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    High Interest Savings

    I’m trying to decide on a bank with a high-interest savings account option. Any recommendations?

    And is it important to you to have a brick ‘n mortar bank or are you comfortable with online banks?

    Thanks in advance, friends!! 😁

    High Interest Savings
    byu/Ok_Lengthiness_7280 inpersonalfinance



    Posted by Ok_Lengthiness_7280

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    17 Comments

    3. nozzery on

      Fidelity CMA (spaxx) gives you 4% and is like checking+savings in one, no fees, no games to get that rate

    4. IDauMe on

      > Any recommendations?

      Highest rate that has the features you want.

      > And is it important to you to have a brick ‘n mortar bank or are you comfortable with online banks?

      Not at all important. My primary bank is basically 100% online/phone (there is a single actual branch in the city I live in but I never go). Makes it so the bank I use for higher yield savings accounts being online is not an issue for me.

    5. Kiddyhawk on

      Ally is online only. Been with them since 2015.

      3.5% on Savings.

      Free ATMs (there are certain restrictions but they are small). Free checks.

      As long as you never have to deposit cash, this is a great way to go.

      I’m not sure if its Ally but I’m the only one at my company who gets my paycheck directly deposited two days before payday. So that’s fun.

    6. MagneticMarbles on

      I used capital one to get the ball in motion because I didnt have to qualify for a rate, and they dont require a minimum. They offer 3.60%. Then I switched to brick and mortar because its easier to access. The only capital one ATM around me was in a giant mall, but ive heard Walgreens has them.

    8. Fish-Weekly on

      I have an account open with Discover Bank but have moved most of the money out of it into Vanguard Federal Money Market as the yield is higher (currently 4.22%).

    9. braincovey32 on

      Sadly, all the HYSA at banks and credit unions in my area require a large deposit(250k or more) and only offer up to 4%.

    10. aftra07 on

      I remember seeing a promo on Vanguard…you may want to check it out…

      Edited to add this:

      Just looked it up myself…looks like it is not HYSA..but FDIC insured and they are calling it as Cash Plus…for what its worth…

    11. NextCaesar on

      Cap One, Amex, Synchrony, Ally take your pick. Go to bankrate and look at hysa rates to compare

    12. CobraJay45 on

      I’ve had a Barclay’s Savings account for several years, never had an issue, good app interface and features. Current APY is 3.70%.

    13. drparapine on

      $STRC. 9% interest doled out monthly in an attempt to compete with the money market funds. It itself isn’t strictly money market, but the $100B company backing the preferred shares is overcollateralized way better than some of those shady banks out there offering the highest rates on high yield savings accounts.

    15. pm_me_loose_change on

      Ally is a bit lower at 3.5% but my experience has been stellar so I haven’t bothered to chase the absolute highest rate.

    16. Friendly_Reporter_65 on

      Personally I prefer a second bank from my daily checking/savings. So it’s an out of sight out of mind.

      I like Wealthfront for HYSA and other investments.

    17. Mrlin705 on

      If you have a Samsung phone you can get Samsung money by SoFi with 4.25%. it’s part of the Samsung wallet, I’ve been happy with them for the 6 months since I’ve switch. One of the best returns I could find, good app, easy and quick transfers, budget/spend tracking is good.

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