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expiredrrampras posted Nov 3, 2022 5:40 PM

Upgrade Premier Savings Accounts:

3.5% APY

($1,000 Minimum Deposit)
350 Comments
90.9K Views
Visit Retailer
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

Community Voting

Deal Score
+60
Good Deal
Visit Retailer

Top Comments

ImaPuppy
2.9KComments
3KReputation
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
Go to Comment
James Mason
407Comments
63Reputation
Just wait a little bit. The Feds raised the rate yesterday, These CD, savings, etc. rates will go up.
Go to Comment
badger1440
408Comments
141Reputation
Discover just went up to 2.75% and still time to grab off up to $450 bonus
Go to Comment

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351 Comments

Sign up for a Slickdeals account to remove this ad.

Nov 3, 2022 10:04 PM
125 Comments
Joined Sep 2010
neosaverNov 3, 2022 10:04 PM
125 Comments
the highest rate I see is Merchants Bank of Indiana.3.82% APY

https://www.merchantsbankofindian...ey-market/
Nov 3, 2022 10:05 PM
4.6K Comments
Joined Oct 2008
warsawsNov 3, 2022 10:05 PM
4.6K Comments
Quote from Spurts06_june :
Just closed all my SoFi accounts. As long as you don't have a fraud issue or deal with their lackluster CS, you will be ok.
What is a fraud issue?
Nov 3, 2022 10:10 PM
929 Comments
Joined Nov 2015
pn88Nov 3, 2022 10:10 PM
929 Comments
Quote from badger1440 :
Discover just went up to 2.75% and still time to grab off up to $450 bonus
What's the 450 bonus
Pro
Nov 3, 2022 10:11 PM
11.4K Comments
Joined Dec 2007
boosterjm
Pro
Nov 3, 2022 10:11 PM
11.4K Comments
Quote from iBoo :
Only up to $1000 for 3.5%. How about a bank with no cap offering 3%?
It's other way, you earn 3.5% on $1000+
1
1
Nov 3, 2022 10:14 PM
67 Comments
Joined Oct 2014
andy50Nov 3, 2022 10:14 PM
67 Comments
Sofi went up 3%
Nov 3, 2022 10:19 PM
191 Comments
Joined Nov 2012
iindigoNov 3, 2022 10:19 PM
191 Comments
Quote from djbreitboy234 :
I just signed up for SoFi. 3.0% on savings, 2.5% on checking, and $300 signup bonus. Having all of my money in one bank with interest rates this high (especially in checking!) was worth the hassle.
I moved to SoFi myself for similar reasons — I need to keep a fair chunk available in checking so interest for that account being only .5% lower than savings with transfers between checking and savings being instant works out pretty well.

I don't know if they're still running that promotion, but they were also running a promo with their credit card which gives 3% cash back on all purchases in points, which can then be deposited into your SoFi savings account to accrue 3% interest.
Pro
Nov 3, 2022 10:20 PM
11.4K Comments
Joined Dec 2007
boosterjm
Pro
Nov 3, 2022 10:20 PM
11.4K Comments
Quote from RickK5000 :
Offer code BONUS1022E when depositing at least $35,000
Can you send a link that says about the offer code you mentioned?

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Nov 3, 2022 10:25 PM
79 Comments
Joined May 2011
SchmoeNov 3, 2022 10:25 PM
79 Comments
Quote from badger1440 :
Discover just went up to 2.75% and still time to grab off up to $450 bonus
Where do I find the Discover $450 bonus deal?
Nov 3, 2022 10:38 PM
1.1K Comments
Joined May 2004
BunduckieNov 3, 2022 10:38 PM
1.1K Comments
Buy T-Bills, 4 week paying 3.7, 8 week 4%. it's better because it's taxed federally only, No state tax
1
Nov 3, 2022 10:54 PM
2.5K Comments
Joined Jun 2010
scgt1Nov 3, 2022 10:54 PM
2.5K Comments
What's out there that is shorter term and doesn't require a savings account also. Need to tuck some money away but have access to it a few months into 2023.
Nov 3, 2022 10:58 PM
27 Comments
Joined Jan 2018
RickK5000Nov 3, 2022 10:58 PM
27 Comments
Quote from boosterjm :
Can you send a link that says about the offer code you mentioned?
Search discover savings $450. Offer good until 11/08
Nov 3, 2022 11:01 PM
3 Comments
Joined Apr 2014
Goose17Nov 3, 2022 11:01 PM
3 Comments
Bask Bank is 3.6%
FDIC insured
Nov 3, 2022 11:04 PM
3.8K Comments
Joined Apr 2011
kida182001Nov 3, 2022 11:04 PM
3.8K Comments
Quote from TurtlePerson2 :
I use Fidelity. You can set up an account for free and they don't charge commissions trading treasuries. I like their interface as well.
If I already have an account and bought from Treasury Direct, can I open a Fidelity account, connect it to my TD account and manage my treasuries from Fidelity?
Nov 3, 2022 11:13 PM
117 Comments
Joined Aug 2009
realculNov 3, 2022 11:13 PM
117 Comments
I found Sofi to be the best overall. They are usually on the top and don't have to keep moving funds and I love their other offerings as well - invest and Credit card.

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Nov 3, 2022 11:18 PM
632 Comments
Joined Jul 2014
Nick04263Nov 3, 2022 11:18 PM
632 Comments
SoFi Savings just went to 3%

edit: seems I am well behind everyone else that already reported this.

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