All rates here are lower than T bills which can be purchased in $100 increments

T-bills are paying 2.7%? Where?

RK said:

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AggieMainland said:

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My favorite part of Marcus is that you can easily set up automatic transfers. For example, if you get paid every two weeks, you can have Marcus move $XXX every 2 weeks to your savings. Makes it super easy.

Is this common with the others? Ally/Synchrony?

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i use marcus now but used capitalone360 in the past. it worked the same way with transfers. it also had the benefit of being able to easily subdivide the account into separate bins, which was nice (ie if you have portions earmarked for things like car savings, property taxes, etc...you could divide those into separate sub-accounts for better organization). plus it had an app, which was also nice.

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How do you subdivide the capital one account? I could not find that option.

dantes said:

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4 week t-bills are at 2.4%, and they can be set up to automatically ladder every 4 weeks on some brokers (fidelity for one). Higher rates and backed by full faith amd credit of the federal government

https://www.treasurydirect.gov/indiv/products/prod_tbills_glance.htm

By using a staggered ladder (putting 25% of your savings in 4 week bills for 4 weeks) you are at most 4 weeks away from 100% cash for withdrawal

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I've never done t-bills, so this may be a really dumb question. Is the 2.4% interest earned after 4 weeks or is it annually? So would 100k make $2,400 in 4 weeks, or would it make $184 in 4 weeks (2400 x 4/52)?

Annual

Thanks. That's what I figured.

Is the 2.71% a teaser rate on maxmyinterest? Is that inclusive of their .1% fee and any balance? There are banks that have higher introductory savings rates for balances up to a certain amount. The higher rates up to a certain figure are similar to the credit cards offering $300 to sign up for the first year etc. Not truly higher interest rates

dantes said:

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Is the 2.71% a teaser rate on maxmyinterest? Is that inclusive of their .1% fee and any balance? There are banks that have higher introductory savings rates for balances up to a certain amount. The higher rates up to a certain figure are similar to the credit cards offering $300 to sign up for the first year etc. Not truly higher interest rates

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It's not a teaser rate, they have agreements with several banks to provide preferred rates through their system. They charge the 8 bps quarterly (2bps per quarter) and I've found that their preferred savings rates agreements gets you more net interest than you could get for yourself if you went to the bank directly.

I think the interface is really easy to manage, and they make it easy to move money to a different savings account if a different bank starts offering higher rates. When I first got on, Marcus was offering the highest rate, at 2.25%. Over the next 6 months I've probably seen 5-8 different banks leapfrog them.

It's not like a CD where you have money locked up. It's just savings accounts you link to whatever checking or brokerage account you want to. It's a no-brainer for anyone who chooses to keep enough cash to exceed FDIC limits.

Orion FCU has a premium checking account earning 4% interest.

Iowaggie said:

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Orion FCU has a premium checking account earning 4% interest.

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How interesting... they want you to bypass the debit option and choose credit on at least 8 transactions per month. They must credit back some portion of what they take from retailers on those transactions.

That's a hell of a rate and very tempting. Anyone actually have this? Is it promotional that they're going to lower after some time? Any other catches other than the above?

Just got an email that Marcus rate is dropping to 2.15% effective tomorrow. We'll see who else follows. May be time to move.

Yep, was just looking at an alternative.

Ally sent out an email earlier this week (I think) dropping rates from 2.2 to 2.1%.

Maximus_Meridius said:

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Ally sent out an email earlier this week (I think) dropping rates from 2.2 to 2.1%.

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Yeah, their no penalty 11 month cd is still at 2.3% though.

I moved a chunk of money over to try out wealthfront for a bit.

Wealthfront looking tempting. Easy to set up?

HYC_AG said:

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Wealthfront looking tempting. Easy to set up?

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Took about five minutes to setup on Thursday around 2 PM. Linked to my Ally account and the money hit my Wealthfront account on Friday. I think it takes them another business day or two to deposit the money at their banking partner institutions, but it has been painless so far.

Amex update: They're dropping down to 1.9 tomorrow

Marcus is now 2%

Ken Tumin is a rate guru and has a daily blog on where to find the best rates of every duration anywhere in the country. He covers checking, savings, CDs, everything. Every blog has a link to the bank or credit union along with their rating.

You can find it at deposit accounts.com

Believe Popular Direct is the top savings at 2.55%

Navy Federal credit union has several CDs above 3% and membership is easy just have a family member who is or was in the military.

If you have cash the Ken's website is a must.

Capital One is still at 2% for their money market savings and 2.4% for a 12 month CD. I keep waiting for rates to drop, but they haven't. And that CD rate is actually better than the rate I got when I opened one in July 2018 (just 0.1% better, but still an improvement). I opted not to renew my CD but am second guessing my choice.

Not a savings account but Charles Schwab has got a great checking account option if you open a brokerage account with them. No fees and a semi-decent rate for a checking account.

No foreign account transaction fees. No ATM fees. Third Party fees rebated as well.

Been sorting out my bank accounts recently and have realized that credit unions aren't necessarily the best options for a checking account but their savings accounts have good interest rates.

Marcus is now 1.9%

PCOXX still 2%

CIT Bank [NOT CitiBank] dropped to 2.08% from 2.23%.

Robinhood Cash Management 2.05%
https://robinhood.com/about/cash-management

Only 200,000 on the wait list

MAS444 said:

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That's a hell of a rate and very tempting. Anyone actually have this? Is it promotional that they're going to lower after some time? Any other catches other than the above?

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I use them.

It's still 4%.

The 8 transactions can sometimes be a hassle, but I basically do all 8 in one sitting sometime during the month.

Their ATM card is both a Debit (needing a PIN) or a credit card, I think. The problem I ran into was sometimes a place like Walmart would call the credit card swipe a Debit card transaction, even though i never used a PIN. Got dinged $5 that month for only having 7 swipes (and no interest). So now I just do the quick 8 swipes where I know it will work and be done with it.

MAS444 said:

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That's a hell of a rate and very tempting. Anyone actually have this? Is it promotional that they're going to lower after some time? Any other catches other than the above?

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Up to $30k....

Ally savings down to 1.8%

I think the deal is over with, but Wells Fargo is giving me 2.13% until 8/31/20 in the high dollar savings (Platinum, I believe). I've moved most of money into it.

Had no clue WF had such a high rate in any product.

Upper limit to balancing receiving 2.13%?

Discover is still holding at 1.9% APY for the time being.

evan_aggie said:

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Had no clue WF had such a high rate in any product.

Upper limit to balancing receiving 2.13%?

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Seriously...I've been with WF for almost 10 years and they haven't even hinted they have a rate like that.

Cap One dropped down to 1.9%