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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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Created 09-13-2023 at 07:24 AM by rfischer314
in Finance (4)
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tennis8363
09-13-2023 at 07:46 AM.

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09-13-2023 at 07:46 AM.
Fun until they drop the interest rate.
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iahawks550
09-13-2023 at 07:56 AM.
09-13-2023 at 07:56 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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lerryjee
09-13-2023 at 03:16 PM.
09-13-2023 at 03:16 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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Lintegras
09-13-2023 at 08:34 PM.
09-13-2023 at 08:34 PM.
Quote from rfischer314 :
[...]
*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.
[...]
CapitalOne did what? I'm looking at their page of Savings account offerings, and only see a single Savings account, along with CDs, and an account for kids.
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S_Klass
09-13-2023 at 09:49 PM.
09-13-2023 at 09:49 PM.
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.
True, it's not a timed CD. It's just high interest savings account.
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PickyCustomer
09-14-2023 at 03:43 AM.
09-14-2023 at 03:43 AM.
Quote from tennis8363 :
Fun until they drop the interest rate.
I doubt it drops. It is possibly going higher. Inflation is here to stay for a long time. So buying investment items such as house is still a better strategy. I also do not think there will be a crash. This is because of the special economy condition we are in and also what is happening in the rest of the world which is helping out economy. At the mx of the day this is a good solution for short term. I am not familiar with the is bank but strongly suggest to go with a good one even if there is like 1 percent difference. I had very bad experience with some of the banks.
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Last edited by PickyCustomer September 14, 2023 at 03:46 AM.
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adrenaline
09-14-2023 at 05:07 AM.
09-14-2023 at 05:07 AM.
Competitive rate for now. I am using a money market fund within my brokerage account that is currently earning 5.19% and should be exempt from state income tax. The real advantage is that my fund will track with interest rate changes instead of the whim of a bank.
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xtencornfield
09-14-2023 at 06:05 AM.
09-14-2023 at 06:05 AM.
I've been looking to move a pocket of funds from Ally to take advantage of the slightly higher interest rates. Note these comments are based solely on some research I've done over the past several days, you should do your own legwork too.
  • I did see in comments for Newtek—that I didn't with several others online banks that I looked at— is that they raise rates for existing customers and, to the best of my research, don't seem to create new products so they can separate the existing customers from new customers and not give existing customers the highest rate.
  • As best as I can tell, Newtek is not available through Mint, which I use, and that may be the case for other budgeting/finance tracking programs.
  • Ally tends to be speedier than 3 business days for transfers, although it's still up to 3 days stated I believe, so that could be a deal breaker for me, maybe not for someone else.
  • No mobile check deposit according to review sites but I have not confirmed, confirmed this.
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litobirdy
09-14-2023 at 06:12 AM.
09-14-2023 at 06:12 AM.
Quote from lerryjee :
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!
this is why I like to open savings accounts that have the debit card option with it.
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thegman230
09-14-2023 at 06:56 AM.

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09-14-2023 at 06:56 AM.
This bank will only allow withdrawals to the same bank account that initially funded it. That's ridiculous. If I want to pull out interest earned to another bank you can't.
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jle036
09-14-2023 at 08:41 AM.
09-14-2023 at 08:41 AM.
Quote from Lintegras :
CapitalOne did what? I'm looking at their page of Savings account offerings, and only see a single Savings account, along with CDs, and an account for kids.
This happened to me. I've been with Capital One since they bought ING. I looked at my savings account and they were earning 0.4%ish and new accounts at 4.3%. I had to close numerous accounts I had setup for different savings objectives (vacation, emergency fund, etc.) And setup new accounts and new reoccurring transfers. It was a huge PIA. My perception was Capital One wanted to keep users who didn't monitor their accounts closely at a poor interest rate.
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02nz
09-14-2023 at 09:22 AM.

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09-14-2023 at 09:22 AM.
I don't bother anymore with chasing interest rates on "high-yield savings accounts" unless there's a bonus. Instead, I buy SGOV (an ETF holding very short-term treasuries). It offers similar yield - about 5.2% - and unlike savings accounts almost all dividends are exempt from state income tax. Buying/selling is free at most brokerages these days.
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HIDDENbdoubya09-14-2023 at 03:14 PM.
Joined Dec 2006
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rcdwvd
09-14-2023 at 03:35 PM.
09-14-2023 at 03:35 PM.
Thanks
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Last edited by rcdwvd September 14, 2023 at 03:41 PM.
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