High interest online savings account recommendations

[_Snake_]

Searched and the most recent thread was from 2014....

I was thinking about putting my emergency funds (equivalent to 3-6 months of bills) into a high interest online savings account after seeing rates of 3-4%. I'm specifically considering a high rate savings account with UFB Direct but some of the online reviews have me second guessing my choice.

UFB High Yield Money Market Account | MMA Rates | UFB Direct

The high-yield Money Market Account from UFB Direct combines a high APY that will allow you to grow your savings quickly with check-writing privileges.

www.ufbdirect.com

Has anyone banked with UFB and if so, were you happy?

Which institution are the ballers here using?

 

[Blk04L]

What are emergency funds?

I'm banking on another Stimulus to dig me out of my spending habits.


I'm with Discover (3%) for my rainy day funds.
May not be the best rate, but I have a card with Discover so it was just easy having a combo package of savings + CC.

 

[CobraBob]

3% is higher than the majority of banks. Our granddaughter got a Discover CD with the 3% interest rate. Good for her! I'm considering moving at least 50% of my emergency fund to a 4% 1-Yr. CD. I'm also considering a Synchrony offer of a 4.4% 15 month CD.

 

[_Snake_]

What are emergency funds?

I'm banking on another Stimulus to dig me out of my spending habits.


I'm with Discover (3%) for my rainy day funds.
May not be the best rate, but I have a card with Discover so it was just easy having a combo package of savings + CC.

Emergency funds = rainy day funds.

 

[AustinSN]

I think capital one has 3.6% right now.

Ally generally has some pretty high rates as well, I haven't checked but my wife likes the idea of using them because they sponsor so many drivers.

 

[VegasMichael]

I'm with American Express. 3% now. I went with them since it was an easy set up since I've been a credit card holder for a long time. Regardless of who you go with make sure there are no fees and they are FDIC insured.

 

[Blk04L]

Emergency funds = rainy day funds.

The first part of my post was a joke. Lol

 

[black92]

What are emergency funds?

I'm banking on another Stimulus to dig me out of my spending habits.


I'm with Discover (3%) for my rainy day funds.
May not be the best rate, but I have a card with Discover so it was just easy having a combo package of savings + CC.

Does your rate ever change? I started a $25k money market back in the beginning of 2019 that was 1.5% and I thought that was decent, but it’s dropped to .15% last I checked. Certainly wouldn’t mind moving that and getting a better return!

 

[03cobra#2]

Interesting thing happened today. I got a email from my bank (PNC) that my savings account's new APY is 3.5%. I logged into my account and sure enough it says 3.5%. Good timing as I was just about to pull the cash out and throw it into a high yield savings at another bank.

 

[BOOGIE MAN]

Marcus by GS

 

[SID297]

3% is higher than the majority of banks. Our granddaughter got a Discover CD with the 3% interest rate. Good for her! I'm considering moving at least 50% of my emergency fund to a 4% 1-Yr. CD. I'm also considering a Synchrony offer of a 4.6% 15 month CD.

That's a crazy rate on that 15 month CD.

 

[CobraBob]

That's a crazy rate on that 15 month CD.

It's actually 4.4%. Still the highest I have found. The bank is Synchrony. FDIC insured. High rating.

 

[CobraBob]

Done! I just finished setting up my CD account. 4.40% is awesome. Much better than the 0.40% my local bank offers on a 1 year CD. 0.45% for a 2 year CD. And my money market percentage was a paltry 0.10%.

 

[Detroit Iron]

4.4% is a solid return for a 15 month CD. I'm getting 3.73% in my Schwab money market account. I'll take the slightly lower return to be liquid in case any buying opportunities come up.

 

[96dreamer]

My ally savings is at 2.75% right now. I would expect a bump some time soon. They're pretty good about following market trends. When I first opened it, it was at 2.5 and it has been as low as 2 and ads high as 3 in the last 5 years.

 

[jshen]

I like the 4.5% CDs but the penalty for early withdrawal is very high. Are not CD's insured for a max of 250k? Since a savings account is only insured for 250k, Some have to have multiple banks. So far I have several accounts but I don't know any way around it. Any ideas? BTW, interest rates will continue to rise keeping me away from CDs

 

[mariusvt]

We've been with capital one for years, currently at 3%. No complaints.

 

[CobraBob]

I like the 4.5% CDs but the penalty for early withdrawal is very high. Are not CD's insured for a max of 250k? Since a savings account is only insured for 250k, Some have to have multiple banks. So far I have several accounts but I don't know any way around it. Any ideas? BTW, interest rates will continue to rise keeping me away from CDs

Yes, the penalty for early withdrawal is high, but I don't need the money for at least the term of the CD. I went for the higher rate knowing that.

 

[Handlebar Moustache]

We've been with capital one for years, currently at 3%. No complaints.

Same. Also have a fnbo direct account. Their rates are not competitive anymore so I moved most of my pot to capital one.

US Treasury I-bonds are ultra low risk and have a high return for now ( 6.xx %). 10k max per year though.


Sent from my iPhone using the svtperformance.com mobile app

 

[COBRA97SVT]

Interesting thing happened today. I got a email from my bank (PNC) that my savings account's new APY is 3.5%. I logged into my account and sure enough it says 3.5%. Good timing as I was just about to pull the cash out and throw it into a high yield savings at another bank.

Wow thats interesting, im looking into this!