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« Last edited by yesitsme on January 15, 2023, 09:48:19 AM »

Author Topic: Highest interest savings account  (Read 18174 times)

Offline chevron

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Re: Highest interest savings account
« Reply #140 on: March 21, 2023, 11:52:18 AM »
UFB upped their rate to 5.02

 https://www.ufbdirect.com/

Any experience? Was going to open the city Platnium but that's only 4.40

Offline chevron

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Offline chevron

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Re: Highest interest savings account
« Reply #142 on: March 21, 2023, 11:59:18 AM »
UFB upped their rate to 5.02

 https://www.ufbdirect.com/

From an industry knowledgeable friend

it's a crappy division of a crappy internet bank

Offline CountValentine

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Re: Highest interest savings account
« Reply #143 on: March 21, 2023, 12:17:50 PM »
From an industry knowledgeable friend

it's a crappy division of a crappy internet bank
Many of them are but for the high interest rate it doesn't matter.
Only on DDF does 24/6 mean 24/5/half/half

Offline skyguy918

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Re: Highest interest savings account
« Reply #144 on: March 21, 2023, 12:22:53 PM »
Many of them are but for the high interest rate it doesn't matter.
+1. Most of those reviews seem to be complaining about not getting 'approved' (whatever that means). I was having trouble getting the website to work initially, but eventually it went through.

Offline mushkovits

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Re: Highest interest savings account
« Reply #145 on: March 21, 2023, 01:22:21 PM »
+1. Most of those reviews seem to be complaining about not getting 'approved' (whatever that means). I was having trouble getting the website to work initially, but eventually it went through.
I have an account with them for quite awhile now. Is it chase, no. But it serves its purpose no less than any other crappy bank.
On their latest rate hike when I chatted with them to get new increased rate I asked them for compensation for the few missed days and they gave me $35

Offline yungermanchik

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Re: Highest interest savings account
« Reply #146 on: March 31, 2023, 12:20:45 AM »
5% youth savings at Apple Bank (B&M) but I don't understand why it only starts at 6.
Small people talk about other people.
Average people talk about things
BIG PEOPLE TALK ABOUT IDEAS.

Offline HoKo

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Re: Highest interest savings account
« Reply #147 on: April 09, 2023, 12:01:37 PM »
I recently opened an account with CFG for 5.02% APY. No issues so far and they seem to be generally well regarded on DoC.

Offline elimmm

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Re: Highest interest savings account
« Reply #148 on: April 18, 2023, 11:31:35 PM »
I'm seeing citizens bank @ 5% for 50k plus, anyone recommend it?

Offline Yakov15

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Re: Highest interest savings account
« Reply #149 on: April 19, 2023, 01:10:47 AM »
I'm seeing citizens bank @ 5% for 50k plus, anyone recommend it?
Which account is offering 5%? Most Iíve seen is Citizens Access for 4.25%.

To answer your question: Itís quite a large legit bank. Whatís your concerns? Expect a bit slower processing times than Chase.
« Last Edit: April 19, 2023, 01:16:03 AM by Yakov15 »

Offline elimmm

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Re: Highest interest savings account
« Reply #150 on: April 19, 2023, 09:35:03 AM »
seems like it ended yesterday, it was a 3 day promotion
5% for deposit of 50k+

Offline HoKo

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Re: Highest interest savings account
« Reply #151 on: April 19, 2023, 11:19:25 AM »
seems like it ended yesterday, it was a 3 day promotion
5% for deposit of 50k+

Why not just go with the 5% CFG account I mentioned upthread?

Offline Yakov15

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Re: Highest interest savings account
« Reply #152 on: April 19, 2023, 11:41:38 AM »
Why not just go with the 5% CFG account I mentioned upthread?
You canít really compare CFG bank to Citizens. Citizens is a huge operation, not quite as large as some of the real big banks but well up there.

Offline HoKo

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Re: Highest interest savings account
« Reply #153 on: April 19, 2023, 02:19:05 PM »
You canít really compare CFG bank to Citizens. Citizens is a huge operation, not quite as large as some of the real big banks but well up there.

Sure, but what's the concern with going with a smaller bank like CFG?

Offline sam2015

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Re: Highest interest savings account
« Reply #154 on: April 19, 2023, 02:44:51 PM »
Sure, but what's the concern with going with a smaller bank like CFG?

Would you open a savings/cd account in a random bank which is FDIC insured? For example Home Savings Bank in Utah which has less than 100 million in deposits? (For comparison purposes Chase has 2.5 trillion or even CIT Bank which Dan uses and advertises has 90 billion) I guess the risk would be losing out on the interest you earned on the account (or would have earned, if rates have dropped by that time) which is not FDIC insured?

Offline elimmm

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Re: Highest interest savings account
« Reply #155 on: April 19, 2023, 03:15:55 PM »
Can someone explain the logic behind CIT's current offer:
4.75 savings acct and 4.8 for no penalty CD
i know there isn't much of a diff, but why would anyone open the savings? the CD has no penalty so its a win-win, if rates go down u are safe until end of term (11 months) however, if rates go up u can keep all interest earned and move it over to a diff product or bank
with the savings however, if rates go down u can no longer get the higher rate
am i missing any details here? this seems like a no brainer (can't banks lower the savings rate at any point?? how can savings be better than no penalty CD??)

Offline elimmm

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Re: Highest interest savings account
« Reply #156 on: April 19, 2023, 03:47:17 PM »
Can someone explain the logic behind CIT's current offer:
4.75 savings acct and 4.8 for no penalty CD
i know there isn't much of a diff, but why would anyone open the savings? the CD has no penalty so its a win-win, if rates go down u are safe until end of term (11 months) however, if rates go up u can keep all interest earned and move it over to a diff product or bank
with the savings however, if rates go down u can no longer get the higher rate
am i missing any details here? this seems like a no brainer (can't banks lower the savings rate at any point?? how can savings be better than no penalty CD??)

found the answer on the DDMS:
dovi
If there is no penalty for early pullout on the Cd whatís the difference between the regular savings and the Cd besides that the rate is locked for 11 months? whatís the downside?

 REPLYApril 19, 2023 1:16 pm
Dan
You canít withdraw funds from the CD unless you close the CD.

Any other differences? Can I open more than 1 CD to avoid this issue? Can I add to CD once its funded?

Offline yos9694

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Re: Highest interest savings account
« Reply #157 on: April 19, 2023, 05:00:58 PM »
found the answer on the DDMS:
dovi
If there is no penalty for early pullout on the Cd whatís the difference between the regular savings and the Cd besides that the rate is locked for 11 months? whatís the downside?

 REPLYApril 19, 2023 1:16 pm
Dan
You canít withdraw funds from the CD unless you close the CD.

Any other differences? Can I open more than 1 CD to avoid this issue? Can I add to CD once its funded?

Laddering CDs is a common strategy to improve your liquidity while getting the locked in rates that you don't get with a savings account. You can google different ways to structure your ladder but the basic idea is to spread your money into multiple CDs so that one is always near maturity.

I don't think you can add to a CD during the term.


Offline HoKo

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Re: Highest interest savings account
« Reply #158 on: April 19, 2023, 10:48:36 PM »


I don't understand what you're saying here. You're worried about the loss of interest on your funds if the bank were to collapse?

Offline sam2015

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Re: Highest interest savings account
« Reply #159 on: April 19, 2023, 11:17:25 PM »
I don't understand what you're saying here. You're worried about the loss of interest on your funds if the bank were to collapse?

I was mistaken regarding the interest. From the FDIC website: "FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit".

However, if for example someone were to open a 5 year CD with a 5% interest rate and the bank collapses after 1 year - the issue is that at that time he may not be able to find such high rates anymore.