Savings account now pays 1.6%

My two major savings account banks are raising their rates, bouncing back and forth.

Ally just jumped up to 1.60%.
Discover Bank is 1.5%, they don’t email me when they change their rate, but the other two do.
My other CU has a “super saver” account that has been paying 1.5% all along, limited to $1,000 deposit per month.


        Ally    Alliant CU
4/1/22  0.60%   0.60%
5/12/22 0.60%   -
5/27/22 0.75%   0.75%
6/10/22 0.90%   -
6/16/22 1.00%   1.00%
7/2/22  1.15%   1.05%
7/16/22 1.25%   1.20%
7/29/22 1.40%   1.40%
8/5/22  1.60%   -

2 Likes

CIT Bank 1.90%, a few other less well known Banks slightly higher. Some CD’s one year term up to 2.30%.2-4 Years 3.25%.
Another 0.75% increase by the Fed in September and we should see min 2 to 2.20% on savings and possible 2.50-3% years end maybe?

Thanks for the pointer to CIT bank.
1.90% on savings, 2.00% on an 11 month NO PENALTY CD. No penalty for early withdrawal.

FZDXX at Fido sporting a 7-day yield of 1.8% with minimum $100K

BruceM

Last week I bought a brokered 1 year CD paying 3.1% (from CFG Community Bank - Baltimore, MD)

And they list several others being available at 3.0 to 3.1%

While I use HYSAs I’ve also found it very easy to buy treasury bills that pay 2-3% and you can easily sell if needed. Going through Fidelity, Schwab, etc. makes it easy and cheap to buy either at auction or on the secondary market.

Not a huge difference but an extra 1% on 100K is still $1K. Won’t change my life but can buy a few nice meals.

FZDXX at Fido sporting a 7-day yield of 1.8% with minimum $100K

Since FZDXX isn’t a default sweep account option, would you need to manually re-invest the interest every month back into FZDXX? Otherwise, the interest would go into SPAXX or whatever.

fdoubleol asks,

would you need to manually re-invest the interest every month back into FZDXX?

I hold FZDXX in a Fido brokerage account and my monthly dividends are re-invested each month into FZDXX. I don’t have to do anything on a monthly basis to make this happen.

Maybe it’s an option when you set up the position? If I remember correctly, Fido lets you instruct them how to reinvest dividends at the Account level.

Hope that helps.
'38Packard

Dang, found another – better – one.

UFB Direct “UFB Rewards Savings” paying 2.21%.
Tiered rates by amount, but all tiers currently paying 2.21%.

Weird – Owned by AXOS bank, but AXOS bank itself only pays 0.6%. Not the first time I’ve seen this, a “regular” bank having a “direct, online only” subsidiary that pays a much higher rate. Last time I had an account at one of these, the main company eventually got bought out by another bank and they stopped paying interest on the “direct” accounts.

I think you just need to monitor these to make sure they don’t silently change the tiers & rates on you.

Too bad no one has posted a resource to check rates in lots of places.

But, wait ! someone did :wink:

1 Like

I think you just need to monitor these to make sure they don’t silently change the tiers & rates on you.

Been happening to us with HM Bradley Bank → www.hmbradley.com

The initial offer was 3% interest up to $100,000 BUT if you were approved for their credit card, then they boosted the rate to 3.5%. The credit card had 12 months no annual fee and up to 3% cash back (tiered 3%/2%/1%) on purchases. You had to have a minimum of $100 in card purchase / month.

Now the offer is 3% interest up to $100,000 with NO boost for having the credit card. The cash back on the card is now $1.5% on ALL purchases and they eliminated the annual fee.

I’d jump at a similar offer at Ally bank but we already have significant cash there and we may bump up against the FDIC limits. But I’m actively looking for an exit point from HM Bradley for sure.

'38Packard