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High Yield Savings Accounts Question
Posted on 12/14/23 at 4:57 am
Posted on 12/14/23 at 4:57 am
Ok money gurus. I have a high yield with American Express at 4.35%. Now the bank that has my mortgage is offering a high yield at 5.35%. Would it be worth opening an account with them and moving some money over or is it not worth spreading money over so many accounts for another 1%. I have three savings accounts as of now but the AMEX is the only high yield.
7
Posted on 12/14/23 at 5:12 am to lsujunky
Depends on the amount of money and how much you value your time.
Care to share the bank offering 5.35% on savings though?
Care to share the bank offering 5.35% on savings though?
Posted on 12/14/23 at 5:31 am to lsujunky
quote:
Now the bank that has my mortgage is offering a high yield at 5.35%
Go on…..
Posted on 12/14/23 at 5:34 am to slackster
My mortgage is through Flagstar which was bought out by New York Community Bank. When I go into my Flagstar app there is a link for the 5.35 but I don’t see it on the NYCB website, unless I’m just over looking it.
Posted on 12/14/23 at 5:36 am to lsujunky
Do the math. If you're talking $10,000, that extra 1% gets you another $100 a year in interest. If it's $100K, then $1,000 in interest. Is your time setting up the account worth the extra earnings?
Also, make sure the mortgage bank account does not include a requirement that you also open a linked checking account, have a monthly direct deposit, or similar requirement.
Also, make sure the mortgage bank account does not include a requirement that you also open a linked checking account, have a monthly direct deposit, or similar requirement.
Posted on 12/14/23 at 5:42 am to slackster
They list a super savings account but don’t list the interest rate that I see. This is the info from the link in the app.
Bank with confidence. My Banking Direct is a service of Flagstar Bank N.A.
Online and mobile banking
FDIC-insured up to at least $250,000 per depositor
Set up automatic deposits to grow your savings even more
No monthly account fees
Mobile check deposit
Just $500 to open an account
Easy access to your funds
Bank with confidence. My Banking Direct is a service of Flagstar Bank N.A.
Online and mobile banking
FDIC-insured up to at least $250,000 per depositor
Set up automatic deposits to grow your savings even more
No monthly account fees
Mobile check deposit
Just $500 to open an account
Easy access to your funds
Posted on 12/14/23 at 10:12 am to lsujunky
quote:
Would it be worth opening an account with them and moving some money over or is it not worth spreading money over so many accounts for another 1%.
If it’s easy enough to open the account and you don’t have to jump through (monthly) hoops to keep that rate, sure… why not?
Even if it drops with future drops in market rates, the spread between that account and your AMEX account will still likely be in your favor.
Posted on 12/14/23 at 1:33 pm to Jag_Warrior
It's looks just as easy as when I opened our AMEX account.
I just haven't figured out if it's only for Flagstar or NYCB current customers. Because I don't see this offer on any of their websites. It's only shows up in my Flagstar app.
I just haven't figured out if it's only for Flagstar or NYCB current customers. Because I don't see this offer on any of their websites. It's only shows up in my Flagstar app.
Posted on 12/14/23 at 2:36 pm to lsujunky
Check for transaction fees. Some ultra high yield accounts charge for transactions. If you are going to let it sit it's no biggie.
Posted on 12/14/23 at 6:07 pm to Topisawtiger
It’s on that list, My Bank Direct a service of Flagstar Bank N.A.
Posted on 12/15/23 at 1:35 pm to lsujunky
I have a CD that matures next month, Cap One has offered me a 14 month CD @5.4%, still debating. Any thoughts?
Posted on 12/15/23 at 1:57 pm to lsujunky
Posted on 12/15/23 at 2:51 pm to TigerintheNO
quote:
I have a CD that matures next month, Cap One has offered me a 14 month CD @5.4%, still debating. Any thoughts
All indications point to savings interest decreasing in the next year. I would go for it.
Posted on 12/15/23 at 3:55 pm to TigerintheNO
quote:
I have a CD that matures next month, Cap One has offered me a 14 month CD @5.4%, still debating. Any thoughts?
Indications seem to be that rates will drop soon, so locking in a high rate would be good.
Mind me asking how you got that rate from them?
Posted on 12/15/23 at 4:29 pm to Suntiger
quote:
Mind me asking how you got that rate from them?
they sent me an email saying when my current CD matures (three weeks), I have that option.
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