cancel
Showing results for 
Search instead for 
Did you mean: 

online savings account high interest

Regular Contributor

Re: online savings account high interest

At BECU the first $500 each of both checking and savings is 4.07%.

Message 11 of 13
Valued Contributor

Re: online savings account high interest

Never DCU's saving account pays 3% on the first $500.00.

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $6500 / Barclay Apple Rewards - $5400
Merrick - $2400 - Total - $131,300

EQ - 745 / TU - 741 / EX - 742
Message 12 of 13
Highlighted
Senior Contributor

Re: online savings account high interest

Without doing a lot of searching, Discover Bank, Syncrony Bank and Ally Bank online currently offer 1.10% terms vary. DCU and a lot of credit unions offer an inflated vale for the first $$XX amount (DCU is $3.04% on the first $500). For those that have $10k to put aside, for those areas that Capital One phyically serves, they are offering 1.10% for the first 6 months as a savings rate which you can bail on whenever you want (you don't have to leave it there for 3-6 months).

 

Note that set long term CD's are NOT the proper move right now even "jumbo rates" (again DCU 1.84% for 60 months on $25k plus) because rates are going to be going up, or more correctly stated, no longer FED depressed. Current market rates should be in the 2.5% to 3.5% range, but is basically zero due to the federal reserve. It is widely assumed that rates will increase 25 basis points (.25 or  1/4 percent) in December and another 25 basis points in 2016). The reason this is important is as the fed base rates goes up so does the cost of borrowing money (including Mortgage rates and credit card APR's) AND savings rates will increase. If you push this out for 5 years, a CD locked at 1.84% isa very bad return when interest rates increase over the next couple of years.

 

I know thats much more than the OP's question, but I think it's important to look at both current and future paying rates and no tie up your money long term with no escape plan.

 

 

Message 13 of 13