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Online banks typically offer much more competitive financial products. I have some HYSA accounts at 4% APY, that’s not achievable with a CU or traditional bank.
by preg_match 2mo ago
Online banks typically offer much more competitive financial products. I have some HYSA accounts at 4% APY, that’s not achievable with a CU or traditional bank.
The solution is the same solution as any financial risk: diversification. I have many accounts at many banks. If any one of them goes down, I’m fine. If multiple go down, I’m still fine in the interim.
- SoftTalker 2mo agoMy CU has 6-month CDs at over 4% right now.
- preg_match 2mo agoCDs are okay but I don’t prefer them due to lack of liquidity. There’s basically no reason to choose a CD over a HYSA at the same rate.
- SoftTalker 2mo agoThe minumum deposits are a lot lower. If you have a HYSA with low balance requirements, sure that's great.