I'm not sure you're going to find any account that offers a consistent rate. 3.75% is what I currently get at American Express. It's HYSA (very liquid, offers more than a lot of banks) and I don't see any reason to move it at this point.
HYSA recommendations?
- Thread starter clonechemist
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What's everyone getting right now? Mine has dropped to 4%. I've seen a few around 4.75-5% that I'm considering but not sure if its worth it to rate chase right now.
Most are as you said in that range of rates you stated.
I've been banking with Discover for around 5 years now and it was a great decision. I ditched BOA and their incessant nickle and diming B.S.
I have a checking account and a HYSA with them and I think it's earning around 3.9% right now. Discover's customer service is outstanding. Their banking app is also very intuitive and easy to use. I'd wholeheartedly recommend them for all your banking period.
Obviously the only drawback to online banking is actual brick and mortar branches. But for my needs it's not really an issue. I have a credit union account that I can use for any large cash amounts and then move that to my Discover checking or savings. You can also deposit cash at Wal-Mart branches or network ATM's into checking accounts. Their ATM network is also extensive. It's actually larger than BOA's in my area, which I find amusing being they're online only.
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Just an fyi.. I had a Citi HYSA that paid well the last couple years. Need to move around some cash and was hit with a withdrawal limit.
Read the fine print before throwing your money at a HYSA.
I now throw everything in staggered tbills and a money market account with Fidelity so I can get cash and earn more
Read the fine print before throwing your money at a HYSA.
I now throw everything in staggered tbills and a money market account with Fidelity so I can get cash and earn more
Get the Fidelity app and put your money in the etf USFR and thank me later. Currently getting 5.24% yield.
Can you expand on swvxx ? Never mind a schwabb 7 day yield deal. Has it been very volatile?
You can get a 4.5% yield wirh American fund money market. Edward Jones has right at 5 for theirs. Whatever the T Bills do will affect them. Heck farm credit is like 3.9 I believe.
I've been with Ally for a long time and I used to worry about not having branches. Besides cashing in change, which we never do now, I can't think of one reason to ever visit a branch. It's almost like the banks with branches use them as a crutch (e.g. U.S. Bank). My 3 weeks with U.S. Bank made me appreciate Ally even more.
Well even if you wanted to go to a branch, good luck finding a time when they are open. ******* banks.
Pretty sure that 5.24% is the trailing yield over the last 12 months. The 30 day SEC yield for USFR is 4.69%.
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Have a 14-month CD with a 5.60% yield maturing today and noted the inverted curve our bank currently offers on their “specials”: 3 month, 4.25%, 7 month 3.75%, 13 month 3.25%. And if we were among the sleepy set, the roll over rate is 1.30% for a year. We’ve looked around a little, but for convenience will likely kept these funds at this bank. (They also “spiff” their published rate as an incentive for keeping a level of funds across accounts with them. The last ”spiff” was 0.50% above the published CD rate 14 months ago.)
Many economists felt interest rates would drop. It’s been slower than first thought but typically they are raised to cool inflation and then when the fed believes that it’s settled they will drop them some because they are usually reactionary and not infront of stuff.
As TBill rates fall, HYSAs will follow. USFR will be more volatile, but it's:
- Wayyyy easier to use than buying your own TBills
- Will almost always yield higher returns than HYSAs (outside small potential windows as rates fall)
- Is state tax free
That's a good option for a buy and hold cash yield option. However, the share price is not fixed, like a MM account, so you could be giving up total return depending on your buy/sell share price.
