High Interest Savings?
What savings does everyone use? Currently using Chase but thinking about switching to SOFI. 4.5% on savings and .5% on checking seems pretty attractive.
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Capital One currently offers 4.2% on their "Performance Savings" account. Has to be that specific account that you request, as their MMA and their regular savings accounts are lower.
American Express is offering a savings account with 4.15%
Marcus is doing a promotion where their online savings account will give you your first 3 months at 5.3%, followed by 4.3% after.
And Marcus is also offering a 10 month cd for 5.05%.
This website usually shows very up-to-date offerings on savings rates, mortgage rates, cd rates and credit card rates too.
Best High-Yield Savings Accounts for August 2023 | Bankrate
BMO Alto Offers 4.75 HYSA. Highest yield I’ve seen so far ( FDIC insured and reputable bank / fin institution )
I use SoFi and love it. HMU if you want a referral ($25). Have had an account for like 3 years now. Rate is amazing, but plenty of other perks too. Only con is that you can't deposit cash, if that matters to you.
Savings can also cover checking transactions, so i actually keep $0 in my checking and it will pull from savings to avoid overdraft.
You can deposit cash through Walgreens, CVS, etc. You go up to the counter and they essentially do like a “refund” (you pay a minor fee)… I did it a couple weeks ago and it’s useful!
Interesting - living near Miami clubs, I don't mind carrying some cash, but good to know
I just dump my cash into 3 to 6 month treasury bills which yield 5.4% and tax free in my country of residence (no coupon payments but capital gain accrual as you buy them at a discount and they mature at 100). Any broker works but IBKR is probably the cheapest
Thinking of doing this- what are the minimum increments I can buy t bills in? And what are the tax implications?
Vanguard VMFXX money market fund earning 5.25% and the rest of my cash goes directly into an Amex HYSA earning 4.15% to pay bills from.
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