Looking to potentially move some money out of my credit union, and into a higher-yield account. CU MM savings is at a meager .60%
In a very quick look, I have SoFi at 3.5% and PNC at 4%.
What should I be looking for, when viewing these options? Are these names a safe play ?
TY
As someone posted there is a recent link to another thread in here that I started but if it helps I post an update.
I too have a credit union, I never saw the building, they only have one and it's at least 1000 miles away from me. Good rates on savings and even get interest on the free checking account. But the rate hasn't risen as fast as others recently so I branched out.
My current Credit Union was Alliant Credit Union. It's been good over the years, no complaints. The checking account besides being free you can use your ATM card at 10's of thousands of ATMs and if you ever end up at one that does charge for a ATM withdrawal not in their network they instantly credit your account for whatever the fee is for something like up to 6 times a month. Savings rates are good but now have fallen behind by up to 1% of the best of the high savings rates.
So, Cit Bank (not Citibank) currently is 3.80% no catches, no charges, no min. on their savings account, they also offer free checking accounts and free ATM cards. Checking needs $100 to open an account. I signed up for them a month ago, its been fine, everything works as it should, Being a new customer it takes the full allowed time for large checks/transfers to clear (10 business days? or less) but during that time you still collect interest. Cit Bank is now part of First Citizens Bank which is a large commercial bank. Cit Bank is their online consumer bank that they purchased in Jan 2022. Everything seems to work good, sometimes I think the app and online site needs a refresh but it all works, I actually think they are updating things still, due to the buyout.
I also opened a Discover savings, no checking, only because with a 50k deposit there was a special of a $500 bonus after the first month, other than that, their website and app as one might expect is super refined and smooth simply because they are so large a company. Anyway, $500 bonus in the first month plus now 3.30%. Checks and ACH transfers were fast for me but I have a previous relationship with them and not sure if that was why things weren't held as long as Cit Bank, ether way I didnt care.
I thought SO-Fi was better with their rates, I was wrong, they are so so .. .like Discover ect.
Go with who you are comfortable with, due diligence and make sure your putting you money in a bank, once there, its all safe in a savings account with FDIC insurance like any bank, brick and mortar or online. If it's a credit union it's the Federal Credit Union Insurance that you are covered with. All this stuff is easy to check out and make sure you do or if you are nervous start with a small amount of money first.
Here is a list, there are a tons of rates listed here, scroll all the way to the bottom of the page as well. Read and make sure who ever you sign up for its the kind of account that you want, although, like anything, if its not you can open another savings with another bank and transfer it.
Also search best online savings rates ... here is one search
https://www.nerdwallet.com/best/banking/savings-rates
Check among many sites, it's easy with an internet search. BTW - with all the above, these are traditional savings accounts. I can withdraw my money at any time, these are not CD's or any kind of restricted accounts. Im personally very happy with them but not everything is for everyone. If you're looking for safety and liquidity though, its doesnt get any better with an insured FDIC savings account or equalivent insured Credit Union Savings account. Some people might trash low returns on CDs and Savings account. I suggest one look at the stock market performance this year, if you did it at the start of the year you would look like a hero with a gain instead of a loss.
