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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 88,376 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 04, 2022 12:06 PM
2,054 Posts
Joined Jan 2015
khronosNov 04, 2022 12:06 PM
2,054 Posts
Quote from rogere :
I'm going to stay at Wealthfront at 3.3% for now. Easy to use and many features. Got a few family members to sign up. Dr of credit website shows the highest interest rates, but with unknown banks and only insured up to 250k per bank.
250K per account, not bank
Nov 04, 2022 12:30 PM
13 Posts
Joined Mar 2014
JackS7127Nov 04, 2022 12:30 PM
13 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.
Sorry dumb question. How do I buy T bill?
Nov 04, 2022 12:40 PM
25 Posts
Joined Dec 2016
ageezNov 04, 2022 12:40 PM
25 Posts
Quote from drew6666 :
Yes it was 2.55 before the .75 increase yesterday. It will go to 3.30 at some point today.
No it won't. You don't know what you are talking about. SMH.
1
Nov 04, 2022 12:44 PM
237 Posts
Joined Aug 2020
SloppyBuckSNov 04, 2022 12:44 PM
237 Posts
Quote from mdboyz69 :
Capital one bank has 360 Performance
Savings Account for 3% APY [capitalone.com]
Unfortunately capital one has a terrible savings/checking. They forget to pull payments and have an abnormally long lag between transactions. I personally have discover but my girlfriend is constantly having issues since she has moved to capital one for banking.
Nov 04, 2022 12:55 PM
740 Posts
Joined Dec 2005
_DonkeyKong_Nov 04, 2022 12:55 PM
740 Posts
Upgrade bank I read on another forum they limit how much you can withdraw, like 5k a week, can anyone confirm that?
Nov 04, 2022 12:59 PM
533 Posts
Joined Nov 2018
Hope4BestNov 04, 2022 12:59 PM
533 Posts
Quote from RickK5000 :
Offer code BONUS1022E when depositing at least $35,000
That's too much money man
Nov 04, 2022 01:05 PM
1,290 Posts
Joined May 2006
FatFreddieNov 04, 2022 01:05 PM
1,290 Posts
Quote from JackS7127 :
Sorry dumb question. How do I buy T bill?
Direct from the Treasury thru treasurydirect.gov or a brokerage like Schwab, Fidelity, etc.

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Nov 04, 2022 01:14 PM
164 Posts
Joined Dec 2006
tigi2kNov 04, 2022 01:14 PM
164 Posts
Quote from newbharry :
Marcus is at 3.60% for me..
It's 2.50% for me. How did you get 3.60%?
Nov 04, 2022 01:16 PM
740 Posts
Joined Dec 2005
_DonkeyKong_Nov 04, 2022 01:16 PM
740 Posts
I tried to open an Upgrade savings account and they want tax forms for 2 years, front and back ID, and other stuff. Not sure if I want to give that to them and have to worry about them getting hacked
Nov 04, 2022 01:18 PM
740 Posts
Joined Dec 2005
_DonkeyKong_Nov 04, 2022 01:18 PM
740 Posts
Quote from newbharry :
Marcus has it at 3.60%

Feel free to message me if you want
Their website says 2.5% how are you getting 3.6%?
Nov 04, 2022 01:20 PM
164 Posts
Joined Dec 2009
david5182Nov 04, 2022 01:20 PM
164 Posts
Bask Bank is 3.60%: https://www.baskbank.com/products...gs-account
Nov 04, 2022 01:21 PM
740 Posts
Joined Dec 2005
_DonkeyKong_Nov 04, 2022 01:21 PM
740 Posts
Quote from rogere :
I'm going to stay at Wealthfront at 3.3% for now. Easy to use and many features. Got a few family members to sign up. Dr of credit website shows the highest interest rates, but with unknown banks and only insured up to 250k per bank.
Wealthfront's own website says 2.55%. https://www.wealthfront.com/cash

how are they so inept that all these banks are offering 3.3% interest but not even advertising it?

are you sure you're getting 3.3% with them?
2
Nov 04, 2022 01:26 PM
3,187 Posts
Joined Nov 2010
koolwadzNov 04, 2022 01:26 PM
3,187 Posts
Quote from SlickGatsby :
Their website says 2.5% how are you getting 3.6%?

he has high yield CD not a savings account.
Nov 04, 2022 01:41 PM
8,574 Posts
Joined Nov 2011
iBooNov 04, 2022 01:41 PM
8,574 Posts
Quote from rrampras :
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%.
I can park $250,000 and get 3.5%?

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Nov 04, 2022 01:42 PM
220 Posts
Joined Nov 2011
debpalNov 04, 2022 01:42 PM
220 Posts
Best option is always to go with 4-week / 8-weeks T-Bill which is 3.67% and 3.99% for now. Next when Fed increase rate again in Dec, these bills will again increase and then re-invest on these.

17 weeks is running for 4.28 which will increase more after Dec hike for sure.

https://www.treasurydirect.gov/au.../upcoming/

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