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Started By
Message
Best money market / high yield savings account?
Posted on 4/3/19 at 1:49 am
Posted on 4/3/19 at 1:49 am
So I'm going to be purchasing a house in the next ~18 - 24 months and I want somewhere to build-up my down payment without putting it at risk but also without earning the 0.02 or whatever bullshite percent my Wells Fargo account gives me.
I've found a handful on line and wondering if anyone has experience with these or recommends another:
-Ascent Money Market - Says 2.25% is guaranteed but through June 30, 2020. I'm a bit concerned at them putting that date caveat on it
-American Express Personal Savings - 2.10% is still solid but a bit less than Ascent. I like the idea of someone I've heard of, though, and most of my credit cards are with Amex so atleast in the same family
-Synchrony - Also offers the 2.25%, and I atleast know a couple people who have used them and enjoyed it
Any others I should consider? It's pure savings where I'll be adding X amount to it each month and will be using my checking account for regular purchases.
I've found a handful on line and wondering if anyone has experience with these or recommends another:
-Ascent Money Market - Says 2.25% is guaranteed but through June 30, 2020. I'm a bit concerned at them putting that date caveat on it
-American Express Personal Savings - 2.10% is still solid but a bit less than Ascent. I like the idea of someone I've heard of, though, and most of my credit cards are with Amex so atleast in the same family
-Synchrony - Also offers the 2.25%, and I atleast know a couple people who have used them and enjoyed it
Any others I should consider? It's pure savings where I'll be adding X amount to it each month and will be using my checking account for regular purchases.
16
Posted on 4/3/19 at 3:16 am to FootballNostradamus
Recently started using Marcus, also 2.25% I believe, very easy to set up other than it takes about 5-6 business days for your funds to be “available” in the account, which isn’t a big deal since it’s savings (you earn interest on them immediately) - taking money out was much quicker- think I did it on a Sunday, funds were in my checking Tuesday morning
Pick any of them and get out of that garbage savings account, I say garbage because I’m mostly bitter at myself for being in one for so long
Pick any of them and get out of that garbage savings account, I say garbage because I’m mostly bitter at myself for being in one for so long
Posted on 4/3/19 at 5:21 am to FootballNostradamus
If you live in Louisiana, PNC bank offers a 2.33% high interest savings account. Similar to the poster above, it takes 4-5 days for the money to become available, but it’s no big deal as far as savings go. I have my set amount from each pay check automatically deposited into the PNC account every 2 weeks. They pay the interest on the last day of each month.
Posted on 4/3/19 at 5:41 am to FootballNostradamus
I use Marcus which is about 2.25% or so.
Depending on how much you have saved, you could also look at t-bills and shorter CDs
Depending on how much you have saved, you could also look at t-bills and shorter CDs
Posted on 4/3/19 at 6:25 am to FootballNostradamus
MemoryBank is at 2.4%. Only downside I’ve had with them is I had to raise my limit of how much to be allowed to deposit and withdraw in a week and 30 day period.
This post was edited on 4/3/19 at 6:26 am
Posted on 4/3/19 at 6:40 am to Gpfather
Mysavingsdirect.com is currently 2.37%.
Posted on 4/3/19 at 6:56 am to lsusports
im using capitol one money market earning 2% right now.
Posted on 4/3/19 at 7:35 am to rocksteady
quote:
Pick any of them and get out of that garbage savings account, I say garbage because I’m mostly bitter at myself for being in one for so long
This is how I'm feeling right now
Posted on 4/3/19 at 8:14 am to FootballNostradamus
Discover is @ 2.10% with no minimum
Posted on 4/3/19 at 8:49 am to FootballNostradamus
quote:
-American Express Personal Savings - 2.10% is still solid but a bit less than Ascent. I like the idea of someone I've heard of, though, and most of my credit cards are with Amex so atleast in the same family
Been using them for the last 5 years or so. No issues. Takes a day or two either way to transfer money in and out. Pretty good about continually raising the interest rates to remain competitive. They placed a restriction since I started where there's a max of 5 or 6 outgoing transfers a month. No limit on incoming transfers. You can also deposit checks by mail if you need to. Typically I just deposite check via phone to my checking account/local bank and then transfer. You can set-up automated transfer as well.
I think the interest rate has been competitive enough and I'm not one to always chase after the higher interest rate. I don't the difference is worth it.
Posted on 4/3/19 at 9:02 am to Puffoluffagus
Pretty sure my Vanguard MM (VMXX) yields over 2.4%. And since it's Vanguard, it's relatively easy to move funds around and cash out.
Posted on 4/3/19 at 9:13 am to Black n Gold
bankrate.com
Posted on 4/3/19 at 9:22 am to FootballNostradamus
I use Marcus high yield savings as well. It used to be Goldman Sachs, but they re-branded as Marcus. Like others, I have been pleased with the returns as well as transfer speed.
Posted on 4/3/19 at 9:24 am to Black n Gold
I'm a VMMXX fan.
Posted on 4/3/19 at 9:24 am to FootballNostradamus
I'm getting 2 points at Capital One with a money market, whom I was already banking with. I just had to open a 360 (I'm a legacy, legacy customer 
), which I was going to have to do in the next couple of years anyway.
You're doing routine banking with Wells Fargo? I know Cap One is no great shakes, but WF is on my "do not voluntarily deal with", along with BoA. Citi is off the list - on a probationary basis. I have to deal with them for work, so why not?
), which I was going to have to do in the next couple of years anyway. You're doing routine banking with Wells Fargo? I know Cap One is no great shakes, but WF is on my "do not voluntarily deal with", along with BoA. Citi is off the list - on a probationary basis. I have to deal with them for work, so why not?
Posted on 4/3/19 at 9:26 am to slinger1317
Another Marcus user. It's been easy and they have bumped the rates 3 times since I started using it to remain in-line with market.
Posted on 4/3/19 at 9:38 am to FootballNostradamus
quote:
So I'm going to be purchasing a house in the next ~18 - 24 months and I want somewhere to build-up my down payment without putting it at risk but also without earning the 0.02 or whatever bull shite percent my Wells Fargo account gives me.
I'm at the tail end of this process as I'm a few weeks from closing on our house. We opened up an online savings with Ally which is now 2.2%. We eventually started buying 12 mo cds every 3 months which were at 2.5% and 2.75%. Ally has been very competitive with rates and I found transfers in and out to be simple. I think we will continue our cd ladder with Ally up to certain dollar amount. We plan on slowly transferring into index funds with everything over the savings amount we agreed on going forward.
Posted on 4/3/19 at 10:06 am to FootballNostradamus
I looked at this not too long ago for a similar reason and went with Barclays. Marcus didn't have a mobile app, which was too inconvenient for me.
Posted on 4/3/19 at 10:11 am to FootballNostradamus
quote:
If you live in Louisiana, PNC bank offers a 2.33% high interest savings account. Similar to the poster above, it takes 4-5 days for the money to become available, but it’s no big deal as far as savings go. I have my set amount from each pay check automatically deposited into the PNC account every 2 weeks. They pay the interest on the last day of each month.
Same. Super easy.
Posted on 4/3/19 at 12:41 pm to bayou choupique
quote:
im using capitol one money market earning 2% right now.
#metoo
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