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5.25% High Yield Savings Accounts - No Minimums or Fees

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Best solution I've found and - unlike the tricks current banks are pulling* - the interest rate rises over time with treasury rates.

https://www.newtekbank.com/person...d-savings/

*CapitalOneBank created a *new* Savings account with some silly name and your current savings account stayed at basically 0% and you had to open a new account (it was quick) and send the funds over. So now I have an empty, worthless old savings account I've had for >15 years and had to go update routing numbers on various sites. That got me looking around.

Newtek has been around decades, was a BDC co that converted to a bank at beginning of the year. As a result it doesn't have a huge portfolio of underwater treasuries and can profitably pay depositors market rates.
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Joined Dec 2008
L10: Grand Master
> bubble2 11,506 Posts
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tennis8363
09-13-2023 at 08:46 AM.

Our community has rated this post as helpful. If you agree, why not thank tennis8363

09-13-2023 at 08:46 AM.
Fun until they drop the interest rate.
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Joined Dec 2007
L8: Grand Teacher
> bubble2 3,207 Posts
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iahawks550
09-13-2023 at 08:56 AM.
09-13-2023 at 08:56 AM.
Quote from tennis8363 :
Fun until they drop the interest rate.
Most people utilize these as a way to earn a little interest and maintain instant liquidity. It's not a long term investment vessel.
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Joined Nov 2003
L3: Novice
> bubble2 116 Posts
lerryjee
09-13-2023 at 04:16 PM.
09-13-2023 at 04:16 PM.
Want to point out also that internet banks have very slow transfer times. Three business days is common. If you needed access like right away, good luck!


Quote from iahawks550 :
Most people utilize these as a way to earn a little interest and maintain instant liquidity. It's not a long term investment vessel.
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