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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 88,396 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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+60
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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 04, 2022 02:17 AM
1,186 Posts
Joined Apr 2011
newbharryNov 04, 2022 02:17 AM
1,186 Posts
Marcus is at 3.60% for me..
Nov 04, 2022 02:20 AM
302 Posts
Joined Apr 2010
americanadianNov 04, 2022 02:20 AM
302 Posts
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 04, 2022 02:20 AM
1,186 Posts
Joined Apr 2011
newbharryNov 04, 2022 02:20 AM
1,186 Posts
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 04, 2022 02:31 AM
396 Posts
Joined Dec 2008
TomHagenNov 04, 2022 02:31 AM
396 Posts
If you have Schwab just do snsxx. Other brokerages have similar, but as an SDer you should be with Schwab
Nov 04, 2022 02:36 AM
897 Posts
Joined Jan 2007
stevenlNov 04, 2022 02:36 AM
897 Posts
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 04, 2022 02:37 AM
1,959 Posts
Joined Aug 2003
odie5533Nov 04, 2022 02:37 AM
1,959 Posts
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 04, 2022 02:38 AM
670 Posts
Joined Oct 2021
BackFromTheDead21Nov 04, 2022 02:38 AM
670 Posts
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 04, 2022 02:40 AM
670 Posts
Joined Oct 2021
BackFromTheDead21Nov 04, 2022 02:40 AM
670 Posts
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 04, 2022 03:00 AM
1,485 Posts
Joined Aug 2014
euuser3876202Nov 04, 2022 03:00 AM
1,485 Posts
Quote from newbharry :
Marcus is at 3.60% for me..
No it's not, it's 2.50 🙄
Nov 04, 2022 03:02 AM
617 Posts
Joined Oct 2014
caymeraNov 04, 2022 03:02 AM
617 Posts
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.
Nov 04, 2022 03:02 AM
11,148 Posts
Joined Dec 2007
boosterjmNov 04, 2022 03:02 AM
11,148 Posts
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 04, 2022 03:08 AM
28,287 Posts
Joined Jan 2007
cgigateNov 04, 2022 03:08 AM
28,287 Posts
Quote from doboy007 :
still 0.5% below Capital One, see post above.
what ? are you faking ?
it is actually backward!
Nov 04, 2022 03:13 AM
15,688 Posts
Joined Nov 2010
80isNov 04, 2022 03:13 AM
15,688 Posts
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 04, 2022 03:25 AM
3,850 Posts
Joined Oct 2015
goodness97Nov 04, 2022 03:25 AM
3,850 Posts
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 04, 2022 03:38 AM
1,608 Posts
Joined May 2008
johnw91498Nov 04, 2022 03:38 AM
1,608 Posts
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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