Anyone have a high interest savings account?

[georgina]

When I was in High School everyone offered 5.25% on Savings and higher rates on Money Market and CD accounts. Wonder if we will ever get back there. For seniors a high rate CD was like an annuity.

When I was in HS working and saving for college in the late 70's, early 80's, money market accounts were paying like 14% interest. Don't think we'll get back there, people used to 3% mortgage rates are already screaming over 7% now.

 

[RamblingMad]

I put excess cash in either 1 or 3 month t-bills or I Bonds every year. I get much better returns from those.

 

[georgina]

My cash savings is mostly for spending in the upcoming year or 2. (New car, bathroom remodel, travel) I prefer it more liquid. My I bonds from the year 2000 have done exceptionally well, my DS's from 2011 not so much.

 

[barkley]

For seniors a high rate CD was like an annuity.

was for my mom-every time she and dad could save $1000 they got another cd. when the rates were crazy high (in the teens) she was doing really well, let it grow, was able to get by without using much of the interest and it helped her as a widower for the final 30 years of her life (i think she might have had to touch the principal at bit those last few years). it was no risk so it helped her feel secure (depression era and somewhat distrustful of 'investments').

 

[ICF]

Ally now 2.75%

 

[barkley]

i suspect it will keep climbing-local credit unions which always offer less than these online guys are offering 3.25 for a 12 mo. cd.

 

[wishicouldgomoreofte]

I guess you don't have a 360 performance savings account with them? I see 2.25% listed now. (no fees, no minimum)

https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/

Yup. Up to 3.0% now. My Ally is 2.5%, and I thought that was the highest!

 

[DLgal]

i suspect it will keep climbing-local credit unions which always offer less than these online guys are offering 3.25 for a 12 mo. cd.

That doesn't seem great when you consider how often Ally has raised its rate over the last month. I suspect 3.25 will be the rate by next month. And it probably won't stop there.

 

[barkley]

it's not great but it's edging up so i'm keeping my eye on it. i've got some cds that come due in 2023 so i will be looking for a place to park them. fortunately it will be after the estimated point at which the feds will be done raising rates so fingers crossed that i can lock some good rates in.

 

[AnnaS]

The rates mentioned - are they for a regular savings account? I have been watching CD rates here for a few months about once a week. Have not checked in a week. Might do so again this morning. I have a few CDs that are up every few months (ladder?) - might do a longer term if the rates sound good.

We have Citibank 3.75 % for a one year CD.

Santander was very slow in changing their rates - they have a 9 month at 2.75% and 15 months at 4.25%. (they were so slow in moving their rates from .10 that I moved a few $ to Citibank. They finally caught up).

NYCB (local) 12 months at 3% and 3.25 for 24 months.

Capital one year 3.25%, 24 months at 3.30% and 3.50% for five years.


(Just checked Capital One 1 year 4.00%, 5 years 4.25% &
Citibank 1 year 4.00%).

 

[barkley]

just got a rate alert from one of our local brick and mortars-

4.39 13 month cd
4.85 22 month cd.

 

[Eastern]

.

 

[DLgal]

The rates mentioned - are they for a regular savings account? I have been watching CD rates here for a few months about once a week. Have not checked in a week. Might do so again this morning. I have a few CDs that are up every few months (ladder?) - might do a longer term if the rates sound good.

We have Citibank 3.75 % for a one year CD.

Santander was very slow in changing their rates - they have a 9 month at 2.75% and 15 months at 4.25%. (they were so slow in moving their rates from .10 that I moved a few $ to Citibank. They finally caught up).

NYCB (local) 12 months at 3% and 3.25 for 24 months.

Capital one year 3.25%, 24 months at 3.30% and 3.50% for five years.


(Just checked Capital One 1 year 4.00%, 5 years 4.25% &
Citibank 1 year 4.00%).

Yes, we are talking about regular savings accounts here, not CDs.

Ally is now at 2.75%.

 

[zmdisneyworld]

Barclays at 3%

 

[disney-inspired]

I just checked my capital one HYSA and the APY is up to 3% so moved my EF from PenFed (currently at 1.64%) to my cap 1 account.

 

[amylevan]

Ally now at 3% starting tomorrow.

 

[DCLMP]

When I was in HS working and saving for college in the late 70's, early 80's, money market accounts were paying like 14% interest. Don't think we'll get back there, people used to 3% mortgage rates are already screaming over 7% now.

It's not the people's fault. There is too much national debt to have rates that high without it breaking. It's most likely going to break anyway. The people didn't create this debt based economy. Blame that on your elected officials and the Fed.

 

[georgina]

? Wasn't blaming anyone, just commenting that people were complaining about higher mortgage rates. Not really sure what the 'it' is you are talking about breaking.

 

[DCLMP]

? Wasn't blaming anyone, just commenting that people were complaining about higher mortgage rates. Not really sure what the 'it' is you are talking about breaking.

Of course people are complaining about higher mortgage rates. Nothing about our economy is similar to the 70's and 80's through no fault of the people. We cannot return to those kind of interest rates because the debt to GDB ratio is too high. In the 70's it was around 30% now it's around 125%. The government wouldn't be able to pay the interest on the debt and they would default.

As long as interest rates are low they can keep raising the debt ceiling and borrowing from the future, but you see where that's got us with inflation.

 

[disny_luvr]

Open new 360 Performance Savings account and then transfer your full balance -it takes less than 5 minutes online!

I just did that a couple weeks ago after coming across this same info on a Facebook group. Capitol One changes the types of accounts they offer, and doesn't tell account holders that it has happened, but they're happy to let people sit there with their old accounts earning next to nothing.

I felt a little sheepish at having not noticed, but I (and you) are not alone - there were a bunch of people on that facebook group sitting on old 0.30% Capitol One savings or money market accounts, many of whom came over from ING.

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.