OT. High yield savings

[THUNDERSTRUCK111]

Hello fellas.
Been looking into these high yield savings accounts from capitol one etc. Offering almost 5 percent interest. No penalties and can access your money anytime.
There are some offering almost 6 percent but I’ve never heard of some of these banks.
Any one with any advice or experience with these ? Positives? Negatives ?
Seems like a good move since my local bank is only offering less than 1 percent interest on a savings account.
Any advice would be appreciated.

 

[theskibro]

Hello fellas.
Been looking into these high yield savings accounts from capitol one etc. Offering almost 5 percent interest. No penalties and can access your money anytime.
There are some offering almost 6 percent but I’ve never heard of some of these banks.
Any one with any advice or experience with these ? Positives? Negatives ?
Seems like a good move since my local bank is only offering less than 1 percent interest on a savings account.
Any advice would be appreciated.

TStruck
I just pulled money out of Bank America and put it in Discover Savings Bank It’s the same as Discover credit card. I have their app and I have my credit card and savings account linked on the app. I’m getting over 4.30 per cent and likely will go higher. I have access to the funds and so I’m not sure why I would invest in a cd which is not getting much more rate

I also had a cd from Marcus mature 2 weeks ago and I put that into the Marcus savings Bank account. Same deal. Like 4.4 per cent. Both are fdic insured so if u have under 250k in an account you are safe

 

[THUNDERSTRUCK111]

TStruck
I just pulled money out of Bank America and put it in Discover Savings Bank It’s the same as Discover credit card. I have their app and I have my credit card and savings account linked on the app. I’m getting over 4.30 per cent and likely will go higher. I have access to the funds and so I’m not sure why I would invest in a cd which is not getting much more rate

I also had a cd from Marcus mature 2 weeks ago and I put that into the Marcus savings Bank account. Same deal. Like 4.4 per cent. Both are fdic insured so if u have under 250k in an account you are safe

I agree ski bro.
No cd for me either.
My thing is I would rather take 4.5 percent with a reputable company like discover or capitol one instead of 5.5 percent with a bank I ve never heard of .
Or does it not matter as long as there fdic insured up to 250k.

Also would I be able to set up a direct deposit with my employer directly into that account.

 

[Telx1]

Hello fellas.
Been looking into these high yield savings accounts from capitol one etc. Offering almost 5 percent interest. No penalties and can access your money anytime.
There are some offering almost 6 percent but I’ve never heard of some of these banks.
Any one with any advice or experience with these ? Positives? Negatives ?
Seems like a good move since my local bank is only offering less than 1 percent interest on a savings account.
Any advice would be appreciated.

I use Merrill Lynch Edge for my self directed investments and their Preferred Savings for my cash. The Savings account requires $100K minimum with no time commitment, and the rate varies weekly…currently above 5%. CDs have been a very poor choice for several years and their return on investment via savings accounts are just now catching up. Banks reflect supply and demand dynamics like any other industry, and those regional banks offering off market rates are typically in serious need of cash to either sustain or grow their lending portfolio. There are no compelling reasons to tie up money in CD accounts at this time, imo.

 

[Patrirish]

I agree ski bro.
No cd for me either.
My thing is I would rather take 4.5 percent with a reputable company like discover or capitol one instead of 5.5 percent with a bank I ve never heard of .
Or does it not matter as long as there fdic insured up to 250k.

Also would I be able to set up a direct deposit with my employer directly into that account.

If it’s a “bank” its FDIC insured up to the limit