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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
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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

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

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Nov 3, 2022 11:20 PM
628 Comments
Joined Oct 2014
caymeraNov 3, 2022 11:20 PM
628 Comments
Just buy Treasury TBills in ladder of 4 weeks. You'll get the highest available Savings rate compared to any bank in the US.

They are like 4 week CDs that auto renews based on your term set. And State Tax exempt.
Nov 3, 2022 11:26 PM
142 Comments
Joined Apr 2013
cricnation12Nov 3, 2022 11:26 PM
142 Comments
Quote from Bunduckie :
Buy T-Bills, 4 week paying 3.7, 8 week 4%. it's better because it's taxed federally only, No state tax
Never dealt with Tbills. How do you buy it? Using brokerage account (VG or Fidelity etc)?
Nov 3, 2022 11:31 PM
64 Comments
Joined Dec 2014
d4devNov 3, 2022 11:31 PM
64 Comments
Quote from cricnation12 :
Never dealt with Tbills. How do you buy it? Using brokerage account (VG or Fidelity etc)?
Yes, most brokerages allow the purchase of t-bills and t-bonds without any fee. You can buy them from treasury direct too, but buying from brokerage gives you the option to sell them in secondary market before maturity. Hope this helps.
Nov 4, 2022 12:25 AM
5.9K Comments
Joined Aug 2004
doemaNov 4, 2022 12:25 AM
5.9K Comments
Quote from drew6666 :
Wealthfront is up to a decent 3.30%
Main site still says 2.55%?
Nov 4, 2022 12:28 AM
513 Comments
Joined Dec 2010
drew6666Nov 4, 2022 12:28 AM
513 Comments
Quote from doema :
Main site still says 2.55%?
Tomorrow it will be 3.3 came in an email was also mentioned in the app.
Nov 4, 2022 12:37 AM
2.5K Comments
Joined Jan 2019
blahbooboo2Nov 4, 2022 12:37 AM
2.5K Comments
Quote from Bunduckie :
Buy T-Bills, 4 week paying 3.7, 8 week 4%. it's better because it's taxed federally only, No state tax
There are 4 week? I've only see 13 week bills
Last edited by blahbooboo2 November 3, 2022 at 05:39 PM.
Nov 4, 2022 1:03 AM
812 Comments
Joined Nov 2010
Spurts06_juneNov 4, 2022 1:03 AM
812 Comments
Quote from warsaws :
What is a fraud issue?
SoFi's reddit has everything you need to know. Issues with SoFi's fraud department, responses to fraud inquiries and issues e.t.c. I never had an issue personally but some bad stories on there.

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Pro
Nov 4, 2022 1:08 AM
2.2K Comments
Joined Jun 2019
Fanime
Pro
Nov 4, 2022 1:08 AM
2.2K Comments
Quote from namlook :
Ally is giving 2.5% and they just had a $500 bonus on a 50K deposit promotion. Gives over 6% APY for three months,
You'd also have to deal with their 2 hour wait times when transfers somehow don't go thru.
Nov 4, 2022 1:09 AM
4K Comments
Joined Oct 2015
goodness97Nov 4, 2022 1:09 AM
4K Comments
How reliable is this bank? Is it as reliable as chase bank? Wondering because never heard of them before.
Nov 4, 2022 1:10 AM
34 Comments
Joined Nov 2020
SmilingManatee958Nov 4, 2022 1:10 AM
34 Comments
It's a Fintech which I don't know enough about so I would choose another bank with similar interest rates. I also would be nervous about dollar savings direct because they have a clause that gives them the right to require 60 days notice for a withdrawal. They say they never have done it, but hey.. .And they also don't allow externally initiated withdrawals.
Nov 4, 2022 1:15 AM
14.3K Comments
Joined May 2004
BalkiBartokomousNov 4, 2022 1:15 AM
14.3K Comments
Quote from blahbooboo2 :
How do you easily buy treasuries? The US Treasury direct web site is horribly confusing to buy them...
Their site is a an embarrassing dumpster fire. It is like it was built in 2000.
Nov 4, 2022 1:48 AM
4K Comments
Joined Oct 2015
goodness97Nov 4, 2022 1:48 AM
4K Comments
How reliable is this bank? In terms of fraud
Last edited by goodness97 November 3, 2022 at 06:51 PM.
Nov 4, 2022 1:57 AM
123 Comments
Joined Mar 2017
zablonNov 4, 2022 1:57 AM
123 Comments
Dammit, come on Marcus, you are lagging. Still at 2.5%
Nov 4, 2022 2:06 AM
2.5K Comments
Joined Jan 2019
blahbooboo2Nov 4, 2022 2:06 AM
2.5K Comments
Quote from zablon :
Dammit, come on Marcus, you are lagging. Still at 2.5%
Serves you right banking with GS Smilie

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Nov 4, 2022 2:09 AM
123 Comments
Joined Mar 2017
zablonNov 4, 2022 2:09 AM
123 Comments
Quote from TurtlePerson2 :
Current Bonds & CD Rates [fidelity.com]
3 month treasuries are above 4% now. 2 year CDs will pay 5%. There's a really narrow niche of people who are well served by choosing a savings account over a CD or a treasury right now.
What's funny is I went to the site, and then it said 'unavailable'...worked about as well as the Treasury Direct site. lol (I know it is probably just a fluke, but...)

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