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If you're looking for a good liquid place to park cash and you don't have a Robinhood invite, check out Dollar Savings Direct. They currently pay 1.8% interest
by coryfklein 8y ago
If you're looking for a good liquid place to park cash and you don't have a Robinhood invite, check out Dollar Savings Direct. They currently pay 1.8% interest on their savings accounts.
- dangrossman 8y agoSynchrony Bank, Goldman Sachs Bank, Barclays Bank, HSBC Direct pay 2.05%. Ally Bank, American Express National Bank, Discover Bank pay 2%. Google "high yield savings" for lists that are updated monthly. However, this Robinhood offer is for a "checking" account, which while not actually a checking account, still offers the liquidity of one. Savings accounts have a limited number of monthly transfers you're allowed, and you can't use one with a debit card as your main payment account.
- coryfklein 8y agoWow, it's crazy how sometimes search queries have a "magic" quality to them. I spent a good 1-2 hours trying to find the place with the best rate when I discovered Dollar Savings Direct, but never came across a list like the one you find when searching for "high yield savings".
- tryptophan 8y agoOr even better, open a brokerage account with checking functionality, and put it all in a money market fund yielding ~2.15%, which also will automatically increase rates with about a month lag to any increases the fed does.