Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

[Anonymous]

Good thread!

[Anonymous]

Look up Kasasa Checking or Kasasa Cash accounts. Some local banks and credit unions offer these types of schools some some requirements like use the debit card 12 times a month, e-statements or whatever but I've seen rates over 2% (a small local credit union (Northern Star CU) here in VA offered it... They've since changed the name of it but the rates are still above average

[Anonymous]

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@Anonymous wrote:
Look up Kasasa Checking or Kasasa Cash accounts. Some local banks and credit unions offer these types of schools some some requirements like use the debit card 12 times a month, e-statements or whatever but I've seen rates over 2% (a small local credit union (Northern Star CU) here in VA offered it... They've since changed the name of it but the rates are still above average

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Welcome to myFICO!

Thanks for the information.

[Anonymous]

Ok, its been about 6 months and Capital One still has a terribly uncompetitive Savings APY rate at .75%. In fact, its still the "lowest in the business" of high interest savings account banks.

If one want to "follow the fine print" and and make 1.25% for six months and then go back to the paltry .75% on month 7, they could sign up for a Capital One savings account. Unfortunately, it looks as even the 1.25% rate is still not even the highest APY rate, even though it is only for 6 months.

I waited for Capital One to become competitive in the high interest Savings account game for a while. I think its time to jump ship. I'm thinking Ally bank. Either that or Goldman Sachs.

Is Ally and Goldman Sachs still some of the best in regards to APY rates and being an overall good banks?

[longtimelurker]

For savings accounts, I use https://www.depositaccounts.com/savings/ as the source.

I keep money in Barclays and CIT.   Currently at 1.3 and 1.35% they are not the very highest, but both have been consistent in being near the top, raising rates (and in the case of CIT, raising the max amount that earns that rate)  In contrast, a number of "#1"s keep great rates for a short period and then drop well down the pack.

[Anonymous]

Thanks longtime. Some have suggested Ally bank, you and some have suggested Barclays, and I see Goldman Sachs is up there too.

It looks like these are the 3 big players so Im tossed between which one to park my money.

I wont use this new high interest bank as my main bank as Im already happy with the bank I have, just not its savings rate.

I dont want to perpetually chase banks and opening bonuses so Ill most likely keep whatever high interest bank account I open for a long time.

I realize that banks are competing so that sometimes bank "X" will be #1 in rate one year and maybe the next year its bank "Y", and the following year its bank "X" again or another bank. All I am asking is a bank be among the leaders in rates for the past 5-10 years, not that it is the #1 leader every single year.

So, so far, it looks lile a toss up between, Ally, Barclays and Goldman Sachs for high interest savings rates that have been the leaders for the best 5-10 years.

Please keep the discussion and suggestions comming.

[mongstradamus]

If you want to keep your savings and checking in same place ally is pretty good choice since you do get a little interest in your checking account.  I have mine in my credit union 1.25% for savings and .65% for checking not the best rates but good enough for me . Sure heck of a lot better than rates brick and mortar backs are throwing out there 

[Moneyklutz]

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@mongstradamus wrote:

... I have mine in my credit union 1.25% for savings and .65% for checking not the best rates but good enough for me . Sure heck of a lot better than rates brick and mortar backs are throwing out there 

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I'm guessing Alliant CU? I recently added accounts there due to finding the checking % rate was better than what Ally was paying me.

every...little...bit...helps  

[Anonymous]

I all but drained my Cap1 savings to a 12 month CD with them when the latter pushed to 1.65%. Not sure why they're keeping their savings account so uncompetetive; I suspect they want the $10k+ that gives 1.30% on the money market.

[Anonymous]

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@Anonymous wrote:

I all but drained my Cap1 savings to a 12 month CD with them when the latter pushed to 1.65%. Not sure why they're keeping their savings account so uncompetetive; I suspect they want the $10k+ that gives 1.30% on the money market.

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12 months rolling CDs are what I've been doing and have been much happier with the return.  Of course, it takes quite a bit to actually manage to get a rolling system going, but once you're there, it's a huge stress relief financially.

Right now I do a new CD every 2 months, rolling over the past 12 month CD and adding whatever I want to it as I grow my savings.  I keep building my savings in Alliant (1.25%) but then transfer out to add to the CD.

I have 12-month CDs with both Goldman Sachs and Synchrony at 1.65% APY but Sync has a minimum $2000 to get the best rate.  I know United FCU has a 1.8% but nobody I know has had a good result from their service end so I've passed it up for now.

So basically, every 2 months I open a new CD for 12 months, rolling over the prior 12 month one that came due.  Then I add a bit to it.  My goal eventually is to move to 36 month CDs (2% at some banks, as high as 2.5% I've seen though) rolling over every 2 months so I'd have a total of 18 CDs.  Each CD should more than cover 2 months of spending without reducing it, or maybe as much as 7 months of spending at poverty levels.  That's my goal for 2019, but switching from a 12 month to a 24 month isn't so easy so what I will do is roll over half of my 12 month into a new 12 month, and half into a 24 month, then in another year roll everything into the 24 month so that way every 2 months I have a bunch of money become available if I need it.

All said and done, I am hoping to earn about $6000 a year in interest on this form of savings, which rolling into my principle means next year's growth is around $250 doing nothing.

It adds up really quickly, too.  I'm always shocked to see what a CD matures at and then consider where I was in 2012 when I didn't have enough cash available to make a $75 minimum payment.  

FWIW, a savings account is a nice way to actually build your rolling CD plan -- just look at what you socked away in the past 12 months and divide by 12 and see if you can get a competitive CD rate at that amount.  If not, spend less and save more until you're there.  Most decent rates start at $500 so if you have $2000 in savings, open 4 rolling CDs every 3 months and then add to them, and whenever you can at maturity, try to grow it to 6 CDs every 2 months, and keep growing it.  24 CDs of 24-month maturity every month is exciting to think about if they can cover all your living costs when maturing in the future!