Need a new HYSA
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Need a new HYSA
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)
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)
- anon_investor
- Posts: 15122
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Re: Need a new HYSA
Ally Bankrage_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)
Re: Need a new HYSA
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.
Re: Need a new HYSA
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.).
Bogleheads® emphasize regular saving, broad diversification, and sticking to one's investment plan regardless of market conditions.
Re: Need a new HYSA
Marcus by Goldman Sachs® is another well-established one.
Best High-Yield Online Savings Accounts is updated monthly.
Best High-Yield Online Savings Accounts is updated monthly.
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Re: Need a new HYSA
Ally or Marcus.
I used to be in the same situation, hated Synchrony's slow transfer time.
I used to be in the same situation, hated Synchrony's slow transfer time.
Re: Need a new HYSA
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.
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.
- JupiterJones
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Re: Need a new HYSA
I'm with Ally too and have been satisfied with them so far.
"Stay on target! Stay on target!"
Re: Need a new HYSA
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.
The closest helping hand is at the end of your own arm.
Re: Need a new HYSA
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.
I've been using T-Mobile and Marcus mainly. They work just fine.
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Re: Need a new HYSA
I prefer Ally over Marcus because Marcus blocks you when you are out of the country (my experience is limited to certain countries)
- Cheez-It Guy
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Re: Need a new HYSA
And I prefer Marcus because they don't cap you at 6 monthly withdrawals.
- Raspberry-503
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Re: Need a new HYSA
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.
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.
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Re: Need a new HYSA
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.
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.
Re: Need a new HYSA
I have been using American Express Savings for a long time. Starting June 21, 2022, their rate is going up to 0.90%.
- Dan-in-Virginia
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Re: Need a new HYSA
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.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)
- happenstance
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Re: Need a new HYSA
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.
Re: Need a new HYSA
If I already have amex credit cards, is an amex savings account accessible through the same login and website? That'd kinda be nice.
- happenstance
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Re: Need a new HYSA
They did recently roll-out logging in with your AmEx CC login. But I don't see why that's an advantage.
Re: Need a new HYSA
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.
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Re: Need a new HYSA
Maybe you should read all the reviews (largely negative recently) for Ally on deposits.com. here is the most recent one, as an example:JupiterJones wrote: ↑Sun Jun 19, 2022 11:14 am I'm with Ally too and have been satisfied with them so far.
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.
- JupiterJones
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Re: Need a new HYSA
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".Deskandchairs wrote: ↑Thu Jun 23, 2022 5:13 pmMaybe you should read all the reviews (largely negative recently) for Ally on deposits.com. here is the most recent one, as an example:JupiterJones wrote: ↑Sun Jun 19, 2022 11:14 am I'm with Ally too and have been satisfied with them so far.
"Stay on target! Stay on target!"
- FrugalInvestor
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Re: Need a new HYSA
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.
Have a plan, stay the course and simplify. Then ignore the noise!
Re: Need a new HYSA
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.
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Re: Need a new HYSA
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.
Learned from this forum that E*Trade has a savings account offering 1.4%, so that might be worth checking out.
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Re: Need a new HYSA
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.
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.
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Re: Need a new HYSA
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.
Re: Need a new HYSA
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
Re: Need a new HYSA
Alliant: 1.0
M1+ ($125/ year, first year free): 1.3
M1+ ($125/ year, first year free): 1.3
- anon_investor
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Re: Need a new HYSA
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).
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Re: Need a new HYSA
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
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
Re: Need a new HYSA
Kabbage is only for business checking, not for personal.criticalmass wrote: ↑Fri Jun 24, 2022 12:54 amConsider 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.
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Re: Need a new HYSA
For sole proprietor that is a a distinction without much difference.user9532 wrote: ↑Sun Jun 26, 2022 12:03 pmKabbage is only for business checking, not for personal.criticalmass wrote: ↑Fri Jun 24, 2022 12:54 amConsider 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.
Re: Need a new HYSA
I’ve been using Ally for a few years now. I’ve been very happy with them.
Re: Need a new HYSA
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.
Re: Need a new HYSA
+1. I have accounts with both.
Some brokerage MM accounts are now yielding more than financial institution HYSA's too.
Real Knowledge Comes Only From Experience
Re: Need a new HYSA
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
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Need a new HYSA
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).
Real Knowledge Comes Only From Experience
Re: Need a new HYSA
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.
Re: Need a new HYSA
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.MikeG62 wrote: ↑Mon Jun 27, 2022 7:52 amI 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).
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
Re: Need a new HYSA
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.JoMoney wrote: ↑Mon Jun 27, 2022 7:57 amThe 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.MikeG62 wrote: ↑Mon Jun 27, 2022 7:52 amI 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).
On the flip side, when rates were fell the MM funds lead the way down with market rates too
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.
Real Knowledge Comes Only From Experience
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Re: Need a new HYSA
the Amex HYSA just went up to 1.0%
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- anon_investor
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Re: Need a new HYSA
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.JoMoney wrote: ↑Mon Jun 27, 2022 7:57 amThe 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.MikeG62 wrote: ↑Mon Jun 27, 2022 7:52 amI 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).
On the flip side, when rates were fell the MM funds lead the way down with market rates too
Re: Need a new HYSA
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.anon_investor wrote: ↑Wed Jun 29, 2022 8:26 amBack 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.JoMoney wrote: ↑Mon Jun 27, 2022 7:57 amThe 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.MikeG62 wrote: ↑Mon Jun 27, 2022 7:52 amI 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).
On the flip side, when rates were fell the MM funds lead the way down with market rates too
Real Knowledge Comes Only From Experience
Re: Need a new HYSA
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.
- SmileyFace
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Re: Need a new HYSA
I prefer Marcus over Ally - fast transfers within a day - Ally can take up to 3 days.
I don't know about ATM cards.
I don't know about ATM cards.
Re: Need a new HYSA
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.
- anon_investor
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Re: Need a new HYSA
Yeah, I never bothered to open new NPCDs after the rates started shooting up. I did break some NPCDs early in May.MikeG62 wrote: ↑Wed Jun 29, 2022 9:46 amNPCD'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.anon_investor wrote: ↑Wed Jun 29, 2022 8:26 amBack 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.JoMoney wrote: ↑Mon Jun 27, 2022 7:57 amThe 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