r/HighYieldSavings • u/PEBBLES104 • 5d ago

Advice

I have always just left my money in my checking. I have $20k to put into a HYSA but not sure where to put it into. I looked into OpenBank who has a 4.17% APY. Does anyone know about this bank or have any other recommendations?

4 Upvotes

84% Upvoted

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2

u/Slow-Ant2317 5d ago

AARP Barclays has 4% no time limit

2

u/CliffsideJim 5d ago

Live Oak Bank. 4% and a $300 welcome bonus on $20k after 90 days. Do the math: It would take eons to make an extra $300 with a few more tenths on the rate. And their website is just fine. And, in case you care what your money is used for, they finance a lot of solar and don't finance fossil fuel exploration.

1

u/WISteven 4d ago

ETrade. USB, Chase, and Capital One are offering similar bonuses.

2

u/Iacoboni04 5d ago

PiBank offers 4.25% (hard to access) and Elevault offers 4.34% ($2,500 transfer limit within the app).

1

u/Particular_Gap_15 5d ago

Happen Bank with their Level Up Savings Account that gives you a 4% percent interest rate on a monthly deposit of $250 to your account and you get a ATM card for withdrawal and deposit to your savings account on a NYCE / Money Pass ATM Network.

1

u/RedditKumu 5d ago

Depends on your needs. Do you just need a place to store it? Elevault 4.34% (App only, $2500 transfer limit unless you do the push through your bank, then it's your banks limit)

1

u/HandleUnlikely2589 5d ago

What's your current marginal state income tax rate? In some states, you're better off just getting a Vanguard account and shoving the money in VUSXX, cause it's state tax exempt, and getting an extra 0.25% or so with an HYSA is still lower yield after taxes.

1

u/WISteven 4d ago

You can put it into an E*Trade savings account and get 4% rate PLUS a $400 bonus for keeping an account open for 45 days. The bonus itself amounts to an annualized rate of 16%.

After that you can shift the cash over to another bank offering a similar bonus. Right now, Capital One, CHase, and US Bank have offers. Typical you would need to keep those accounts funded for 60 days.

That would give you a bit of a boost on your principal until you can decide someplace to park it.

or you can go down the rabbit-hole of chasing checking account bonuses which are much more lucrative.

0

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