High Interest Savings Account

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anon_investor
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Re: High Interest Savings Account

Post by anon_investor »

Marseille07 wrote: Fri Nov 20, 2020 12:27 am
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.
As long as you know there is a remote risk. Sounds like you are not using Redneck bank :sharebeer
Marseille07
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Re: High Interest Savings Account

Post by Marseille07 »

anon_investor wrote: Fri Nov 20, 2020 12:38 am
Marseille07 wrote: Fri Nov 20, 2020 12:27 am
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.
As long as you know there is a remote risk. Sounds like you are not using Redneck bank :sharebeer
I used to have Marcus, Synchrony and Ally; now just Marcus. From my experience, they transfer money the quickest, along with the stability being part of Goldman Sachs.
athenslb57
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Re: High Interest Savings Account

Post by athenslb57 »

Does anyone know of HYSA provider that allows use of an authenticator app vs text messaging for MFA? Ally, Marcus, and AMEX are all text based.
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abuss368
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Re: High Interest Savings Account

Post by abuss368 »

roccodean wrote: Thu Nov 19, 2020 8:25 am 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.
The only other potential option I have heard of may be Marcus which is Goldman Sachs.

I think back to the days of when we had an eTrade savings account paying 5.50%.
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tomd37
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Re: High Interest Savings Account

Post by tomd37 »

I have used three different financial institutions in the past three years mostly for maintaining a monthly ladder of one-year CDs. Then when interest rates started to drop I noticed their online savings/hi-yield savings accounts seemed to stay more stable than their CDs. I now maintain that CD ladder at Navy Federal CU. The other two that I used were Synchrony Bank where high-yield savings and one-year CDs now are 0.60% and Live Oak Bank where the same items now are 0.70% APY. Live Oak has always been the last and slowest to reduce their rates. Both are online banks with good service IMO. Fortunately very early this year NFCU offered a one-time 17-month CD with add-on up to $75,000 at 2.25% APY. In view of what was going on at the time I jumped on that with a CD for both myself and my wife. They expire mid-summer of 2021 and I don't know where I will go then, maybe into the market with some of it.

I am partial to Navy Federal CU where I have been a member since 1961. :D
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Quest80
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Re: High Interest Savings Account

Post by Quest80 »

Citibank has .7% on their high yield savings account.

https://online.citi.com/US/ag/banking/c ... te-savings
MikeG62
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Re: High Interest Savings Account

Post by MikeG62 »

tomd37 wrote: Sat Nov 21, 2020 2:34 pm ...Fortunately very early this year NFCU offered a one-time 17-month CD with add-on up to $75,000 at 2.25% APY. In view of what was going on at the time I jumped on that with a CD for both myself and my wife. They expire mid-summer of 2021 and I don't know where I will go then, maybe into the market with some of it.
Smart move. I too jumped on that 17-month add-on CD in March, but inexplicably I did not think to open one in my wife's name :oops:

The only saving grace is the $75,000 limit. So, the missed opportunity is not as painful as it could have been.
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