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High interest savings accounts

baller21

baller21

Well-Known Member
Mar 15, 2009
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Looking at transferring my savings to an online only high interest account that also has no fee checking. I already do over 95% of my banking online but my local bank offers basically nothing for interest. What banks should I check out? One that also offers a good rewards card would be nice. Is there any reason to keep my local bank account?
 
Thirding(sp?) Ally. Just opened a savings acct and it’s 2.2% now. I would keep your checking account and just transfer money you actually need to spend there so it mainly stays in the savings acct earning interest.

Never heard of a checking acct with a rewards card. Those are for credit cards.
 
ILikeTurtles said:
Thirding(sp?) Ally. Just opened a savings acct and it’s 2.2% now. I would keep your checking account and just transfer money you actually need to spend there so it mainly stays in the savings acct earning interest.

Never heard of a checking acct with a rewards card. Those are for credit cards.
Click to expand...

https://www.nerdwallet.com/blog/banking/best-rewards-checking-accounts/

I used to get airline miles from my checking, it was a nice bonus for spending money that I would spend anyways.
 
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My Edward Jones guy was telling us to open a money market with them as you can use it like a checking account and earn like a retirement acct. I haven't done it yet but plan to.
 
It seems like a ton of high interest savings accounts have popped up in the last month (Citi, Wealthfront, Amex, and locally UICCU). We opened one last month through UICCU at 1.5% APY but just saw that Citi now has an online one at 2.36%. I might be switch us to that one soon. It's basically free money while still having access to it at anytime.
 
4 more months to go on a 15 month 1.8% Veridian CD
6 more months to go on a 9 month 1.89% Veridian CD

So, I’m also going to be in the market.
 
CysRage said:
It seems like a ton of high interest savings accounts have popped up in the last month (Citi, Wealthfront, Amex, and locally UICCU). We opened one last month through UICCU at 1.5% APY but just saw that Citi now has an online one at 2.36%. I might be switch us to that one soon. It's basically free money while still having access to it at anytime.
Click to expand...

Just saw that Citi 2.36%. Just need over $500 for no fees which isn’t a problem. I think they have some decent rewards cards too so I might go this route.
 
baller21 said:
Just saw that Citi 2.36%. Just need over $500 for no fees which isn’t a problem. I think they have some decent rewards cards too so I might go this route.
Click to expand...
I have looked at the Citi Costco card before and it was intriguing.
 
I have most of my liquid savings in an Ally savings account. I have an ally checking so if I need it, I can transfer online and have immediate access.

Ally has been fanstasic. Been with them 4 years.
 
I am working towards having 1/3 of my cash reserve in an Ally savings account, 1/3 in a ladder of 1 year CDs, and 1/3 in the Vanguard Prime money market. Ally pays 2.2% and has no minimum to get started. You can make 6 withdrawals per month. The Vanguard money market yields 2.5%, but has a $3000 min initial investment. It is not FDIC insured, but has a rock solid history, so I don't lose sleep over that.

As someone else suggested, I don't bother with online checking. I just transfer from Ally to my bank checking if I need some cash. The limit of 6 withdrawals has never been an issue.

cyphoon
 
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baller21 said:
Just saw that Citi 2.36%. Just need over $500 for no fees which isn’t a problem. I think they have some decent rewards cards too so I might go this route.
Click to expand...


if they still have the 2% on everything card, that one is really nice.
 
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