. Fast transfers. Have had no issues. Rate seems to go up within a week of fed raising rates.
MikeG62
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Re: Need a new HYSA

Post by MikeG62 »

Marseille07 wrote: Sun Jun 19, 2022 11:05 am Ally or Marcus.
+1. I have accounts with both.

Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
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JoMoney
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Re: Need a new HYSA

Post by JoMoney »

MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
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MikeG62
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Re: Need a new HYSA

Post by MikeG62 »

JoMoney wrote: Mon Jun 27, 2022 7:46 am
MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
I know, I've been blown away how fast these rates have risen. It's like nothing I've ever seen before (at least not when rates are increasing).
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Tubes
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Re: Need a new HYSA

Post by Tubes »

JoMoney wrote: Mon Jun 27, 2022 7:46 am
MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
Yep. We're in a unique time right now. This won't go on forever, but while it does, it makes sense to use VMFXX.
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JoMoney
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Re: Need a new HYSA

Post by JoMoney »

MikeG62 wrote: Mon Jun 27, 2022 7:52 am
JoMoney wrote: Mon Jun 27, 2022 7:46 am
MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
I know, I've been blown away how fast these rates have risen. It's like nothing I've ever seen before (at least not when rates are increasing).
The last rate rise (in 2018) I found myself jumping around quite a bit trying to find the bank that was offering the best rate, it was constantly changing and it seemed whoever I was currently at stuck with their old rate just long enough where I started looking around, sometimes they'd change again right after I moved to a new account. It got a little frustrating, so I eventually just "settled" into sticking with Vanguard's money market funds which were very consistently among the best market rates.

On the flip side, when rates were fell the MM funds lead the way down with market rates too :?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
MikeG62
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Re: Need a new HYSA

Post by MikeG62 »

JoMoney wrote: Mon Jun 27, 2022 7:57 am
MikeG62 wrote: Mon Jun 27, 2022 7:52 am
JoMoney wrote: Mon Jun 27, 2022 7:46 am
MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
I know, I've been blown away how fast these rates have risen. It's like nothing I've ever seen before (at least not when rates are increasing).
The last rate rise (in 2018) I found myself jumping around quite a bit trying to find the bank that was offering the best rate, it was constantly changing and it seemed whoever I was currently at stuck with their old rate just long enough where I started looking around, sometimes they'd change again right after I moved to a new account. It got a little frustrating, so I eventually just "settled" into sticking with Vanguard's money market funds which were very consistently among the best market rates.

On the flip side, when rates were fell the MM funds lead the way down with market rates too :?
And when they drop, they do so like a stone too - very quickly. It's on the upside that the increases are usually delivered with an eye dropper. Thus, my current level of surprise.

I've done the same thing as you have in the past. Usually not opening new accounts for HYSA's (as I've got two main go-to -places for HYS), but I was doing it for CD's starting in 2019. It was a pain, but worth it for the yield pick up.
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mr_brightside
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Re: Need a new HYSA

Post by mr_brightside »

the Amex HYSA just went up to 1.0%

--------------------------------------------------------------
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anon_investor
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Re: Need a new HYSA

Post by anon_investor »

JoMoney wrote: Mon Jun 27, 2022 7:57 am
MikeG62 wrote: Mon Jun 27, 2022 7:52 am
JoMoney wrote: Mon Jun 27, 2022 7:46 am
MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
I know, I've been blown away how fast these rates have risen. It's like nothing I've ever seen before (at least not when rates are increasing).
The last rate rise (in 2018) I found myself jumping around quite a bit trying to find the bank that was offering the best rate, it was constantly changing and it seemed whoever I was currently at stuck with their old rate just long enough where I started looking around, sometimes they'd change again right after I moved to a new account. It got a little frustrating, so I eventually just "settled" into sticking with Vanguard's money market funds which were very consistently among the best market rates.

On the flip side, when rates were fell the MM funds lead the way down with market rates too :?
Back then I ended up parking money in VMFXX as it seemed to go up faster, my online HYSA seemed to have a lag. But I fortunately started using NPCDs to lock rates in longer when rates started to fall. Then in shifted the proceeds from those expiring NPCDs to I Bonds.
MikeG62
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Re: Need a new HYSA

Post by MikeG62 »

anon_investor wrote: Wed Jun 29, 2022 8:26 am
JoMoney wrote: Mon Jun 27, 2022 7:57 am
MikeG62 wrote: Mon Jun 27, 2022 7:52 am
JoMoney wrote: Mon Jun 27, 2022 7:46 am
MikeG62 wrote: Mon Jun 27, 2022 7:36 am ...
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
I know, I've been blown away how fast these rates have risen. It's like nothing I've ever seen before (at least not when rates are increasing).
The last rate rise (in 2018) I found myself jumping around quite a bit trying to find the bank that was offering the best rate, it was constantly changing and it seemed whoever I was currently at stuck with their old rate just long enough where I started looking around, sometimes they'd change again right after I moved to a new account. It got a little frustrating, so I eventually just "settled" into sticking with Vanguard's money market funds which were very consistently among the best market rates.

On the flip side, when rates were fell the MM funds lead the way down with market rates too :?
Back then I ended up parking money in VMFXX as it seemed to go up faster, my online HYSA seemed to have a lag. But I fortunately started using NPCDs to lock rates in longer when rates started to fall. Then in shifted the proceeds from those expiring NPCDs to I Bonds.
NPCD's seem to be lagging this time around. Maybe things are too fluid and they don't want to juice that yield a little only to have to deal with early terminations when the rate on OLS accounts increase again.
Real Knowledge Comes Only From Experience
calwatch
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Re: Need a new HYSA

Post by calwatch »

If you need an ATM card I would either consider Alliant or SoFi. SoFi actually has some of the highest rates now, 1.5% with direct deposit. Their interface is easy to use and they post funds very quickly.
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SmileyFace
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Re: Need a new HYSA

Post by SmileyFace »

I prefer Marcus over Ally - fast transfers within a day - Ally can take up to 3 days.
I don't know about ATM cards.
atdharris
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Re: Need a new HYSA

Post by atdharris »

I don't think ATM cards are necessary for a savings account. Most accounts can transfer cash in 24 hours or less to a checking account.
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anon_investor
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Re: Need a new HYSA

Post by anon_investor »

MikeG62 wrote: Wed Jun 29, 2022 9:46 am
anon_investor wrote: Wed Jun 29, 2022 8:26 am
JoMoney wrote: Mon Jun 27, 2022 7:57 am
MikeG62 wrote: Mon Jun 27, 2022 7:52 am
JoMoney wrote: Mon Jun 27, 2022 7:46 am
:thumbsup
and rising quickly, VMFXX Vanguard Federal Money Market Fund has a 7-day SEC yield now at 1.38%
If rates keep going up, I expect the MM funds will surpass most banks, who tend to be slower to adjust
I know, I've been blown away how fast these rates have risen. It's like nothing I've ever seen before (at least not when rates are increasing).
The last rate rise (in 2018) I found myself jumping around quite a bit trying to find the bank that was offering the best rate, it was constantly changing and it seemed whoever I was currently at stuck with their old rate just long enough where I started looking around, sometimes they'd change again right after I moved to a new account. It got a little frustrating, so I eventually just "settled" into sticking with Vanguard's money market funds which were very consistently among the best market rates.

On the flip side, when rates were fell the MM funds lead the way down with market rates too :?
Back then I ended up parking money in VMFXX as it seemed to go up faster, my online HYSA seemed to have a lag. But I fortunately started using NPCDs to lock rates in longer when rates started to fall. Then in shifted the proceeds from those expiring NPCDs to I Bonds.
NPCD's seem to be lagging this time around. Maybe things are too fluid and they don't want to juice that yield a little only to have to deal with early terminations when the rate on OLS accounts increase again.
Yeah, I never bothered to open new NPCDs after the rates started shooting up. I did break some NPCDs early in May.
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