High interest savings accounts

[baller21]

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?

 

[Cyclonepride]

Seems like credit unions pay a significantly higher rate that most normal banks

 

[Cyched]

I've had an Ally savings account for ~4 years, and been pretty happy with it.

 

[ianoconnor]

Ally pays 2% I believe

 

[Macloney]

Marcus by Goldman Sachs has a 2.25% savings account and a 1 yr/2.75% CD right now.

 

[ILikeTurtles]

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.

 

[baller21]

Seems like credit unions pay a significantly higher rate that most normal banks

Currently with a credit union. I pay more fees than I earn in interest.

 

[Macloney]

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.

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.

 

[3TrueFans]

We have a Discover Bank savings account that's at 2.1% currently I think, no complaints.

 

[stateofmind]

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.

 

[CysRage]

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.

 

[JP4CY]

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.

 

[baller21]

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.

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.

 

[JP4CY]

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.

I have looked at the Citi Costco card before and it was intriguing.

 

[jdcyclone19]

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.

 

[DeereClone]

Vanguard Prime Money Market VMMXX is paying 2.50% right now. That’s where most of my liquid money is right now.

 

[CysRage]

I have looked at the Citi Costco card before and it was intriguing.

The Costco card is a must if you buy appliances or TVs at Costco. It extends your warranty another 4 years beyond the manufacture warranty.

 

[ianoconnor]

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.

Citi Double Cash is a pretty solid no fee card for everyday spend. 2% cash back on everything.

 

[cyphoon]

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

 

[cowgirl836]

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.

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