Currently have about $40k with American Express in their online savings account, but a riff with them over a CC I have with them and their complete lack of customer service has me looking to close the card and move my savings to another bank. The account is used as our general emergency fund as well as to hold money for property taxes, insurance, etc.
What online savings accounts are you all using and what are the rates?
7,565 Views |
53 Replies |
Last: 1 yr ago by TheMasterplan
Wife and I have used FNBO Direct for over a decade.
Currently 5.15% APY for savings accounts.
https://www.fnbodirect.com/
Currently 5.15% APY for savings accounts.
https://www.fnbodirect.com/
We use CIT Bank, currently a 5.05% APY.
Vanguard VMFXX 5.3%
Ally 4.35%
Fidelity SPAXX 4.6% (after fees)
All have been good for me.
Ally 4.35%
Fidelity SPAXX 4.6% (after fees)
All have been good for me.
Was a long thread about it last year.
We're with AMEX, not the highest rate but still decent and easy, 4.35%.
Curious what your issues were? Their customer service is really the only reason I haven't canceled with them yet. I had an issue with Amazon and Amazon was beyond worthless so went through AMEX for everything. Was going to cancel, or downgrade, last year but they offered me something like 60k points to stay. Fees are getting to where it isn't worth it, though.
We're with AMEX, not the highest rate but still decent and easy, 4.35%.
Curious what your issues were? Their customer service is really the only reason I haven't canceled with them yet. I had an issue with Amazon and Amazon was beyond worthless so went through AMEX for everything. Was going to cancel, or downgrade, last year but they offered me something like 60k points to stay. Fees are getting to where it isn't worth it, though.
Use Wealthfront, they are currently at 5% and always seemed to move faster than any of my others.
They have a program if you use Referral Link we each get 5.5% for 3 months.
Also have CIT Bank, but it took them a long time to get to where they are at now.
They have a program if you use Referral Link we each get 5.5% for 3 months.
Also have CIT Bank, but it took them a long time to get to where they are at now.
Appreciate the suggestions. I'll take a look.
More me being petty over something that I'll admit was my fault. I have a no annual fee card with them that I got in 2005 shortly after I got out of college and was what I put everything on and paid off each month for years, but once I got married, my wife wasn't too keen on doing that, so we did what most do and use our debit cards. I was finally able to convince her to start doing this and we went with the Sapphire Reserve and have really liked it.
I still have the card and it's what I use for my monthly stuff that I pay for out of a bit of money I have deposited into my account each month (she has hers) that is my "fun money" where she doesn't question my stupid purchases, nor do I question hers. It may not be what you do, but it works for us. Anyway, I put about $50 on it in November as well as her Christmas present, and when I logged into the account today to move money from savings for my property taxes (yay!), I was like "crap, that's due today" and paid it off. Well, it was due yesterday and they hit me with a $30 late fee. I called to see if they could wave the late fee given I've never had a late or missed payment in almost 19 years of having the card and I made the payment the next day, and 3 different people basically told me they couldn't do anything.
Customer service means a lot to me, and I now know where I stand with them. Almost 2 decades of doing everything right while trusting them with my liquid savings means nothing to them and has bought zero leeway, so I am going to move my money elsewhere and most likely cancel the card. What sucks is I had been thinking about cancelling the Reserve and going with the AE Gold given our travel now is mainly done in a minivan (3 kids 10 and under) and we spend a whole lot on groceries each month, but that is not going to happen.
Again, it's petty and my fault, but you'd think they'd look at see this was an honest mistake and I'm not some habitual person who calls multiple times a year. This is actually the first time I have ever been late on a payment of any kind.
Flame on
I still have the card and it's what I use for my monthly stuff that I pay for out of a bit of money I have deposited into my account each month (she has hers) that is my "fun money" where she doesn't question my stupid purchases, nor do I question hers. It may not be what you do, but it works for us. Anyway, I put about $50 on it in November as well as her Christmas present, and when I logged into the account today to move money from savings for my property taxes (yay!), I was like "crap, that's due today" and paid it off. Well, it was due yesterday and they hit me with a $30 late fee. I called to see if they could wave the late fee given I've never had a late or missed payment in almost 19 years of having the card and I made the payment the next day, and 3 different people basically told me they couldn't do anything.
Customer service means a lot to me, and I now know where I stand with them. Almost 2 decades of doing everything right while trusting them with my liquid savings means nothing to them and has bought zero leeway, so I am going to move my money elsewhere and most likely cancel the card. What sucks is I had been thinking about cancelling the Reserve and going with the AE Gold given our travel now is mainly done in a minivan (3 kids 10 and under) and we spend a whole lot on groceries each month, but that is not going to happen.
Again, it's petty and my fault, but you'd think they'd look at see this was an honest mistake and I'm not some habitual person who calls multiple times a year. This is actually the first time I have ever been late on a payment of any kind.
Flame on
Wells Fargo at 4.5 % for 10k in new money so I went with them. Good through the 16th I think. Also added a couple CD's.
I like SoFi. 4.6% in savings. 0.5% in checking. But I also have their no-fee credit card netting 2% cash back that auto-deposits the reward monthly into my savings. Between 2% cash back and interest it's good for $3,600/yr for us. 75% of the way to a family vacation.
Cash in a Fidelity brokerage account is earning 4.99%, and you can use it to write cash secured puts, so it's like double dipping.
Capital One 360 Performance. 4.34%.
That's wild. I made a similar mistake (incorrectly assumed auto payment would process for the first payment) about a decade ago and Citi waived it no problem.
I have this too, Current APY 4.35%.TXTransplant said:
Capital One 360 Performance. 4.34%.
Also have account at Popular Direct Current APY 5.25%, last week it was 5.35%. Has some restrictions, but not too onerous.
I looked at my Dec statement. Good to know it's continuing to increase. I feel like they've been pretty good about that.
Capital one 5.25%. Schwab varies 5.5% to 5% depending on the length of term. I for the most part only do 1 month unless something jumps out with a longer term.
PCOXX @ 5.42%
Apple just bumped their rate to 4.35% today. Not the highest but it's easy to use. We don't use the card much but we park the 2% cash back from our personal and business credit cards so the entire account is basically free money which is fun to watch grow.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
We're at Ally, currently at 4.35%. Not the highest, but I like their "bucket feature to be able to earmark money for different purposes.
What's the deal with this one? Didn't Goldman Sachs exit the deal?LOYAL AG said:
Apple just bumped their rate to 4.35% today. Not the highest but it's easy to use. We don't use the card much but we park the 2% cash back from our personal and business credit cards so the entire account is basically free money which is fun to watch grow.
htxag09 said:What's the deal with this one? Didn't Goldman Sachs exit the deal?LOYAL AG said:
Apple just bumped their rate to 4.35% today. Not the highest but it's easy to use. We don't use the card much but we park the 2% cash back from our personal and business credit cards so the entire account is basically free money which is fun to watch grow.
Haven't heard that. If they did it hasn't happened yet. I just looked and it still shows Goldman Sachs and the bank.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
Think it was announced in the fall of 2023 with a 12 or 18 month timeline. Haven't seen what the plans are for replacement of Goldman Sachs.
htxag09 said:
Think it was announced in the fall of 2023 with a 12 or 18 month timeline. Haven't seen what the plans are for replacement of Goldman Sachs.
Hmm good to know. Have to keep an eye out for that. Unless it has just flopped entirely I would assume Apple with find a comparable replacement but definitely worth watching. Thanks for the heads up.
Edit: found a December article saying Goldman is looking to exit the card relationship because they've lost a significant amount of money on the program. Between the card targeting people with weaker credit and Apple not allowing any fees and blocking the sale of user data it's apparently been a difficult deal for Goldman that may mean Apple has to make some concessions to find a replacement. They also said the savings account contract isn't technically tethered to the card contract so it's possible savings stays at Goldman. The savings accounts have collectively reached $10B according to the article.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
I have my savings in aapl, stld, amd, nue, and tsla. It's ~6 months worth of living expenses. Probably 8-9 months of only necessary expenses (mortgage, cell, internet, vehicles, utilities)
I keep little to nothing in a bank savings account.
I keep little to nothing in a bank savings account.
Texas Capital Bank at 5.1% I believe.
You can only get that rate if you live in Texas
You can only get that rate if you live in Texas
Amex @ 4.35%
Already have a few cards with them so was easy to setup another account.
Already have a few cards with them so was easy to setup another account.
62strat said:
I have my savings in aapl, stld, amd, nue, and tsla. It's ~6 months worth of living expenses. Probably 8-9 months of only necessary expenses (mortgage, cell, internet, vehicles, utilities)
I keep little to nothing in a bank savings account.
so I assume you're more aggressive with your investment capital..
Titan Invest Smart Cash 5.31%
I've been using Bask bank, which is Texas Capital's "online" bank division. No residency restrictions and the same 5.1% APY.TheMasterplan said:
Texas Capital Bank at 5.1% I believe.
You can only get that rate if you live in Texas
I have my immediate emergency funds in AMEX.
I have my secondary amount in Treasury Bonds/CD's for amounts over $1k. If I have any residual below $1k is in SPAXX until I can buy another CD/Bond.
I have my secondary amount in Treasury Bonds/CD's for amounts over $1k. If I have any residual below $1k is in SPAXX until I can buy another CD/Bond.
VMFXX
Last year I put our savings in a brokerage account. So I expect something around the average market returns and will have some taxes as a result of dividends and .
money movement when it's rebalanced but nothing to extensive and I can get at the money in few days if needed.
money movement when it's rebalanced but nothing to extensive and I can get at the money in few days if needed.
Wealthfront 5%
Another vote for VMFXX
SWVXX
Featured Stories
See All
22:52
5h ago
1.6k
18:16
3h ago
644
All-American Mary Stoiana ready for Texas A&M's SEC gauntlet
by Ali Russell
44:06
37m ago
329
ArcticPenguin
Why do people want a CFP format with 3 loss teams in it?
in Billy Liucci's TexAgs Premium
37
NyAggie
Texas A&M third baseman Gavin Grahovac to miss remainder of 2025
in Billy Liucci's TexAgs Premium
33
SchlepRock
Thank You From Team Theo, One Month Post Heart-Transplant
in Billy Liucci's TexAgs Premium
28
therealnick05
Why do people want a CFP format with 3 loss teams in it?
in Billy Liucci's TexAgs Premium
27