High-yield savings accounts

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Replied by FrankN on topic High-yield savings accounts

I use the Fidelity Rewards Visa card and love it.
2 years 8 months ago #1

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Replied by Wanderer on topic High-yield savings accounts

Doing an internet search you will likely find other investment accounts that may work for you in addition to Discover. A credit card that ties to investments is the Fidelity Rewards Visa and you can use it with Cash Management and Investments. The card rewards at 2% and the rewards go into an account. May want to explore this card. Not trying to encourage the use of credit but it may offer a dual purpose you earn rewards on family purchases and work with Fidelity on investments. Food for thought. There are other accounts out there. At the risk of shooting myself in the foot ... over the years I have never made any money on mutual funds. My money has come by focusing on certain market places and purchasing specific stocks and remembering to buy low sell high and "NOT" marry the stock. Years ago, Utility Stocks were a solid sure return and some still do well.
Last edit: 2 years 9 months ago by Wanderer.
2 years 9 months ago #2

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Replied by Wanderer on topic High-yield savings accounts

FRANKN makes a good point and it can carry to other long term investments ... "make sure you understand what you are actually investing in."
2 years 9 months ago #3

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  • Breakinger
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Replied by Breakinger on topic High-yield savings accounts

Wanderer wrote: There are other financials that offer equal to or higher rates. I knew it but liked doing business with Discover. Since you would not be going in and out of the account very often it should be a good consideration. Note the log in used to be separate from the credit card and I hear they have been combining into one log in.


What are some of the other financials that are equivalent to something like this? I really do like the option of sticking with Discover, but if there is something better than that I would like to consider that option too.
2 years 9 months ago #4

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Replied by FrankN on topic High-yield savings accounts

You need to be careful with precious metals over very very long periods of time and make sure you understand what you are actually investing in. They can be great hedges, but some metals do not have adequate long-term returns.
2 years 9 months ago #5

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Replied by Wanderer on topic High-yield savings accounts

Yes, the long haul ... how many small investors really stay for the "long haul"? That is why one needs to keep their eye on the ball. I invested in "Precious Metals" and banks and utilities and did well but for short hauls you need to be aware of happenings.
Last edit: 2 years 9 months ago by Wanderer.
2 years 9 months ago #6

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Replied by Moneyes on topic High-yield savings accounts

Wanderer wrote: Precious metals can yield good returns. Need to watch closely however due to volatility.


I thought volatility didn't matter much if you were in it for the haul. That it will always be a profit maker.....like water finding it's own level. I'm thinking 15 years to save or invest in something that will leave me in a much better financial situation.
2 years 9 months ago #7

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Replied by Wanderer on topic High-yield savings accounts

There are other financials that offer equal to or higher rates. I knew it but liked doing business with Discover. Since you would not be going in and out of the account very often it should be a good consideration. Note the log in used to be separate from the credit card and I hear they have been combining into one log in.
2 years 10 months ago #8

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Replied by Breakinger on topic High-yield savings accounts

Wanderer wrote: Opened a Discover Savings account five years ago. Liked the rates. As to how quickly they processed transfer into and out of the account it varied from four to eight days. Finally closed it after five plus years because they were too slow compared to all my other financials. Note, if you are not going in and out of the account that often and a delay here or there is ok I really liked it.


It's definitely something that I wouldn't be going in and out of that often. The only real account activity I would have on it would be adding more money to it every month. I would like to have something like this just to let it sit there and grow for a number of years. So you think that Discover would be the better option for something like this then?
2 years 10 months ago #9

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Replied by Wanderer on topic High-yield savings accounts

Precious metals can yield good returns. Need to watch closely however due to volatility.
2 years 10 months ago #10

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Replied by Moneyes on topic High-yield savings accounts

Well, 1.05 sounds good but my concern is how long the bank would last and how long that service will last. I would much rather buy a blue chip stock.
2 years 10 months ago #11

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Replied by Wanderer on topic High-yield savings accounts

Opened a Discover Savings account five years ago. Liked the rates. As to how quickly they processed transfer into and out of the account it varied from four to eight days. Finally closed it after five plus years because they were too slow compared to all my other financials. Note, if you are not going in and out of the account that often and a delay here or there is ok I really liked it.
2 years 10 months ago #12

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High-yield savings accounts was created by Breakinger

I've recently gotten an offer from two different credit card companies for their high-yield savings account. One is through my Discover card account and another one is through Synchrony Bank. Discover is offering 0.95% APY and Synchrony is offering 1.05% APY. I've been thinking about opening one of these, but I'm not sure which one would be better to take. Has anyone here ever opened up one of these savings accounts before? How has your experience been?
2 years 10 months ago #13

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