Not bad, but sounds both temporary and selective.


Like other savings accounts, look out for the limit of six monthly withdrawals, along with some other downsides:

• Monthly service fee. You need to maintain a daily balance of $3,500 to waive the $12 monthly fee.
• Initial deposit requirement. Though a low requirement, you need $25 to open an account.
• Overdraft fees. You're charged $34 for each overdraft transaction, or $10 if you have overdraft protection.
• Interest rate. The highest APY of 2.15% is only available for the first 12 months, and only if you open an account with at least $25,000 with an agent. Otherwise, rates range between 0.05% and 0.1%, which is far lower than other savings products.

Thanks for the info. It's not worth the trouble to move everything if it's only good for a year. I'll just stay with Cap One for now. I can always open a 12 month CD with them if I want 2.3%

My emergency fund interest rate dropped from 2.0 to 1.75%.

Still the same rate as my house deposit fund but the important thing is that my emergency fund is in a separate bank altogether.

WF rate was 1.45% before I got the higher rate for 1 year. I moved some to GS Marcus 2-3 months ago (1% bonus capped at 50k/500 bonus if maintain balance for 90 days) but will move most back to WF shortly. I also got a 2.5% 12-month CD with First Bank in May.

And my account was already opened, but they said they would give me the higher rate for 12 months as long as I deposited 25k+ of non-WF funds.

PurePoint just dropped to 1.8%.

PCOXX still 1.99%
https://services.federatedinvestors.com/teamsite-file-server/content/fact-sheets-and-performance-profiles%2FG01417-63.pdf?token=ZGFmXHBkZlxmYWN0X3NoZWV0c19hbmRfcGVyZm9ybWFuY2VfcHJvZmlsZXNcaW52ZXN0b3JfZmFjdF9zaGVldFxsaXF1aWRpdHlfZnVuZHNcRzAxNDE3LTYzLnBkZg%3D%3D%7C1%7CMC0CFHDNJdsuvfxvXL9IfwsYFq8xZReRAhUAlw7iiL97XR9dYcgltJidWb7eIZc%3D

Have money with Wealthfront and CITbank and currently both are above 2%.

Anyone play around with SoFi Money? Cash management account with 1.8%. Only downside I see reading between the lines is that they state they can stop the reimbursed ATM fees at any time without telling you (bull****).

I wouldn't do business with a company that puts forth a policy like that. If they want to stop reimbursing, fine, but they should give you notice.

I moved from Marcus to Memory Bank over the summer after Marcus started lowering its rate. Memory Bank just lowered the rate from 2.25 to 2.00. One thing I do like about Memory Bank is they support Zelle. I also noticed that my Discover Bank account now supports Zelle. I like being able to do instant transfers between my own accounts at different banks when needed,

Ally now 1.7%

Ally now down to 1.6%.

Considering just keeping half of my target amount in there and moving the other half into AGG or something that is pretty safe but has at least somewhat of a better yield (currently 2.71% with 0.04% expense ratio).

Bad idea or not?

dang - I hadn't checked my Cap 1 in a while - down to 1.5% now.

Capital One Money Market down to 1.7% last I checked.

RockOn said:

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I just use VMMXX as my cash allocation.

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I may end up just moving all of cash to Fidelity and using one of their similar funds since Cap One has been moving lower.

RockOn said:

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I just use VMMXX as my cash allocation.

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What's the max and what is the risk level in comparison to CapOne?

Capital One money market account is just a bank deposit like your local bank or credit union. $250k FDIC insurance per TIN.

VMMXX is a true money market investment with no FDIC insurance. The composition is about 55% Yankee bonds, 40% US T-Bills, and 5% bank CD's. Yankees are foreign bank and corporation holdings of US dollar denominated very short-term debt. Average maturity of the portfolio is 49 days. I too once asked, is this safe? and I determined for myself that yes its about as low risk as you can get. And it's a true market rate of interest instead of just what the bank determines it wants to pay, so I never have to shop around for who is paying the best rate. $3,000 minimum, no maximum.

Either one is fine, I think it just comes down to personal preference.

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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They have now lowered their rate:
3% on first $15K
2.05% on $15K - $100K
1.5% on 100K - $250K
and 1% after that.

FYI, Citibank is at 1.85%