I am finally making better financial choices but still have some ways to go. I currently have less than 1K in my BofA savings account and want to put it into an HSYA while I continue to earn and grow my wealth. I’ve heard of a few places like Varo and Marcus. What are some good choice for me?

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vedjourian t1_jedg2sv wrote on March 31, 2023 at 5:23 AM

I just did this recently. I already had a couple accounts with PNC and saw that they offered 4% so I added it to my portfolio and moved funds into it.

Key_Editor1985 OP t1_jedghsr wrote on March 31, 2023 at 5:28 AM

What is PNC?

vedjourian t1_jedgn0y wrote on March 31, 2023 at 5:30 AM

PNC.com. It’s a bank. Not sure if they’re just in So Cal or if they’re national. I have used them for HELOC’s and other type accounts so I was comfortable with them for my HYSA.

PloKoon788 t1_jedgqd3 wrote on March 31, 2023 at 5:31 AM

Name of a bank

alwaysbooyahback t1_jedl6j1 wrote on March 31, 2023 at 6:26 AM

CFG keeps up with rates based on Doctor of Credit.

With $1k, you don’t need to rate chase or anything. Just find somewhere to settle in as you work on saving.

https://www.doctorofcredit.com/whats-the-best-high-yield-savings-account/

They also happen to be top of the pack as of this writing.

Smurfiette t1_jee7gmn wrote on March 31, 2023 at 11:27 AM

When they increase rates, do they automatically increase rates or would you have to contact them to apply the new rate?

alwaysbooyahback t1_jefmn2c wrote on March 31, 2023 at 5:37 PM

I’m pretty sure they just automatically increase them? I’m still getting an account there.

[deleted] t1_jedqakj wrote on March 31, 2023 at 7:35 AM

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[deleted] t1_jedt1eg wrote on March 31, 2023 at 8:16 AM

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TwstdSista t1_jedygb5 wrote on March 31, 2023 at 9:35 AM

I've had good success with Ally, LendingClub and Citizens Access. Avoid Citibank - they tend to freeze accounts and then refuse to return your money. I've seen a few nightmare posts about Marcus lately, so they aren't high on my list either.

[deleted] t1_jee6bnf wrote on March 31, 2023 at 11:15 AM

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andeezz t1_jeeeu3m wrote on March 31, 2023 at 12:37 PM

Personally I'm a fan of the discover HYYSA but that's because I also hold a credit card with them so it isn't really wasn't a big deal to open up one for me. The rate isn't the best on the market right now but it's not horrible. Just kind of depends what else you use the account for or if you want to be able to drive to a physical location and take money out

poodog13 t1_jeea2ah wrote on March 31, 2023 at 11:54 AM

Honestly, I don’t know that I’d bother with a HYSA for such a low amount. 4.00% on $1000 is $40 per year. I don’t think that’s worth the hassle of having to potentially transfer funds back and forth between institutions.