High Yield Savings Accounts

[Bubba]

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

[12squared]

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 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.

[Aitrus]

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.

[bloobs]

... 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. ....

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).

[Bubba]

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.

[Kajsss]

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.