@rgd51 wrote:I have 20k in my chase savings account since I have my mortgage, checking, freedom unlimited, and amazon accounts with them. The APY of .02% on my savings is terrible but I want to keep using chase for checking due to how convenient chase is for me. However, I want to open a high yield savings account and move most my savings in there to get a good APY. I've narrowed myself down to Discover and Citi. Discover would have a $150 SUB for me but if I do Citi and end up getting any Citi cards it might be more convenient to go with them? Then again I know Discover has legendary customer service. For people who have dealt with both lenders, which is the better pick?
My answer would be neither of the above. I agree with @CreditCuriosity I would go with credit unions, like PenFed and Alliant.
@Kforce wrote:
@rgd51 wrote:I have 20k in my chase savings account since I have my mortgage, checking, freedom unlimited, and amazon accounts with them. The APY of .02% on my savings is terrible but I want to keep using chase for checking due to how convenient chase is for me. However, I want to open a high yield savings account and move most my savings in there to get a good APY. I've narrowed myself down to Discover and Citi. Discover would have a $150 SUB for me but if I do Citi and end up getting any Citi cards it might be more convenient to go with them? Then again I know Discover has legendary customer service. For people who have dealt with both lenders, which is the better pick?
Over the last 4-5 years I have had HYS & CD's with many institutions (8). Banks and CU's. No one institution is the best, they all have strong and week points.
Many with the higher rates have some limits that you don't find out until you have money there. Slower transfer speed's, limits on amount per day, week or month you can transfer, a lot of paper requirements to link other accounts, etc.
My highest earning accounts 2 years ago are my lowest this year. My favorite long term accounts are "Barclay's" with a very close second of Marcus (GS). Both are HYS's only no checking accounts. However have always been competitive with interest and have the
least negative things from my perspective.
That said: I have never had an issue with Citi. It was not a high earner last year, so I had a low account balance and my money sitting elsewhere. They offered me a large ~350 bonus for putting 50k in my HYS account for 3 months (Rate Competitive). This year they have been excellent with rates. With the bonus it will be my top dog this year. Over the 5 years middle of the pack.
Discover was one of my accounts that I closed last year, no real issues just preferred others more. So-so interest, features, just liked others better.
I now only have 5 - HYS/CD institutions. Cutting both institutions and credit cards down in number
As @CreditCuriosity said if you are willing to open 3-4 CU accounts. Getting higher interest on first 2k or 3k will give higher earnings. This does however come with a little more work.. The simple way is just pick one and earn a lot more than you are currently.
I think you would be happy with either one.
Both have been neck/neck with very close rates.
You could just flip a coin and start earning some interest.
Error above :
Cap1-360 bonus was $450
