Looking for HYSA recommendations

AndySoCal · ‎02-11-2023

@TomWB I was with a bank (US Bank) who has savings rates on liquid accounts similiar to Chase Bank. I was moving money to other banks like Discover and Capital One at that time. Typically those transfers would take 2 or 3 days sometimes longer to complete. The thought occured to me why move the checking account to one those banks maybe somewhere else. The advantage if it was with Discover or Capital One the transfer would be immeadiate not the 2 or 3 day lag time. Also I investigated the ATM network where I could withdraw cash without a fee if needed. So I ended up moving the checking to Discover in part due an ATM was a few doors away from my home. The main reason was I had the banking relationship with Discover and their customer service is very good in my experience. What I would suggest you might want to look at a local credit union or bank near you that pays better rates than Chase. You can use depositaccounts.com to help with the research. Some will even help you move the money over. There is also direct deposit change and any auto payments where you are using your account number and routing have to be updated plus bill pay to setup. After two years plus of doing this it has worked out well for me. This only a suggestion.

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Anonymous · ‎02-15-2023

There are a few institutions to be a little careful with, I think mysavingsdirect was one. These do not allow external ACH, all pulls and pushes must initiate on their side limiting you to whatever limit they set. While (at the time) the rate was good, I closed it because of the inconvenience, and had to push the money out to do so....

Not quite comparable, but I am very slightly amused by those saying 1 HYSA is enough. A lot of other people would say that about credit cards!

TomWB · ‎02-15-2023

@Anonymous wrote:
There are a few institutions to be a little careful with, I think mysavingsdirect was one. These do not allow external ACH, all pulls and pushes must initiate on their side limiting you to whatever limit they set. While (at the time) the rate was good, I closed it because of the inconvenience, and had to push the money out to do so....

Not quite comparable, but I am very slightly amused by those saying 1 HYSA is enough. A lot of other people would say that about credit cards!

I agree with you. After doing some researches, I have to say arguments for opening multiple HYSAs is definitely more convincing than arguments against. A few pros I gathered are:

1. Bank can lower the rate at any time, so not a good idea to put all eggs in one basket.

2. Sign up bonus.

3. Not really a pro, but many HYSAs don't have maintaince fee.

Credit Cards:

P2:

Closed Credit Cards:

AndySoCal · ‎02-16-2023

@TomWB I suggest put part of the money in HYSA for emergency purposes. Aslo, you may want to think about CD to lock in the higher rate with some othe rest of the money.

FICO Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 808 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 14,100, State Dept. FCU 06/2023 30,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25 Walmart One 5000 12/04/25
Banks and Credit Unions: Lafayette FCU Fortera FCU State Department FCU Redstone FCU Hughes FCU Commonwealth FCU Veridian Credit Union Utah Community Credit Union
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank BMO Langley FCU Paypal

keekers · ‎02-16-2023

@AndySoCal wrote:
@TomWB I suggest put part of the money in HYSA for emergency purposes. Aslo, you may want to think about CD to lock in the higher rate with some othe rest of the money.

Agree with @AndySoCal and I would go one step further...short term CD ladders (12-15 months) to increase your liquidity. Effectively having a portion of your $ become available every 3 months.