High interest online savings account recommendations

72MachOne99GT

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We have 50,000 dollars sitting in a checking account doing nothing. Wife doesn’t seem interested in doing anything with it.
 

CobraBob

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We have 50,000 dollars sitting in a checking account doing nothing. Wife doesn’t seem interested in doing anything with it.
Well, tell her if she puts that $50K in a Synchrony High Yield Savings account you'll see a monthly interest payment (at the current 4.0% rate) of $166.67 a month. Better than receiving $0.00 from that checking account. And it's liquid. You can connect to an external account and transfer back to the checking account any amount if needed.
 

noco5.0

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I put some funds in the below money market several months ago no issues and FDIC insured.

 

72MachOne99GT

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Well, tell her if she puts that $50K in a Synchrony High Yield Savings account you'll see a monthly interest payment (at the current 4.0% rate) of $166.67 a month. Better than receiving $0.00 from that checking account. And it's liquid. You can connect to an external account and transfer back to the checking account any amount if needed.
I’ll report back.
 

jshen

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Went to CFG Bank..12 month CD 5.03% Savings 4.8%?
 

CobraBob

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5% CD is the same as Synchrony (14 month), but their HYS is higher. 4.8% is good.
 

jshen

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Three hours after I submitted an APPLICATION..CFG raised their CD to 5.13.!!!II will revoke my application monday if the don't match new offer..I will notiify Ally to cancel my transfer.
 

ford fanatic

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Three hours after I submitted an APPLICATION..CFG raised their CD to 5.13.!!!II will revoke my application monday if the don't match new offer..I will notiify Ally to cancel my transfer.
We just did the same for a couple weeks, you're just chasing your tail lol. As soon as you commit, someone has a better rate/offer.

We also stuck 10K into a 6 month Edward Jones CD that in September we'll liquidate and fully fund our Roths for 2023.
 

CobraBob

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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%.
 

TaraFirma

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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%.
Yeah, USAA used to have decent rates on a HYS, back when they were a good financial institution.
Their current "performance" savings rates are less than 1%. You have to have $250+ to get a 1.04% and $500k+ to get 1.4%
 

jshen

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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%.
I purposely have cash at a brick and mortar local bank in case I need quick cash....Of all the banks I've dealt with Ally has had the best customer service. I get the feeling CFG is going to be a pain in the butt.
 

Detroit Iron

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We've had almost 20 years of little or no interest on your money, a lot people just don't realize they are missing out on half way decent returns. The example of 50K sitting in a checking account is over $200/month on a 5% return.

Some of the high yield money market accounts (Schwab SWVXX and Fidelity SPRXX) are NOT FDIC insured. I doubt it will ever come to it, but something to consider.

I actually bought some short term CDs last week (1 month and 3 month maturity) through Schwab and Fidelity. The returns were over 5% and are FDIC insured. I think we'll have high rates for the next year or two. I plan to keep doing this, it's a tradeoff between high rates and being liquid if a really good buying opportunity shows up...I think we'll have one in the stock market later this year.
 

1QWK96GT

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Well, tell her if she puts that $50K in a Synchrony High Yield Savings account you'll see a monthly interest payment (at the current 4.0% rate) of $166.67 a month. Better than receiving $0.00 from that checking account. And it's liquid. You can connect to an external account and transfer back to the checking account any amount if needed.
One thing I have found about Synchrony that scares me a little is they dont have physical locations to go in. Not sure if it bothers anyone else or I am being over paranoid.
 

VegasMichael

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One thing I have found about Synchrony that scares me a little is they dont have physical locations to go in. Not sure if it bothers anyone else or I am being over paranoid.
Meh. Neither does American Express but I don't sweat it. So much of all banking transactions are done online these days anyway.
 

CompOrange04GT

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Well, tell her if she puts that $50K in a Synchrony High Yield Savings account you'll see a monthly interest payment (at the current 4.0% rate) of $166.67 a month. Better than receiving $0.00 from that checking account. And it's liquid. You can connect to an external account and transfer back to the checking account any amount if needed.

So if I have $50.. I'll make the .67 cents! Sweet!
 

04MysticCobra

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the one thing

One thing I have found about Synchrony that scares me a little is they dont have physical locations to go in. Not sure if it bothers anyone else or I am being over paranoid.
No worries and many do not know how large Synchrony financial is and has been around for 85 years. If you have any store credit cards its most likely backed by Synchrony. Anyone with an Amazon card is an example. I have been in a HYS account with Synchrony since 2016 but do not keep much money there because I get better rates elsewhere. Here is the list of Synchrony backed credit card for 2023.

 

1QWK96GT

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No worries and many do not know how large Synchrony financial is and has been around for 85 years. If you have any store credit cards its most likely backed by Synchrony. Anyone with an Amazon card is an example. I have been in a HYS account with Synchrony since 2016 but do not keep much money there because I get better rates elsewhere. Here is the list of Synchrony backed credit card for 2023.

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.
 

04MysticCobra

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So if I have $50.. I'll make the .67 cents! Sweet!
LOL...I bust my wife every month because she likes the old fashioned way with keeping her emergency fund in Chase bank. She gets like 5 or 6 cent interest statements each month and I just laugh at her. Between my HYS account and CD accounts I average 1K a month in interest. Only problem is that I have to pay taxes on the interest made so its now like triple taxation.....DC sucks.
 

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