High interest savings accounts
- Thread starter baller21
- Start date
I'll jump on the Ally bandwagon. I have as savings account there. They seem to do a good job keeping up with rates as they rise too. I'm getting 2.20% after a couple jumps the past few months.
I also have money at UICCU. They give 2.5% up to $20K in their R2 checking account.
Only catch is you have to use their credit card 15 times per month. I switched to that card so that isn't a problem.
I also have money at UICCU. They give 2.5% up to $20K in their R2 checking account.
Only catch is you have to use their credit card 15 times per month. I switched to that card so that isn't a problem.
High Interest? Old timer here. I remember something like 12-14% on CD's. Of course inflation was pretty much a match so you were basically staying afloat, is all.
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I remember when I opened my Ally account in 2015 it was 0.99% and far and away the best rate I could find. Good times.
If you are looking to open with Discover, they have a basically ongoing $150 or $200 offer if you put in 15 or 25K to a new savings account. Depending how much you have to move, that could make a difference against some of the slightly higher/fee associated accounts.
We just looked into all of this ourselves and ended up doing a Discover savings account and an Ally cd.
We just looked into all of this ourselves and ended up doing a Discover savings account and an Ally cd.
Would also recommend Ally. I'm getting 2.2% right now and they have increased their interest rate every handful of months. I've had the account for a little over 2 years and it was very easy to set up and work with.
Lots of good info above. My only suggestion is to keep/get a bank with a local branch. There are several reasons but the main one for me is sometimes I need to deposit large amounts of cash. Can't do that online (easily). Also to get change counted
We don't keep much in our local bank account. Just enough to keep it open and transfer money to our other accounts.
Just checked out Ally for the first time and damn, wish I would have found out about it sooner. Savings interest is higher than what my money market account is getting.
Huh, why is Ally's money market account rate lower than savings account?
Huh, why is Ally's money market account rate lower than savings account?
I don't personally bank here, but American Trust's rewards checking has always intrigued me. Supposedly 3% on your checking account and they have 2 branches in the DSM area now. 1.5% on savings isn't terrible either for those that prefer to have a local branch.
https://www.americantrust.bank/home/rates.html
https://www.americantrust.bank/home/rates.html
I've wondered that too. I've had the money market for 7 years, just switched to their savings account.
You need at least 12 debit card transactions per month to qualify for 3%.
I only use a credit card, which is why I haven't switched.
I've been frustrated with them as well. I had a fraud incident last summer and while they were very fast in alerting me before even I knew about it (I obsessively watch my account activity) I've been disappointed in almost everything since then. After getting a new card, my credit score in my account disappeared a month or two later. The beginning of last billing cycle was the third time I've talked to their support team and they say they are looking into the problem. At this point I've done everything I can to expedite this and feel that their seemingly lack of urgency isn't acceptable. Would kinda like to know if my credit score suddenly tanks or something.
Anyone have an credit card recommendations? lol
Lots of good info above. My only suggestion is to keep/get a bank with a local branch. There are several reasons but the main one for me is sometimes I need to deposit large amounts of cash. Can't do that online (easily). Also to get change counted
Yeah, we found out the hard way when we were buying our house. For some reason, they wouldn't take a personal check or let us PayPal them our down payment. Getting a cashier's check was...not going to happen in time. And it was tough to get a wire transfer set up because the title company and the mortgage company were quibbling over like $10 on the final amount due at signing.
We ended up just picking the higher amount and wiring that in, so we walked out of closing with the keys, documents, and like $7.34 in assorted bills and coins (they were literally going around asking people if they had change for $1).
Because they can lend your money that you have in a savings account at a higher rate than 2%.
I've considered this option too. How fast does the money transfer in and out of traditional bank accounts?
And of course with a Vanguard fund you don't get FDIC protection but MM funds are about as safe as can be.
Idk banks offer higher interest rates when they want to have funds to lend. Most banks I think have more cash than they can currently lend out in the current environment. And I also think Ally has some things that make it more inconvenient than a regular bank. Also lower overhead for an online bank.
