Below is the link to the spreadsheet I created after researching banks APY rates for the past 5 years. It is titled: "High interest savings APY tracker for the past 5 years". I hope this helps you in deciding what high interest savings account to set up. Its a shame this information required so much work and research in different areas and that a website or something is not readily available for everyone who is "shopping around" for a high interest savings account. Regardless, here is the link to the spreadsheet I made:
Regarding the above (original) post in this thread:
After going through multiple means of research (doing Google searches, asking people on this forum, calling banks individually), I finally gathered the information to put together a "High interest Savings account APY history tracker" spreadsheet that shows rates going back for 5 years for a good number of major banks (see link below).
While some websites offered a particular bank's rate over the requested period of time, other banks were not shown and needed other websites. Some banks had no online information for the requested period of time. It appeared there was no comprehensive information showing on any website of the historical rates over the past 5 years of all the major banks. This information was hard to come by even when searching individual banks. What a shame. This information is very important to customers looking to find a bank that is not using a "bait and switch" rate and that has offered historically competitve/leading rates.
After about 7 years, I finally jumped ship today from Capital One 360 (used to be ING Direct) because of Capital One 360s consistantly uncompetitive savings APY rate over the past 5 years. I signed up with an account with Goldman Sachs. The runner up for me, based on the APY history of the past 5 years was Synchrony bank. If Goldman Sachs does not work out, Synchrony is the bank/savings account I will be going to. I was really looking for the past 3 years but 5 years is even better.
I plan on udating the linked spreadsheet yearly so that more data can be collected. Since APYs can fluctuate throughout the year, only the highest rate for each particular bank for that particular year will be recorded.
While a particular bank may not be the current leader for a parituclar year because it is such a competitive industry, the important thing for me was not signing with a "bait and switch" bank and getting with a bank that consistantly tried its best to be the leader, or among the leaders with the APY rate over the past 3-5 years. To me, this signified the future intentions of a particular bank (that is was committed to being an industry leader) and that it was not just artificially raising its APY for a short period of time to aquire customers and then dump the rate.
Gathering this information has helped me in making my decision. Maybe it can also help you.
I’d also like to add that sometimes going with the highest APY isn’t always the better route. Yes it’s money that is set aside and left to sit but if the website is laggy, clunky, no app or limited business hours then it’s worth a sacrifice to a slightly different APY for a better experience.
I considered Marcus/GS but after reading reviews that the website and account is terribly built and a tedious process to navigate I put them near the bottom.
I’ve had Discover for several years and the rate is “middle of the road” but I love the online banking experience and their app is great.
I recently opened an Amex savings and their rate is 1.35% but I’m having account issues. Might be their site spazzing out because IT guys not around on weekends. It can be linked to your Amex Card account so you can switch between your cards and savings.