Savings accounts paying interest again

[bgcatty]

I think I’ve seen a company SoFi that also does loans that is offering “high” interest rates on savings accounts. Anyone else heard of SoFi?

 

[JettaKnight]

5.00% APY with an 11-month 360 CD​

Get guaranteed returns with no minimum deposit. Lock in by 3/14/2023.

Saw this on my Capital One splash screen today.

If I didn't have such an unquenchable hatred of Capital One because of their incessant advertising, I might consider that.

 

[HoughMade]

When interest rates go up....interest rates go up, mortgages, loans of all types, bank accounts, etc.

Why is this mysterious?

If anyone is wondering why their investments aren't likewise going up, it's because the growth (or loss) there is based upon trading gains and losses which are indirectly affected by interest rates with, very generally speaking, higher interest meaning lower returns.

 

[Creedmoor]

To get these higher intrest rates ...you guys are leaving out the fact that a certain amount of money has to be deposited which is usually well over 10k.

NFCU has a 12 month and a 15 month CD that pays up to 5% 10k not needed with what I read.
I pushed a savings account to the 15 month and the only minimum I saw was 50 bucks on the 12 month.

 

[Creedmoor]

If I didn't have such an unquenchable hatred of Capital One because of their incessant advertising, I might consider that.

I also Fing hate them...

 

[spencer rifle]

Thread Res:
Rather than start a new one, I will add here.
Our emergency fund has historically been kept in a government bond fund with Vanguard, downsides being performance in the last few years and no FDIC. Now, with interest rates rising, we can get more than .13% in an insured savings account.

Recent research has turned up possibilities. Our pre-requisites are low minimums, flexible in and out policies, low or no fees, and no giant account balance or associated checking account necessary. Bank stability a plus along with a good interest rate.

UFB Online turned up good, but it was impossible to open an account - just got the circle of delay in perpetuity. Next on the list was Western Alliance, but it had fewer options (no ATM card, no multiple accounts linked, a few other holes). But the interest rate is high, the stability good, and we have only one account to link, and already have an ATM card through our bank. That may be our go-to to move our emergency fund into. Our local bank and credit card company both have what they call "high interest savings accounts," but their idea of high interest is apparently different than mine.

Not that I trust FDIC completely, but any collapse big enough to take it down will be big enough to take down government bonds also and about everything else.

 

[wtburnette]

Thread Res:
Rather than start a new one, I will add here.
Our emergency fund has historically been kept in a government bond fund with Vanguard, downsides being performance in the last few years and no FDIC. Now, with interest rates rising, we can get more than .13% in an insured savings account.

Recent research has turned up possibilities. Our pre-requisites are low minimums, flexible in and out policies, low or no fees, and no giant account balance or associated checking account necessary. Bank stability a plus along with a good interest rate.

UFB Online turned up good, but it was impossible to open an account - just got the circle of delay in perpetuity. Next on the list was Western Alliance, but it had fewer options (no ATM card, no multiple accounts linked, a few other holes). But the interest rate is high, the stability good, and we have only one account to link, and already have an ATM card through our bank. That may be our go-to to move our emergency fund into. Our local bank and credit card company both have what they call "high interest savings accounts," but their idea of high interest is apparently different than mine.

Not that I trust FDIC completely, but any collapse big enough to take it down will be big enough to take down government bonds also and about everything else.

What is the interest rate for Western Alliance? When I go to the site I'm not finding that info. I assume it's their Personal Savings Account?

 

[spencer rifle]

What is the interest rate for Western Alliance? When I go to the site I'm not finding that info. I assume it's their Personal Savings Account?

Currently 5.36%
https://www.westernalliancebancorpo...=hysa_536&utm_content=26650&fclickid=60927405

 

[wtburnette]

Currently 5.36%
https://www.westernalliancebancorporation.com/high-yield-savings-premier?utm_source=Natural Intelligence&utm_medium=affiliates&utm_campaign=hysa_536&utm_content=26650&fclickid=60927405

Thanks for the info. My Credit Karma Money account is 5.10 and I'm trying to decide if it makes sense to open an account with Western Alliance instead.

 

[BE Mike]

With rampant inflation, increased property taxes, etc., we all fall way behind with any interest rate offered. All we can do is try to keep from falling further down the hole. We've been trying to find better labor deals for work around and on our house and that helps.

 

[MCgrease08]

I've been using an Ally high yield savings account for years for my emergency fund and any sinking funds. Super easy, no hassle, easy to transfer money in, but does take 2 business days to transfer money out. I don't want my emergency fund to be too easy to liquidate.

Current rate is 4.2% but no minimum required. It does fluctuate from time to time since you're not locked in like a CD. I think at the peak it was 4.5% for me

Online Savings Account: High Interest Savings | Ally Bank®

Grow your money with an Online Savings Account. Ally Bank's high interest account features a competitive rate and savings tools. Ally Bank, Member FDIC.

www.ally.com

 

[bobzilla]

We moved a large chunk over to Synchrony. We already use them for our Sams Club Mastercard, so setting up was easy. No minimums, no fees. Current rate is 4.75%. Made a little over a grand in interest since October.

 

[BE Mike]

We moved a large chunk over to Synchrony. We already use them for our Sams Club Mastercard, so setting up was easy. No minimums, no fees. Current rate is 4.75%. Made a little over a grand in interest since October.

Unfortunately, all taxable!

 

[BehindBlueI's]

Bask Bank, the one I mentioned at the beginning of the thread, is at 5.1% APR currently.

 

[dudley0]

Back in December I sold a house (wish I had kept it) and went in to the credit union to deposit the check.

They had a special CD going on then. 5.5% for 8 months with new money only. Since I hadn't deposited the check they allowed it. I put 20k in and then found another house that I could have used that money to help with the purchase.

I have until July to decide what I want to do with it.

Need to look into a more liquid approach for this type of money. Maybe the Bask Bank will fill that need.

 

[Expat]

My credit union has some money market account that is paying just over 4%.

 

[Leo]

I don't have my CD savings in one, like between 12 and 24 of them, laddering each time one comes due. Last year was pretty good and I bought 9 month, 12, month 15 month, trying to have them come due once a month. Since the first of the year, both banks and the credit union has shortened to 6 months being only available at the "special rate" something over 4%. It is like they all know something is going to crash this year and they don't want to owe for next year. Kind of worrisome. Even at 4.77 yield, I am losing 10% to inflation but this is money that I want to keep available.

 

[BigRed]

Is Bask Basque?

 

[BehindBlueI's]

Is Bask Basque?

No more so than a basket of basilisks.