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No Strings High Rate Savings Accounts
- Thread starter alarmguy
- Start date
This looks sweet, good find.
I’m settled in now, but it will be a name I remember to keep comparing into the future.
A lot of these online banks are divisions of brick and mortar banks, such as this one is a division of emigrant bank in New York, Cit bank is a division of first citizens and yada yada yada
The online competition is fierce, and the brick and mortar banks themselves interest is much much much lower in all the cases I’ve seen anyway.
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Good to know I’ve been checking on and off just been a little tied up with the holidays and stuff.
I’ve been wondering how fast they may increase once the Fed increases. I’m also still waiting to see if Discover increases but for right now with Discover I’m in for 30 days for that $500 bonus which is still a great deal +3%
Yep that's me. They denied a transfer at first because of "fraud" I was on the phone for 30min saying it's me doing it. Then returned a transfer back to the account because of some lame error excuse. It now says I had $50k in deposits so I'll just let it sit and see if I get a bonus. If they continue to play games I'll escalate the issue. The law even says the 6 transfers per month is not currently in effect. I didn't even exceed 6 so they have no excuse.
I thought there was something more to it. Regarding regulation D, enforcement by the Fed Regulation D was suspended due to Covid, however, banks are not obligated to suspend the withdrawal limit.
Why would banks continue to have the limit? Very simple. This is the federal government talking. They have not done away with the regulation, they only suspended it, left it open ended and no indication if they will start to require it again or not. Typical junk dealing with federal regulations. Regulations placed on banks are in surmountable, and now you have the negligence position of suspending of regulation, with no indication of an end date.
So banks, for dealing with a suspended enforcement of regulation, D, but not a removal of regulation D, and they are not required in anyway, to suspend it.
In fact they could even charge you for exceeding the limit.
There’s much information on the Internet about it, currently are suspended federal regulations, but not removed federal regulations. One should be aware of when opening savings accounts to have a checking account to transfer money into.
This is actually why there are savings accounts and checking accounts, because for a bank to offer more interest in a savings account was required by the federal government to limit the amount of transactions which helps create a stable money supply.
It’s the very reason why there are separate checking account and savings accounts or else everything would just be one account.
I’m not an expert on everything but much information on the Internet and I posted a link to the actual federal regulation.
Regulation D And Savings Account Withdrawal Limits – Here's What Changed | Bankrate
Limits on withdrawals from savings and money market accounts were revised in 2020, but some banks still impose a cap on the number of transactions.
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I didn't exceed it even though I am able to. They just want to make it difficultI thought there was something more to it. Regarding regulation D, enforcement by the Fed Regulation D was suspended due to Covid, however, banks are not obligated to suspend the withdrawal limit.
Why would banks continue to have the limit? Very simple. This is the federal government talking. They have not done away with the regulation, they only suspended it, left it open ended and no indication if they will start to require it again or not. Typical junk dealing with federal regulations. Regulations placed on banks are in surmountable, and now you have the negligence position of suspending of regulation, with no indication of an end date.
So banks, for dealing with a suspended enforcement of regulation, D, but not a removal of regulation D, and they are not required in anyway, to suspend it.
In fact they could even charge you for exceeding the limit.
There’s much information on the Internet about it, currently are suspended federal regulations, but not removed federal regulations. One should be aware of when opening savings accounts to have a checking account to transfer money into.
Regulation D And Savings Account Withdrawal Limits – Here's What Changed | Bankrate
Limits on withdrawals from savings and money market accounts were revised in 2020, but some banks still impose a cap on the number of transactions.www.bankrate.com
I did notice you didn’t exceed it, was just explaining why they have it. Sounds like you have it worked out and won’t be a Discover customer after the $500 and nothing wrong with that. I use companies like they use me and my money, best deal always wins
Yes, I was able to confirm in my account this morning about CIT.
Also Discover went from 3.00 to 3.30
The Discover is lower for internet banks, but WAY higher than your local brick and mortar bank, great website too.
But the reason I have them at least very short term is a $500 incentive after for opening the account after 30 days which is significant 1% bonus after only 30 days.
I have also noticed some others have gone up quite a bit, over 4% another forum member (cant spell it) posted above which is a NY Merchants Bank online account.
With all these accounts due diligence and read the disclosures, some deals seem great but MAY have too many restrictions for you, such as min opening amounts to tiered rates.
The ones in discussion here and the one posted by Attoki (or something like that look good) to me.
If you must keep your money liquid a high yield savings is best and this website is best for finding that. https://www.investopedia.com/personal-finance/banks-pay-highest-interest-rates-savings-accounts/
Only problem is that a lot of these smaller banks have made customers have the worst horror stories that keep me away since their online infrastructure is very poor.
Personally i would stick to big banks like citi, ally, or capital one in that particular order as they give great returns and are near bulletproof reliable compared to other banks. Citi stays a head of the curve for big bank rates, followed by ally then capital one. I have capital one just because I've had them for a while and i like that they have their own atm's near by for when i need them.
But i prefer dividend ETF's now as I learned enough about the many different brokerages and how to invest in them with confidence. But i still keep a small buffer in my savings for some emergency needs. I'm not sure i want to go into stocks as that's a bigger risk that i think i could manage if i go for at least the aristocrats but i prefer not to since I'm still taking some free online courses and watching videos on safe investing in my free time. This stuff has become a lot more accessible but there's also a lot of garbage out there. But i watch videos from institutions like colleges not some clickbait garbage with some really scammy con artist looking D bag with his stupid eyes and mouth wide open pointing to a silly chart going straight up. I know a red flag when I see one.
Only problem is that a lot of these smaller banks have made customers have the worst horror stories that keep me away since their online infrastructure is very poor.
Personally i would stick to big banks like citi, ally, or capital one in that particular order as they give great returns and are near bulletproof reliable compared to other banks. Citi stays a head of the curve for big bank rates, followed by ally then capital one. I have capital one just because I've had them for a while and i like that they have their own atm's near by for when i need them.
But i prefer dividend ETF's now as I learned enough about the many different brokerages and how to invest in them with confidence. But i still keep a small buffer in my savings for some emergency needs. I'm not sure i want to go into stocks as that's a bigger risk that i think i could manage if i go for at least the aristocrats but i prefer not to since I'm still taking some free online courses and watching videos on safe investing in my free time. This stuff has become a lot more accessible but there's also a lot of garbage out there. But i watch videos from institutions like colleges not some clickbait garbage with some really scammy con artist looking D bag with his stupid eyes and mouth wide open pointing to a silly chart going straight up. I know a red flag when I see one.
There’s nothing wrong with excepting a lower return for a big brick and mortar bank if that is what someone is comfortable with but one thing for sure you can find complaints about any bank or any funds or brokerages for that matter online.
A savings bank is a savings bank and unlike a fund or a brokerage your money in the savings bank is insured by the federal deposit insurance corporation and unlike a fund or investment nobody loses a penny.
I’m only saying this, so people are not afraid to research a high return savings account online, they are perfectly legitimate and many of them are simply divisions of brick and mortar banks.
An example would be CIT Bank a division of First Citizens Bank which offers a sweet interest rate, 3.80 But as posted some of the online divisions of brick and mortar banks are now well into the 4+ percent range not bad to keep some money liquid that is insured up to $250,000 per account.
Disclaimer, I’m not promoting anything in case it seems like I am, I just simply starting a thread about some high interest savings account that are online which many people use and who are comfortable with a computer and a cell phone.
I myself am very comfortable and will transfer money around within reason getting the highest possible interest rate and it’s all federally insured. Actually, I love it because I love computers and I use my computer in a vast amount of ways to save money. Besides interest rates insurance rates I mean the list is endless but it’s a hobby.
Which brings me to one last thought, I remember in 1995 my family members in disbelief that I was buying stuff on my home computer and giving out my credit card information on the Internet.
A savings bank is a savings bank and unlike a fund or a brokerage your money in the savings bank is insured by the federal deposit insurance corporation and unlike a fund or investment nobody loses a penny.
I’m only saying this, so people are not afraid to research a high return savings account online, they are perfectly legitimate and many of them are simply divisions of brick and mortar banks.
An example would be CIT Bank a division of First Citizens Bank which offers a sweet interest rate, 3.80 But as posted some of the online divisions of brick and mortar banks are now well into the 4+ percent range not bad to keep some money liquid that is insured up to $250,000 per account.
Disclaimer, I’m not promoting anything in case it seems like I am, I just simply starting a thread about some high interest savings account that are online which many people use and who are comfortable with a computer and a cell phone.
I myself am very comfortable and will transfer money around within reason getting the highest possible interest rate and it’s all federally insured. Actually, I love it because I love computers and I use my computer in a vast amount of ways to save money. Besides interest rates insurance rates I mean the list is endless but it’s a hobby.
Which brings me to one last thought, I remember in 1995 my family members in disbelief that I was buying stuff on my home computer and giving out my credit card information on the Internet.
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AZjeff
$50 Site Donor 2023
Never mind, rate already posted.
I took a lump sum out of my CU MM last month due to their rate of .35! Ridiculous! I chose SalemFive because their rate was 3.65 and now 4.1. Now it will earn more in one month than a year in the old account.
So I assume that you had a ARM? For those with a fixed rate mortgage there is no change.
Don't remember, it was paid off 20 years ago.
Update- 1/15/23
This is an update to my OP.
Im liking Cit Bank (not Citibank) Interest rate is now over 4% in the savings account. No restrictions. They also offer a free checking account and ATM cards. $100 to open the Checking which I did but have not used it yet.
The phone app is ok, clunky at times, I assume it will improve over time as First Citizens completes the transition.
Web Portal is fine.
Im happy with the savings rate, lack of restrictions/conditions and the free checking. I am in the testing phase to see if one day I drop my favorite past online bank/credit union, Alliant Credit Union. Their rates are not as competitive anymore and why I am trying out Cit Bank, which so far is working out good and I can see possibly in the future moving everything over to them.
Also in my OP I opened an account at Discover, collected $500 in free money for opening the account promotion and additional interest at 3% for meeting the 30 day requirement and just transferred everything to Cit Bank. Closed Discover as the interest rate is lower than Cit.
As of right now I cant find anything else that matches what I am looking for. CiT Bank Savings checks all the boxes for me so far. In the coming months the next test for me will be if I switch all my checking/bill pay over to them.
Ps. There are a lot of online banks, this is my choice but I am always looking for more. Whoever puts the most amount of money in my pocket without conditions.
This is an update to my OP.
Im liking Cit Bank (not Citibank) Interest rate is now over 4% in the savings account. No restrictions. They also offer a free checking account and ATM cards. $100 to open the Checking which I did but have not used it yet.
The phone app is ok, clunky at times, I assume it will improve over time as First Citizens completes the transition.
Web Portal is fine.
Im happy with the savings rate, lack of restrictions/conditions and the free checking. I am in the testing phase to see if one day I drop my favorite past online bank/credit union, Alliant Credit Union. Their rates are not as competitive anymore and why I am trying out Cit Bank, which so far is working out good and I can see possibly in the future moving everything over to them.
Also in my OP I opened an account at Discover, collected $500 in free money for opening the account promotion and additional interest at 3% for meeting the 30 day requirement and just transferred everything to Cit Bank. Closed Discover as the interest rate is lower than Cit.
As of right now I cant find anything else that matches what I am looking for. CiT Bank Savings checks all the boxes for me so far. In the coming months the next test for me will be if I switch all my checking/bill pay over to them.
Ps. There are a lot of online banks, this is my choice but I am always looking for more. Whoever puts the most amount of money in my pocket without conditions.
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6 months later, half a dozen banks offer over 5% savings accounts. WOW. Don't expect it to go any higher but certainly hope it lasts at least for the rest of the year. May have to increase estimated tax payments.
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- Joined
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Any of them offer UGMAs? It’s astounding how much a 9 yo has these days. Opened my son’s account when he was < 2 and now he’s 9. Our accounts are with ALLY which at one time was a good bank (gmac back then, they had no fees and unlimited atm once blah blah blah)….
No idea what an UGMA is.
Yeah, Cit Bank now has a Platinum Savings with APY 4.95% if you deposit $5000 or more. So I opened one of those with a few clicks in my CitBank online account and transferred money to the new account while still keeping open their standard account which is The Savings Connect at 4.60% APY
These are no strings accounts, many others have strings attached. I would have to question higher amounts with no strings not that there are not a couple but certainly not a lot around unless you get to money market accounts. Citbank is a good deal for a straight forward standard checking and savings account with no surprises.
