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Yes but I don’t perceive them as a “major US bank”. I was expecting that term to mean the largest banks for typical consumers like Bank of America or Wells Farg
by blackeyeblitzar 2y ago
Yes but I don’t perceive them as a “major US bank”. I was expecting that term to mean the largest banks for typical consumers like Bank of America or Wells Fargo or Chase. Everbank is small, and GS is mostly an investment bank rather than a retail bank.
- atombender 2y agoMarcus, which is GS Bank, is certainly a retail product aimed at consumers. Capital One, Discover, Ally, etc. were offering 4.35% at the peak. Not quite as good, but very decent for a savings account. I don't know where you would draw the line under "major", though. But everyone knows BoA, WF, and Chase are trash when it comes to savings rates. They don't do it. In Europe, HSBC (which is comparable in size to Chase and BoA) has reliably high saving accounts rates. HSBC UK was offering 5% until recently, I believe.
- JumpCrisscross 2y agoHell, Fidelity pays 235 bps on checking and 435 on money market, which you can have them programmatically move everything over a fixed dollar amount in your checking into [1]. [1] https://www.fidelity.com/spend-save/fidelity-cash-management-account/overview https://www.fidelity.com/spend-save/fidelity-cash-management...
- ac29 2y agoThe default CMA cash position can be a money market now, so you dont need to move things around to get the better rate.
- Dalewyn 2y agoUS Bank[1] which is the second oldest and fifth largest[2] US bank currently has 3.5% on their Money Market account which is basically an HYSA. [1]: https://www.usbank.com/bank-accounts/savings-accounts/elite-money-market.html https://www.usbank.com/bank-accounts/savings-accounts/elite-... [2]: https://en.wikipedia.org/wiki/U.S._Bancorp https://en.wikipedia.org/wiki/U.S._Bancorp
- JumpCrisscross 2y ago> the largest banks for typical consumers like Bank of America or Wells Fargo or Chase These banks are up front about not competing on rates.
- lxgr 2y agoI wouldn't call them "being upfront" at all. They promote their savings accounts with opening bonuses, offer bonus rates for high net worth account holders (up to 0.04% instead of 0.01!!) etc. Transparency would be not calling these terrible offers "savings" accounts (or sometimes even "high-yield savings accounts!") in the first place.