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frontpagerrampras posted Nov 03, 2022 05:40 PM
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Item 1 of 2
frontpagerrampras posted Nov 03, 2022 05:40 PM

Upgrade Premier Savings Accounts:

($1,000 Minimum Deposit)

3.5% APY

352 Comments 88,346 Views
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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
2940 Posts
3044 Reputation
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
407 Posts
63 Reputation
Just wait a little bit. The Feds raised the rate yesterday, These CD, savings, etc. rates will go up.
badger1440
408 Posts
141 Reputation
Discover just went up to 2.75% and still time to grab off up to $450 bonus

351 Comments

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Nov 03, 2022 05:44 PM
1,851 Posts
Joined Jul 2005
mdboyz69Nov 03, 2022 05:44 PM
1,851 Posts
Capital one bank has 360 Performance
Savings Account for 3% APY [capitalone.com]
Nov 03, 2022 05:45 PM
4,839 Posts
Joined Aug 2011
AllyFrizzleNov 03, 2022 05:45 PM
4,839 Posts
$1,000 or more.

My Ally savings account just went up to 2.5%. They're increasing it like every two weeks. Insane.
1
Nov 03, 2022 05:52 PM
2,229 Posts
Joined Aug 2011
aboynamedjoshuaNov 03, 2022 05:52 PM
2,229 Posts
If it came with a debit card/access to an ATM network I would be more interested, but personally I'm going to stick with WealthFront and its 3.3% APY.
Nov 03, 2022 05:54 PM
408 Posts
Joined Jun 2015
badger1440Nov 03, 2022 05:54 PM
408 Posts
Discover just went up to 2.75% and still time to grab off up to $450 bonus
1
Pro
Nov 03, 2022 06:00 PM
9,433 Posts
Joined Dec 2013
doboy007
Pro
Nov 03, 2022 06:00 PM
9,433 Posts
Quote from AllyFrizzle :
$1,000 or more.

My Ally savings account just went up to 2.5%. They're increasing it like every two weeks. Insane.
still 0.5% below Capital One, see post above.
1
Nov 03, 2022 06:00 PM
26,496 Posts
Joined May 2006
namlookNov 03, 2022 06:00 PM
26,496 Posts
Quote from AllyFrizzle :
$1,000 or more.

My Ally savings account just went up to 2.5%. They're increasing it like every two weeks. Insane.
Ally is giving 2.5% and they just had a $500 bonus on a 50K deposit promotion. Gives over 6% APY for three months,
1
Nov 03, 2022 06:09 PM
407 Posts
Joined Dec 2007
James MasonNov 03, 2022 06:09 PM
407 Posts

Our community has rated this post as helpful. If you agree, why not thank James Mason

Just wait a little bit. The Feds raised the rate yesterday, These CD, savings, etc. rates will go up.
3

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Nov 03, 2022 06:12 PM
2,940 Posts
Joined Oct 2008
ImaPuppyNov 03, 2022 06:12 PM
2,940 Posts

Our community has rated this post as helpful. If you agree, why not thank ImaPuppy

Quote from James Mason :
Just wait a little bit. The Feds raised the rate yesterday, These CD, savings, etc. rates will go up.
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
Last edited by ImaPuppy November 3, 2022 at 12:19 PM.
7
7
Nov 03, 2022 06:40 PM
8,574 Posts
Joined Nov 2011

This comment has been rated as unhelpful by Slickdeals users.

Nov 03, 2022 06:44 PM
508 Posts
Joined Dec 2010
drew6666Nov 03, 2022 06:44 PM
508 Posts
Wealthfront is up to a decent 3.30%
Nov 03, 2022 06:46 PM
811 Posts
Joined Dec 2012
comprxNov 03, 2022 06:46 PM
811 Posts
Quote from iBoo :
Only up to $1000 for 3.5%. How about a bank with no cap offering 3%?
I read it as a minimum of $1000 for 3.5%, not a max.

My Synchrony HYS is now 3.0 APY.
1
Original Poster
Nov 03, 2022 06:52 PM
1,003 Posts
Joined Nov 2015
rrampras
Original Poster
Nov 03, 2022 06:52 PM
1,003 Posts

Our community has rated this post as helpful. If you agree, why not thank rrampras

Quote from iBoo :
Only up to $1000 for 3.5%. How about a bank with no cap offering 3%?
It's a minimum of $1000 in order to get that 3.5%. There is no ceiling limit to how much you can keep in there and continue receiving the 3.5%. If you keep less than $1000 then you won't receive the 3.5%.
1
Pro
Nov 03, 2022 07:04 PM
3,240 Posts
Joined Jan 2007
waterchange
Pro
Nov 03, 2022 07:04 PM
3,240 Posts
Quote from drew6666 :
Wealthfront is up to a decent 3.30%
wealthfront.com shows 2.55% APY for their high yield account. Did the rate to higher and they just failed to update their site?
1
Nov 03, 2022 07:10 PM
508 Posts
Joined Dec 2010
drew6666Nov 03, 2022 07:10 PM
508 Posts
Quote from waterchange :
wealthfront.com shows 2.55% APY for their high yield account. Did the rate to higher and they just failed to update their site?
Yes it was 2.55 before the .75 increase yesterday. It will go to 3.30 at some point today.
2

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Nov 03, 2022 07:14 PM
484 Posts
Joined Dec 2017
Joedaddy123Nov 03, 2022 07:14 PM
484 Posts
SOFI's latest promo (which ended) has a reward date of 11/30. It's going to be wild which bank is willing to offer the best transfer/interest offer at that time.

The suspense is killing me!

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