High Interest Savings Account
I seem to only trust industry babes when it comes to what we should do with this big $$ pile saved over the years. Anyone ever start a high interest savings account? I want to start one but feel overwhelmed by all my options & I'm afraid I'm going to do the wrong thing. Advice/suggestions/recommendations?? <3
Re: High Interest Savings Account
If it's indeed a big pile, get an adviser. Also- can't go wrong with indexes.
I'm not the most qualified person on this topic. BUT I can say having money invested is a very gratifying feeling.
Re: High Interest Savings Account
I agree with getting an advisor.
Re: High Interest Savings Account
Savings, money market (usually a bit higher interest rates than savings acct), or some insurance policies (whole life, variable and index life) accrue interest as well
but yeah ask a financial advisor
Re: High Interest Savings Account
I use Ally Bank but the APY % keeps dropping...try Wealthfront instead
Re: High Interest Savings Account
Capital one or ally. The capital one money market gives you 2 percent on amounts bigger than 10k. The Apy right now is around 1.7% for me. So, you're earning money from doing absolutely nothing.I don't think you really need an advisor unless you plan on dabbling in other things besides a savings account.
Re: High Interest Savings Account
My experience with Ally:
Had an issue right away with the checking because they were supposed to to send 20 free checks with the opening of your account. Took a long time to get them, called and was told to please be patient. Fine. Called again a week later cause I really needed checks to pay rent. Come to find they weren't ordered on their end for me. Ok, that's fine, people make mistakes but I had to request they were expedited since the first of the month was upon us at the time and I really needed my checks to pay rent. The employee I was speaking to insisted she had to charge me ~50 dollars for the expedited shipping. I requested to escalate to a manager who said based on their system they had to charge my checking account and then I would be reimbursed. I said ok and asked if I would need to call back when it came time for reimbursement. She said no, she would make sure she took care of this for me. Fine. Great. I waited about ten days after they charged me, called again and of course the manager I spoke to didn't put in for the reimbursement. In the the end it was a ton of hassle over what should have been a curtesy for a new account. It's not worth switching banks again but I don't recommend Ally to anyone after what a pain all that was. I spent at least half an hour on the phone each time I had to call.
Re: High Interest Savings Account
Stick with Ally Bank; raters follow the Fed rate..rates have dropped twice this year so now 1.7%!
Re: High Interest Savings Account
Re: High Interest Savings Account
Quote:
Originally Posted by
Robert De Niro
Don't save, invest.
Savings have a place. (1) Emergency fund. Ideally 3-6 months of expenses and in an account you can immediately access. I use my local credit union they pay about 2% for checking, savings and money market deposits. (2) A place to hold cash until you have enough to invest. For example, Vanguard requires $3,000 to open a new account. I saved up my investment money in my savings account until I got enough to open a Vanguard account. (3) Sinking fund for a new car or other largish purchase that I don't want to borrow for. (4) Vacation fund. An explanation is not really required for this one. All in all, if I plan on spending some money with in a year, I usually park it in a savings account. I know, I could use a checking account, but putting money in savings with a name on it helps me with the accounting.
HTH
Z
Re: High Interest Savings Account
Ok, so sorry need to bump y
I looked on line, found One Save had highest rate 1.%::)
& some other features, not quite sure how to use :(
4.5 out of 5 star Nerd Wallet
Re: High Interest Savings Account
There are some banks and credit unions that offer 3 - 4 percent interest, up to a certain amount, if you meet the criteria. Genisys Credit Union offers 4.07% interest on balances up to $7,500 (as of today), if you enroll for electronic statements and use your debit card at least 10 times for the month, on purchases greater than $5.
https://www.genisyscu.org/accounts/c...geniuschecking
Re: High Interest Savings Account
Quote:
Originally Posted by
eagle2
There are some banks and credit unions that offer 3 - 4 percent interest, up to a certain amount, if you meet the criteria. Genisys Credit Union offers 4.07% interest on balances up to $7,500 (as of today), if you enroll for electronic statements and use your debit card at least 10 times for the month, on purchases greater than $5.
https://www.genisyscu.org/accounts/c...geniuschecking
I'm.not qualified, (I'm in IL,) thank you tho.
Looks like Discover''s received & processing my application .:)
Re: High Interest Savings Account
Here are a few more banks and credit unions offering higher interest rates:
https://www.investopedia.com/best-hi...counts-5070332
Maybe's there's one you qualify for.
Re: High Interest Savings Account
I still hate Ally. My house closing nearly got delayed because their wire transfer system wouldn't work.
Re: High Interest Savings Account
Not exactly a high interest account, but just saw this: http://www.aspiration.com
Re: High Interest Savings Account
Evansville Teachers Federal Credit Union offers a checking account with 3.3% interest if you meet the criteria.
https://etfcu.org/