Looking for a higher-interest savings account

[empress of self-improvement]

I'm looking for a savings account, probably online, that has a better interest rate than my brick and mortar one which gives me shit. I also want it because it's currently a passbook only account and I cannot set up direct deposit to work on building it up. I currently have a Capital One savings account which I like but I didn't know if anyone has one that they like. I've decided this is the year to try to make my money work better for me and this crappy account isn't doing it. Anyone? I looked at nerdwallet but still looking for other people's opinions.

[minnesotapaintlady]

Ally bank is kind of a go to for straight savings.  Looks like they're paying 4.35% right now. 

Otherwise, if you have a Fidelity or Vanguard account, money market rates are sitting about 5% and you wouldn't have to open an account with a new place.  

[plugginaway22]

Synchrony Bank has a high yield savings account paying 4.75% with no minimum balance. I have mine at Capital One 4.35% and haven't decided if I'm moving it.

[empress of self-improvement]

I do have a couple Fidelity accounts. I never really paid attention but what is better, a money market account or a savings account? The amount that I'm depositing is $18,000 so I want something that will help me build it up faster but I don't need anything highly liquid. I have another account for that.

[minnesotapaintlady]

Money Market funds are not FDIC insured, but they're also super low risk.  I'd just stick it in SPAXX with Fidelity if you have a brokerage account there anyhow.  It's been at about 4.9% for quite a while.  If the insurance is important to you, you can buy CD's through Fidelity and those are insured.

[moneysquirrel]

Jan 20, 2024 20:32:26 GMT -5 empress of self-improvement said:

I'm looking for a savings account, probably online, that has a better interest rate than my brick and mortar one which gives me shit. I also want it because it's currently a passbook only account and I cannot set up direct deposit to work on building it up. I currently have a Capital One savings account which I like but I didn't know if anyone has one that they like. I've decided this is the year to try to make my money work better for me and this crappy account isn't doing it. Anyone? I looked at nerdwallet but still looking for other people's opinions.

Since you already have a Cap One account check to see if it is the Performance Saving One.  That account is currently paying 4.35% interest and I find that it is very easy to move money from one Cap one account to another.  Also easy to move money from another bank into Cap one.  I have transferred money into that one even from other Cap 1 accounts because they were not paying as much interest.  Not sure that this helps but thought I would pass it on.

[Cheesy FL-Vol]

I have been eyeballing Discover savings.


www.discover.com/online-banking/savings-account/

[chiver78]

I've had an American Express savings account for years, it's also currently at 4.35% but has actually been higher in the last couple of years. no major complaints, standard 2-3 day transfer time. happy to extend a referral link if anyone's interested. 


Cheesy FL-Vol - I've got a Discover checking account as the "throwaway" card that lives in my phone wallet. it's the same fantastic customer service that I've become used to with their credit cards. would definitely recommend. 

[steph08]

Jan 20, 2024 23:58:52 GMT -5 moneysquirrel said:

Jan 20, 2024 20:32:26 GMT -5 empress of self-improvement said:

I'm looking for a savings account, probably online, that has a better interest rate than my brick and mortar one which gives me shit. I also want it because it's currently a passbook only account and I cannot set up direct deposit to work on building it up. I currently have a Capital One savings account which I like but I didn't know if anyone has one that they like. I've decided this is the year to try to make my money work better for me and this crappy account isn't doing it. Anyone? I looked at nerdwallet but still looking for other people's opinions.

Since you already have a Cap One account check to see if it is the Performance Saving One.  That account is currently paying 4.35% interest and I find that it is very easy to move money from one Cap one account to another.  Also easy to move money from another bank into Cap one.  I have transferred money into that one even from other Cap 1 accounts because they were not paying as much interest.  Not sure that this helps but thought I would pass it on.

This is what I have. 4.35% is pretty much in line with others. Not sure I have enough money to make moving to something that pays a but more worth it.

I've had it since they were ING, probably close to 15-17 years.

[empress of self-improvement]

Jan 21, 2024 12:36:08 GMT -5 steph08 said:

Jan 20, 2024 23:58:52 GMT -5 moneysquirrel said:

Since you already have a Cap One account check to see if it is the Performance Saving One.  That account is currently paying 4.35% interest and I find that it is very easy to move money from one Cap one account to another.  Also easy to move money from another bank into Cap one.  I have transferred money into that one even from other Cap 1 accounts because they were not paying as much interest.  Not sure that this helps but thought I would pass it on.

This is what I have. 4.35% is pretty much in line with others. Not sure I have enough money to make moving to something that pays a but more worth it.

I've had it since they were ING, probably close to 15-17 years.

Same here. Seems so long ago.

[nittanycheme]

Jan 21, 2024 12:36:08 GMT -5 steph08 said:

Jan 20, 2024 23:58:52 GMT -5 moneysquirrel said:

Since you already have a Cap One account check to see if it is the Performance Saving One.  That account is currently paying 4.35% interest and I find that it is very easy to move money from one Cap one account to another.  Also easy to move money from another bank into Cap one.  I have transferred money into that one even from other Cap 1 accounts because they were not paying as much interest.  Not sure that this helps but thought I would pass it on.

This is what I have. 4.35% is pretty much in line with others. Not sure I have enough money to make moving to something that pays a but more worth it.

I've had it since they were ING, probably close to 15-17 years.

I actually opened up new savings accounts with Cap one (I was with them from ING also) because my accounts weren't actually earning the higher rate.  In order to earn it, I actually had to move it to a new savings account through them.  It was annoying, but worth it for the extra money.  You can also earn a bit of extra interest if you do a CD through Cap one.  Its easy if you already have an account.

[resolution]

Vanguard has a cash plus account that is currently paying 4.7% and has a bank sweep that is FDIC insured. investor.vanguard.com/accounts-plans/vanguard-cash-plus-account

I'm still using their regular money market because it's paying a higher rate, but the regular money market isn't FDIC insured like the cash plus bank sweep is.

[TheOtherMe]

I have two CD's with Capital One because the one at the credit union is a very short term.  I guess the credit union thinks interest go down, so I moved my money out of their.  

They are still paying me next to nothing on my largest CD because it's got too more years before maturity and is only paying about 2.0%

[moneysquirrel]

Jan 21, 2024 17:11:30 GMT -5 TheOtherMe said:

I have two CD's with Capital One because the one at the credit union is a very short term.  I guess the credit union thinks interest go down, so I moved my money out of their.  

They are still paying me next to nothing on my largest CD because it's got too more years before maturity and is only paying about 2.0%

I wondering if taking a hit on the interest penalty would be worth it to transfer that money to a higher paying CD.  You may have to crunch the numbers to determine if that would be an advantage.

I am another who had ING from that same time period.  

[saveinla]

Fidelity just sent me notification of 5.35% on Merchant Bank .

DCU in your area has 4.79 for short term - 5-8 months I think

[garion2003]

Jan 21, 2024 15:49:28 GMT -5 empress of self-improvement said:

Jan 21, 2024 12:36:08 GMT -5 steph08 said:

This is what I have. 4.35% is pretty much in line with others. Not sure I have enough money to make moving to something that pays a but more worth it.

I've had it since they were ING, probably close to 15-17 years.

Same here. Seems so long ago.

Same here

[❤ mollymouser ❤]

We've been happy with Amex.

[nittanycheme]

Jan 21, 2024 16:13:13 GMT -5 nittanycheme said:

Jan 21, 2024 12:36:08 GMT -5 steph08 said:

This is what I have. 4.35% is pretty much in line with others. Not sure I have enough money to make moving to something that pays a but more worth it.

I've had it since they were ING, probably close to 15-17 years.

I actually opened up new savings accounts with Cap one (I was with them from ING also) because my accounts weren't actually earning the higher rate.  In order to earn it, I actually had to move it to a new savings account through them.  It was annoying, but worth it for the extra money.  You can also earn a bit of extra interest if you do a CD through Cap one.  Its easy if you already have an account.

Apparently I'm not the only one who was fooled.  linkhttps://www.americanbancapital-one-seeks-dismissal-of-lawsuit-brought-by-disgruntled-savers

[souldoubt]

Like other posters I have the Capital One 360 (been with them since ING days) account that pays 4.35%.  However, some months back I moved everything from Capital One to Vanguard into their cash plus account that's currently paying 4.7%.

[azucena]

Feb 16, 2024 13:38:46 GMT -5 nittanycheme said:

Jan 21, 2024 16:13:13 GMT -5 nittanycheme said:

I actually opened up new savings accounts with Cap one (I was with them from ING also) because my accounts weren't actually earning the higher rate.  In order to earn it, I actually had to move it to a new savings account through them.  It was annoying, but worth it for the extra money.  You can also earn a bit of extra interest if you do a CD through Cap one.  Its easy if you already have an account.

Apparently I'm not the only one who was fooled.  linkhttps://www.americanbancapital-one-seeks-dismissal-of-lawsuit-brought-by-disgruntled-savers

US Bank also required me to go in person to open a new account several months ago to get a higher tier interest rate in the 4% range vs the 0.05% on my main account. Such games.