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frontpagerrampras posted Nov 03, 2022 05:40 PM
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frontpagerrampras posted Nov 03, 2022 05:40 PM

Upgrade Premier Savings Accounts:

($1,000 Minimum Deposit)

3.5% APY

352 Comments 88,354 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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Expert
This user is an Expert in Home & Home Improvement
Nov 14, 2022 09:16 PM
9,405 Posts
Joined Jun 2011
tunabreathNov 14, 2022 09:16 PM
Pro
Expert
This user is an Expert in Home & Home Improvement
9,405 Posts
Quote from walk2rem :
Its actually a money market account and not a saving account. If you look under Checking account do you not see "ELECTRIC Money Market" account?

Ok, yes I do see that now. Thanks.
Nov 16, 2022 06:14 AM
824 Posts
Joined Oct 2006
kmagentaNov 16, 2022 06:14 AM
824 Posts
I have been researching this for 3 days now and I am overwhelmed and at the same time want to get an account opened ASAP to start earning interest! I want to go with a place that currently offers 3.5%+, no general fees (of course), isn't fly by night or basically offering a high rate now just to get you there and that automatically ups rates, if they should go up, without having to be contacted and asked. I've considered Discover but I think I'd be putting in just a little but more then I'd like to get the $150 bonus and at the same time think somewhere offering a higher rate may equal out better in the long term. If anyone would like to offer some advice please do. Thanks!
Nov 16, 2022 06:15 AM
824 Posts
Joined Oct 2006
kmagentaNov 16, 2022 06:15 AM
824 Posts
Quote from RonnieTheBear :
Helped my sister in law sign up for a Brilliant MM Savings account today. The rate after she signed up was only 3.93% instead of the 4.01% they advertised, but she hadn't funded it yet, maybe it changes afterwards. In either case, still the highest rate out there.
That may be the difference of APR vs APY.
Nov 16, 2022 06:20 AM
8,102 Posts
Joined Nov 2008
dtmamgNov 16, 2022 06:20 AM
8,102 Posts
Quote from kmagenta :
That may be the difference of APR vs APY.
correct.
Nov 16, 2022 04:01 PM
2,292 Posts
Joined May 2008
bloomlateNov 16, 2022 04:01 PM
2,292 Posts
Quote from tunabreath :
I think that will be by plan.

Capital One T&C says:

Certain deposit transactions initiated through the Capital One website to retrieve funds from your external account are subject to limits. If you are subject to these limits, in order to meet the offer requirements, you would need to initiate the deposit by another external method, such as mobile deposit or setting the initial deposit to send (rather than be retrieved from) from your external financial institution.


Can anyone with a Capital One accnt comment on what the limits are? I would be transferring from Ally.
I have the same question. I want to sign up for this today.
Nov 16, 2022 09:07 PM
1,457 Posts
Joined Nov 2013
FantNov 16, 2022 09:07 PM
1,457 Posts
Quote from bloomlate :
I have the same question. I want to sign up for this today.
I don't think they say the specifics .. it sounds like if there is a large transfer and they are suspicious of it they will not allow it and will ask you to initiate it from the source .. prob just for fraud prevention
Nov 18, 2022 01:25 AM
3,290 Posts
Joined Nov 2011
TuckinNov 18, 2022 01:25 AM
3,290 Posts
https://redneck.bank/

Offering 4% for savings and 4.25% for checkign

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Nov 18, 2022 01:40 AM
502 Posts
Joined Nov 2007
RonnieTheBearNov 18, 2022 01:40 AM
502 Posts
Quote from Tuckin :
https://redneck.bank/

Offering 4% for savings and 4.25% for checkign
Yeah, that one's gonna be a pass from me, thanks
2
Nov 18, 2022 01:11 PM
1,410 Posts
Joined Jan 2012
jordanz12Nov 18, 2022 01:11 PM
1,410 Posts
Who thought it was a good idea to name their bank redneck? Most are going to pass based on the name alone...doesn't give you confidence in your money.
Nov 18, 2022 06:22 PM
19,432 Posts
Joined Sep 2003
beowulf7Nov 18, 2022 06:22 PM
19,432 Posts
Quote from Tuckin :
https://redneck.bank/

Offering 4% for savings and 4.25% for checkign
You might be a redneck ...
Nov 18, 2022 07:19 PM
3,290 Posts
Joined Nov 2011
TuckinNov 18, 2022 07:19 PM
3,290 Posts
redneck.bank also allamerican.bank. although i see the email I got I do not see it on their website.
Jan 02, 2023 09:34 PM
61 Posts
Joined May 2007
zhengtliJan 02, 2023 09:34 PM
61 Posts
Quote from Tuckin :
redneck.bank also allamerican.bank. although i see the email I got I do not see it on their website.
Upgrade needs all these documents from you to open the savings account.

If we need documents or information from you to finish opening your account, they are listed below:

Government Issued ID - Back (Use Mobile Device)
Government Issued ID - Front (Use Mobile Device)
W-2
Photo of Yourself (Use Mobile Device)
4506-T Upgrade will follow up with you via email on next steps for submitting your 4506T form
Most recent two years federal tax return

I cancelled my application.
Jan 03, 2023 05:09 PM
3,290 Posts
Joined Nov 2011
TuckinJan 03, 2023 05:09 PM
3,290 Posts
Quote from zhengtli :
Upgrade needs all these documents from you to open the savings account.

If we need documents or information from you to finish opening your account, they are listed below:

Government Issued ID - Back (Use Mobile Device)
Government Issued ID - Front (Use Mobile Device)
W-2
Photo of Yourself (Use Mobile Device)
4506-T Upgrade will follow up with you via email on next steps for submitting your 4506T form
Most recent two years federal tax return

I cancelled my application.
I just reopened mine and it was very simple that said I am in the process of moving like 2/3 of my rainy day there to get that 4.5% for however long it lasts. figure an initial deposit of something will net me near $2k a year in interest. maybe not as solid as a cd but its either that or full port into tesla as it dies
Jan 06, 2023 10:17 PM
300 Posts
Joined Mar 2006
TooLat3Jan 06, 2023 10:17 PM
300 Posts
Quote from SlickGatsby :
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
Exactly! No other banking institution I tried before ever asked for all that.

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Jan 07, 2023 02:16 AM
8,574 Posts
Joined Nov 2011
iBooJan 07, 2023 02:16 AM
8,574 Posts
Quote from SlickGatsby :
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
same here, ,decided not to go for it.

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