High Yield Savings Accounts
Moderator: Aitrus
High Yield Savings Accounts
I know that many of you use the high yield savings account. I'm thinking of going the same route. I'm not sure yet as to the "how's and the when's" because I really enjoy the flexibility of my USAA checking account. Nonetheless, this looks very interesting. They'll be offering one of the highest rates that I've found too https://m1.com/save/high-yield-savings-accounts/.
I'm only letting you guys know, I'm not paid by them.
Best,
Bubba
I'm only letting you guys know, I'm not paid by them.
Best,
Bubba
Re: High Yield Savings Accounts
The catch is that you need to have an M1 account, which costs $125/year after the trial period. To break-even would require a deposit of at least $2778.Bubba wrote: ↑Tue Nov 15, 2022 4:11 am I know that many of you use the high yield savings account. I'm thinking of going the same route. I'm not sure yet as to the "how's and the when's" because I really enjoy the flexibility of my USAA checking account. Nonetheless, this looks very interesting. They'll be offering one of the highest rates that I've found too https://m1.com/save/high-yield-savings-accounts/.
“The genius of investing is recognizing the direction of the trend – not catching the highs or the lows.”
- Dean Witter
"Put all your eggs in one basket and then watch that basket."
- Andrew Carnegie
- Dean Witter
"Put all your eggs in one basket and then watch that basket."
- Andrew Carnegie
Re: High Yield Savings Accounts
It sounds like a good deal, Bubba. However, from personal experience I prefer brick-and-mortar credit unions. I like knowing that if I have a problem I can physically walk in and schedule a meeting with a manager or loan officer. I've always been able to get more done to solve a difficult banking issue in person than over the phone or email. Purely online banking isn't secure - there is no such thing as "unhackable" in this world anymore.
The free coffee is nice too.
The free coffee is nice too.
Seasonal Musings 2022: viewtopic.php?f=14&t=19005
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"It's not what happens to you, but how you react to it that matters" Epictetus
Recommended Reading: http://tspcenter.com/forums/viewtopic.php?f=14&t=13474
"It's not what happens to you, but how you react to it that matters" Epictetus
Re: High Yield Savings Accounts
Agree. There are many brick and mortar credit unions and smaller local banks that offer plain-jane no-fee checking accounts with minimum 3.75% APRs nowadays. Also, they still provide paper checks (for a small fee).
Re: High Yield Savings Accounts
Totally understood all.
@12squared. True, but given that many keep a savings account (they say you should have about 6 months of salary sitting around for emergencies), then having some cash in a high yield would be a good plan. Originally I was using TLT for that to get some more yield. Of course, we all saw how TLT worked this year...
@Aitrus and @Bloobs, I get that too. I understand the idea of needing to be able to physically see people. I think since I'm traveling so much and often out of the country, that extra benefit of talking to someone is entirely lost on me. I like the convenience of banking online and at any hour of the day. Either way, I think the value is quite good, even if as 12 pointed out, you need to have at least (circa) $3000 on there for it to be interesting.
@12squared. True, but given that many keep a savings account (they say you should have about 6 months of salary sitting around for emergencies), then having some cash in a high yield would be a good plan. Originally I was using TLT for that to get some more yield. Of course, we all saw how TLT worked this year...
@Aitrus and @Bloobs, I get that too. I understand the idea of needing to be able to physically see people. I think since I'm traveling so much and often out of the country, that extra benefit of talking to someone is entirely lost on me. I like the convenience of banking online and at any hour of the day. Either way, I think the value is quite good, even if as 12 pointed out, you need to have at least (circa) $3000 on there for it to be interesting.
Re: High Yield Savings Accounts
I have had luck with capital one 360 online. 3.00% after I opened account I was able to add my wife as joint account holder.
Fund Prices2024-03-28
Fund | Price | Day | YTD |
G | $18.15 | 0.05% | 1.05% |
F | $19.08 | -0.06% | -0.74% |
C | $82.21 | 0.11% | 10.55% |
S | $82.43 | 0.30% | 6.92% |
I | $42.57 | -0.24% | 5.95% |
L2065 | $16.38 | 0.02% | 8.37% |
L2060 | $16.39 | 0.02% | 8.38% |
L2055 | $16.39 | 0.02% | 8.38% |
L2050 | $32.73 | 0.01% | 6.95% |
L2045 | $14.91 | 0.02% | 6.58% |
L2040 | $54.38 | 0.02% | 6.22% |
L2035 | $14.34 | 0.02% | 5.79% |
L2030 | $47.67 | 0.02% | 5.38% |
L2025 | $13.15 | 0.03% | 3.43% |
Linc | $25.61 | 0.03% | 2.82% |