Anyone have a high interest savings account?

[disneychrista]

Did you close all your old accounts when you did this? I just opened a 360 Performance Savings account last week with an interest rate of 3% while my other four accounts are regular savings accounts at an interest rate of .30%. I was wondering how to change all my old accounts to 360 Performance Savings accounts. I just don’t want nine accounts when I only use five.

Are they also Capital One accounts? If so, what I did was transfer the balances to the Performance Savings and on the first of the following month, transferred the interest that posted and the closed the accounts.

 

[jimmymc]

My Discover savings account is currently 3.00%.

 

[starry_solo]

I was looking at Capitol One, Discover, Synchrony, and Ally. They all seem to have similar APYs

 

[disny_luvr]

Are they also Capital One accounts? If so, what I did was transfer the balances to the Performance Savings and on the first of the following month, transferred the interest that posted and the closed the accounts.

Yep, they are Capital One accounts. Good point about transferring the interest the following month. That’s what I’ll do. Thank you!

 

[smwisc]

Did you close all your old accounts when you did this? I just opened a 360 Performance Savings account last week with an interest rate of 3% while my other four accounts are regular savings accounts at an interest rate of .30%. I was wondering how to change all my old accounts to 360 Performance Savings accounts. I just don’t want nine accounts when I only use five.

Initially I just transferred over the full balance at the time. The following month a tiny bit of interest posted, which I then transferred. The accounts still show up on my list - I didn't see a place to officially close them and haven't bothered to call yet to find out how to do that!

 

[disneychrista]

Initially I just transferred over the full balance at the time. The following month a tiny bit of interest posted, which I then transferred. The accounts still show up on my list - I didn't see a place to officially close them and haven't bothered to call yet to find out how to do that!

You can do it on the website. Click on the account you want to close and then account services & settings. From there choose the close this account option.

 

[Kimkimba]

Capital One is now 3.3%.

 

[barkley]

does anyone on this thread do cd's? if so what are the best rates you are seeing local to you or on-line?

 

[georgina]

does anyone on this thread do cd's? if so what are the best rates you are seeing local to you or on-line?

I had a CD last year that was paying 1.1%. When interest rates starting going up i closed it, took the penalty, and put it in my savings account now making 3.1%. Worth it to me, plus the penalties are tax deductible when I itemize for this year. I see 1 year rates from 4.15% to 4.5% now, but in a rising interest rate market not sure I would commit.

 

[lsutigers03]

Wealthfront will be 3.80% starting tomorrow.

 

[AnnaS]

I have seen CD rates for Santander, Citibank, NYCB anywhere from 3.5 to 4.5% for 9, 12 and 15 month.

I have never closed a CD - I have one coming up in 10 days. The rate was just 4.5% and now back to 3.5%. I will go in and close it if I see 4.5% again before it matures soon.

 

[AnnaS]

Just looked and it is at 4.50% again. I will visit the branch tomorrow.

 

[thanxfornoticin]

I expect a number of these online banks mentioned here will be bumping up again after the Fed announcements. CDs likely to push up again, too. We opened an Ally account several years ago and keep a chunk of our savings there to earn more interest, as many here have done. It's made a huge difference with our money over the more traditional big named banks. If Capitol One is going up to 3.3, likely Ally will follow soon. One thing I have to give credit to these online savings accounts - when rates were dropping, they dropped the savings interest quickly. But now that rates are going back up, they also match that pretty quickly. Glad they do.

 

[georgina]

I expect a number of these online banks mentioned here will be bumping up again after the Fed announcements. CDs likely to push up again, too. We opened an Ally account several years ago and keep a chunk of our savings there to earn more interest, as many here have done. It's made a huge difference with our money over the more traditional big named banks. If Capitol One is going up to 3.3, likely Ally will follow soon. One thing I have to give credit to these online savings accounts - when rates were dropping, they dropped the savings interest quickly. But now that rates are going back up, they also match that pretty quickly. Glad they do.

Yep, just got an email from Ally - going up to 3.3% on Dec 16.

 

[Miffy]

Thanks to everyone on this thread. I have a Capital One money market account that's currently paying only 0.80%. I hadn't heard of the Performance accounts, so I'm going to switch as soon as I get back from POFQ.

 

[barkley]

I see 1 year rates from 4.15% to 4.5% now, but in a rising interest rate market not sure I would commit.

I have seen CD rates for Santander, Citibank, NYCB anywhere from 3.5 to 4.5% for 9, 12 and 15 month.

I have never closed a CD - I have one coming up in 10 days. The rate was just 4.5% and now back to 3.5%. I will go in and close it if I see 4.5% again before it matures soon.

thanks for the info. the best rate i'm seeing local to me (brick and mortar) is 5% with a one time bump rate option for either 48 or 60 months.

 

[The Prophet]

If you have no short-term use for savings, take a look at I Bonds through Treasury Direct
Current yield is 6.89% for the next six months

 

[barkley]

If you have no short-term use for savings, take a look at I Bonds through Treasury Direct
Current yield is 6.89% for the next six months

my only thing with them is the cap on how much an individual can purchase per year is pretty low. i'm hoping before one cd i've got hits it's term end in 2023 to score another with similar terms-a decent rate of return along with the ability to make additional monthly contributions at the same interest rate (served me well with one locked in before rates plummeted 4 years ago-became a parking lot of sorts to put money into while we waited for rates to come back up).

 

[_19disnA]

^^ Corrrect, each person can only buy up to $10,000/yr in I-bonds. If you happen to get a large tax return, you can also buy $5,000 more but I doubt that would apply to most people.

 

[Ryoukoe]

Not sure if this has been said yet…but PayPal has a savings account and is currently offering 3.5%