Bouncing around online savings accounts

[dobig]

You can actually get 5.25% (APY) at Marcus if you also do the AARP promo which adds .1%. After you sign up, you can post the referral links Marcus gives you on Reddit and get 5 additional 3 month periods for a total of 18 months at 5.25%.


Unless Marcus lowers their base rate, I'll be getting 5.25% until next Aug.

Another nice point, as soon as I initiated a transfer into Marcus from a Marcus linked account, I started earning interest the same day before the funds clear. It will show you that on your transfer.


AARP link

https://www.marcus.com/us/en/savings/aarp-savings

You can get a referral code from anyone at Reddit. Just search Reddit and Marcus referral. Then post your own referral code to extend your bonus period. Took me 2 weeks before all 5 of my Reddit referrals were used.

[Kings over Queens]

Quote:

Originally Posted by Al18 I just checked - Marcus is only paying 0.25% APR higher than Discover on their savings account.

Plus 1% bonus.

I think discover was at 3.9 amd marcus 4.15 or 4.25 PLUS the 1% referral bonus. Im sitting on the patio and need to go up to the office to confirm.

But, point taken. I opened discover when i did even though they werent the highest return at the time.

[dobig]

Screenshot showing interest rate from Marcus.

Screenshot (133).jpg

[Al18]

Ok, thanks for the update on the referral bonus.

[jollystomper]

I do not bounce around too much, as I try to keep it simple in case something happens to me and DW has to take over the finances. I stick to 2 online banks (Ally and Capital One) and 2 mutual fund/brokerage institutions (Fidelity and Vanguard) to move money around based on rates. That is easy enough for DW to deal with. While they may not always pay the absolutely highest rates, it is not keeping up at night with concern

[mickeyd]

I am currently using VG CRFMMF for my cash. The last time I checked they were yielding around 5.05%. Last year at this time I was using Ally online savings act. I jump around on occasion, but tend to settle down for a while and wait for the big jumps in yields and special situations. (gotta do something with all this $$)

[Another Reader]

Quote:

Originally Posted by mickeyd I am currently using VG CRFMMF for my cash. The last time I checked they were yielding around 5.05%. Last year at this time I was using Ally online savings act. I jump around on occasion, but tend to settle down for a while and wait for the big jumps in yields and special situations. (gotta do something with all this $$)

It's hard to expend a lot of effort on CD's and treasuries with this rate. 5.05 last I checked.

ETA: Schwab looks bad by comparison. What cash I have over there is going into short term treasuries and CD's.

[ychuck46]

[QUOTE Now, is the additional time/effort of searching out and managing an additional account worth $200/year on every $100,000 vs the lazy man's approach?[/QUOTE]

Your point is a good one. And since most people are likely talking about less than $100K the amounts are that much less. As humans we focus on things like gas (we'll go out of our way for a few pennies less) or even tenths of a % on savings, and then ignore things we spend money on that cost $100s or even $1000s. I am currently putting together a ladder of CDs at our bank for some extra cash. I could get a few dollars more if I moved the money elsewhere but it isn't worth the extra time, not when I can see my savings/checking/CD/HELOC accounts all in one place.

[AlmostThere35]

Right now, I'm thinking interest rates are likely to be lower over the next couple decades, so I'm buying a lot of GSE agency bonds now with 15+ year durations at over 6% interest. The emergency cash I keep in Discover Online Saving account at 4% last I checked. For other short term fixed income, rather than laddering, I buy short term Zero Coupon Treasury Bonds - they yield over 5% lately with durations less than a year. I don't think I'll ever buy CDs again.

Edit: I'm not old enough for all the AARP generational theft discounts like this one

[Tracer]

I've had my high yield savings at All America Bank for years. They seem to be always paying among the highest yields around pretty consistently. Their no strings money market account yield is currently at 5.05%. If you check the link below, a few are paying even higher than that with some minimums though.

In this higher interest environment, a good resource to find the best yields on savings and CD's is Doctor of Credit. While most of what I have is in equities and bond funds, I parked some un-invested "safe cash" I won't be needing for awhile in a 2 yr 5.50% CD at a credit union that I found there.

https://www.doctorofcredit.com/high-...avings-to-get/

[Surewhitey]

We just did a 6 month CD for 5.3% annually. Hoping / not hoping for the 5 year CD to go up later this year...

[rayvt]

I started to chase around finding banks that had good CD rates. A pain, had to apply for a new account at the bank(s)--even if I already had a checking/savings account at that bank. And they all will automatically renew the CD at maturity unless you tell them not to within 7-10 days of maturity.

I was checking rates at places link bankrate.com, then going to the bank's web site. Then I remembered hearing about brokered CDs, so I looked at a couple of stock brokers, etrade and schwab, to see what they had. Wow! super easy. Easy to see CD rates & terms, easy to buy, no need to apply for the CD at the bank, just order it at the broker. Also, etrade (maybe others, don't know) does *not* renew the CD at maturity, they just deposit the money bank into your broker account.

Currently showing 5.35%-5.4% for 6 & 9 month CDs, 5.55% for 1 year.

For a 5 year, 5.35% interest paid monthly.

[Al18]

Some of those brokered CD rates may be for callable CD’s - meaning the bank has the option to cancel the CD after a period (usually 6 months). If you want to hold the CD until maturity, make sure the CD is call protected.