6 ms·
You're getting 0.3% APY, which is pretty useless. I would instead try some of the banks that promise you higher APY rn. There are some offering 2-3%
by Jommi 6y ago
You're getting 0.3% APY, which is pretty useless. I would instead try some of the banks that promise you higher APY rn. There are some offering 2-3%
- formercoder 6y agoWho's offering 2-3%?
- asciimike 6y agoIIRC, Yotta Savings (https://www.withyotta.com/ https://www.withyotta.com/) is in this range. HN did the math on Yotta a few months back: - founder's comments (claims ~3%): https://news.ycombinator.com/item?id=23786893 https://news.ycombinator.com/item?id=23786893 - the math (~3.4%): https://news.ycombinator.com/item?id=23781247 https://news.ycombinator.com/item?id=23781247 Note that it's likely to go down to get in line with other HYSAs over time (and it's fairly easy for them to change the winning probabilities to hit any interest rate). Currently they're just burning VC cash to get users... Prizepool (https://getprizepool.com/ https://getprizepool.com/) is another player in this space, unsure where they're at though (I know we could do the math, I just haven't).
- owenversteeg 6y agoThe APY on Yotta has already decreased, it's currently around 1.6%.
- bonestamp2 6y agoI don't know of anyone offering 2% right now, but for historic purposes here is an article about some great rates above 2% over a year ago: https://www.cnbc.com/2019/10/11/savings-accounts-besides-ally-offering-2-percent-interest.html https://www.cnbc.com/2019/10/11/savings-accounts-besides-all...
- asciimike 6y agoWell, since the stock market only goes up [0], just put all your money in TSLA and you'll do better than 2% </s> [0]: https://twitter.com/stoolpresidente/status/1268542454086750208?lang=en https://twitter.com/stoolpresidente/status/12685424540867502...
- bonestamp2 6y agoTSLA goes up and down a lot... scalping trades on that has been very profitable this year.
- EpicEng 6y agoNo one is offerring 2%-3% when the fed rate is at zero. You're about a year behind relity.
- byproxy 6y agohttps://www.hmbradley.com/ https://www.hmbradley.com/ currently does, with the caveat that you have to save at least 20% of your direct deposits.
- ramraj07 6y agoWait what's the catch? It's insured and still able to give so much interest? Even CDs don't give anywhere close
- Spooky23 6y agoPeople who make enough money to save 20% of their deposits probably aren’t going to bother with some convoluted system to earn a maximum of $3000 interest annually. You could make more with AMEX points.
- ramraj07 6y agoYou make amex points if you spend money. I barely spend anything I make (and whatever I spend mostly can't be on cards) so for people like me this will be ideal. Given the pandemic and wfh boom I doubt I'm alone. I'm also extremely averse to every speculative investment bin right now, so if someone guarantees coverage for 3% inflation I'll happily give them my money.
- chillacy 6y agoHere's a big one: > We do not pay interest on account balances above $100,000 https://www.hmbradley.com/apys https://www.hmbradley.com/apys
- ramraj07 6y ago
- bumpkinjunkie 6y agoVaro Bank offers 2.8% on up to $10k in your savings account if you get direct deposit and use your card 5x/mo. Not the rich features of Simple, YNAB, or even Virtual Wallet...but when they earn next to nothing for interest, that's how those features get paid for (they need your cheap deposits). https://www.varomoney.com/savings-account/ https://www.varomoney.com/savings-account/
- acjohnson55 6y agoI basically use it as an interest checking account for the purpose of paying monthly expenses. It's a very simple system that requires zero babysitting and produces better yield than a real checking account. I could chase higher yield with my emergency fund than where I currently keep it, at Alliant Credit Union (0.55% APY), but it's not worth the effort. No one does significant better without also having gimmicks.
- deleted 6y ago[deleted]