Saving's Account Rates

[Anonymous]

I currently bank with a "local" feeling- yet large bank and have always enjoyed the relationships I have with the banker's there. However, with rising interest rates, the savings rate I am seeing is miniscule on my accounts at this bank.

Do local banks in your area have higher interest rates for savings/money market accounts, or does that only seem to be your large national banks?

I would love to find a "local" bank that actually pay's decent returns on my money but it seems impossible to find.

I really don't have much interest in putting my money into CD's as I like to have my cash relatively liquid, as I plan on purchasing rental property once I find something that peaks my interest.. I just feel like there has to be something I can do to earn more on my money in the mean-time without having to switch to a large national bank that doesn't have any local branches to me in the rural area I live in.

[DaveInAZ]

I also live in a rural area and in a rural area you're unlikely to find a local bank or credit union that pay decent interest on savings. Use a local bank/CU for the convenience of in branch banking but keep most of your savings elsewhere.

Doctor of Credit has a good list of banks/credit union with higher savings rates.

Also Bankrate.

[RonM21]

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@DaveInAZ wrote:

I also live in a rural area and in a rural area you're unlikely to find a local bank or credit union that pay decent interest on savings. Use a local bank/CU for the convenience of in branch banking but keep most of your savings elsewhere.

Doctor of Credit has a good list of banks/credit union with higher savings rates.

Also Bankrate.

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Dave, I don't live in rural area and I can say the same.  I haven't seen banks around here come close to challenging the rates we are seeing out there.  When you look at lists such as ones you named, it isn't even close most times, the rates you see on there compared to locally.

[Anonymous]

There is also this site:

Depositaccounts

[Late2theGame]

It doesn't exactly fit what you had in mind, but here is an idea....

1.) Keep your local institution, so you can still have your small bank feel.

2.) Open a savings from an institution like Cap1 which pays 1% on balances up to 10k and 2% on balances over 10k and below some outrageous cap. Or Marcus by Goldman's and Sachs that pays 2% on balances over $1.00 (the min bal.).

These are online institutions, and I know Cap1 partners with Sells allowing easier access to your money (there is a thread on that). Or you can link your bank account with test deposits and some time. I currently use 3 separate institutions and my local 1 is my small town feeling bank that I do most things thru to build relationships etc.. but I don't use them for money that's just going to sit and grow (not much of a relationship needed for that).

[Anonymous]

Consider online Savings accounts: e.g. Citizens Access is paying 2.25%.

[SBR249]

I'd say your best bet is an online savings account. If all you are trying to do is to earn a decent return and access the money in a timely fashion, I think being at an institution with physical locations is not a requirement as long as you maintain an account at a bank with branches close by for accessing your money. My Discover Savings pays 2% interest and when I push an ACH, it generally shows up in my bank account within 1 business day with no holding period. Of course, it's not same day access but that's the price you pay for lower overhead 

Otherwise, I'd say look into treasury bills and notes. They are generally considered to be liquid assets, there is a robust secondary market, you can get relatively decent returns, and you can buy for terms as short as 4 weeks. 

[Anonymous]

+1 to online savings. I use Barclays, currently at 2.05%, and transfers to my main bank account post the next day.

[Kforce]

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@Anonymous wrote:
+1 to online savings. I use Barclays, currently at 2.05%, and transfers to my main bank account post the next day.

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+1,  Lots of good online Savings/MM accounts.

Average APY is about 1.85 - 2.15%, with the higher about 2.25%

I have Barclays also, and have only good things to say.

Faster transfers, better web pages, a couple of features not available with other banks.

I closed Goldman Sacks, Capatal One 360, and Ally.

That said, all of them were OK, just not quite as good for my needs.

Most online accounts would be an improvement to low interest brick&mortar.

Some of the top tier interest account have minimum deposit, time account has to be kept open, or another string or two attached.

I like the larger, no games, banking accounts for the small interest difference

[Green456]

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@Kforce wrote:

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@Anonymous wrote:
+1 to online savings. I use Barclays, currently at 2.05%, and transfers to my main bank account post the next day.

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+1,  Lots of good online Savings/MM accounts.

Average APY is about 1.85 - 2.15%, with the higher about 2.25%

I have Barclays also, and have only good things to say.

Faster transfers, better web pages, a couple of features not available with other banks.

I closed Goldman Sacks, Capatal One 360, and Ally.

That said, all of them were OK, just not quite as good for my needs.

Most online accounts would be an improvement to low interest brick&mortar.

Some of the top tier interest account have minimum deposit, time account has to be kept open, or another string or two attached.

I like the larger, no games, banking accounts for the small interest difference

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I am just curious. Why did you pick Barclay's over Ally, Marcus and 360?