Your recommended banks for High Yield Savings & CDs

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db55
Posts: 37
Joined: Fri Mar 19, 2010 5:15 pm

Your recommended banks for High Yield Savings & CDs

Post by db55 »

Hi,
I'd like to get feedback on which banks are giving decent rates AND you've had good experiences with - and which banks should be avoided.

I'm looking for a High Yield Savings account yield of 0.50% and/or an 18-month CD rate of 0.60-0.65%.

I've had pretty good experiences with Ally, GS Bank (Marcus), and Synchrony. But I'm almost maxed out there and need recommendations for other banks.
I've also used Barclays, American Express, and CapitalOne in the past - but their interest rates are too low now.

I know about bankrate.com, bestrates.com, and depositaccounts.com - but I'm more looking for your feedback on personal experiences. Good rates are great but I don't want a horrible banking experience. Some of the reviews on these rating websites are horrific.

Thanks!
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Orangutan
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Re: Your recommended banks for High Yield Savings & CDs

Post by Orangutan »

How are you maxed out? Can’t you open multiple accounts at Marcus?
MarkRoulo
Posts: 385
Joined: Mon Jun 22, 2015 10:25 am

Re: Your recommended banks for High Yield Savings & CDs

Post by MarkRoulo »

db55 wrote: Mon Apr 05, 2021 4:44 pm Hi,
I'd like to get feedback on which banks are giving decent rates AND you've had good experiences with - and which banks should be avoided.

I'm looking for a High Yield Savings account yield of 0.50% and/or an 18-month CD rate of 0.60-0.65%.

I've had pretty good experiences with Ally, GS Bank (Marcus), and Synchrony. But I'm almost maxed out there and need recommendations for other banks.
I've also used Barclays, American Express, and CapitalOne in the past - but their interest rates are too low now.

I know about bankrate.com, bestrates.com, and depositaccounts.com - but I'm more looking for your feedback on personal experiences. Good rates are great but I don't want a horrible banking experience. Some of the reviews on these rating websites are horrific.

Thanks!
By "almost maxed out" do you mean you are nearing the FDIC limit of $250,000 at each of Ally, Marcus and Synchrony and are looking for a place to put the next $250,000? Vanguard's short term bond index fund yields around 0.5%. I doubt limits will apply.
hudson
Posts: 3829
Joined: Fri Apr 06, 2007 9:15 am

Re: Your recommended banks for High Yield Savings & CDs

Post by hudson »

db55 wrote: Mon Apr 05, 2021 4:44 pm Hi,
I'd like to get feedback on which banks are giving decent rates AND you've had good experiences with - and which banks should be avoided.

I'm looking for a High Yield Savings account yield of 0.50% and/or an 18-month CD rate of 0.60-0.65%.

I've had pretty good experiences with Ally, GS Bank (Marcus), and Synchrony. But I'm almost maxed out there and need recommendations for other banks.
I've also used Barclays, American Express, and CapitalOne in the past - but their interest rates are too low now.

I know about bankrate.com, bestrates.com, and depositaccounts.com - but I'm more looking for your feedback on personal experiences. Good rates are great but I don't want a horrible banking experience. Some of the reviews on these rating websites are horrific.

Thanks!
Check Live Oak Bank of Wilmington, NC: https://www.liveoakbank.com/personal-banking/
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
Trader Joe
Posts: 2235
Joined: Fri Apr 25, 2014 6:38 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by Trader Joe »

index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
Which ones. Please specify.
Nummerkins
Posts: 536
Joined: Tue Jun 01, 2010 4:41 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by Nummerkins »

Alliant CU pays 0.55% and has been rock solid for years. Definitely go there.

https://www.alliantcreditunion.org/bank ... ld-savings
Last edited by Nummerkins on Mon Apr 05, 2021 7:33 pm, edited 1 time in total.
Today's high is tomorrow's low.
JHU ALmuni
Posts: 284
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Re: Your recommended banks for High Yield Savings & CDs

Post by JHU ALmuni »

HM Bradley working for me. 3% up to 100K with minimal effort.
tashnewbie
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Re: Your recommended banks for High Yield Savings & CDs

Post by tashnewbie »

Trader Joe wrote: Mon Apr 05, 2021 7:30 pm
index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
Which ones. Please specify.
You didn’t ask me, but that user posted this relevant thread recently: viewtopic.php?f=2&t=343300&start=50
Trader Joe
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Joined: Fri Apr 25, 2014 6:38 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by Trader Joe »

tashnewbie wrote: Mon Apr 05, 2021 8:12 pm
Trader Joe wrote: Mon Apr 05, 2021 7:30 pm
index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
Which ones. Please specify.
You didn’t ask me, but that user posted this relevant thread recently: viewtopic.php?f=2&t=343300&start=50
Thank you!
User avatar
Average Investor
Posts: 242
Joined: Fri Jul 13, 2012 11:27 am

Re: Your recommended banks for High Yield Savings & CDs

Post by Average Investor »

T-mobile bank. Limited bank functionality in some regards but they pay 1%. Additional bonus rates for t-mobile customers.
Tomorrow never knows.
index2max
Posts: 375
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

Trader Joe wrote: Mon Apr 05, 2021 8:42 pm
tashnewbie wrote: Mon Apr 05, 2021 8:12 pm
Trader Joe wrote: Mon Apr 05, 2021 7:30 pm
index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
Which ones. Please specify.
You didn’t ask me, but that user posted this relevant thread recently: viewtopic.php?f=2&t=343300&start=50
Thank you!
I love Lake Michigan Credit Union and Evansville Credit Union ;)

Glad someone else here knows about my love affair with these accounts for emergency savings!
Pikel
Posts: 211
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Re: Your recommended banks for High Yield Savings & CDs

Post by Pikel »

JHU ALmuni wrote: Mon Apr 05, 2021 7:33 pm HM Bradley working for me. 3% up to 100K with minimal effort.
If they keep it at 3%, that is definitely a good deal. Do you know what the minimum direct deposit is? Seems a little tricky since you have to keep at least 20% of direct deposits with them, and they don't pay interest over 100k.
hudson
Posts: 3829
Joined: Fri Apr 06, 2007 9:15 am

Is there a better deal...High Yield Savings?

Post by hudson »

Live Oak Bank
0.60%

Goldman Sachs
0.50%

Ally Bank
0.50%

Synchrony Bank
0.50%

Capital One 360
0.40%

American Express
0.40%
GoneCamping
Posts: 24
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Re: Your recommended banks for High Yield Savings & CDs

Post by GoneCamping »

Average Investor wrote: Mon Apr 05, 2021 8:48 pm T-mobile bank. Limited bank functionality in some regards but they pay 1%. Additional bonus rates for t-mobile customers.
What's your experience been like and how long have you banked with them? I've been thinking about opening an account there but honestly cannot see how they will be able to continue to offer basically double the rate of all other high-yield online accts.
brad.clarkston
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Re: Your recommended banks for High Yield Savings & CDs

Post by brad.clarkston »

GoneCamping wrote: Tue Apr 06, 2021 1:24 pm
Average Investor wrote: Mon Apr 05, 2021 8:48 pm T-mobile bank. Limited bank functionality in some regards but they pay 1%. Additional bonus rates for t-mobile customers.
What's your experience been like and how long have you banked with them? I've been thinking about opening an account there but honestly cannot see how they will be able to continue to offer basically double the rate of all other high-yield online accts.
I work for T-Mo and I wouldn't use it, no one that I know in DC Eng does ether.


As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when:

1) you are enrolled in a qualifying T-Mobile postpaid wireless plan;
2) you have registered for perks with your T-Mobile ID;
3) at least 10 qualifying purchases using your T-Mobile MONEY card have posted to your Checking Account before the last business day of the month.
4.) Direct Deposit your pay into the account.
calwatch
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Re: Your recommended banks for High Yield Savings & CDs

Post by calwatch »

T-Mobile Money is 1% for everyone. The main issue is the low transfer limits - $3,000 in or out a day, although you can always push or pull money from another account. There is a day or two longer lag for funds to post compared to Alliant or Ally. The account won't sync with Mint. After my funds which are on promo at Marcus and US Bank expire that's certainly one place to divert funds to.
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Windylotus
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Re: Your recommended banks for High Yield Savings & CDs

Post by Windylotus »

M1 Finance "Spend account"
1.00%
GoneCamping
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Re: Your recommended banks for High Yield Savings & CDs

Post by GoneCamping »

brad.clarkston wrote: Tue Apr 06, 2021 1:48 pm
GoneCamping wrote: Tue Apr 06, 2021 1:24 pm
Average Investor wrote: Mon Apr 05, 2021 8:48 pm T-mobile bank. Limited bank functionality in some regards but they pay 1%. Additional bonus rates for t-mobile customers.
What's your experience been like and how long have you banked with them? I've been thinking about opening an account there but honestly cannot see how they will be able to continue to offer basically double the rate of all other high-yield online accts.
I work for T-Mo and I wouldn't use it, no one that I know in DC Eng does ether.
...
Can you elaborate a little on that?
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Average Investor
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Re: Your recommended banks for High Yield Savings & CDs

Post by Average Investor »

GoneCamping wrote: Tue Apr 06, 2021 1:24 pm
Average Investor wrote: Mon Apr 05, 2021 8:48 pm T-mobile bank. Limited bank functionality in some regards but they pay 1%. Additional bonus rates for t-mobile customers.
What's your experience been like and how long have you banked with them? I've been thinking about opening an account there but honestly cannot see how they will be able to continue to offer basically double the rate of all other high-yield online accts.
I’ve been with them for 3-4 months. No issues so far, just a reasonably good FDIC insured place to park cash in the current low interest environment.
Tomorrow never knows.
This One Life
Posts: 1
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Re: Your recommended banks for High Yield Savings & CDs

Post by This One Life »

Marcus by Goldman Sachs has a 0.65%, 9 month CD. Rate is available until May 31, 2021.
Topic Author
db55
Posts: 37
Joined: Fri Mar 19, 2010 5:15 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by db55 »

hudson wrote: Mon Apr 05, 2021 5:40 pm
Check Live Oak Bank of Wilmington, NC: https://www.liveoakbank.com/personal-banking/
Have you used Live Oak Bank? If so, was it a good experience?

Thanks
Pacinotti
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Re: Your recommended banks for High Yield Savings & CDs

Post by Pacinotti »

Marcus savings is at 0.5% but with an AARP membership you get a 0.1% bump to whatever the rate is for 2 years. Got a membership (like $18, I think) just for that reason and all 3 of my accounts, joint, my wife’s and mine receive the 0.6% rate. Also using the 0.65% 9 month CD. Great phone customer service and speedy inter-accounts connections are established via Plaid. Easy app and website.
neverpanic
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Re: Your recommended banks for High Yield Savings & CDs

Post by neverpanic »

The sounds like so much work for such a small return.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
hudson
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Re: Your recommended banks for High Yield Savings & CDs

Post by hudson »

db55 wrote: Tue Apr 06, 2021 9:31 pm
hudson wrote: Mon Apr 05, 2021 5:40 pm
Check Live Oak Bank of Wilmington, NC: https://www.liveoakbank.com/personal-banking/
Have you used Live Oak Bank? If so, was it a good experience?

Thanks
Yes and Yes...just their high yield savings account.
hudson
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Re: Your recommended banks for High Yield Savings & CDs

Post by hudson »

neverpanic wrote: Tue Apr 06, 2021 11:07 pm The sounds like so much work for such a small return.
Good point!
How much do you gain annually moving from a .4% savings account to a .6% savings account?
$10K $20
$30K $60
$250K $500

before tax :)

If you have easy transfer set up between 2 banks, it only takes a few clicks.
Thanks to the discussion, I learned that I can gain a few dollars over the next year if rates don't change.
I really like AMEX bank's same business day transfer; I also like Live Oak Bank's .6% interest.
Mr. Rumples
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Re: Your recommended banks for High Yield Savings & CDs

Post by Mr. Rumples »

My credit union offers a 36 month CD at 0.70&. 60 month at 0.85. For IRA CD's, they do not charge a penalty if you are over 59.5 and want to cash it out. As rates rise, they are always faced with a flurry of activity. I'm not sure how common this practice is since another of my credit unions doesn't offer this.
criticalmass
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Re: Your recommended banks for High Yield Savings & CDs

Post by criticalmass »

brad.clarkston wrote: Tue Apr 06, 2021 1:48 pm
GoneCamping wrote: Tue Apr 06, 2021 1:24 pm
Average Investor wrote: Mon Apr 05, 2021 8:48 pm T-mobile bank. Limited bank functionality in some regards but they pay 1%. Additional bonus rates for t-mobile customers.
What's your experience been like and how long have you banked with them? I've been thinking about opening an account there but honestly cannot see how they will be able to continue to offer basically double the rate of all other high-yield online accts.
I work for T-Mo and I wouldn't use it, no one that I know in DC Eng does ether.


As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when:

1) you are enrolled in a qualifying T-Mobile postpaid wireless plan;
2) you have registered for perks with your T-Mobile ID;
3) at least 10 qualifying purchases using your T-Mobile MONEY card have posted to your Checking Account before the last business day of the month.
4.) Direct Deposit your pay into the account.
Those hoops are only for the special 4% rate which has a tiny maximum balance anyway.
No hoops are needed for the 1% rate for all balances. The money is held in Consumers Bank, member FDIC.

What is DCEng, and where do they find an alternative 1% rate elsewhere?
criticalmass
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Re: Your recommended banks for High Yield Savings & CDs

Post by criticalmass »

index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
I have many credit union accounts, but find banks offer superior rates more consistently, except for some niche accounts that require special hoop jumping each month.
rage_phish
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Re: Your recommended banks for High Yield Savings & CDs

Post by rage_phish »

We’ve been happy with synchrony
index2max
Posts: 375
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

criticalmass wrote: Wed Apr 07, 2021 7:15 am
index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
I have many credit union accounts, but find banks offer superior rates more consistently, except for some niche accounts that require special hoop jumping each month.
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.

I believe Credit unions are more competitive compared to banks of a similar size. Not paying corporate income taxes is pretty nice!

Of course banks don’t have their business loans capped at 12.5% of their assets like credit unions do, so a really big bank can definitely have some built-in advantages over smaller credit unions. I know big banks can maybe cater more to ultra-rich customers/clients than a credit union, but if we’re talking about personal deposit accounts for regular joes, I’m pretty sure an average credit unions can offer better deals.

Which banks did you have in mind for better deals?
OMYx3
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Re: Your recommended banks for High Yield Savings & CDs

Post by OMYx3 »

We have a local credit union that will match the best rate offered in the market for CDs. Lately, we have been getting them to match 12-month to 15-month CDs, as there just hasn't been enough marginal benefit to go longer.
GibsonL6s
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Re: Your recommended banks for High Yield Savings & CDs

Post by GibsonL6s »

I use CIT and Am Ex bank because Marcus does not allow a trust to own or be the beneficiary of an account. CIT allow a trust to be the Bene and Amex allows you to open and then easily transfer the account to a trust. Easy to link both to a regular bank account, so far happy with everything except the interest rate :D
criticalmass
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Re: Your recommended banks for High Yield Savings & CDs

Post by criticalmass »

index2max wrote: Wed Apr 07, 2021 12:41 pm
criticalmass wrote: Wed Apr 07, 2021 7:15 am
index2max wrote: Mon Apr 05, 2021 7:26 pm Try using a credit union to find a "high"-yield savings account.

Banks have to pay outside shareholders and corporate income taxes. Credit unions pay no corporate income tax and have no outside shareholders. If they are doing well, the money gets distributed back to members in the form of higher interest rates on deposits and lower interest rates on loans.

I recommend using high-interest checking accounts (the ones with monthly transactions that don't specify minimum amounts) if you want anything north of 1%. I use a few that give me 3% or higher on my deposits. It's just a question of how much work you're willing to do per month. Let me know if you're interested and I can go into more detail.
I have many credit union accounts, but find banks offer superior rates more consistently, except for some niche accounts that require special hoop jumping each month.
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.

I believe Credit unions are more competitive compared to banks of a similar size. Not paying corporate income taxes is pretty nice!

Of course banks don’t have their business loans capped at 12.5% of their assets like credit unions do, so a really big bank can definitely have some built-in advantages over smaller credit unions. I know big banks can maybe cater more to ultra-rich customers/clients than a credit union, but if we’re talking about personal deposit accounts for regular joes, I’m pretty sure an average credit unions can offer better deals.

Which banks did you have in mind for better deals?
If you are into limited hoops (not too bad), see HM Bradley for 3% up to $100k. No time required each month, once setup.
For general checking, 1% T-Mobile Money.

I haven't seen anything close with comparable requirements in the credit union scene.
Small credit unions can't spread the overhead around.

The big credit unions Navy, PenFed, State dont' have consistent amazing rates. Navy does have great CD rates once in a great while.
Doctor Rhythm
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Re: Your recommended banks for High Yield Savings & CDs

Post by Doctor Rhythm »

Getting money into a bank has always been easy. And if the money is mostly just sitting there in a CD or as part of your emergency fund reserve, customer service is largely irrelevant. Closing the account though - that’s always been the rub. Least painful departures were from Discover Bank and Live Oak. Citibank and Simple were less smooth but still not poke your eyes out bad either. I just opened accounts at Bank of the West to collect a $600 bonus — won’t know the separation anxiety level until October.

All that said, I would never make a financial decision based on anyone’s anecdotes, including mine. It’s too much like going to a website called toyotagarbage.com and coming away concluding that Toyata is known for unreliable cars.
Last edited by Doctor Rhythm on Wed Apr 07, 2021 4:47 pm, edited 1 time in total.
othermike27
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Location: Chicago Metro

Re: Your recommended banks for High Yield Savings & CDs

Post by othermike27 »

criticalmass wrote: Wed Apr 07, 2021 3:39 pm
If you are into limited hoops (not too bad), see HM Bradley for 3% up to $100k. No time required each month, once setup.
Per the HM Bradley website: "HMBradley rewards you for how you spend and save – not by how many zeros are in your account"

OK, that may work well for some. But I wish to be rewarded for the zeros I can bring to opening a new account. :D So I continue to search for a new home for a Marcus CD that matures later this month. Rates are so dismal that I may sign up for another short-term Marcus CD. Don't want to commit to more than 12 months right now.

One CU that is quick raise CD/savings rates when interest rates go up is Alliant. They also seem to be among the last to lower rates on the way down. My experience is that they are usually among the top tier of rate offerings from large open membership CUs.
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CardinalRule
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Re: Your recommended banks for High Yield Savings & CDs

Post by CardinalRule »

hudson wrote: Wed Apr 07, 2021 6:34 am
neverpanic wrote: Tue Apr 06, 2021 11:07 pm The sounds like so much work for such a small return.
Good point!
How much do you gain annually moving from a .4% savings account to a .6% savings account?
$10K $20
$30K $60
$250K $500

before tax :)
Definitely puts things in perspective. I can see chasing a bonus, perhaps, but not a higher rate in today’s environment. Unless we are talking about very large balances.
Lalamimi
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Location: Texas

Re: Your recommended banks for High Yield Savings & CDs

Post by Lalamimi »

We are pleased with VIO bank. currently 0.57% interest.
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anon_investor
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Re: Your recommended banks for High Yield Savings & CDs

Post by anon_investor »

index2max wrote: Wed Apr 07, 2021 12:41 pm
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.
A few hours of time? :shock:

My time is worth a lot more than the measly interest...

I just buy I Bonds and VTSAX. Any cash needs are at Ally Bank (0.5%).
criticalmass
Posts: 1873
Joined: Wed Feb 12, 2014 10:58 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by criticalmass »

othermike27 wrote: Wed Apr 07, 2021 4:42 pm
criticalmass wrote: Wed Apr 07, 2021 3:39 pm
If you are into limited hoops (not too bad), see HM Bradley for 3% up to $100k. No time required each month, once setup.
Per the HM Bradley website: "HMBradley rewards you for how you spend and save – not by how many zeros are in your account"

OK, that may work well for some. But I wish to be rewarded for the zeros I can bring to opening a new account. :D
All that means is if you don't withdrawal more than you deposit, the interest rate increases. A little gimicky, but the result is cold hard interest each month without effort. It's not hard at all to get to the 3% level, all on autopilot, no interaction required.
index2max
Posts: 375
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Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

OP, consider digital credit union. They pay 6.17% annually on a savings account up to $1,000. Sign up a family of four and you got yourself an easy $240/year
anon_investor wrote: Wed Apr 07, 2021 7:10 pm
index2max wrote: Wed Apr 07, 2021 12:41 pm
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.
A few hours of time? :shock:

My time is worth a lot more than the measly interest...

I just buy I Bonds and VTSAX. Any cash needs are at Ally Bank (0.5%).
It’s worth my time because the monthly interest it brings effectively pays at about the same hourly rate as my salary.
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anon_investor
Posts: 5795
Joined: Mon Jun 03, 2019 1:43 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by anon_investor »

index2max wrote: Wed Apr 07, 2021 9:11 pm OP, consider digital credit union. They pay 6.17% annually on a savings account up to $1,000. Sign up a family of four and you got yourself an easy $240/year
anon_investor wrote: Wed Apr 07, 2021 7:10 pm
index2max wrote: Wed Apr 07, 2021 12:41 pm
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.
A few hours of time? :shock:

My time is worth a lot more than the measly interest...

I just buy I Bonds and VTSAX. Any cash needs are at Ally Bank (0.5%).
It’s worth my time because the monthly interest it brings effectively pays at about the same hourly rate as my salary.
Fair enough, you probably keep a lot more cash than I do. A few hours a month probably adds up to a full work week at the end of a year. I would definitely need more than 3% APY to make it worth it for that much effort.
index2max
Posts: 375
Joined: Mon Jan 21, 2019 11:01 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by index2max »

anon_investor wrote: Wed Apr 07, 2021 9:35 pm
index2max wrote: Wed Apr 07, 2021 9:11 pm OP, consider digital credit union. They pay 6.17% annually on a savings account up to $1,000. Sign up a family of four and you got yourself an easy $240/year
anon_investor wrote: Wed Apr 07, 2021 7:10 pm
index2max wrote: Wed Apr 07, 2021 12:41 pm
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.
A few hours of time? :shock:

My time is worth a lot more than the measly interest...

I just buy I Bonds and VTSAX. Any cash needs are at Ally Bank (0.5%).
It’s worth my time because the monthly interest it brings effectively pays at about the same hourly rate as my salary.
Fair enough, you probably keep a lot more cash than I do. A few hours a month probably adds up to a full work week at the end of a year. I would definitely need more than 3% APY to make it worth it for that much effort.
Our time is valuable too. You’re right. It’s just that I am saving for a house within five years and want to avoid having unrealized loses of 30-50%. Longer term, I would put it in the market.
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anon_investor
Posts: 5795
Joined: Mon Jun 03, 2019 1:43 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by anon_investor »

index2max wrote: Wed Apr 07, 2021 9:38 pm
anon_investor wrote: Wed Apr 07, 2021 9:35 pm
index2max wrote: Wed Apr 07, 2021 9:11 pm OP, consider digital credit union. They pay 6.17% annually on a savings account up to $1,000. Sign up a family of four and you got yourself an easy $240/year
anon_investor wrote: Wed Apr 07, 2021 7:10 pm
index2max wrote: Wed Apr 07, 2021 12:41 pm
There are definitely deals everywhere. I don’t mind the hoop-jumping. It only requires a few hours of my time each month, which I consider a fair trade-off for 3% interest.
A few hours of time? :shock:

My time is worth a lot more than the measly interest...

I just buy I Bonds and VTSAX. Any cash needs are at Ally Bank (0.5%).
It’s worth my time because the monthly interest it brings effectively pays at about the same hourly rate as my salary.
Fair enough, you probably keep a lot more cash than I do. A few hours a month probably adds up to a full work week at the end of a year. I would definitely need more than 3% APY to make it worth it for that much effort.
Our time is valuable too. You’re right. It’s just that I am saving for a house within five years and want to avoid having unrealized loses of 30-50%. Longer term, I would put it in the market.
Okay that makes a lot more sense, saving for a house = WAY more cash than I keep. I shifted most of my emergency fund to I Bonds, so my cash is only maybe 2-3 months worth of expenses.
BattyNatty
Posts: 6
Joined: Sat Feb 20, 2021 1:25 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by BattyNatty »

I use CIT Bank No-penalty 11-month CDs for my short-term needs. In case anyone else does too, wanted to share a tip: I just had one (at 1.30%) come to maturity and it would have auto-renewed at their current rate of 0.30%. In their online system I went through the steps to close the CD since just putting it in their Savings Builder account would earn 0.40% currently, and at the final step was given an offer to renew at 0.55% instead. I'll take that in this environment!
RetiredNewbie
Posts: 73
Joined: Sun Dec 10, 2017 7:52 am
Location: Southeast Virginia

Re: Your recommended banks for High Yield Savings & CDs

Post by RetiredNewbie »

I have been watching savings account rates on https://www.depositaccounts.com/savings/ closely for the past few years. CIT Bank used to be near the top of the heap, but for the past year has been among the lowest of the HYSAs and has been the first to reduce their rates. Today I closed my account online, without having to call them.

I have hesitated opening an account at Live Oak Bank for years because of some negative reviews that are found online, but the high interest rate motivated me to sign up 3 months ago. It was fast and painless. I have been testing the account since then. All pushed transfers from other banks arive within two days, and all transfers from Live Oak to other banks have appeared the next day. No problems whatsoever. In fact my experience with Live Oak has been so good that I chose it as the only bank account that I am allowed to link my Toyota Motor Credit Corporation IncomeDriver Note to (which, at 1.5% interest currently, is also a good choice for a place to park cash).

https://www.liveoakbank.com/
https://www.incomedrivernotes.com/en.html

Here is a current thread about IncomeDriver Notes...
viewtopic.php?f=1&t=340088
Your attitude about risk changes significantly when the bear begins to maul you.
ChiKid24
Posts: 380
Joined: Fri Aug 09, 2019 3:43 pm

Re: Your recommended banks for High Yield Savings & CDs

Post by ChiKid24 »

Pikel wrote: Tue Apr 06, 2021 10:40 am
JHU ALmuni wrote: Mon Apr 05, 2021 7:33 pm HM Bradley working for me. 3% up to 100K with minimal effort.
If they keep it at 3%, that is definitely a good deal. Do you know what the minimum direct deposit is? Seems a little tricky since you have to keep at least 20% of direct deposits with them, and they don't pay interest over 100k.
I have my payroll provider send $100 from each check to my account. That qualifies as a direct deposit. Then I put in another $60k, which is now earning 3%. I treat it like an emergency fund and have no intention of withdrawing. True the rate can change, but that happens everywhere including Marcus, Ally, etc. As another poster said, it's easy to set up all online and there isn't anyone else paying this high a savings rate on balances up to $100k today.
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