"High" Yield Savings or Checking

[Steelart99]

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?

 

[braumeister]

I've used Discover Bank for years. 1% interest, no problems.

 

[jjquantz]

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.

 

[Steelart99]

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.

 

[Gotadimple]

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%

 

[Steelart99]

I've used Discover Bank for years. 1% interest, no problems.

Hmmmm ... just checked out their website .... looks interesting. Thanks.

 

[hesperus]

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%.

 

[sengsational]

A while back, I shopped using this site http://www.depositaccounts.com/checking/reward-checking-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.

 

[jjquantz]

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.

 

[Steelart99]

A while back, I shopped using this site http://www.depositaccounts.com/checking/reward-checking-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.

 

[Nunthewiser]

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...

 

[audreyh1]

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.

 

[RE2Boys]

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

 

[Steelart99]

I appreciate all the input, it has pointed me in the right direction!

 

[Souschef]

Is it worth it?

I cannot see jumping through all those hoops for 1%

 

[Steelart99]

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.

 

[sengsational]

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.

 

[Cobra9777]

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.

 

[audreyh1]

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.

 

[Steelart99]

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-...bank-in-kettering-oh-5001136/customer-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.

 

[jazz4cash]

I see folks with issues pertaining to credit accounts esp wrt deferred interest accounts but nothing that would deter me from using them for a savings acct. we have a few retail credit accounts with them (hh Gregg and some others) and the disclosures are pretty thorough IMO.


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[jarts98]

We've been with CIT for years. 1.05% currently. We've experienced no problems with them at all.

 

[Steelart99]

I see folks with issues pertaining to credit accounts esp wrt deferred interest accounts but nothing that would deter me from using them for a savings acct. we have a few retail credit accounts with them (hh Gregg and some others) and the disclosures are pretty thorough IMO.

The other site I'd found indicated there were people having issues with transfers in/out of the savings accounts and lousy customer service. Of course I can't "prove" that now that I've lost the link to that particular set of reviews ....

 

[24601NoMore]

I'd love to find that link (with the bank reviews) again also, as I remember reading some really questionable things about Synchrony, GE Capital and others too..

I thought Bankrate.com had the reviews but can't find them now..wonder if they took them down?

 

[24601NoMore]

Think I found it..

https://www.depositaccounts.com/banks/synchrony-bank.html