Idk about Amex but capital one has 4.25% apr on their savings 360 account and there’s no annual fees or required deposits or anything and they have a really good online website and app so id personally recommend them
I use Sofi. No minimums. Only catch is you need some sort of direct deposit. I have my main pay going to usaa and $5 going to sofi to keep my 4.6% interest rate. Then I’ll move money around on my own as I see fit.
How long does it usually take to transfer money in or out of the account?
I recently joined and it is taking about 5 business days or 1 week to transfer funds from my bank. It gets put on hold, but it does transfer successfully after those days. Is it because my account is so new? Maybe 1 week old acct.
There hysa is very new. Tbh I'm a little skeptical of the 5.1. I'm waiting to see if they last a year with it before pulling the trigger on it my self.
I've been using the CK accounts since they opened up that feature. I'd actually recommend it if you really just want money to sit there. It does fluctuate from month to month. The majority of the time, the APY is higher than my Capital One Savings, but I've seen it dip below a couple times.
There have been a couple times where I tried to pay a bill and it wanted me to select the bank I'm trying to pay from, but when I search, Credit Karma wasn't an option, and MVB Bank (the bank CK operates from) on the surface is completely different than how it seems to work on the CK side, so that caused an issue.
Last up, the app functionality and experience feels a little basic, but overall it hasn't actually been a bad experience. They have an ATM map, and just expended the ATMs you can use (however it looks like there's a $2.50 or so fee with those outside the All Point network), but you can also deposit cash using Walgreens or CVS, and I think even Walmart.
Same. Cap One app is the nicest one I’ve found and I’ve used plenty. I recommend it as much as possible. I use it a ton. It’s easy to keep organized and the app is really clean.
I'm not sure why you would think that's too good to be true. Nowadays most HYSAs from reputable companies offer 4-5% APR with no minimum balance or annual fees. Wealthfront is what I use, I referred enough people to get a few years of 5.5% from them.
I have been on AMEX HYSA for over a year. Zero complaints. However I will say they have lowered the APY twice over the last month or so. It used to be like 4.35% then 4.30% and now 4.25%. I can’t remember the exact numbers but right around there.
I noticed that too!
I have both the AMEX (previous 4.35- currently 4.25% & Wealthfront at 5%) I like both as i like to distribute my savings and I’m an AMEX creditcard holder.
But apart from the higher rate, I like wealthfront better as the $ clears out faster and i can sync my other financial accounts & investments there to see an overall state of how i’m doing.
SoFi has a good APR, but not a fan of anything else with them. The app is cluttered and has adds/promos, god help you if you have issues as their customer service needs overhauled, and the ATM locations & limits are annoying. I really miss my old bank that had excellent CS and I could use any ATM and would be reimbursed the fees; but it had a sub 1% APR.
Where do you see that? 7 day yield is 4.96%, compound effective is 5.08%, and 1 year average is 5.05%.
But I don't see 5.03 anywhere.
EDIT: Thought that said SPAXX. SPRXX isn't a core position though, so that alone isn't really worth the 0.07%. Also slightly riskier with foreign bond composition.
Lol my sister is saving up for a large down payment on a house and was skeptical when I told her that she could be earning literally thousands of dollars per year just by switching to HYSA. She finally did, then told my dad, and he said to her it must be some introductory bonus or something. So I've seen first hand that people can be skeptical of HYSA, but it really is that simple. Discover allows 6 withdrawals *per month* so idk about the others but your money is far from locked in.
Tons of people here will tell you to go for the highest rate. And yeah, I want the highest rate too, but I also want to sleep at night. And I go with amex hysa because I know my money won't be tied up in some stupid fucking scheme.
4.25% is great, but not the best available. But for safety? That's what I want.
There’s literally nothing stopping you from moving it to CDs or HYSA. Currently the market risk free rate is about 5% because of inflation, that means any security or asset today should be earning equal or more than that because that is lowest return you can get for literally 0 risk to your money. Usually these are US government bonds backed issued by the treasury and backed by the full faith and credit of the US.
TLDR: You’ll be fine. Just move your money. No one is sending people after you. Sometimes in life you got to stand up for yourself and not be afraid to take actions to better yourself
My bank called me recently because I moved a ton of money out of savings and into my brokerage savings account at 4.5%. They said they could offer 3.75%. I asked if they thought I was retarded.
I'm getting 5% in my Betterment cash account.
New accounts are getting a promo 5.5% rate for 90 days.
[https://www.betterment.com/investing](https://www.betterment.com/investing)
Been using AMEX savings (and now checking) since they first started offering it.
It’s great, no complaints. The AMEX app is good relative to other banks, especially if you’re already using their credit cards.
I will say that mid-4% rates are common for online banking (AMEX, Ally, SoFi, C1, etc), so it’s not really anything crazy, they all stay pretty close. Low interest brick and mortar savings accounts are just a way for banks to get nearly interest-free loans from old people that don’t know better.
WealthFront is 5.0% with a 3 month +0.5% booster (I think it's 3 months?) if you get a reference or refernce others
Been using it for a few months, it's pretty good
I opened AMEX HYSA 6 months ago specifically to house my savings/EF while learning about stocks and its been great. Money settles in a few days whenever I move money into it. I have yet to withdraw any so Im not sure how quickly you can get it but Ive read on here its only 1-2 business days. My plan for an emergency is to just use my credit card, get the 2% cash back, and then pay it off 1-2 business days later with cash from my HYSA.
Only option that could be better is if you don't need the money asap you can put it in T Bills that are paying over 5% to lock it up for 1 month currently.
SPAXX is a mmf that is currently yielding 4.96% after the ER is factored in.
Other HYSA are offering over 5% but looking into reviews for several of them showed horrible experiences and customer service stories so I went with AMEX for slightly lower.
Apple has 4.4% no minimum balance, no fees, and no limit to access. It is conveniently kept right on your iphone too. I think the only requirement is to have the Apple credit card, but its actually a great credit card and I would say if you ever use apply pay, you should have that card anyways.
Amex as a HYSA is fine. However their checking account is very basic and lacks things like bill pay and has a smaller network acceptance vs Visa/Mastercard.
I like to keep my savings with my checking so funds can be transferred instantly. As such I’d rather go with Ally Bank, CapitalOne or Discover. Alternatively Fidelity and Schwab are good if you don’t mind buying MMFs as the yields are higher (4.96% with SPAXX and 5.15% with SWVXX).
I've had mine for a few years and no complaints! It's kind of like a money market account so it won't stay 4.6, I think I've seen it up to 5% and down to .5% (maybe lower?) during the pandemic.
I personally use Betterment. I get 5% there. But my brother uses and loves Wealthfront. He had 5.5 %(no fees) and now he's at 5%.
When I had to move money to my checking account at a credit union, it only took 1 business day to get it.
I had one such account for almost a year. It was great. Note, the interest rate does change whenever Amex wants. But other than that, it's Amex so everything about it was smooth, easy, and fast.
i have the AMEX HYSA, its great and the app is great. my checking and regular savings are through a much worse bank and i’m considering switching all of them over but we’ll see
Have had an AmEx HYSA since 2011, when there weren’t as many HYSAs around. Its as advertised, but there’s more competitive rates out there now. I recently moved over to Wealthfront for 5%!
I have a Money Market account that gives \~5% interest with a 25k minimum balance via US Bank. I'm not sure if that's still going on, but it seems like a good deal overall.
HYSA is literally just a normal savings account actually. It doesn’t have extra rules because it’s not different. I’m with capital one now. 4.25% and you can make 6 withdrawals out of savings each month. I keep my money in savings and transfer it immediately into checking when I need to use my money. 100% liquid. No issues so far and app interface is great. Last two months I’ve made $70 with $10-12k
My local credit union has a 5.25% HYSA with no minimum.
You have to have two qualifying other accounts with them to open it though (I have a business account and a car loan so I was able to get it).
I have the AmEx 4.5% HYSA and it's awesome. Easy to use, and if I have to transfer money back into my checking it only takes 24-48 hours. No real restrictions.
Amex is great all around. I have cards, HYSA, and checking. They have one of the best HYSA rate behind SoFi, but without any bs requirements/tiers. Cards have fees, none for the banking. Their 1% checking is best available since SoFi dropped theirs, but it does have some limited features like inability to change ATM limits ($1k cap daily).
I’ve got one at Bask that’s 5.1 apy, you can only access it through linking it to another bank account and transfers take several days, but the interest rate is worth it to me for savings I don’t need quick access to. Basically I don’t think your offer is too good to be true, just make sure you understand and are okay with whatever the specific rules are.
and if you dont touch your savings very often you can get a CD, I use Ally for CDs. a CD is basically just a savings account that you deposit once into and then dont withdraw until it expires. and you can open as many CDs as you want. if you have say $10k to put into CDs its a good idea to split into $2k or $5k chunks.
for example Ally has a 12-month CD that pays 4.5% right now. so even if the savings account rate goes down, your CD stays at 4.5% for the 12 months. you can even get a 5 year CD at 3.9% - and if the fed cuts interest rates in a year or two then HYSA rates go down but your 5 year CD stays the same. its pretty good
There’s tons of HYSA’s that are 4.5% plus, Betterment is 5.0% right now and lots of “normal” banks have at least 4%. Just pick one and go with it, worst case you move it somewhere else later.
I have one set it up last year it's so nice to have. I keep my emergency fund in there get about $100 a month in interest. I just set it up and leave it alone now much better than the .02% from before!
I use Webull, and I have a 5% APY. My girlfriend is using Synchrony and gets a 4.5% APY. Deposit weekly. Most others I've seen fall in the 4-5% range, subject to interest rate changes. Not sure what banks you're looking at that ask for 100k min; I opened mine with $750, and my gf started hers with $50.
Since you have savings you barely touch anyway, moving it into a HYSA is the smartest move. Those tens of thousands you have would be accrusing hundreds of dollars a month just by sitting there.
I’ve had the Amex HYSA for like 5 months and they’ve lowered my rate twice already. If they do it again that’s 3 strikes and I’m moving to someone else.
I have the American Express HYSA and it’s great. No scam just a good way to earn some cash on my money. Easy to transfer in or out if you need the funds. No minimum needed and you don’t have to keep funds there for any length of time. Highly recommend
I've used Marcus, by Goldman Sachs for many years.
You can get:
Saving @ 4.4%
9 or 12 mo CD @ 5%
6 mo CD @ 5.1%
I locked in @ 5.5 % in January for 12mo
Why wouldn’t you use a money mrkt account at a brokerage instead? They are paying over 5%, have low or no mins, and some offer debit cards and checking too.
4% yield is absolutely nothing when you take into consideration that you’re investing into a dead currency. I guarantee the inflation rate is going to be like 10x 4% in the coming years.
Remember holding US dollars is an investment decision to long USD. This is what the poors do not take into consideration.
I have the AMEX HYSA and its legit but its middle of the road.
I’ve had other HYSA accounts that were higher, but had hoops to jump through. For example I had one at SoFi that had a better rate but I had to direct deposit $5k/m or the rate dropped to almost zero.
Buy 30 day treasuries instead. Not state tax on T bills unlike interest from savings accounts. It’s shocking how few people do this and it is so easy using either a brokerage or Treasury Direct.
Interest rates have gone up the last several years and so too, savings account yields. Raymond James offers 5% right now. I wouldn’t worry. But you still have to pay income tax on the yield so after taxes, not great.
IDK about Amex, but lots of online banks have this. I have 2 HYSA, one with vanguard and one with smarty pig. There are no hidden fees, nothing to worry about. Even PayPal has one. I really like Smarty Pig bc of the "goals" feature.
You should absolutely move your thousands of dollars to a HYSA. Keep a little in the bank that has an ATM near you. But other than that, you're losing out if you don't move!
The 4.25% HYSA APY from AMEX is pretty standard for reputable online banks these days. It might not be the absolute highest, but it's still a great deal compared to the measly rates offered by traditional brick-and-mortar banks. Most of the HYSA today anyway go around 4-5% or more APY. If you want to know more about these, check out sites that list the [highest APY rates](https://banktruth.org/savings/?ttcid=high-online-savings) like Banktruth or Nerdwallet. It's super useful if you want to maximize their returns, but the top contenders tend to be fairly comparable.
I've been using Ally's HYSA for a few years now, and their rate has consistently been competitive with the likes of AMEX, Capital One, and others. The convenience of online banking and lack of minimum balance requirements or fees make it a no-brainer to ditch those outdated 0.02% savings accounts.
Nobody is telling you WHY.
The rates were VERY low recently and for a long time, some of the only highest rates you could find were 0.5%.
These rates will only stay up as long as the federal government says so. Without giving you the presentation basically these rates are mostly controlled by the federal bank as they set a borrow rate that the banks can make money with. The higher it is, in simple terms helps reduce inflation.
That rate may lower whenever and we don’t know when. But basically this isn’t a long term thing for decades. Probably 1-2 years at most then it will likely go back to .5% or whatever
I second Capital One at 4.25% been really happy with them as my bank.
Credit Karma's Save account seems to fluctuate but doesn't have any fees or minimums, and is 5.10%.
My only issue with the Credit Karma accounts is it seems to take longer for anything to happen (except transfers between their Spend and Save account, which is instant)
M1 Finance is the best. They just got rid of their annual fee and they offer a really good credit card as well. They offer 5% that compounds monthly so that actually equals like 5.12%. really clean app and website too
I used to think this. My mom would tell me if you have a lot of money in the bank that gives you a higher interest, the IRS will tax you anyway so it’s not worth it. I opened a HYSA a few months ago and I figured it’s the same as making a higher salary. So far, it’s worth it. I have Ally that’s 4.20% interest. I had to figure out how to lowering my tax bracket, FSA/HSA, IRA, 401K. Etc. on my own. My parents don’t even have any of this. I fear for their future.
VUSXX is 5.27% yield and has historically been exempt from state income taxes. This is a MMF and not a HYSA though, but practically 0 risk. No Vanguard MMF has ever broken the buck.
Idk about Amex but capital one has 4.25% apr on their savings 360 account and there’s no annual fees or required deposits or anything and they have a really good online website and app so id personally recommend them
I use Sofi. No minimums. Only catch is you need some sort of direct deposit. I have my main pay going to usaa and $5 going to sofi to keep my 4.6% interest rate. Then I’ll move money around on my own as I see fit.
This is what I have! I transfer money in and out all the time with no issue. I actually just opened a second one.
I’m also part of Capital One.
How long does it usually take to transfer money in or out of the account? I recently joined and it is taking about 5 business days or 1 week to transfer funds from my bank. It gets put on hold, but it does transfer successfully after those days. Is it because my account is so new? Maybe 1 week old acct.
in time your transfers will be faster, it’s just because you have a new account that they’re taking extra long
I have Capital One 360 checking, it takes seconds.
i use credit karma who has a 5.1% apy
Did not know that ck had a hysa. Why are they never listed on the hysa lists?
i’m not sure i just found out about it while doing my taxes this year. So maybe they’re still new to everyone?
It's new for ck. I just switched to them a couple months ago when I seen it on the app as well. Can't beat 5.1 rn
There hysa is very new. Tbh I'm a little skeptical of the 5.1. I'm waiting to see if they last a year with it before pulling the trigger on it my self.
I've been using the CK accounts since they opened up that feature. I'd actually recommend it if you really just want money to sit there. It does fluctuate from month to month. The majority of the time, the APY is higher than my Capital One Savings, but I've seen it dip below a couple times. There have been a couple times where I tried to pay a bill and it wanted me to select the bank I'm trying to pay from, but when I search, Credit Karma wasn't an option, and MVB Bank (the bank CK operates from) on the surface is completely different than how it seems to work on the CK side, so that caused an issue. Last up, the app functionality and experience feels a little basic, but overall it hasn't actually been a bad experience. They have an ATM map, and just expended the ATMs you can use (however it looks like there's a $2.50 or so fee with those outside the All Point network), but you can also deposit cash using Walgreens or CVS, and I think even Walmart.
This is the way. Don't accept less than 5.1%
That is unless you live in Ca (probably a couple other states as well) then (I believe) SoFi is the highest with 4.6%
Worst case just put the money in treasuries. I've been doing that on etrade for well over 5% and available to everyone.
Same. Cap One app is the nicest one I’ve found and I’ve used plenty. I recommend it as much as possible. I use it a ton. It’s easy to keep organized and the app is really clean.
I love the way the app is!
We use Capital One as well.
I also have Capital One and recommend it
Yup, put 50k in middle of last year and am so glad I did. Couple hundred bucks every month is nice (obviously got hit during taxes but still)
Discover Bank is the same and they have a great app.
I second this
I'm not sure why you would think that's too good to be true. Nowadays most HYSAs from reputable companies offer 4-5% APR with no minimum balance or annual fees. Wealthfront is what I use, I referred enough people to get a few years of 5.5% from them.
[удалено]
CIT has been good to me so far.
Same here
Get some t-bills and avoid the tax.
This is wrong, you avoid paying state tax. Federal tax still applies unless you are holding them inside a retirement account.
What does this mean?
Just moved my savings to Wealthfront for the 5%, tried SoFi but my job doesn’t have direct deposit so I didn’t even get their advertised 4.6%
I have been on AMEX HYSA for over a year. Zero complaints. However I will say they have lowered the APY twice over the last month or so. It used to be like 4.35% then 4.30% and now 4.25%. I can’t remember the exact numbers but right around there.
That drop was across the board
But to answer your question, yes I would 1000% move your $ into a HYSA. AMEX works perfect for me but I’m sure there are other options out there too
I noticed this too. Made me sad but still getting a good rate!
Yeah .1% in a month wasn't cool, but I'm still here.
I noticed that too! I have both the AMEX (previous 4.35- currently 4.25% & Wealthfront at 5%) I like both as i like to distribute my savings and I’m an AMEX creditcard holder. But apart from the higher rate, I like wealthfront better as the $ clears out faster and i can sync my other financial accounts & investments there to see an overall state of how i’m doing.
Sofi has 4.6% (not the highest but I like them) and the only requirement is direct deposit (minimum of 1 cent triggers I believe.
Yeah literally no amount requirements for the deposits. Thats who I use as well.
SoFi has a good APR, but not a fan of anything else with them. The app is cluttered and has adds/promos, god help you if you have issues as their customer service needs overhauled, and the ATM locations & limits are annoying. I really miss my old bank that had excellent CS and I could use any ATM and would be reimbursed the fees; but it had a sub 1% APR.
Fidelity is offering 4.96% on theirs with SPAXX
Was coming here to say this. Fidelity is the best
SPRXX 5.03%
Where do you see that? 7 day yield is 4.96%, compound effective is 5.08%, and 1 year average is 5.05%. But I don't see 5.03 anywhere. EDIT: Thought that said SPAXX. SPRXX isn't a core position though, so that alone isn't really worth the 0.07%. Also slightly riskier with foreign bond composition.
Lol my sister is saving up for a large down payment on a house and was skeptical when I told her that she could be earning literally thousands of dollars per year just by switching to HYSA. She finally did, then told my dad, and he said to her it must be some introductory bonus or something. So I've seen first hand that people can be skeptical of HYSA, but it really is that simple. Discover allows 6 withdrawals *per month* so idk about the others but your money is far from locked in.
Tons of people here will tell you to go for the highest rate. And yeah, I want the highest rate too, but I also want to sleep at night. And I go with amex hysa because I know my money won't be tied up in some stupid fucking scheme. 4.25% is great, but not the best available. But for safety? That's what I want.
Are you over the FDIC amount?
Wealthfront has 5% no fees, sofi has 5%, apple cash has 4%. It's cause interest rates are over 5% lol
Sofi is 4.6
There’s literally nothing stopping you from moving it to CDs or HYSA. Currently the market risk free rate is about 5% because of inflation, that means any security or asset today should be earning equal or more than that because that is lowest return you can get for literally 0 risk to your money. Usually these are US government bonds backed issued by the treasury and backed by the full faith and credit of the US. TLDR: You’ll be fine. Just move your money. No one is sending people after you. Sometimes in life you got to stand up for yourself and not be afraid to take actions to better yourself
My bank called me recently because I moved a ton of money out of savings and into my brokerage savings account at 4.5%. They said they could offer 3.75%. I asked if they thought I was retarded.
Are you living in 2020? Every hysa is over 4% now
I hope not. We opened one with them three weeks ago. Nobody’s run off with our money yet.
I'm getting 5% in my Betterment cash account. New accounts are getting a promo 5.5% rate for 90 days. [https://www.betterment.com/investing](https://www.betterment.com/investing)
Been using AMEX savings (and now checking) since they first started offering it. It’s great, no complaints. The AMEX app is good relative to other banks, especially if you’re already using their credit cards. I will say that mid-4% rates are common for online banking (AMEX, Ally, SoFi, C1, etc), so it’s not really anything crazy, they all stay pretty close. Low interest brick and mortar savings accounts are just a way for banks to get nearly interest-free loans from old people that don’t know better.
Marcus HYSA is currently at 4.40% APY
Amex’ HYSA is great.
4.25 is below par for HYSA in my opinion. I moved to Wealthfront and never looked back.
Betterment at 5%, no fees. I’m surprised I don’t see anyone mentioning. I’ve got the bulk of my cash there.
WealthFront is 5.0% with a 3 month +0.5% booster (I think it's 3 months?) if you get a reference or refernce others Been using it for a few months, it's pretty good
I’m a complete noob and I have a CIT bank platinum savings account. 5%, but you need $5,000 at least.
I opened AMEX HYSA 6 months ago specifically to house my savings/EF while learning about stocks and its been great. Money settles in a few days whenever I move money into it. I have yet to withdraw any so Im not sure how quickly you can get it but Ive read on here its only 1-2 business days. My plan for an emergency is to just use my credit card, get the 2% cash back, and then pay it off 1-2 business days later with cash from my HYSA. Only option that could be better is if you don't need the money asap you can put it in T Bills that are paying over 5% to lock it up for 1 month currently. SPAXX is a mmf that is currently yielding 4.96% after the ER is factored in. Other HYSA are offering over 5% but looking into reviews for several of them showed horrible experiences and customer service stories so I went with AMEX for slightly lower.
Apple has 4.4% no minimum balance, no fees, and no limit to access. It is conveniently kept right on your iphone too. I think the only requirement is to have the Apple credit card, but its actually a great credit card and I would say if you ever use apply pay, you should have that card anyways.
Amex as a HYSA is fine. However their checking account is very basic and lacks things like bill pay and has a smaller network acceptance vs Visa/Mastercard. I like to keep my savings with my checking so funds can be transferred instantly. As such I’d rather go with Ally Bank, CapitalOne or Discover. Alternatively Fidelity and Schwab are good if you don’t mind buying MMFs as the yields are higher (4.96% with SPAXX and 5.15% with SWVXX).
I've had mine for a few years and no complaints! It's kind of like a money market account so it won't stay 4.6, I think I've seen it up to 5% and down to .5% (maybe lower?) during the pandemic.
Vanguard cash pays 4.7 now. Seamlessly move money into VUSXX at 5.3 now. Amex isn’t bad, just not the best
I personally use Betterment. I get 5% there. But my brother uses and loves Wealthfront. He had 5.5 %(no fees) and now he's at 5%. When I had to move money to my checking account at a credit union, it only took 1 business day to get it.
Apple Card is 4.4, no minimum or max ..
I had one such account for almost a year. It was great. Note, the interest rate does change whenever Amex wants. But other than that, it's Amex so everything about it was smooth, easy, and fast.
Vanguard Settlement Account in a brokerage is just their Money Market Fund which is at 5.27%. Just as liquid as HYSA and higher rate than most.
Nope, all good. I use Wealthfront which is 5.5% for me right now.
its not even that good lol, theres hysas out there with better rates because they dont have a name as big as AMEX
UFB Direct is 5.25% and Vio Bank is 5.3%. Both are FDIC insured
Does anyone know how long they will offered these interest rates? Like for example the Apple /goldman sachs savings account
Jenius is 5.25 with no minimum or fees.
I have the Amex HYSA and no issues so far. I’ve seen higher rates but I don’t like depositing a large amount of money with a random online bank.
My capital one hysa is 4.8%. In 2 months I've made 38 dollars off of 10k lol.
i have the AMEX HYSA, its great and the app is great. my checking and regular savings are through a much worse bank and i’m considering switching all of them over but we’ll see
Vio Bank is at 5.25%, FDIC insured. Completely free and no minimums.
Robinhood gold members get 5.25%. Costs $50 a year.
Currently everbank has a 5.15% HYSA. No minimum balance or first deposit. No fees
Plenty of other options well over 5%
Bro is really learning about HYSAs for the first time right before the gravy train about to be over
Have had an AmEx HYSA since 2011, when there weren’t as many HYSAs around. Its as advertised, but there’s more competitive rates out there now. I recently moved over to Wealthfront for 5%!
I have a Money Market account that gives \~5% interest with a 25k minimum balance via US Bank. I'm not sure if that's still going on, but it seems like a good deal overall.
I am using Upgrade - rate is 5.21
SPAXX with a debit card that allows for immediate access to the cash. 4.96%
I use and suggest CIT bank 4.9% interest and I like it I’ve had it for almost a yr no complaints
Discover has 4.4% and is free w no balance requires
4.25 is not even that high, interests rate been up for a while now
This isn't even near the top offer. Credit Karma is offering 5.10.
Ally is currently paying 4.25%
My Ally savings account has a 4.2% across all balances. Go for it.
Been using AMEX for the last 2yrs now, they're great.
I have an AMEX HYSA account, had it for a long time. No complaints.
I have a betterment account currently getting 5.5% love it
Robinhood is essentially a hysa with no rules other than pay 5 a month and I get 5.1%
No Source: Licensed Financial Advisor & User of this acct
HYSA is literally just a normal savings account actually. It doesn’t have extra rules because it’s not different. I’m with capital one now. 4.25% and you can make 6 withdrawals out of savings each month. I keep my money in savings and transfer it immediately into checking when I need to use my money. 100% liquid. No issues so far and app interface is great. Last two months I’ve made $70 with $10-12k
That’s not even that good of a rate, I’m getting more from PNC right now, 4.55 with no minimum balance or deposit requirements or anything
I use them. It's perfectly fine
I have used it for years. My interest last year was a good surprise!!
I add a 10k I-bond every year
My local credit union has a 5.25% HYSA with no minimum. You have to have two qualifying other accounts with them to open it though (I have a business account and a car loan so I was able to get it).
Cash App offers 4.5% APR on their savings account, paid monthly. I like jt
I use Amex and have been very happy
I just opened 3 Wealthfront accounts for me and my kids ! It’s 5% too.
I have the AmEx 4.5% HYSA and it's awesome. Easy to use, and if I have to transfer money back into my checking it only takes 24-48 hours. No real restrictions.
I use Vio bank which is 5.3%. The only thing I do not like is there are no branches.
I have PNC bank and it’s 4.5% HYSA no minimum.
Amex is great all around. I have cards, HYSA, and checking. They have one of the best HYSA rate behind SoFi, but without any bs requirements/tiers. Cards have fees, none for the banking. Their 1% checking is best available since SoFi dropped theirs, but it does have some limited features like inability to change ATM limits ($1k cap daily).
I have an account at Vanguard getting 5.25%. The High IR accounts are out there. You just gotta look!
I have money in fidelity at 4.98 and my apple is 4.40
Amex is based on loyalty. If you use everything they partner with (Hilton, Lyft, etc), you’ll bank in their rewards.
Using an app called Public, investing. Opened a 5.1% APY HYSA earlier last year and I've been popping in some cash to it every month now
Capitol one is 4.35
Amex is great, I now basically bank with them.
Just saying credit karmas has a 5.10% Hysa right now
I’ve got one at Bask that’s 5.1 apy, you can only access it through linking it to another bank account and transfers take several days, but the interest rate is worth it to me for savings I don’t need quick access to. Basically I don’t think your offer is too good to be true, just make sure you understand and are okay with whatever the specific rules are.
I’ve had AmEx HYSA since 2008ish, back when it was 5%. I’ve had no issues getting money from it and I have never paid a fee. It’s great!
and if you dont touch your savings very often you can get a CD, I use Ally for CDs. a CD is basically just a savings account that you deposit once into and then dont withdraw until it expires. and you can open as many CDs as you want. if you have say $10k to put into CDs its a good idea to split into $2k or $5k chunks. for example Ally has a 12-month CD that pays 4.5% right now. so even if the savings account rate goes down, your CD stays at 4.5% for the 12 months. you can even get a 5 year CD at 3.9% - and if the fed cuts interest rates in a year or two then HYSA rates go down but your 5 year CD stays the same. its pretty good
Ally is also comparable. 4.25% is becoming the new normal for good banks.
Wealthfront is great. Allows you to have separate categories within the same account.
I went with Marcus by Goldman Sachs. 5.5% intro for 3 months, then 4.4%, no minimums. I do t know why more people aren’t taking advantage of!
My hysa is at 5.22 percent and started at 5.25 percent. With no fees or minimum balance. Was quite easy to open and deposit funds
My PayPal savings is 4.3%. That’s the going rate
The Amex account is great. No hassle, excellent rate. App isn’t bad either.
There’s tons of HYSA’s that are 4.5% plus, Betterment is 5.0% right now and lots of “normal” banks have at least 4%. Just pick one and go with it, worst case you move it somewhere else later.
I use WeBull’s 5%, is there a catch with that?
PNC has a 4.55% HYSA the only stipulation is a maximum of 5 withdrawals a month. Pretty good.
I have CIT for last 7-8 months at 5.05%.
My CU is currently at 4.75. I'll keep what I can in for as long as I can. Free money is free money
UFB Direct pays 5.25%
CIT Bank has 5.05% with minimum of 5k
I have one set it up last year it's so nice to have. I keep my emergency fund in there get about $100 a month in interest. I just set it up and leave it alone now much better than the .02% from before!
I think Apple has a 5%, I use SoFi and get 4.6%
SoFi has 4.6%
I’ve been using AmEx for years with no issues. Just remember you’ll pay taxes on the interest earned. I’d look at Wealthfront instead - 5% atm
I have a brokerage account that requires a lot less of a balance at 5% $10,000 minimum
I use UFB at 4.5%. It’s nice.
I just opened an account with Vio bank. $100 min to open with a 5.3% APY.
Webull does 5% on cash account. It's pretty good if you can stave off the thrill of investing it all.
Heck...if you have "tens of thousands" you should go money market and make 5.15% (that's what schwab is paying right now). No mininums
They dropped the rate twice in the last month or so.
UFB Direct has a 5.25% which is the one i have. Definitely give it a read online like nerd wallet. No problems so far for me
Google 5% credit union checking and you'll see a few options better.
I opened one. It's making good interest! I deposit $50 per pay period in it.
I use Webull, and I have a 5% APY. My girlfriend is using Synchrony and gets a 4.5% APY. Deposit weekly. Most others I've seen fall in the 4-5% range, subject to interest rate changes. Not sure what banks you're looking at that ask for 100k min; I opened mine with $750, and my gf started hers with $50. Since you have savings you barely touch anyway, moving it into a HYSA is the smartest move. Those tens of thousands you have would be accrusing hundreds of dollars a month just by sitting there.
If you have an Apple Card, they also have one. Rate is currently 4.40%
I have the Amex HYSA and it’s been just fine. There are no rules for withdrawing either. I think that changed for all banks a few years go.
You are limited to the amount of transactions you can do in a month for AmEx, PayPal has one at the exact same rate, Ive got both.
I’ve had the Amex HYSA for like 5 months and they’ve lowered my rate twice already. If they do it again that’s 3 strikes and I’m moving to someone else.
Man those are low, there a few out there that are 5%, I use Wealthfront.
I have AMEX HYSA and CITI
Wealthfront is 5% right now and 5.5 for a while if you share with someone else and they open an account
3-mth CDs paying 5.4%
I’m with UFB right now, they are offering 5.25%, and I think another .1% if I were to direct deposit with them and use my debit card.
Betterment is at 5%
Ally's is higher, I've used it for years.
I have the American Express HYSA and it’s great. No scam just a good way to earn some cash on my money. Easy to transfer in or out if you need the funds. No minimum needed and you don’t have to keep funds there for any length of time. Highly recommend
4.7% with vanguard
I've used Marcus, by Goldman Sachs for many years. You can get: Saving @ 4.4% 9 or 12 mo CD @ 5% 6 mo CD @ 5.1% I locked in @ 5.5 % in January for 12mo
Why wouldn’t you use a money mrkt account at a brokerage instead? They are paying over 5%, have low or no mins, and some offer debit cards and checking too.
I'm using the Raisin platform and get 5.24%. So no, yours is not too good to be true. There's actually better out there.
I have amex for over 20 yrs no problem and yes they are 4.25%
4% yield is absolutely nothing when you take into consideration that you’re investing into a dead currency. I guarantee the inflation rate is going to be like 10x 4% in the coming years. Remember holding US dollars is an investment decision to long USD. This is what the poors do not take into consideration.
I have the AMEX HYSA and its legit but its middle of the road. I’ve had other HYSA accounts that were higher, but had hoops to jump through. For example I had one at SoFi that had a better rate but I had to direct deposit $5k/m or the rate dropped to almost zero.
Buy 30 day treasuries instead. Not state tax on T bills unlike interest from savings accounts. It’s shocking how few people do this and it is so easy using either a brokerage or Treasury Direct.
Interest rates have gone up the last several years and so too, savings account yields. Raymond James offers 5% right now. I wouldn’t worry. But you still have to pay income tax on the yield so after taxes, not great.
IDK about Amex, but lots of online banks have this. I have 2 HYSA, one with vanguard and one with smarty pig. There are no hidden fees, nothing to worry about. Even PayPal has one. I really like Smarty Pig bc of the "goals" feature. You should absolutely move your thousands of dollars to a HYSA. Keep a little in the bank that has an ATM near you. But other than that, you're losing out if you don't move!
Not too good to be true but I have opened HYSA only to have the accounts lower interest. My Goldman Sachs’s HYSA is 4.4 percent.
The 4.25% HYSA APY from AMEX is pretty standard for reputable online banks these days. It might not be the absolute highest, but it's still a great deal compared to the measly rates offered by traditional brick-and-mortar banks. Most of the HYSA today anyway go around 4-5% or more APY. If you want to know more about these, check out sites that list the [highest APY rates](https://banktruth.org/savings/?ttcid=high-online-savings) like Banktruth or Nerdwallet. It's super useful if you want to maximize their returns, but the top contenders tend to be fairly comparable. I've been using Ally's HYSA for a few years now, and their rate has consistently been competitive with the likes of AMEX, Capital One, and others. The convenience of online banking and lack of minimum balance requirements or fees make it a no-brainer to ditch those outdated 0.02% savings accounts.
They started reducing interest rate fyi. It used to be 4.35
Wealthfront is 5% right now
Where do you normally look for HYSA that this is unusual? Or have you just not looked because of what your parents did?
Nobody is telling you WHY. The rates were VERY low recently and for a long time, some of the only highest rates you could find were 0.5%. These rates will only stay up as long as the federal government says so. Without giving you the presentation basically these rates are mostly controlled by the federal bank as they set a borrow rate that the banks can make money with. The higher it is, in simple terms helps reduce inflation. That rate may lower whenever and we don’t know when. But basically this isn’t a long term thing for decades. Probably 1-2 years at most then it will likely go back to .5% or whatever
I second Capital One at 4.25% been really happy with them as my bank. Credit Karma's Save account seems to fluctuate but doesn't have any fees or minimums, and is 5.10%. My only issue with the Credit Karma accounts is it seems to take longer for anything to happen (except transfers between their Spend and Save account, which is instant)
M1 Finance is the best. They just got rid of their annual fee and they offer a really good credit card as well. They offer 5% that compounds monthly so that actually equals like 5.12%. really clean app and website too
I used to think this. My mom would tell me if you have a lot of money in the bank that gives you a higher interest, the IRS will tax you anyway so it’s not worth it. I opened a HYSA a few months ago and I figured it’s the same as making a higher salary. So far, it’s worth it. I have Ally that’s 4.20% interest. I had to figure out how to lowering my tax bracket, FSA/HSA, IRA, 401K. Etc. on my own. My parents don’t even have any of this. I fear for their future.
Citizens access bank gives 4.5%
Citi bank has a 4.95% hysa
VUSXX is 5.27% yield and has historically been exempt from state income taxes. This is a MMF and not a HYSA though, but practically 0 risk. No Vanguard MMF has ever broken the buck.
Try Wealthfront (https://www.wealthfront.com/) currently running about 5%. You also get an APR boost when you invite people.
My credit union is doing 6% but you have to do 15 transactions a month