Savings rate "war"

[Nutria]

Synchrony recently boosted their High Yield Savings rate to 1.3%. This is probably in response to Ally shooting up their rate from 1.15% to 1.2%...

[rennigade]

Barclays also up'd their rate to 1.3%. I dont have a lot of money in that account anymore but sure beats my wells fargo checking.

[frugal saver]

I keep looking at Synchrony, but they're still getting bad user reviews. I like an online bank that has both a competitive savings account and good CD rates so I can roll savings easily into a CD.

Synchrony review page: https://www.depositaccounts.com/bank...rony-bank.html

[JBinKC]

Seems like a very good rate for almost immediate access to your money. It seems there is a 3 day lag in posting the money to the account from the reviews I have seen so far.

It sure beats what I have been doing with my excess cash balance in the checking account (mainly rolling over 4 week t bills with the bulk of it).



I wish there was a brokerage product with that has that sort of yield for cash balances with immediate access.

[scfr]

Synchrony recently boosted their High Yield Savings rate to 1.3%. This is probably in response to Ally shooting up their rate from 1.15% to 1.2%...

To me it seemed like there was a slight turning of the tides when PurePoint Financial opened in February offering 1.25% (now 1.30%). At the time they were not only the new kid on the block but also the rate leader.

[amastewa93]

My credit union just began offering a high yield account that offers 2.25% shortly after these other high yield savings accounts began announcing changes. This rate is only up to $15K in savings though... And then .10% after $15K.

[Nutria]

My credit union just began offering a high yield account that offers 2.25% shortly after these other high yield savings accounts began announcing changes. This rate is only up to $15K in savings though... And then .10% after $15K.

$15K is petty good! What are the other requirements (minimum spending and DC usage per month, etc)?

[amastewa93]

$15K is petty good! What are the other requirements (minimum spending and DC usage per month, etc)?

I know! I was surprised to see that myself. It is a difficult union to get into. I'm only a member because my grandfather worked for IBM years and years ago and this was the union they used. I opened my very first savings account there at the age of five, etc.

It looks like a $100 minimum to open and $100 minimum account balance. There is a withdrawal limit (three withdrawals per quarter)... I am considering transferring the money I have in my regular savings with them over to it.

[msomnipotent]

Great thread! It made me double check my HSBC account, and I was only earning .01%!!!! They were the highest yield when I opened the account, but that is the downside of "set and forget" savings.

I looked around and opened an account with Capital One. Not only will I now get 1.2% interest, but I found a code to get a $200 bonus.

[frugal saver]

My credit union just began offering a high yield account that offers 2.25% shortly after these other high yield savings accounts began announcing changes. This rate is only up to $15K in savings though... And then .10% after $15K.

I have a local credit union that has a money market account paying 3% (up to $2,000), then 2% on the balance between $2,001 and $5,000. I wish more banks would do that.