High interest online savings account recommendations

[04MysticCobra]

Thanks for the info! just curious if you dont mind sharing where you are getting a better rate? I see Synchrony for me at 4% HYS.

Here is a short list from Forbes of HYS accounts for March 23. I have a few on that list with Bask and my savings direct being some of my higher ones. Just be careful and read the fine print. You want accounts that have no maintenance fees and either $0 or low minimum to start and keep in the account. Some require more and can be high. Also see the withdrawal policies. I have had accounts where 5K a day withdrawal was the max and some are at 50-75K daily.....that is why you have to know their policy. I got stuck a few times but learned by my few mistakes. Good luck and get that money working for you.

Best High-Yield Savings Accounts Of March 2024

High-yield savings accounts can help you grow your savings faster than traditional savings accounts. The best high-yield savings rates currently range from 4.50% APY to 5.25% APY—far higher than the national average savings account rate of according to the Federal Deposit Insurance Corporation (FDI

www.forbes.com

 

[COBRA97SVT]

It bugs me that I had too much money in a local HYS account that earned less than a quarter of a percent, for about 3 years. Dumb on my part, but I wanted to keep it liquid. My same local bank offers about 1/2 of one percent on their HYS. I've transferred pretty much everything to my Synchrony account yielding 4.0%.

Same here, I sold my house in July last year. I rented and put xxx,000.00 into a money market account because i wanted to keep it liquid. Still sitting in the account, not much profit to show from it!

 

[jshen]

Thanks for the info! just curious if you dont mind sharing where you are getting a better rate? I see Synchrony for me at 4% HYS.

CFG and VIO (midwestern bank) 4.8% and 4.5% but each has their quirks...I am still waiting on CD to be approved at 5+% and I am hacked. VIO has good rates but you can only transfer out a certain amount per day/month.

I still use Vio but I do all my transfers through ALLY--I'll just go on their site, import/export any amount I want from any of my banks.

One note, go to FDIC.gov about the limits as if you have beneficiaries on your accounts the 250k limit goes up if you have them, See TOD exception.

 

[04MysticCobra]

The highest yield savings account banks are playing games that turn me off. The one in Miami with a 5.05 rate wants 25K to open the account which is not a problem but don't want to move money for a small rate increase. Did an application for CFG but not done with it yet. Have VIO but for a small account and its fine. Bask bank has my bigger account and they are great. All rates will be going up after tomorrow with the rate increase. But increasingly putting most money in CD's now with 6 month at 5.20 and 12 month at 5.35%. Each account holder in a family is covered by the FDIC 250K if separate accounts. So if its a husband and wife with separate named single accounts its covered for 500K. Joints accounts are only covered for 250K.

FDIC: Deposit Insurance At A Glance

FDIC: Deposit Insurance At A Glance

www.fdic.gov

 

[jshen]

The highest yield savings account banks are playing games that turn me off. The one in Miami with a 5.05 rate wants 25K to open the account which is not a problem but don't want to move money for a small rate increase. Did an application for CFG but not done with it yet. Have VIO but for a small account and its fine. Bask bank has my bigger account and they are great. All rates will be going up after tomorrow with the rate increase. But increasingly putting most money in CD's now with 6 month at 5.20 and 12 month at 5.35%. Each account holder in a family is covered by the FDIC 250K if separate accounts. So if its a husband and wife with separate named single accounts its covered for 500K. Joints accounts are only covered for 250K.

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As I read the law correctly under the FDIC regulations if your wife is a beneficiary that also raises your coverage to 500 K. I have dealt with the none of these d*** banks to realize that each have their own particular rules in adding to or. Removing money the sole exception that I have found is ally and they have acted as go between moving accounts as I need.I am going to ditch my CFG account tomorrow as I just don't freaking like their business..

CFG Does not allow you. To add to your CD...

 

[04MysticCobra]

As I read the law correctly under the FDIC regulations if your wife is a beneficiary that also raises your coverage to 500 K. I have dealt with the none of these d*** banks to realize that each have their own particular rules in adding to or. Removing money the sole exception that I have found is ally and they have acted as go between moving accounts as I need.I am going to ditch my CFG account tomorrow as I just don't freaking like their business..

CFG Does not allow you. To add to your CD...

Yea I was not happy reading that about CFG and will not move forward. The worst accounts are the ones who only allow 5K a day to be moved. It my money and that is BS. Had Brio direct and Bread savings that I think both did that.

I looked over that FDIC site again and can't find anything about adding a beneficiary but it does say in a revocable and irrevocable trust account that does work with a beneficiary. The bank rules are crazy and any new bank savings deposit their rules have to be found and understood.

My CD's that I buy are thru my Vanguard account so don't have to go around to banks since they do the work for me.