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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

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Nov 4, 2022 2:17 AM
1.2K Comments
Joined Apr 2011
newbharryNov 4, 2022 2:17 AM
1.2K Comments
Marcus is at 3.60% for me..
Nov 4, 2022 2:20 AM
306 Comments
Joined Apr 2010
americanadianNov 4, 2022 2:20 AM
306 Comments
Quote from Spurts06_june :
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.
Meh if you go on something like the Fire Tv subreddit you'd think it's the worse tech device in the world.
SoFi also has millions of customers who don't seek out niche discussion forums to tell everyone how their banking experience is good.
1
Nov 4, 2022 2:20 AM
1.2K Comments
Joined Apr 2011
newbharryNov 4, 2022 2:20 AM
1.2K Comments
Quote from SmilingManatee958 :
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.
Marcus has it at 3.60%

Feel free to message me if you want
Nov 4, 2022 2:31 AM
398 Comments
Joined Dec 2008
TomHagenNov 4, 2022 2:31 AM
398 Comments
If you have Schwab just do snsxx. Other brokerages have similar, but as an SDer you should be with Schwab
Nov 4, 2022 2:36 AM
916 Comments
Joined Jan 2007
stevenlNov 4, 2022 2:36 AM
916 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
Is that 3.7% for the 4 weeks or 3.7% divided by 12 months is .30%?
Nov 4, 2022 2:37 AM
2K Comments
Joined Aug 2003
odie5533Nov 4, 2022 2:37 AM
2K Comments
Quote from caymera :
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.
Where/how do you buy these?
Nov 4, 2022 2:38 AM
670 Comments
Joined Oct 2021
BackFromTheDead21Nov 4, 2022 2:38 AM
670 Comments
Quote from newbharry :
Marcus is at 3.60% for me..
Not for a high yield checking account. Apples and oranges.

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Nov 4, 2022 2:40 AM
670 Comments
Joined Oct 2021
BackFromTheDead21Nov 4, 2022 2:40 AM
670 Comments
Quote from TomHagen :
If you have Schwab just do snsxx. Other brokerages have similar, but as an SDer you should be with Schwab
That would be Vanguard. Net Expense Ratio of .34%? No thanks.
1
Nov 4, 2022 3:00 AM
1.5K Comments
Joined Aug 2014
euuser3876202Nov 4, 2022 3:00 AM
1.5K Comments
Quote from newbharry :
Marcus is at 3.60% for me..
No it's not, it's 2.50 🙄
Nov 4, 2022 3:02 AM
626 Comments
Joined Oct 2014
caymeraNov 4, 2022 3:02 AM
626 Comments
Quote from odie5533 :
Where/how do you buy these?
Treasury Direct OR your brokerage but they may not sell 4 weeks rather 13 weeks only.
Pro
Nov 4, 2022 3:02 AM
11.4K Comments
Joined Dec 2007
boosterjm
Pro
Nov 4, 2022 3:02 AM
11.4K Comments
Quote from realcul :
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.
Sofi for buying treasuries or opening high yield savings acct?
Nov 4, 2022 3:08 AM
28.3K Comments
Joined Jan 2007
cgigateNov 4, 2022 3:08 AM
28.3K Comments
Quote from doboy007 :
still 0.5% below Capital One, see post above.
what ? are you faking ?
it is actually backward!
Nov 4, 2022 3:13 AM
15.7K Comments
Joined Nov 2010
80isNov 4, 2022 3:13 AM
15.7K Comments
Quote from rrampras :
Found out about this yesterday! I got my savings account up and running within a few hours. You can transfer up to 100k a day (no fees) and it's FDIC insured up to 250k. just thought I'd share for anyone interested! they also mentioned it could go up to 4.5% in this article here:

https://www.cnbc.com/2022/10/27/t...ts-up.html

https://www.upgrade.com/premier-savings/
now that you have posted it on SD it probably will not go up, they will get flooded with SD cash that they would not know what to do with it.
1
Nov 4, 2022 3:25 AM
4K Comments
Joined Oct 2015
goodness97Nov 4, 2022 3:25 AM
4K Comments
Quote from TomHagen :
If you have Schwab just do snsxx. Other brokerages have similar, but as an SDer you should be with Schwab
Can you elaborate about the schwab

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Nov 4, 2022 3:38 AM
1.6K Comments
Joined May 2008
johnw91498Nov 4, 2022 3:38 AM
1.6K Comments
they don't have good reviews. I'm just gonna do 10k and keep the rest of my savings with my current bank.

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