Best High Yield Savings Account

Submitted by unimpressedgenz t3_11cujmx in personalfinance

Basically what the title says. I have about $45K I would like to put in an HYSA until I hopefully buy a home this summer. All of the different banks and their offers really confuse me. I'm looking for the best interest rate for a bank that is also reputable/has good customer service.

Banks like Ally have good reviews but lower rates, while UFB Direct, CFG Bank and other higher interest rates I can't tell if they're reputable or not. Any recommendations?

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ThatOnePilot t1_ja53sv2 wrote

Don't worry too much about the choice, just open one! As long as it's FDIC insured, you're fine. I have one with Marcus and have had a good experience.

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Cruian t1_ja61kug wrote

>As long as it's FDIC insured, you're fine

Or NCUA if it is a credit union.

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TwstdSista t1_ja57hfh wrote

They're mostly all fine. Just avoid Citibank - they like to freeze accounts and withhold your money.

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rolliejoe t1_ja5ag21 wrote

This is the best site for comparing HYSA's: https://www.depositaccounts.com/savings/

Don't worry about the reviews really, as long as it is FDIC insured (all of these are) you're fine. Generally, only people who experience problems leave reviews, so they all skew highly negative.

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jk451 t1_ja5aypp wrote

I use Interactive Brokers - it's mainly a brokerage account, but if you have $10K+, they give you high short-term interest - Fed Benchmark rate - 0.5%:

https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php

As of 2/25/2023, that is 4.080%. For me, that beats most of the High-Yield savings plans I get, though some of the rates by @Werewolfdad ( https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ ) seem to be even higher so I am learning too here :)

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drw5 t1_ja5etib wrote

Did you consider a money market mutual fund - higher yields than most HYSA are possible with equivalent security.

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unimpressedgenz OP t1_ja658kr wrote

Yes, I've looked at those as well! I was concerned that they may make it harder to move money- like if I need the money for a down payment.

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drw5 t1_ja6602x wrote

If you have something like a Fidelity brokerage account, their Government MMF provides daily liquidity.

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Ok-Ad6253 t1_ja6gdge wrote

Fidelity FRDXX money market fund current paying 4.35%. If you need to withdraw the money you can at anytime. The catch is it’s not FDIC insured, but this is Fidelity, nothing to worry about here.

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