High yield savings account

[Jim_n_NYC]

These guys have a high yield savings account that is indexed to the 1 month treasury bill.  https://www.ivybank.com/savings

Currently paying 4.60% with effective yield of 4.71%.  That's much better than any regular savings account that I see on DoC.

note: wasn't sure whether to make a new thread since I don't see one specifically devoted to savings accounts (I did see the CD's one).

Edited February 6, 2023 by Jim_n_NYC

[BuffaloKyle]

Here's the link you shared in the CD thread @Jim_n_NYC on the best current paying savings accounts:

https://www.doctorofcredit.com/high-interest-savings-to-get/

[Jim_n_NYC]

30 minutes ago, BuffaloKyle said:

Here's the link you shared in the CD thread @Jim_n_NYC on the best current paying savings accounts:

https://www.doctorofcredit.com/high-interest-savings-to-get/

Yea, I look at that one a lot.  It's interesting though, some of the high paying ones always have to seem to have some caveat that makes me not want to do business with them (ie. low withdrawal amounts or interest rates that do not go up when the ones offered to new clients do).  The Ivy Bank one is one I have never seen before, but when I was looking into it, apparently this type of account is not unique.  Good for us, LOL.

[BuffaloKyle]

I use Citizens Access. Their rate should be about to bump up from the 3.75% currently offered.

[DWnyc]

These guys offering above 5% for a hybrid checking and savings. Never heard of them before but they have FDIC protection. 
 

https://digital.primisbank.com/brochure/select-product-unauthenticated/select/personal/DDA

 

 

[Jim_n_NYC]

13 hours ago, DWnyc said:

These guys offering above 5% for a hybrid checking and savings. Never heard of them before but they have FDIC protection. 
 

https://digital.primisbank.com/brochure/select-product-unauthenticated/select/personal/DDA

 

 

I had looked at them but something put me off opening an account.  Can't remember why...I should really keep a list. 🤓

[DWnyc]

2 hours ago, Jim_n_NYC said:

I had looked at them but something put me off opening an account.  Can't remember why...I should really keep a list. 🤓

I just did a quick search on customer reviews … apparently difficult to resolve any problems and you can never get hold of anyone, very long wait times on phone and for email query responses, maybe they can offer higher interest only by having minimal infrastructure 

[GTMike]

Not gonna lie and don't fully understand it but through a program with partner banks through UMB via Empower Retirement Company, as of today currently increased rates from 3.9% to now getting 4.1%  on Cash Savings Accounts.

[Jim_n_NYC]

19 hours ago, GTMike said:

Not gonna lie and don't fully understand it but through a program with partner banks through UMB via Empower Retirement Company, as of today currently increased rates from 3.9% to now getting 4.1%  on Cash Savings Accounts.

Huh, you made me go look at my Fidelity account and they have the term "partner bank", too which I have not seen (or more likely) noticed before.  If I am reading it correctly, looks like it's earning around 4.07%, but it's not easy to decipher it all.

[GTMike]

50 minutes ago, Jim_n_NYC said:

Huh, you made me go look at my Fidelity account and they have the term "partner bank", too which I have not seen (or more likely) noticed before.  If I am reading it correctly, looks like it's earning around 4.07%, but it's not easy to decipher it all.

Yeah. The UMB that i have has about a dozen "partner banks", that they sweep from and transact with daily. The language i saw was interesting as it implied that this was just an aggregator and intermediary as it's the Partner banks collectively that are actually paying the interest on the savings account.

[Jim_n_NYC]

On 2/6/2023 at 10:49 AM, Jim_n_NYC said:

These guys have a high yield savings account that is indexed to the 1 month treasury bill.  https://www.ivybank.com/savings

Currently paying 4.60% with effective yield of 4.71%.  That's much better than any regular savings account that I see on DoC.

note: wasn't sure whether to make a new thread since I don't see one specifically devoted to savings accounts (I did see the CD's one).

WELL, that was quick!  The account I posted about is no longer listed on their website and DoC says it is closed for new accounts.  My account is still listed as the indexed account but I'm wondering if it is going to get rolled over to the regular savings account which is still listed (it's 4.25% rate isn't bad, though)...if that is even a possibility.

[+ Lucky]

First Republic is offering a 10-month CD at an annual APR of 4.50% They were selling like hotcakes!

[handiacefailure]

Alliant Credit Union is going to start matching T-Bill rates on their CD's for the same term in a couple weeks.

If I lived in a state with no income tax, I would go that route since treasury direct  is such a pain in the ass to use and doesn't even have an app, but seeing my state tax is so high where I live, I'll just keep doing four week treasury ladders to avoid the state income tax.

Edited February 10, 2023 by handiacefailure

[BRD9999]

Capital One is offering an 11-month CD at 5.00% APY.  Special rate expires 3/14/2023.

[DWnyc]

On 2/7/2023 at 8:47 AM, Jim_n_NYC said:

I had looked at them but something put me off opening an account.  Can't remember why...I should really keep a list. 🤓

I filled out an online application 3 weeks ago and they’re still reviewing it. I’ve opened a bunch of other accounts and CDs in the meantime. Ding.