Plenty of savings accounts paying over 5% and my top two are at 5.5%. Don't see the point of locking in 3.75% unless you think rates are going back down to the 1-2% of a few years ago.
No Strings High Rate Savings Accounts
- Thread starter alarmguy
- Start date
I doubt it will drop that far and in the meantime you are making 1.25% more on your money which is huge and it's not tied up.
I get it though if you think it will go down 1.5% or more. I would say we have big problems if it had to do that again.
This account gives you 5% with at least a $5,000 deposit
https://www.cit.com/cit-bank/bank/savings/platinum-savings-account
If anyone else doesnt have $5,000 min required above to put in you can put in a min of $100 below and still get 4.65%
https://www.cit.com/cit-bank/bank/savings/savings-connect-account
Just buy SGOV if you don't want to buy treasuries.
SammyChevelleTypeS3
$50 site donor 2023
How do the Ibonds work? Are those the ones you can buy from a bank and hold (physically) until cash out?
Yes. Well aware of all of that, I have plenty of my own right now earning over 5%, thanks. I only locked in $100 at 3.75% for 3 years, with the option to add more at anytime. I'll lose less than a dollar a year on this.
Maybe rates DO go back down to the 1 or 2% (or less) of a few years ago, and savings accounts and CDs won't be as fun anymore. Then this move will be a good one.
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make an account at treasurydirect.gov. just like a savings account except you can pick the duration of your bond (similar to a CD).
I'm bumping this thread up for any new opinions about high-yield savings accounts (not CD's or other investments). Last year my TIAA Bank savings account divested itself to Everbank. Other banks have slightly higher APY. Naturally, I'm thinking of switching to another online bank to park some readily available cash because that's what I do (analyze and second guess, lol).
Here's a recent Investopedia article on the subject: https://www.investopedia.com/best-high-yield-savings-accounts-4770633
All of the banks listed are FDIC insured. Beyond reading the fine print, use a dart board to select one?? Online reviews are about useless. Are the very highest APY banks doing bait and switch tactics?
Thanks for any advice.
Here's a recent Investopedia article on the subject: https://www.investopedia.com/best-high-yield-savings-accounts-4770633
All of the banks listed are FDIC insured. Beyond reading the fine print, use a dart board to select one?? Online reviews are about useless. Are the very highest APY banks doing bait and switch tactics?
Thanks for any advice.
My post #122 still stands. As far as no strings (assuming you are going to deposit at least $5000 the rate is unbeatable as a no strings account.
The only change from that post is interest rates have come down from their 5% highs. To 4.35%
Still a good deal and a good solid online bank which is a division of First Citizens Bank (not that it matters but makes some people feel better)
Based on your link I do see some banks seem to have caught up to Citbank but one must carefully read over the fine print to see if the terms match what you want. Citbank there are no conditions other than the min deposit amount.
Actually the first link from the site you posted and this is looking pretty good! https://www.pibank.com/pibank-savings/
AND REMINDS me to keep looking around like I do insurance every year. After looking at the pi link, even though its FDIC insured I dont feel comfortable having to wire transfer and being a bank owned in Spain in business for 6 years and only expanded to the USA last year. That may change the more I look into it but ... I feel safe with Citbank (NOT to be confused with Citibank)
Good link you provided Investopedia. I remember using it often but forgot about it. After quickly clicking a few links however. IT still seems as far as no catch, straight forward... post#122 CITBANK has the least requirements without conditions.
BTW- I have used CITBANK for a while now (maybe 2+ years) and happy with them. I really only use the Platinum Savings account with them but I do have their checking account too.
Before Citbank I had Alliant Credit Union for years and continue to use it for a small backup savings and main checking account only because it was easy to do for now then switching everything over to Citbank for bill paying services.
I think BASK BANK is another worthy competitor and would consider...
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The only MM offering 5%
Yeah I know, but can't resist. Look at Fidelity and/or Vanguard, Webull, etc MM accounts, and own SGOV, OBIL, GSST, etc
