Experience with High Yielding Money Market Accounts

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vnatale
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Experience with High Yielding Money Market Accounts

Post by vnatale » Wed Sep 14, 2016 7:20 pm

Looking at depositaccounts.com/savings/...

I see the following large banks with the present rates:

Synchrony Bank - 1.05%
Ally Bank - 1.00%
Barclays - 1.00%
CapitalOne360 - 1.00%
Discover Bank - 0.95%
American Express Bank, FSB - 0.95%

I'd like to know your positive / negative experiences with any of the above and, as a result of those experiences which you would recommend using.

I'm looking for alternative to the Vanguard Prime Money Market account. All of the above have higher returns plus, to a certain amount, they are FDIC insured. I need to finally make the move from Prime to either one or a few of these.

Thanks

Vinny

munemaker
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Re: Experience with High Yielding Money Market Accounts

Post by munemaker » Wed Sep 14, 2016 7:35 pm

Is the term "High yielding" an oxymoron when used in this way?

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Rob5TCP
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Re: Experience with High Yielding Money Market Accounts

Post by Rob5TCP » Wed Sep 14, 2016 8:12 pm

If used both Ally and Synchrony; and both have been fine.
Ally was a bit of a hassle to setup; but once done it's gone smoothly.

Rainmaker41
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Re: Experience with High Yielding Money Market Accounts

Post by Rainmaker41 » Wed Sep 14, 2016 8:29 pm

If you do financial transactions online already, you'll have no issues with an online savings account. I use Ally for all of my cash savings, and keep roughly 2 months' reasonable cash needs at a credit union as a paranoid hedge against catastrophic ACH system failure. I've been an Ally customer for over a year, and had login issues that lasted a few minutes maybe once or twice in that time. The same can be said for my credit union app or for that matter my work gmail account, so that's not really a factor for me.

As a bonus, Ally gives customers free anti-virus software apparently valued at $40 a year. I used to like that, but I have a Chromebook now, so it doesn't matter.
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nisiprius
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Re: Experience with High Yielding Money Market Accounts

Post by nisiprius » Wed Sep 14, 2016 8:44 pm

I've had an account with Capital One 360, back through the days when it was ING Direct, back to 2002. I haven't opened one of these accounts yet. The regular savings is paying 0.75% and I just haven't gotten around to shuffling things around. I don't have anything in particular to say about either Capital One 360 or ING Direct except that there were no surprises, they've seen fine, every account I've ever opened with them has worked as expected, their customer service seems fine, and so forth.

Capital One 360 is slow on transfers from them to my brick-and-mortar bank. It takes four or five days. I don't know if the competitors are any better.

I think people who have only an internet account, with no brick-and-mortar account, are, at this point in time, making a mistake (which will haunt them when they need a medallion signature guarantee). But I think the internet accounts are fine and that people who don't have one are probably making a mistake, too.
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edamashek
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Re: Experience with High Yielding Money Market Accounts

Post by edamashek » Wed Sep 14, 2016 9:00 pm

I would recommend GS Bank. Goldman Sachs bought what was formerly GE Capital Bank's deposits and have rebranded it GS Bank. The online savings account yields 1.05% which is at the top of the pack. What I love about the bank is ACH transfers are super fast (mine show up at other bank on the next business day) and even better, they offer free wire transfers. Between super fast ACH transfers and free wire transfers, you can access your money as you need it.

protagonist
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Re: Experience with High Yielding Money Market Accounts

Post by protagonist » Wed Sep 14, 2016 11:19 pm

I have used SFGI Direct for many years. I think their current rate is 1.06% (?) and it has always been near the top of the list. I have had very good experiences with them- easy to transfer funds in and out within one business day tops and never any problems.

Joel
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Re: Experience with High Yielding Money Market Accounts

Post by Joel » Wed Sep 14, 2016 11:25 pm

Ally is great.

Like someone else mentioned, I don't know that I would call it high yielding!
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Pranav
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Re: Experience with High Yielding Money Market Accounts

Post by Pranav » Thu Sep 15, 2016 12:01 am

Besides Cap One 360, are there any other high yealding bank that allow you to both deposit and withdraw cash through ATM or branch?
Pranav

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sperry8
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Re: Experience with High Yielding Money Market Accounts

Post by sperry8 » Thu Sep 15, 2016 2:55 am

I have a dozen online high yield banks.

Personally I find Ally to be the best. However, the others are fine and if rates are higher I keep the bulk of my money in the others and ACH to/from using Ally as the push/pull initiator. One missing from your list is Popular Direct (Banco Populars online version) who offers 1.26% APY.

The only knock on Ally is their debit card which charges the 1% visa fee internationally. CapOne 360 doesn't. But other than using their debit card Internationally (which I will never do), I think Ally is the best (CS, website, competitive rates, etc.). But if you have need of only one bank - I'd have to choose Popular Direct since the rate is substantively higher. Or choose Synchrony if you want a 1 yr CD (their 1 yr CD mirrors Popular Direct).

But if you want this to be a primary bank with checking and savings, I'd go Ally. Synchrony's CS is annoying and their website (while better than Popular by a mile) isn't as good as Ally. CapOne360's website is decent too.
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*3!4!/5!
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Re: Experience with High Yielding Money Market Accounts

Post by *3!4!/5! » Thu Sep 15, 2016 3:18 am

Pranav wrote:Besides Cap One 360, are there any other high yeilding bank that allow you to both deposit and withdraw cash through ATM or branch?

Branch? Did something change? I though they were an online bank with no branches.

Carl53
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Re: Experience with High Yielding Money Market Accounts

Post by Carl53 » Thu Sep 15, 2016 4:36 am

I've used Redneck Bank for perhaps five years without any problem. Been paying 1.25% on up to $35k. I have all of my CC paid automatically out of it and have two other banks linked.

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Pranav
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Re: Experience with High Yielding Money Market Accounts

Post by Pranav » Thu Sep 15, 2016 10:13 am

*3!4!/5! wrote:
Pranav wrote:Besides Cap One 360, are there any other high yeilding bank that allow you to both deposit and withdraw cash through ATM or branch?

Branch? Did something change? I though they were an online bank with no branches.

Yes, you are correct. CapOne360 is still an online bank without branches. Some of their ATMs allows cash deposits for their checking account. I wanted to ask the community if any other high yield banks offer such feature.
Pranav

Nearly A Moose
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Re: Experience with High Yielding Money Market Accounts

Post by Nearly A Moose » Thu Sep 15, 2016 10:18 am

I'm very happy with Ally. Been using them for over a year. Reasonably quick transfers that are easy to schedule. Easy to manage multiple accounts if you're into bucketing your savings. You can deposit a check using a smartphone. It's very easy and I've never had a problem. I haven't deposited cash in years. Last time I did, I just took it to the branch of a brick and mortar bank where had a nominal amount in an account, deposited it, and transferred it out. It's incredibly rare that I've needed to do this.
Pardon typos, I'm probably using my fat thumbs on a tiny phone.

boglerdude
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Re: Experience with High Yielding Money Market Accounts

Post by boglerdude » Thu Sep 15, 2016 6:00 pm

nisiprius wrote:I've had an account with Capital One 360, back through the days when it was ING Direct, back to 2002. I haven't opened one of these accounts yet. The regular savings is paying 0.75%

360 Money Market is 1%

Also. . .

https://redneck.bank/mega-money-market/

"Where bankin's funner"

Should I feel ashamed, that I'm afraid to use this bank?

kiddoc
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Re: Experience with High Yielding Money Market Accounts

Post by kiddoc » Thu Sep 15, 2016 7:29 pm

boglerdude wrote:
https://redneck.bank/mega-money-market/

"Where bankin's funner"

Should I feel ashamed, that I'm afraid to use this bank?


LOL. Their sound effects are awesome! I didn't even know this bank existed.
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nisiprius
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Re: Experience with High Yielding Money Market Accounts

Post by nisiprius » Thu Sep 15, 2016 8:21 pm

*3!4!/5! wrote:
Pranav wrote:Besides Cap One 360, are there any other high yeilding bank that allow you to both deposit and withdraw cash through ATM or branch?

Branch? Did something change? I though they were an online bank with no branches.
I don't know how widespread they are but they are opening branches in various places that they call "cafés." They make a great big deal of how they've "reimagined" banking because they sell coffee right there in the bank, excuse me, café.

https://www.capitalone360.com/cafes/

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patrick
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Re: Experience with High Yielding Money Market Accounts

Post by patrick » Thu Sep 15, 2016 8:58 pm

boglerdude wrote:
nisiprius wrote:I've had an account with Capital One 360, back through the days when it was ING Direct, back to 2002. I haven't opened one of these accounts yet. The regular savings is paying 0.75%

360 Money Market is 1%

Also. . .

https://redneck.bank/mega-money-market/

"Where bankin's funner"

Should I feel ashamed, that I'm afraid to use this bank?


It's actually a brand name for All America Bank. According to the FDIC web site they have $304 million in deposits. By comparison, Chase has around $1,407,716 million in deposits -- 4630 times as much.

j0nnyg1984
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Re: Experience with High Yielding Money Market Accounts

Post by j0nnyg1984 » Thu Sep 15, 2016 9:41 pm

No complaints with cap one 360. opened the MM account just after they started offering it. My savings account has $0.00 and my checking gets emptied into the MM after my two bill pays go out.

As was previously posted, they have a limited number of branches called cafes. They also offer fee-free withdrawals at a large number of ATM's which could be handy for some people. The best benefit for me has been the ability to take a free cash advance on my debit card, with a max of $5000. Very helpful if you need a large sum of cash immediately. I walked into a Chase branch, asked for a cash advance of $5000, and walked out with cash in hand and no fees from either bank.

Highly recommend.

JDDS
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Re: Experience with High Yielding Money Market Accounts

Post by JDDS » Fri Sep 16, 2016 12:10 am

I have experience with CapitalOne 360 and Synchrony. Both have been fine; it would be nice if ACH transfrers went faster.

I've always wanted to try the Redneck Bank, both because of the novelty and the rate. Anybody else had good experience with them?

vnatale
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Re: Experience with High Yielding Money Market Accounts

Post by vnatale » Fri Sep 16, 2016 7:30 pm

sperry8 wrote:I have a dozen online high yield banks.

Personally I find Ally to be the best. However, the others are fine and if rates are higher I keep the bulk of my money in the others and ACH to/from using Ally as the push/pull initiator. One missing from your list is Popular Direct (Banco Populars online version) who offers 1.26% APY.



Are you saying you have used or are currently using a dozen? If so, I'd love to see the list and which ones you do and do not recommend.

Thanks!

Vinny

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Re: Experience with High Yielding Money Market Accounts

Post by Jack FFR1846 » Fri Sep 16, 2016 7:46 pm

Thanks to Bogleheads, I researched Redneck Bank and convinced myself that it is indeed real. Opened an account.....told my wife about it. She thinks I need to go off to the funny farm now. Hey, if they can make bankin' funner, maybe I can find something that'll make work funner too...... Transferring $10k from Ally.
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sperry8
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Re: Experience with High Yielding Money Market Accounts

Post by sperry8 » Sat Sep 17, 2016 8:49 am

vnatale wrote:
sperry8 wrote:I have a dozen online high yield banks.

Personally I find Ally to be the best. However, the others are fine and if rates are higher I keep the bulk of my money in the others and ACH to/from using Ally as the push/pull initiator. One missing from your list is Popular Direct (Banco Populars online version) who offers 1.26% APY.



Are you saying you have used or are currently using a dozen? If so, I'd love to see the list and which ones you do and do not recommend.

Thanks!

Vinny


I currently have ~20 online accounts. They are the highest yielding accounts on depositaccounts.com (or were one's that were high at one time). When the rates drop I shift money to the highest but since all these online accounts have no minimums or fees to keep open I just let them be with very low amounts (in case they decide to become high yield again).

The two primary accounts I like and have loyalty to are Ally and CapOne360. I like Ally for it's website, CS and ACH ability. I like CapOne360 for it's debit card which doesn't have an Int'l fee when withdrawing money Internationally (a plus for me). To get the debit I had to open a free checking acct - which was fine by me.

Re the others I have no loyalty. Again, they are just a list of the top yielding accounts on depositaccounts.com (or were). So long as they remain at or near the top, I keep most of my savings in them. A short list of accounts I have material amounts of money in currently includes Popular Direct, Synchrony Bank, CIT Bank, Sallie Mae (6 mo promo) and SFGI Direct. Lots of others - but their rates have dropped so I keep like $50 in them in the hopes that some day they'll come back to life. In my experience, they never do.
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Re: Experience with High Yielding Money Market Accounts

Post by radiowave » Sat Sep 17, 2016 9:05 am

The CapitalOne quicksilver card is excellent for foreign travel, 1.5% straight cash rewards and no foreign transaction fees. I'm giving serious consideration to getting their MM account at 1%.

Discover savings at .95 and their credit card are a good combination. Unfortunately you have to log into the cc and savings separately
AMEX personal saving - excellent customer service. The blue cash preferred has about the best cash rewards. But as with discover you have to log into them separately and redeeming cash rewards is a pain.

If you are looking for a fee free debit card, Fidelity is worth a look. Fidelity does not have a high yield savings product.

Ally has a lot of excellent references on the forum. Don't have any experience with them however.
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Re: Experience with High Yielding Money Market Accounts

Post by tibbitts » Sat Sep 17, 2016 9:08 am

vnatale wrote:Looking at depositaccounts.com/savings/...

I see the following large banks with the present rates:

Synchrony Bank - 1.05%
Ally Bank - 1.00%
Barclays - 1.00%
CapitalOne360 - 1.00%
Discover Bank - 0.95%
American Express Bank, FSB - 0.95%

I'd like to know your positive / negative experiences with any of the above and, as a result of those experiences which you would recommend using.

I'm looking for alternative to the Vanguard Prime Money Market account. All of the above have higher returns plus, to a certain amount, they are FDIC insured. I need to finally make the move from Prime to either one or a few of these.

Thanks

Vinny

You're kind of late to the game given the recent improvement in Prime yield, although banks are still higher. Choose any one that will give you an opening bonus if you can find one. CapitalOne had awesome bonuses recently, but excluded some of us for having had an ING account. I've had good experiences with Ally and Discover, and ING back in the day.

fogalog
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Re: Experience with High Yielding Money Market Accounts

Post by fogalog » Sat Sep 17, 2016 12:28 pm

I just set up Ally and Synchrony accounts this week.

As others have said, Ally has been quick and easy to set up and fund (next day for me). The website is pretty good.

On the other hand I have found the Synchrony web site to be fairly clunky and more difficult to use and test transfers are still not confirmed after 3 days. Despite the slightly higher yield, this puts me off a little.

Completely subjective, of course, but that's my recent experience, for what it's worth.

Hope this helps.

vnatale
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Re: Experience with High Yielding Money Market Accounts

Post by vnatale » Tue Sep 12, 2017 6:54 pm

vnatale wrote:
Wed Sep 14, 2016 7:20 pm
Looking at depositaccounts.com/savings/...

I see the following large banks with the present rates:

Synchrony Bank - 1.05%
Ally Bank - 1.00%
Barclays - 1.00%
CapitalOne360 - 1.00%
Discover Bank - 0.95%
American Express Bank, FSB - 0.95%

I'd like to know your positive / negative experiences with any of the above and, as a result of those experiences which you would recommend using.

I'm looking for alternative to the Vanguard Prime Money Market account. All of the above have higher returns plus, to a certain amount, they are FDIC insured. I need to finally make the move from Prime to either one or a few of these.

Thanks

Vinny
I wrote this nearly a year ago and received a fair amount of responses (Thanks!) .

The following banks got the following number of recommendations:

Ally Bank - 7
CapitalOne360 - 5
Synchrony Bank - 4
Discover Bank - 3
SFGI Direct - 2

Anyone have any new or different recommendations or experiences to report? I am on a mission to finally take action in this area!

Thanks

Vinny

vshun
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Re: Experience with High Yielding Money Market Accounts

Post by vshun » Tue Sep 12, 2017 7:56 pm

I put some deposits to Discover saving to take the advantage of their promo of put 15K get $150 or something like that, that they run back in June. My experience is positive. The only issue is I had to create and track separate login IDs for myself and for my wife, since to maximize bonus we keep separate accounts. These login Ids are separate from Discover card Id password. I asked customer service and they said they did not roll out widely SSO (single sign on) yet, when it happens we will be able to verify both credit card transactions and savings account status in the same session.

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Re: Experience with High Yielding Money Market Accounts

Post by patrick » Wed Sep 13, 2017 8:31 am

I'd recommend Redneck Bank, which I have used more than a year. Why settle for 1.2% when Redneck Bank not only pays 1.5% but also has a picture of a horse on the debit card?

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KlingKlang
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Re: Experience with High Yielding Money Market Accounts

Post by KlingKlang » Wed Sep 13, 2017 9:28 am

PurePoint savings account is currently yielding 1.30%, $10,000 minimum, no other hoops to jump through.

Big Dutch
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Re: Experience with High Yielding Money Market Accounts

Post by Big Dutch » Wed Sep 13, 2017 9:32 am

We've had an online AMEX savings account for the last several years. It's not the highest rate on your list but it was extremely easy to set up & use online. Keep in mind the standard monthly transaction limit (6?). We do everything online, very clean and simple. I'd highly recommend.

~Big Dutch

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Re: Experience with High Yielding Money Market Accounts

Post by goingup » Wed Sep 13, 2017 9:46 am

vnatale wrote:
Wed Sep 14, 2016 7:20 pm
All of the above have higher returns plus, to a certain amount, they are FDIC insured. I need to finally make the move from Prime to either one or a few of these.
The yield at Prime MM is 1.11 right now. Not FDIC insured, but I'm not worried about that risk. The difference in yield between your alternatives would not compel me to change. Five basis points on a $100,000 balance is $50 per year.

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