High Yield Savings Accounts
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- nb5
Vanguard VMFXX is above 5%. Very safe but will drop as the Fed drops rates.
Fintechs or online banks:
-SoFi 4.5%, $300 bonus but you need direct deposit to get it
-Origin app looks swanky at 5%
-CIT
-Ivy bankJust watch out for account closing fees, or transfer fees or fine print like “allies to first $5k” or “after $5k”
If you prefer to trust a major corporate bank you can probably get a slightly lower rate like 4.25% from Capital One, Barclays, American Express
- Note: all banks are lowering their APY as the Fed cut rates.nb
- *appliesnb
- Also to maximize your savings, you’ll want to first upvote money raccoon, then put double your money into an HYSAnb
- Yup, I also have aVanguard.utopian
- I switched to SoFi, qualified for the $300 bonus, and am earning 4.6% on savings.aliastime
- nice, alias!monospaced
- monospaced3
Because of this thread I just opened one with Amex at 4.25% APY. The savings account I’ve had for decades wasn’t making any returns, so it was a no brainer. The initial deposit along with tiny weekly deposits between my wife and myself will make a nice chunk in 5 years. Sweet :)
- I know I could have got 5% somewhere else, but this was partly out of convenience in relation to existing accounts.monospaced
- kalkal3
Invest in NFT's I heard they're coming back
- dasohr3
CITBANK offers 5% - that's pretty most any financial institute offers. If you really want to bunker monies somewhere, invest in S&P ETFs (SLPG, SPY, VOO) These generally appreciate ~ 7% annually, this years been a banger so far with 15%. Look in to NASDAQ Index funds as well. Good Luck.
- palimpsest3
Build your portfolio with Krop.
- comicsans1
UK/USA? UK: national savings is competitive and rock solid, Premium Bonds for a little flutter. Longer term: ISA.
What are the savings for? Rainy day, saving for a big purchase, saving for later life? The answer is different in each case.
In general think what risk you are willing to take, how long you are willing to tie the money up for, can you top up your savings or withdraw without undue penalty.
- I’m looking at the competition and many don’t have balance minimums or limits on transfers. It’s pretty nice.monospaced
- monospaced2
I think AMEX has a nice offer these days if you’re a customer already.
- nb2
BREAKING:
VMFXX has dropped below 5%
Shop around.
- aliastime1
If the money is set aside for rainy day/emergency needs, high yield savings is where it's at.
https://www.nerdwallet.com/best/…Longer term; CDs, mutual funds, or money market is always a solid choice.
- skinny_puppy1
I used ICSH recently, good returns and cheap. If you have the option, invest on the first possible day of the month and disinvest on the last possible day because it does move predictably ever so slightly throughout the month. Returns paid in cash around the 3rd of the month and can be reinvested. https://www.ishares.com/us/produ…
- _me_0
paging Hedge.
- bainbridge-1
Or Money Market is the move?