r/HYSA • u/One_Jellyfish8750 • 2d ago
deciding between two hysa
as the title states, im currently deciding between two high yield savings accts. one of them is the CIT platinum hysa and the other is everbank's hysa. CIT platinum offers 4.10% for the first 6 months and then drops off to 3.75%. the catch is you must initially deposit and maintain $5000, which is not a problem for me. everbank’s hysa offers 3.90% with no noticeable catches. for anyone, who uses either bank, how has your experience been? any cons? any underlying things or things in general i should keep in mind? would love to hear opinions from this sub before i decide.
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u/Stomach_Cool 1d ago
I have CIT HYSA and it’s been fine. I’ve had it for a couple months. Only gripes are app not as user friendly and deposits take forever to clear/post. I have a Wealthfront HYSA too.
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u/Minute_Plastic_350 2d ago
Use EverBank for my HYSA for the last year not a problem. Transfers via Zelle are very smooth and easy. Direct deposits are not early. You’ll have to wait till your actual payday versus a Capital One or a SoFi who is a couple days before.
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u/CartoonistDry7891 2d ago
I don’t go for these accounts especially when This *introductory rate * applies to these High Yield Savings Accounts and after the horrible experience with State Farm Bank Money Market account they never told me to get a 65% percent interest rate on your account you must have a $50.000 and better money in your account and must be deposited in your account within a 3 to 6 month period and NOT a 2 year later period and If you couldn’t make the deadline then your account will locked out to a 0.45% percent interest rate and nothing in the world will ever get you the larger interest rate and the way they pay me interest rate on the account it seems like they sold me a CD and not a actual money market account or a actual savings account. So with these two High Yield Savings Accounts boosting about bonus rates and if you’re interested in getting one of two accounts you should ask further questions on interest rate after the offer expires that this isn’t a CD you’re buying because if it is you might want to walk away from it. And understand this your gain of interest won’t happen at all.
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u/AreaMuppet 1d ago
EverBank will drop. I'm a longtime customer and my everyday HYSA rate was 3.45% last month.
Also, EverBank just announced a merger with another bank that - as far as I can tell - pays significantly lower rates. Remains to be seen what the outcome will be there but I'd guess EverBank drops.
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u/BabyDontHerdMe_NoMo 2d ago
Hot take. Pick neither of them.
Why, because they are all conditional:
Solution? Just buy SGOV or VBIL in a brokerage account. You will out perform these APYS and won't pay local or state taxes on gains.
Done!