Bank account savings higher than 6.17%?

[IcyCool7227]

Is there a bank account that pays higher than a 6.17% APY for interest? I'd like to know as I haven't seen anything. DCFU offers 6.17% but I was denied. I see some banks don't even advertise their rates like the People's Bank in southwest Georgia and you have to walk into a branch to get those rates. I'm not anywhere near Georgia but found them after looking up a radio station from Bainbridge that recently got a new stream. I'm wondering if those banks have some secret sort of high rate that I am not aware of?

[Medic981]

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@IcyCool7227 wrote:

Is there a bank account that pays higher than a 6.17% APY for interest? I'd like to know as I haven't seen anything. DCFU offers 6.17% but I was denied. I see some banks don't even advertise their rates like the People's Bank in southwest Georgia and you have to walk into a branch to get those rates. I'm not anywhere near Georgia but found them after looking up a radio station from Bainbridge that recently got a new stream. I'm wondering if those banks have some secret sort of high rate that I am not aware of?

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That 6.17% is only on the first $1K then the remaining is at 0.25%. Not bad if you have $1K to park in savings. 

[Shooting-For-800]

I doubt you will anything anywhere near that rate for without small limits.

[iced]

Savings interest rates that aren't promotional rates hamstrung by low limits (DCU) or excessive requirements/restrictions (a la debit card usage, etc) largely follow along with the Fed rates. Until such time as the Fed increases rates back up to the 5-6% range, which hasn't happened since the 1980s, don't expect to find such an offer except for the aforementioned promotional ones.

After all, why would a bank pay you 6% for your money with no restrictions when they can pay the Fed less than 2% for theirs?

[Green456]

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@IcyCool7227 wrote:

Is there a bank account that pays higher than a 6.17% APY for interest? I'd like to know as I haven't seen anything. DCFU offers 6.17% but I was denied. I see some banks don't even advertise their rates like the People's Bank in southwest Georgia and you have to walk into a branch to get those rates. I'm not anywhere near Georgia but found them after looking up a radio station from Bainbridge that recently got a new stream. I'm wondering if those banks have some secret sort of high rate that I am not aware of?

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Yes. Credit Union of NJ. 7.5% on High Yield Savings.

https://www.cunj.com

[BearsCubsOtters]

As others have said, there are promotional rates available for a ceiling amount; such as 6.17% up to $1,000 at DCU and 7.5% up to $500.00, yes $500.00 at that New Jersey credit union mentioned above this post. After those ceilings are met, the rates are 0.25% at DCU and a mix of 0.05-0.10% depending on balance at the New Jersey credit union.

The best, ongoing rates I have seen are at Consumer's Credit Union out of Illinois' (anybody can join regardless of state) rewards checking. They pay up to 5.09% up to $10,000 but with a lot of strings attached (12 debit card purchases totaling a combined $100 each month; paperless documents; $500 direct deposit each month/billing cycle AND you have to have their credit card with $1,000 monthly purchases); otherwise, with no credit card, they will pay 3.09% up to $10,000 in savings. 

If you really want high returns you should be looking into long term CD's or even an investment account. Regular savings should really just be where you have your emergency funds are parked. With Prime Rate so low, the savings rates are low. 

[Anonymous]

Check DoC's list. One somewhere that's restrictive but pays 10.sumtin; what state are you in? I know a few others that are region specific.

[topgunvf]

Hey all came upon the following from Goldman Sachs hope this helps:

https://www.marcus.com/us/en/savings/high-yield-savings

No fees no max @2.0%