Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
"High" Yield Savings or Checking
Old 12-11-2015, 01:16 PM   #1
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
"High" Yield Savings or Checking

Thought I'd check to see if anyone has the latest on "High" yield Savings or Checking accounts. I have funds in our local CU, but don't make anything on it. It's time to move that cash to something that makes a bit of income. Suggestions?
__________________

__________________
Steelart99 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-11-2015, 01:22 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,600
I've used Discover Bank for years. 1% interest, no problems.
__________________

__________________
braumeister is online now   Reply With Quote
Old 12-11-2015, 01:27 PM   #3
Full time employment: Posting here.
jjquantz's Avatar
 
Join Date: Jan 2014
Location: Northern Virginia
Posts: 848
My CU is offering 3.04% on checking with a $20,000 maximum balance and no minimum balance. You have to jump through a few hoops: 20 Debit card purchases per month, one automatic deposit per month and one bill paid through their site each month. I really can't imagine they will maintain this rate forever, but they haven't advertised it as an adjustable rate so we shall see.
__________________
jjquantz is online now   Reply With Quote
Old 12-11-2015, 01:31 PM   #4
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
Quote:
Originally Posted by jjquantz View Post
My CU is offering 3.04% on checking with a $20,000 maximum balance and no minimum balance. You have to jump through a few hoops: 20 Debit card purchases per month, one automatic deposit per month and one bill paid through their site each month. I really can't imagine they will maintain this rate forever, but they haven't advertised it as an adjustable rate so we shall see.
Ouch ... the 20 Debit purchases would be tough for me ... I average 1-2 per month.
__________________
Steelart99 is offline   Reply With Quote
Old 12-11-2015, 01:32 PM   #5
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 1,761
From Bauerfinancial.com

Institution City, State Stars Phone Min APY MORE INFO Flushing Bank/igobanking.com Uniondale, NY 888-432-5890 $25,000.00 1.100%
CIT Bank Pasadena, CA 855-462-2652 $25,000.00 1.050%
GE Capital Bank Salt Lake City, UT 855-730-7283 $1.00 1.050%
Synchrony Bank Draper, UT 866-226-5638 $5,000.00 1.050%
Northeast Bank/ablebanking.com Lewiston, ME 888-426-2253 $1,000.00 1.000%
Barclays Bank Delaware Wilmington, DE 888-710-8756 $1.00 1.000%
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Old 12-11-2015, 01:35 PM   #6
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
Quote:
Originally Posted by braumeister View Post
I've used Discover Bank for years. 1% interest, no problems.
Hmmmm ... just checked out their website .... looks interesting. Thanks.
__________________
Steelart99 is offline   Reply With Quote
Old 12-11-2015, 01:39 PM   #7
Full time employment: Posting here.
hesperus's Avatar
 
Join Date: Aug 2013
Location: colorado
Posts: 521
GE Capital +1
Have held well over the minimum FDIC insured amount there for a couple years. Quick transfers in and out, no problems. Confirm 1.05%.
__________________
hesperus is offline   Reply With Quote
Old 12-11-2015, 01:41 PM   #8
Thinks s/he gets paid by the post
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 3,832
A while back, I shopped using this site http://www.depositaccounts.com/check...-accounts.html

The problem is that if you find one with a really juicy rate and a high max balance, it doesn't last. The site does offer a graph of what the rate has done in the past.
__________________
sengsational is offline   Reply With Quote
Old 12-11-2015, 01:42 PM   #9
Full time employment: Posting here.
jjquantz's Avatar
 
Join Date: Jan 2014
Location: Northern Virginia
Posts: 848
Quote:
Originally Posted by Steelart99 View Post
Ouch ... the 20 Debit purchases would be tough for me ... I average 1-2 per month.
We're trying it. Our current strategy is just to replace enough of our small CC and cash purchases with debit card purchases to get to 20. With DW still w*rking, she makes a lot of $2-$5 purchases each month. Someone else suggested going to the grocery store when it is slow and ringing up 20 items as 20 separate purchases. I doubt that I will have to go to that.
__________________
jjquantz is online now   Reply With Quote
Old 12-11-2015, 01:45 PM   #10
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
Quote:
Originally Posted by sengsational View Post
A while back, I shopped using this site http://www.depositaccounts.com/check...-accounts.html

The problem is that if you find one with a really juicy rate and a high max balance, it doesn't last. The site does offer a graph of what the rate has done in the past.
HEY!!! I like that site.
__________________
Steelart99 is offline   Reply With Quote
Old 12-11-2015, 02:09 PM   #11
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 204
Just started a mm account at Dime savings in Brooklyn. Pays 1.1% minimum is 10k, max 500k, IIRC.

I was chasing yield. I moved the money from Salem Five Cents to Dime, to pick up the .05 interest. I kid you not...
__________________
.................................
A life without beer is not worth living
Nunthewiser is offline   Reply With Quote
Old 12-11-2015, 02:47 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,469
Check bankrate.com . I'm getting 1.05% in my high yield savings account from Synchrony Bank.

The depositaccounts site is a good one too.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 12-11-2015, 05:47 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,038
Quote:
Originally Posted by hesperus View Post
GE Capital +1
Have held well over the minimum FDIC insured amount there for a couple years. Quick transfers in and out, no problems. Confirm 1.05%.
GE Capital Bank is in the process of being sold to Goldman Sachs. Since I don't at all trust the latter, moved all my money out months ago to Synchrony. Also have used Discover Bank for several years.

https://www.gecapitalbank.com/en.html
__________________
RE2Boys is online now   Reply With Quote
Old 12-11-2015, 07:50 PM   #14
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
I appreciate all the input, it has pointed me in the right direction!
__________________
Steelart99 is offline   Reply With Quote
Is it worth it?
Old 12-11-2015, 08:19 PM   #15
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 1,184
Is it worth it?

I cannot see jumping through all those hoops for 1%
__________________
Souschef is offline   Reply With Quote
Old 12-11-2015, 08:29 PM   #16
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
Quote:
Originally Posted by Souschef View Post
I cannot see jumping through all those hoops for 1%
Well, I can move $50K and make $500 per year. It will probably take me about 30 minutes to move it ... so about $1000/hr. Better than I normally make and will pay for two full year ski passes! Works for me as long as I have easy access to it.
__________________
Steelart99 is offline   Reply With Quote
Old 12-12-2015, 08:50 AM   #17
Thinks s/he gets paid by the post
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 3,832
When I started, it was 1.75% on 50K, so worth the trouble of 10 transactions per month. Now it's down to 1.25% on 25K, which might not be something I'd go for if I weren't already set-up for it. Kind of nice to get $25 a month, though.

My credit union requires 30 transactions for 1% on 100K, but I'd never be able to hit 30 transactions without gaming the system, and that I'm not willing to do.
__________________
sengsational is offline   Reply With Quote
Old 12-12-2015, 02:40 PM   #18
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 1,132
We keep the cash allocation in an online savings account at Ally earning 1.00% currently. We keep minimal operating cash in a CMA at Fidelity, which earns nothing. Several years ago when I researched this, Ally had the best mix for our criteria: high ratings, consistently good rates, no fees, great website, and 24-hour service. I think Synchrony would be a great choice as well. I don't like the "requirements" that traditional banks and credit unions impose to get a competitive rate.
__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.0% SI: 2 pensions, some rental income, SS later
Cobra9777 is online now   Reply With Quote
Old 12-12-2015, 03:03 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,469
Quote:
Originally Posted by Souschef View Post
I cannot see jumping through all those hoops for 1%
What hoops? For $1000?

I have two of these accounts already set up and it takes seconds to move money in or out.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 12-14-2015, 12:26 PM   #20
Recycles dryer sheets
 
Join Date: Apr 2012
Posts: 149
I had been leaning towards setting up an account with Synchrony. Then I checked the BBB and wow ...Synchrony Bank has a lot of people with bad experiences:

http://www.bbb.org/dayton/business-r...stomer-reviews

I saw other bad reviews on another site (but I can't find the link again). I think I'll be checking out Ally, Barclays and Discover again.
__________________

__________________
Steelart99 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
High-Yield Savings Accounts nickarmadillo FIRE and Money 13 05-16-2013 04:10 PM
From totally free checking to totally fleece checking easysurfer FIRE and Money 47 06-30-2012 02:23 AM
High Interest Checking jazz4cash FIRE and Money 2 10-17-2009 11:15 AM

 

 
All times are GMT -6. The time now is 11:38 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.