High Yield Savings Account

[eticketplease]

Ally is always competitive, but never the very best rate out there. That said, I have 3 utmas I'm dealing with where I simply don't have it in me to bop their funds around between whichever new banks is offering the best rate every 6 months. It's one thing trying to do that with your own money, but it gets nuts when you're setting up multiple custodial accounts. I have my kids at Ally and have no complaints: the app is simple, I was able to quickly open new CDs for them using the existing account information, and the interest rate is always good.

It took awhile for them to open my custodial account but ever since it has been great.
I just wish they would allow the kids to have their own login at Ally.

 

[OneTripWonder]

Not necessarily high-yield, but has anyone recently gone for the Chase $900 reward for opening a savings and checking account? I'm about to pull the trigger, and if it works out, see if my husband can also try.

 

[WDW_fan_in_TX]

Not necessarily high-yield, but has anyone recently gone for the Chase $900 reward for opening a savings and checking account? I'm about to pull the trigger, and if it works out, see if my husband can also try.

Wait. So they give you $900 just for opening an account? Any minimums?

 

[OneTripWonder]

Yes - $300 for checking, $200 for savings, then $400 extra if you do both, for a $900 total. My offer (received a mail flyer) requires having a scheduled direct deposit (wages, social security) in the checking account, and $15K in savings account for 90 days.

 

[WDW_fan_in_TX]

Yes - $300 for checking, $200 for savings, then $400 extra if you do both, for a $900 total. My offer (received a mail flyer) requires having a scheduled direct deposit (wages, social security) in the checking account, and $15K in savings account for 90 days.

Thanks for clarifying. I don't qualify.

 

[deepti1011]

I decided to open a no-penalty CD at Marcus by Goldman Sachs. 11 months, 3.95% APY, which is a bit better than my Vanguard federal Money Market (which has a rate that has been decreasing slowly). I have used Marcus for years, very easy and quick to transfer money. I have a couple of regular CDs with them at 4.5% which mature in May and June

Agreed on this - I especially like Marcus CDs as you can select maturity options and one of them includes to transfer back to your bank upon maturity and no need to call like with CIT. I’ve had Ally for years. I did see an ad for American Express which has a HY checking account at 1% and a HYSA (don’t recall %).

 

[DuckLo]

$900 for the Chase bonus is awesome! I did it end of 2024 when the bonus was $600. I kept the checking to use the Disney debit, but closed the savings shortly after the bonus hit bc the interest rate is not good. It was easy enough to transfer and close via the app.

 

[mamaanna]

with Open Door (division of Santander) that is 4.2 AND gives me a credit on my Verizon bill

Tell me more about the credit on your Verizon bill.... we have an Open Door account and how did you get this credit??

 

[ruadisneyfan2]

Not necessarily high-yield, but has anyone recently gone for the Chase $900 reward for opening a savings and checking account? I'm about to pull the trigger, and if it works out, see if my husband can also try.

I used to churn bank bonuses very heavily until I had to start handling my father's finances. It keeps me just busy enough to worry that I won't do all the things I need to do in order to 1. trigger the bonus 2. keep the account fee-free.
You can talk to people who have done it and they list all the ways/banks that a simple ACH transfer will trigger the bonus, as if it was a real direct deposit, at www.doctorofcredit.com
Chase is toughie. They always know it's only a transfer. The last time I got their bonus, I had to actually change my DD at work.

In our peak years, we were making $5000/year in bonuses. It all has to be claimed on your tax return so consider that. Then again, if my employer offered me a $5000 raise but said I had to pay income tax on it, I wouldn't turn it down.
I was doing it for our 2 kids too, using the bonuses to apply to their student loan and car loan. Every little bit helps.

Good luck! Let us know how it turns out.

 

[teamagic]

I used to churn bank bonuses very heavily until I had to start handling my father's finances. It keeps me just busy enough to worry that I won't do all the things I need to do in order to 1. trigger the bonus 2. keep the account fee-free.
You can talk to people who have done it and they list all the ways/banks that a simple ACH transfer will trigger the bonus, as if it was a real direct deposit, at www.doctorofcredit.com
Chase is toughie. They always know it's only a transfer. The last time I got their bonus, I had to actually change my DD at work.

In our peak years, we were making $5000/year in bonuses. It all has to be claimed on your tax return so consider that. Then again, if my employer offered me a $5000 raise but said I had to pay income tax on it, I wouldn't turn it down.
I was doing it for our 2 kids too, using the bonuses to apply to their student loan and car loan. Every little bit helps.

Good luck! Let us know how it turns out.

Are you saying I can get around the DD?

 

[ruadisneyfan2]

Are you saying I can get around the DD?

For many banks, you can.

 

[Eastern]

I decided to open a no-penalty CD at Marcus by Goldman Sachs. 11 months, 3.95% APY, which is a bit better than my Vanguard federal Money Market (which has a rate that has been decreasing slowly). I have used Marcus for years, very easy and quick to transfer money. I have a couple of regular CDs with them at 4.5% which mature in May and June

VUSXX is probably a bit better depending on your state tax rate.

For the 2024 tax year, 100% of the ordinary dividends from the Vanguard Treasury Money Market Fund (VUSXX) were considered derived from U.S. government obligations. These dividends were therefore exempt from state and local income taxes in most states.

Look for this form for 2025
https://investor.vanguard.com/content/dam/retail/publicsite/en/documents/taxes/USGO_012025.pdf

To compare taxable vs tax-free investments: https://digital.fidelity.com/prgw/digital/taxyieldcalc/

 

[Eastern]

I've used Wealthfront for the last few years. Right now they're at 3.75%.

Just make sure that the partner banks are not ones you already have account with, or you may overstep the FDIC insurance limits.

https://www.wealthfront.com/programbanks

"It is your responsibility to monitor your total deposits at each Program Bank, including any deposits held outside Wealthfront’s Cash Sweep Program, to ensure they do not exceed applicable FDIC insurance limits. If you choose to opt out of one or more Program Banks, the total amount of FDIC insurance coverage available for your funds as part of Wealthfront’s Cash Sweep Program may be reduced."