High Yield Savings Account

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Replied by FrankN on topic Savings

Your long-term savings (over 5 years) should be put into investment accounts (stocks, bonds, etc.) Until interest rates raise, you will not be able to earning anything meaningful in savings accounts.
3 years 5 months ago #1

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Replied by patse on topic Savings

Cents wrote: Breakinger, you're right that it can be very discouraging when you see how little you earn. What banks consider to be a "high yield" account, I consider to be a kiddie account where piggy bank money goes.


I couldn't agree more. Where are all the high yield accounts? It's almost like we are better off putting our money into IRA's because they have a better yield of return.
3 years 5 months ago #2

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Replied by Cents on topic Savings

Breakinger, you're right that it can be very discouraging when you see how little you earn. What banks consider to be a "high yield" account, I consider to be a kiddie account where piggy bank money goes.
3 years 6 months ago #3

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Replied by Breakinger on topic Savings

I've been looking for a high yield savings account. So many traditional banks don't offer hardly anything. I remember when I was in high school I went through my bank and I earned maybe fifty cents a month. It really discouraged me from wanting to keep my money in there.
3 years 6 months ago #4

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Replied by FrankN on topic Savings

I am also getting .95% with Synchrony financial. I have been generally pleased with their performance.
3 years 8 months ago #5

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Replied by FrugalFran on topic Savings

I'm getting .85 with an Ally money market account. I've seen better interest elsewhere, but I've gotten comfortable with them, so I haven't made an effort to move the money yet. If rates go up this year, I may switch it to Discover or Capital One.
3 years 8 months ago #6

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Replied by Finance Globe on topic Re: High Yield Savings Account

For Discover, I just applied at https://www.discover.com/online-banking/savings-account/
3 years 8 months ago #7

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Replied by Wanderer on topic Re: High Yield Savings Account

Discover Bank offers a Discover Cash Back Checking Account and a Discover Savings Accounts (presently 0.95%).
3 years 8 months ago #8

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Replied by Breakinger on topic Re: High Yield Savings Account

I currently have a Discover credit card, so I am already a customer of theirs. I didn't know that they offered any type of savings account, I only thought that you could go through your local banks for something like this. How do you get started with one of these accounts?
3 years 8 months ago #9

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Replied by Wanderer on topic Re: High Yield Savings Account

Another option could be the Sallie Mae Money Market Savings at 0.90% or the Sallie Mae High Yield Savings at 0.85%.
4 years 4 months ago #10

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Replied by Finance Globe on topic Re: High Yield Savings Account

With interest rates expected to rise soon, I think this will be a great topic to get started again. The 2 well known high yield savings accounts that I'm aware of include:
1. Personal Savings from American Express personalsavings.americanexpress.com (Currently 0.90% APY)
2. Discover Savings: discover.com/online-banking/savings-account/ (Currently 0.90% APY)
4 years 4 months ago #11

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Replied by Joeyman on topic Re: High Yield Savings Account

I just got off of the phone with AMEX in regards to their One Card. As of November 7th, rewards will be gone, and the savings account associated with it will be closed for all of their accounts. A check will be returned to their customers with the account balance. What a bummer...

However I decided to open a savings account with them that pays similar interest. Instead of getting a check back for my savings, it will be transferred to my new savings account with them.

Would you mind sharing where??? It's bad to say, but 1.5% is a terrific savings rate in today's world.


Bummer!! I never ended up opening the account but am still considering an option like this down the road.
8 years 2 weeks ago #12

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Replied by Finance Globe on topic Re: High Yield Savings Account

I just got off of the phone with AMEX in regards to their One Card. As of November 7th, rewards will be gone, and the savings account associated with it will be closed for all of their accounts. A check will be returned to their customers with the account balance. What a bummer...

However I decided to open a savings account with them that pays similar interest. Instead of getting a check back for my savings, it will be transferred to my new savings account with them.

I am getting 1.50% on my savings

Would you mind sharing where??? It's bad to say, but 1.5% is a terrific savings rate in today's world. :embarrassed:
8 years 2 weeks ago #13

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Replied by Nuovocapitolo on topic Re: High Yield Savings Account

I am getting 1.50% on my savings
8 years 2 months ago #14

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Replied by Finance Globe on topic Re: High Yield Savings Account

I did a little research on MMA's, and their is a huge difference in rates. It doesn't make sense. In the mean time, most checking and savings accounts are paying .15%!!! It would take almost 7 years to earn 1 measly percent. How pathetic... I couldn't imagine the people living on fixed income right now with inflation.
:white-flag:
8 years 3 months ago #15

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