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frontpage Posted by rrampras • Nov 3, 2022
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frontpage Posted by rrampras • Nov 3, 2022

Upgrade Premier Savings Accounts:

($1,000 Minimum Deposit)

3.5% APY

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Deal Details
Upgrade is offering 3.5% APY when you open a Premier Savings Account with minimum $1,000 deposit.

Thanks to Community Member rrampras for posting this deal.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Rates are subject to change.
    • No monthly account fees or transfer fees
    • Online transfers to and from other banks
      • Same-day transfers of $100,000 or less to / from other banks
    • FDIC insured up to $250,000 through Cross River Bank, Member FDIC
  • About Upgrade:
    • For more info about Upgrade, click here.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by rrampras
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Upgrade is offering 3.5% APY when you open a Premier Savings Account with minimum $1,000 deposit.

Thanks to Community Member rrampras for posting this deal.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Rates are subject to change.
    • No monthly account fees or transfer fees
    • Online transfers to and from other banks
      • Same-day transfers of $100,000 or less to / from other banks
    • FDIC insured up to $250,000 through Cross River Bank, Member FDIC
  • About Upgrade:
    • For more info about Upgrade, click here.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by rrampras

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Top Comments

ImaPuppy
Unfortunately that's not how it works. Savings account rates (and other interest-bearing products) are based on various dated bond yields as well as interest rates they charge clients for loan products (which are correlated). These don't magically change based on what the Fed does, but on what they're expected to do. The 75bps rate hike was already priced into bond yields (taking yield curve flattening aside). What wasn't priced in, and why savings rates are higher now than they were, say, a year or two ago, is precisely the divergence from expectation at that time: The Fed guidance indicated fewer hikes of less amounts (0-25bps) and have exceeded that..but that was only really known over the last few months as they consistently shift guidance, or the "target rate" via a dot plot.

The point I'm making is, if the Fed meets expectations (currently 50bps-50bps-25bps-pause) over the next 4 meetings, the rates will theoretically stay where they are.

To use a real-world example, it's the same reason why mortgage rates have been rising gradually and why they didn't suddenly rise 75bps yesterday or today upon the Fed hike announcement. It's because it was already priced in.

Edit: Note, I'm leaving quite a bit of nuance and detail out of this and am not picking on you in particular. I just see quite a bit of misunderstanding about how consumer interest rate products react to Fed overnight rate hikes and when.

Source: Work in finance
James Mason
Just wait a little bit. The Feds raised the rate yesterday, These CD, savings, etc. rates will go up.
badger1440
Discover just went up to 2.75% and still time to grab off up to $450 bonus

351 Comments

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Jan 7, 2023
1,079 Posts
Joined Jul 2018
Jan 7, 2023
rastatech
Jan 7, 2023
1,079 Posts
Savings rate at SoFi is 3.75% now, 2.5% on checking.
Jan 7, 2023
1,444 Posts
Joined Nov 2013
Jan 7, 2023
Fant
Jan 7, 2023
1,444 Posts
Capital one is up to 3.3%
Jan 11, 2023
1,409 Posts
Joined Jan 2012
Jan 11, 2023
jordanz12
Jan 11, 2023
1,409 Posts
Salem Five is 3.7%. We've been pleased with them...besides the $25k monthly transfer limit...that was annoying.
Jan 11, 2023
3,542 Posts
Joined Apr 2011
Jan 11, 2023
kida182001
Jan 11, 2023
3,542 Posts
Getting 4% with First Foundation bank.
Jan 25, 2023
8 Posts
Joined Jul 2019
Jan 25, 2023
Ethan1999
Jan 25, 2023
8 Posts
Quote from iBoo :
same here, ,decided not to go for it.
I wasn't asked for these and opened an account successfully

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