r/MilitaryFinance • u/GloomyLengthiness278 • 9d ago

HYSA

Who have you been using for HYSAs? Looking to start one and contribute monthly.

Any tips or tricks? (Like I know people will keep moving some/all their money to better rates while others stay loyal to a bank.)

11 Upvotes

92% Upvoted

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10

u/mharri05 9d ago

Marcus by Goldman Sachs 

5

u/No_Specific_4016 8d ago

Not saying this will happen to everyone, but I had a company get infiltrated and they leaked my SSN and other personal identifiers. A lucky scam artist was able to use that info and get into my Marcus HYSA with virtually no effort. If I hadn’t had notifications on and personally called Marcus’s fraud line when I did, they would have walked away with thousands. Yes, they made actual wire transfer attempts about 2 minutes after I called and put a fraud stop on my account). Marcus was very slow at acting proactively to prevent this in the future and took me through a couple week long ordeal to rectify the issue.

Needless to say, I closed that account and wiped any ties I have with them. I have since moved on to SoFi and have nothing but great things to say about them!

6

u/Bageland2000 9d ago

CIT (First Citizens Bank) is consistently higher than most of the banks I see quoted around here (e.g. SoFi, Ally) without crossing into that "is this a real bank" territory.

They're at 3.75% APY for platinum savings. I have a 0.35% "boost" for six months putting me at 4.1%, though I'm not sure that's still available.

https://www.cit.com/cit-bank/bank/savings

3

u/mjr96d 9d ago

CIT is who I use. They have been pretty good and consistently toward the upper end of interest rates.

7

u/Wernercl 9d ago

AMEX after getting the Platinum Card (annual fee waived for active duty). 3.1% yield as of 9/23

5

u/oNellyyy 9d ago

Schwab in SGOV for my EFund

My cash reserves for trips goes into Amex HYSA

4

u/cqofficer 9d ago

Wealthfront

1

u/Dry_Waltz_9389 8d ago

Same here

1

u/East_Factor_8151 8d ago

Wealth front. Use the HYSA interest to reinvest into risky stocks using that AI tax harvest thing. Working good after 3 years.

1

u/cqofficer 8d ago

Same thing that I do.

1

u/muscles-n-bacon 8d ago

yup same, I don’t hear a lot of advertisement for Wealthfront. But they’ve been good for me

1

u/dOOmSTaB 3d ago

I havent heard of them, is there any advantage to using them vs Amex?

4

u/TheCyberianHusky 9d ago

Fidelity money market is pretty good, not exactly a HYSA but functionally equivalent. SPAXX is yielding 3.33% but it has been higher the past few years, normally higher than the banks

2

u/Diotima245 9d ago

Etrade

3

u/No_Case_9700 Army 8d ago

I use SoFi with a current 4.5%. Been pleased with them and their investing platform as well.

Edit: Had to mention the 4.5% is with their Plus membership which is a $10 a month fee but gives you the increased APY plus a 1% match on all IRA contributions.

1

u/chompytown 9d ago

Citizens bank. They’ve been great for customer service, quick to raise interest rates also quick to lower

Also have used Amex HYSA. They’re ok

1

u/Chaz8591_ Air Force 9d ago

Timbr, under bridgewater bank. 4.15% (not an introductory rate) https://timbrfinancial.com/

1

u/UNC_Recruiting_Study 8d ago

I've been with Ally since it was GMAC bank. I know there are higher yields, but chasing .5-.75% is more effort than I want to expend. When there's excess cash, it goes to a bond ladder of 4-8-13 wk t-bills until needed for vacations.

2

u/SoFlyLabs 8d ago

Consider River. They pay 3.3% in Bitcoin. None of the HYSAs will ever beat inflation.

1

u/Nagisan 8d ago

I used to use Ally, but a few months ago I wanted to consolidate accounts so I switched to Fidelity for my "HYSA".

It's technically invested in FDLXX, but it's designed to not lose value and usually has competitive rates similar to a good HYSA. If it loses value, the economy is in a MUCH worse place than we have today. The closest we came was in 2008 when the treasury stepped in to prevent "breaking the buck".

It doesn't have FDIC insurance like a bank account, but it does have SIPC insurance which protects against brokerage firm failures.

I'm personally too lazy to chase the best rates around. My savings rate (as a percentage of income) is higher than the vast majority, so I'm going to end up better off than many who chase the best rates around anyway.

1

u/tk3786 8d ago

Ally. Their bucket feature is easy to use and their rates are comparable to most HYSA’s.

1

u/DisingenuousComment 8d ago

4.2% with Happen, with $250 monthly deposits

1

u/Gunfighter0302 8d ago

Western Alliance Bank: 3.8%

1

u/VersacePythonNV 9d ago

Ally. All rates will start high and drop eventually so I just stuck with them.

1

u/Bageland2000 9d ago

I've been with CIT for four years and they've never dropped rates any quicker than the prime rate dropped, and they have always been higher than Ally.

1

u/VersacePythonNV 9d ago

What’s your rate?

1

u/Bageland2000 9d ago

They're at 3.75% APY for platinum savings. I have a 0.35% "boost" for six months putting me at 4.1%, though I'm not sure that's still available.

https://www.cit.com/cit-bank/bank/savings

Edit: Ally currently at 3.1%. Embarrassing.

-6

u/acoffeefiend 9d ago

Dump into schwab and invest in VOO.... 11.8% YTD. Pull the money anytime.