Savings accounts interest rates seem to be improving! We moved money to this account this weekend because of its 2.4% yield: https://www.mysavingsdirect.com/ (I have no affiliation with that bank, it's just the best rate we found.)

Anybody else using a high-interest savings account we could all benefit from knowing about?

Alexis is a staffer at The Penny Hoarder. She saves her pennies to travel with her two young kids.

Original Post

Thanks for sharing this one. I am always on the lookout for out for high interest savings accounts. The space is getting pretty competitive so I think we will be seeing higher and higher interest accounts in the near future. I am excited about Robinhood as they just announced they will soon be launching a 3% savings account which I will most definitely be taking advantage of once it launches.

I recently opened a savings account with Ally. It had the highest APY that I saw at the time. It's been good so far. They allow for plenty of transfers per statement and partner with Zelle for immediate transfers.

 

That being said, hearing about 2.4% and 3% APY is changing my mind lol

Ally used to carry the payments on our Nissan Sentra before my wife was rear ended and nearly killed back in December of 2015. We dealt with them for 2 1/2 years, and they were very easy to deal with. We've considered putting our money in the "high" interest savings accounts, but, like you, haven't quite pulled that trigger yet. We've got a friend who is making more by putting his money into back taxes on small properties. He's getting on average of 6-8% a year on  his money compared to 1.75-2.25%. That's quite a difference. Got to weigh your options and the risks though. I still might like the lower rates at something sure and FDIC insured like the savings account/CD

 

I switched to Marcus for my emergency savings and I have been getting emails every few weeks to tell me the interest rate is going up. I started at 1.85% and got up to 2.25% in....maybe three months? I remember the days of a 5% interest rate....sigh! 

Vanessa posted:
Adam posted:

Since this post, my Ally account shot up to 2.4%! I'm also seeing some bigger banks upping their game. Discover now has 2.10% APY savings account, which ain't too bad.

How are you getting 2.4% at Ally? Mine's only 2.2% right now.

No, you're right! That was a typo on my end. Ally upped their rates to 2.2%. I'll edit my other post

It is relatively easy. One takes and signs up for an account at the online bank of choice, fills out the requested information along with the amount to be transferred, and then there is usually a verification process, ie, the bank you're transferring will put in two small transfers to your account at the regular bank that equal less than a dollar. After these two have cleared, they will allow you to have the transfer take place. It usually takes anywhere from 3 to 7 days to ensure that the transfer goes through and that the bank account is valid. 

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