Savings/investments/bonds Master Thread.

[Yo ssi]

What banks are giving high APYs? I have money in Ally, they were giving 4.5% but now it's gone down to 4.35 and I can see it getting lower.

Alternatively, if I have about $30k in savings, is there a better place to let the money sit? please advise without using so many abbreviations..  I am not holding in investments. thank you.

Primis or marcus

[sguitarist18]

Fidelity's sweep account is close to 5%...I think Vanguard's is over 5%.

And depending on your timeline, some of the money should probably be invested in a long-term investment - something like a basic index fund, like an S&P 500 fund.

That allows you to track an index, or a bundle of stocks. That tends to be less volatile than any particular stock.

[Realshlomo]

What banks are giving high APYs? I have money in Ally, they were giving 4.5% but now it's gone down to 4.35 and I can see it getting lower.

Alternatively, if I have about $30k in savings, is there a better place to let the money sit? please advise without using so many abbreviations..  I am not holding in investments. thank you.

Personally I buy 4 week tbills with Fidelity that roll over automatically.

[Dan]

What banks are giving high APYs? I have money in Ally, they were giving 4.5% but now it's gone down to 4.35 and I can see it getting lower.

Alternatively, if I have about $30k in savings, is there a better place to let the money sit? please advise without using so many abbreviations..  I am not holding in investments. thank you.

Now 4.5% or 5.5% with referral:

https://www.marcus.com/share/DAN-YN5-QNFH

[jye]

PSA check your high yield savings account interest rate. Some major bait and switches going on at more than bank.
https://www.wsj.com/personal-finance/savings/when-high-yield-savings-accounts-come-with-an-asterisk-781f28e5

[Shmelly]

What banks are giving high APYs? I have money in Ally, they were giving 4.5% but now it's gone down to 4.35 and I can see it getting lower.

Alternatively, if I have about $30k in savings, is there a better place to let the money sit? please advise without using so many abbreviations..  I am not holding in investments. thank you.

I am getting 4.95 from CIT.

[sillypainter]

Robinhood gold gives you 5% and their FDIC insurance is spread between 8 banks so you are insured for 2 million. Only issue is liquidating it has a max of 50K per day. So, if you have milions it will take a while to get it back. ILITHW.

[Yo ssi]

Robinhood gold gives you 5% and their FDIC insurance is spread between 8 banks so you are insured for 2 million. Only issue is liquidating it has a max of 50K per day. So, if you have milions it will take a while to get it back. ILITHW.

Aka lower value then others at a higher price.

[4yourinfo]

What banks are giving high APYs? I have money in Ally, they were giving 4.5% but now it's gone down to 4.35 and I can see it getting lower.

Alternatively, if I have about $30k in savings, is there a better place to let the money sit? please advise without using so many abbreviations..  I am not holding in investments. thank you.

Im happy over here https://www.mybankingdirect.com - as long as they dont go under there are rumors with the bank recently... cd rates a bit better - you can open a cd and add money till maturity..

[Yo ssi]

Im happy over here https://www.mybankingdirect.com - as long as they dont go under there are rumors with the bank recently... cd rates a bit better - you can open a cd and add money till maturity..

Keep your money safe and secure*** with us!
***as long as we don't go under or aren't in the mood of paying back for a few weeks. Thank you for your business, hoping this will be an everlasting relationship.

[yosefsv]

Im happy over here https://www.mybankingdirect.com - as long as they dont go under there are rumors with the bank recently...

Isn't it FDIC insured?

[4yourinfo]

Isn't it FDIC insured?

yes so as long as its under 250k... its part of nycb/flagstar in fact they use the nycb app/branches/website once the account is opened its just their online version bank  - better rates

[gozalim]

Series I bonds question:

If I still have any that were bought in the rush of 6-9% ('22) now earning ~3% (and without the added %1.5 fixed rate)
consensus is that worth cashing them out now and get better rates elsewhere.

how about if I want to keep it in treasury? should I sell and rebuy the same series I?
that would gain me the added 1.5% fixed going forward?
cost would be: restart the 12mo 'lock', an additional 3mo-interest penalty?
(and the 'taxable redemption' would be this year)?
(the added year of 1.5% wouoldl balance out the 3mo penalty of the 3.5% now?)

is there a method of doing that without transferring the money out to my bank, just keep it inside treasury?
is that what "Zero percent C of I" is for? and can I then turn around and fund the next purchase right away with the CoI?

[4yourinfo]

Series I bonds question:

If I still have any that were bought in the rush of 6-9% ('22) now earning ~3% (and without the added %1.5 fixed rate)
consensus is that worth cashing them out now and get better rates elsewhere.

how about if I want to keep it in treasury? should I sell and rebuy the same series I?
that would gain me the added 1.5% fixed going forward?
cost would be: restart the 12mo 'lock', an additional 3mo-interest penalty?
(and the 'taxable redemption' would be this year)?
(the added year of 1.5% wouoldl balance out the 3mo penalty of the 3.5% now?)

is there a method of doing that without transferring the money out to my bank, just keep it inside treasury?
is that what "Zero percent C of I" is for? and can I then turn around and fund the next purchase right away with the CoI?

The answer to your questions are yes but just a heads up (people online have warned) if the money goes into the c of i account and for some reason the treasury decides they need some kind of verification it could take months to verify and your money gets no interest - i believe it will still be considered redeemed for tax puposes even if you dont transfer it out of the account. the onlky thing youll gain is the delay from when it hits your bank account... why not purchase t bills?

[shmooz]

Which of the higher yield big bank savings accounts use zelle? Amex and cap one don't.

[Mf1]

Which of the higher yield big bank savings accounts use zelle? Amex and cap one don't.

Discover

[sillypainter]

Which of the higher yield big bank savings accounts use zelle? Amex and cap one don't.

Schwab. invest in SWVXX for over 5% yield.

[baron]

Schwab. invest in SWVXX for over 5% yield.

Ever successfully used their Zelle? (More than just once for a dollar I mean)

[shmooz]

Discover

Thanks, but see below

To use ZelleŽ with Discover, an Account Center registered Discover checking, savings, or money market account that has been open for at least 90 days

[gozalim]

Ever successfully used their Zelle? (More than just once for a dollar I mean)

I've used it no problem for various petty cash