It seems like these 4 banks have very good interest rates for Savings/Money Market accounts.
Does anyone know which of these banks will automatically adjust your interest rate "UP" when rates go up in the marketplace? I would prefer a bank that DOESN'T lock you in at a set rate. I've seen some banks that do lock you in at the original low rate even when rates go up in the marketplace.
teelainen wrote: ↑Mon May 09, 2022 11:55 pm
It seems like these 4 banks have very good interest rates for Savings/Money Market accounts.
Does anyone know which of these banks will automatically adjust your interest rate "UP" when rates go up in the marketplace? I would prefer a bank that DOESN'T lock you in at a set rate. I've seen some banks that do lock you in at the original low rate even when rates go up in the marketplace.
teelainen wrote: ↑Mon May 09, 2022 11:55 pm
It seems like these 4 banks have very good interest rates for Savings/Money Market accounts.
Does anyone know which of these banks will automatically adjust your interest rate "UP" when rates go up in the marketplace? I would prefer a bank that DOESN'T lock you in at a set rate. I've seen some banks that do lock you in at the original low rate even when rates go up in the marketplace.
What do you mean by locking you in at a set rate? For money market accounts, the rate adjusts per market. Although I have heard one bank used the trick by creating a separate money market account to offer higher rate and kept the rate unchanged for the old one.
Greetings!
I prefer Discover Bank paying 0.65% presently in their electronic savings account. They are proactive and raise interest as per the prime rate. No long-term lock-in commitment.
Zagnificent wrote: ↑Tue May 10, 2022 9:21 am
SoFi is offering 1.25% on all money in checking/savings with direct deposit. I've used SoFi for years and I like it.
Is SoFi offering 1.25% for the entire balance? Or only up to a certain amount? If there is a limit, what is the limit?
Zagnificent wrote: ↑Tue May 10, 2022 9:21 am
SoFi is offering 1.25% on all money in checking/savings with direct deposit. I've used SoFi for years and I like it.
Is SoFi offering 1.25% for the entire balance? Or only up to a certain amount? If there is a limit, what is the limit?
- No caps: "SoFi Checking and Savings also allows members to earn these increased rates on all of their money with SoFi Checking & Savings, with no limits or balance caps to earn interest."
- No limits on direct deposit.
- SoFi also offers bonus for direct deposit: $300 for $5,000 DD.
CZjc1330 wrote: ↑Tue May 10, 2022 9:27 am
Greetings!
I prefer Discover Bank paying 0.65% presently in their electronic savings account. They are proactive and raise interest as per the prime rate. No long-term lock-in commitment.
Today I see Discover Bank savings paying .60%. Can you confirm the .65% rate? Since Ally just went up to .60% yesterday, I am waiting for Discover to go to .70% soon.
Bask Bank pays 1.25% with no limit or direct deposit requirement.
For modest amounts you can get much higher:
6.17% at Digital Credit Union. $1,000 limit.
6% at H-E-B Debit. $2,000 limit. Requires some activity every 90 days to avoid fees, a $1 ACH push is sufficient.
5% at Service Credit Union. $500 limit, you can also get 3% on an additional $3,000.
4.07% at Genisys Credit Union. $7,500 limit, requires 10 debit purchases of $5 or more each month.
4% at Current. $6,000 limit.
3.3% at Evansville Teachers Federal Credit Union. $20,000 limit, requires 15 debit purchases (any amount) each month and an electronic deposit.
patrick wrote: ↑Wed May 11, 2022 8:34 am
...6% at H-E-B Debit. $2,000 limit. Requires some activity every 90 days to avoid fees, a $1 ACH push is sufficient....
I had no idea this existed, thank you! As a household that does most of our grocery shopping at HEB, the 5% cash back on HEB-branded items alone makes it nice, (hopefully that includes the Hill Country Fare sub-brand as well). Once our Amex drops down from 6% to 1% back after hitting the ~$6k limit, it looks like his may be a useful option for us to continue the savings.
Zagnificent wrote: ↑Tue May 10, 2022 9:21 am
SoFi is offering 1.25% on all money in checking/savings with direct deposit. I've used SoFi for years and I like it.
Is SoFi offering 1.25% for the entire balance? Or only up to a certain amount? If there is a limit, what is the limit?
I opened an account at Sofi and wanted to transfer some money from another bank. But it did not allow me to do the usual manual setup and get two small deposits etc. Instead it asked me to log into my account from where I wanted to transfer money via some third party system. Is this safe to do?
itispossible wrote: ↑Wed May 11, 2022 10:19 am
I opened an account at Sofi and wanted to transfer some money from another bank. But it did not allow me to do the usual manual setup and get two small deposits etc. Instead it asked me to log into my account from where I wanted to transfer money via some third party system. Is this safe to do?
By default SoFi uses Plaid to connect external accounts but you can easily bypass it - enter arbitrary username and password, after Plaid fails it offers you to enter routing and account number and use micro deposits to validate.
Or you can push funds from your brokerage/bank to SoFi.
itispossible wrote: ↑Wed May 11, 2022 10:19 am
I opened an account at Sofi and wanted to transfer some money from another bank. But it did not allow me to do the usual manual setup and get two small deposits etc. Instead it asked me to log into my account from where I wanted to transfer money via some third party system. Is this safe to do?
By default SoFi uses Plaid to connect external accounts but you can easily bypass it - enter arbitrary username and password, after Plaid fails it offers you to enter routing and account number and use micro deposits to validate.
Or you can push funds from your brokerage/bank to SoFi.
itispossible wrote: ↑Wed May 11, 2022 10:19 am
I opened an account at Sofi and wanted to transfer some money from another bank. But it did not allow me to do the usual manual setup and get two small deposits etc. Instead it asked me to log into my account from where I wanted to transfer money via some third party system. Is this safe to do?
By default SoFi uses Plaid to connect external accounts but you can easily bypass it - enter arbitrary username and password, after Plaid fails it offers you to enter routing and account number and use micro deposits to validate.
Or you can push funds from your brokerage/bank to SoFi.
Thank you!
No problem. I faced the same problem a couple of weeks ago. I never use Plaid to connect to my brokerage accounts.
Plaid collects large amounts of transactional data and sells it to third parties. In August 2021 Plaid agreed to pay 58 millions to settle. I do not know how much Plaid changed its policies after that settlement.
CZjc1330 wrote: ↑Tue May 10, 2022 9:27 am
Greetings!
I prefer Discover Bank paying 0.65% presently in their electronic savings account. They are proactive and raise interest as per the prime rate. No long-term lock-in commitment.
Today I see Discover Bank savings paying .60%. Can you confirm the .65% rate? Since Ally just went up to .60% yesterday, I am waiting for Discover to go to .70% soon.
Signing up with the AAII partnered account (they don't verify AAII membership) gives you an extra 0.05% over the regular savings account. https://www.discover.com/online-banking/aaii/
However, due to Discovers sign up bonus rules (once per lifetime, no prior accounts), first open a regular savings account and get the sign up bonus. Then switch over to the AAII account to get the interest rate bump.
CZjc1330 wrote: ↑Tue May 10, 2022 9:27 am
Greetings!
I prefer Discover Bank paying 0.65% presently in their electronic savings account. They are proactive and raise interest as per the prime rate. No long-term lock-in commitment.
Today I see Discover Bank savings paying .60%. Can you confirm the .65% rate? Since Ally just went up to .60% yesterday, I am waiting for Discover to go to .70% soon.
Signing up with the AAII partnered account (they don't verify AAII membership) gives you an extra 0.05% over the regular savings account. https://www.discover.com/online-banking/aaii/
However, due to Discovers sign up bonus rules (once per lifetime, no prior accounts), first open a regular savings account and get the sign up bonus. Then switch over to the AAII account to get the interest rate bump.
I like my HMBradley savings/credit card combo. I get 3% on up to $100k savings and 3% cash back on my highest monthly expense category. Requres $1,500 monthly direct deposit which is relatively easy to do by diverting part of my paycheck.
To Evelyn Manley
As confirmed by others, above, I am at .65 % because I am still w/ AAII. I have found their small-cap investment strategy profitable in the past.
As another commentator noted SoFi seems interesting. But you only get the $300 bonus if your monthly direct deposit is over 5 K a month.
As an aside, SoFi stock price had a hit this week. Does that indicate an internal weakness? Will they reduce their 1.25 % interest? I don't know.
Haven't made a decision as yet. The deadline for the bonus is May 31.
Service has been very good w/ Discover, with them for over 15 years.
ChiKid24 wrote: ↑Wed May 11, 2022 12:05 pm
I like my HMBradley savings/credit card combo. I get 3% on up to $100k savings and 3% cash back on my highest monthly expense category. Requres $1,500 monthly direct deposit which is relatively easy to do by diverting part of my paycheck.
Are there any other stipulations? 3% feels like too good to be true, why would anyone do anything else?
ChiKid24 wrote: ↑Wed May 11, 2022 12:05 pm
I like my HMBradley savings/credit card combo. I get 3% on up to $100k savings and 3% cash back on my highest monthly expense category. Requres $1,500 monthly direct deposit which is relatively easy to do by diverting part of my paycheck.
Are there any other stipulations? 3% feels like too good to be true, why would anyone do anything else?
They also require you to spend $100 per month on their credit card and to save at least 80% of deposits. The latter means that total withdrawals pwr quarter are at most 20% of total deposits, but paying off the credit card does not count as a withdrawal. There is also an annual fee on their credit card.
They used to pay 3.5%. Now that it is down to only 3% and bond yields are up I am moving the money over ro TIPS.
ChiKid24 wrote: ↑Wed May 11, 2022 12:05 pm
I like my HMBradley savings/credit card combo. I get 3% on up to $100k savings and 3% cash back on my highest monthly expense category. Requres $1,500 monthly direct deposit which is relatively easy to do by diverting part of my paycheck.
Are there any other stipulations? 3% feels like too good to be true, why would anyone do anything else?
UNITED FEDERAL CREDIT UNION pays 3% on their Ultra checking account up to $15,000.00. Pay .25% on their savings account.
ChiKid24 wrote: ↑Wed May 11, 2022 12:05 pm
I like my HMBradley savings/credit card combo. I get 3% on up to $100k savings and 3% cash back on my highest monthly expense category. Requres $1,500 monthly direct deposit which is relatively easy to do by diverting part of my paycheck.
Are there any other stipulations? 3% feels like too good to be true, why would anyone do anything else?
They also require you to spend $100 per month on their credit card and to save at least 80% of deposits. The latter means that total withdrawals pwr quarter are at most 20% of total deposits, but paying off the credit card does not count as a withdrawal. There is also an annual fee on their credit card.
They used to pay 3.5%. Now that it is down to only 3% and bond yields are up I am moving the money over ro TIPS.
For that savings rate, those numbers are actually the other way around : you have to save 20% of deposits, not 80%.
