Fantasy Football - Footballguys Forums
This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!
PSA - You may be able to get more yield with your savings account. (1 Viewer)
- Thread starter Captain Cranks
- Start date
Judge Smails
Footballguy
Just checked my Ally statement. I’m getting 3% there. Maybe time to shop
fruity pebbles
Footballguy
Discover had a pretty good promo. Deposit $25,000. 3.30% interest but also a $200 immediate bonus.
St. Louis Bob
Footballguy
I was just about to look around for this information for my parents. Thank you!
Captain Cranks
Footballguy
Don't think so. I've been using live oak bank and Bluevine (on the list for business accounts) for the past few months with good success. They've even raised the interest rate twice over that time period.
audiophile
Footballguy
Thank you. This thread prompted me to check around. I have my investment accounts with E-Trade and discovered that they offer a "premium savings account" via Morgan Stanley that is paying 3.25%, no minimum balance, FDIC insured. It was a no brainer for me since I have some cash already sitting there.
Orange&Blue
Footballguy
Been thinking about dumping my emergency savings into VMFXX (vanguard federal money market fund).
My local bank has been generously offering .5%. I'll use them for checking account but that rate is ridiculous with fed raising rates.
My local bank has been generously offering .5%. I'll use them for checking account but that rate is ridiculous with fed raising rates.
Orange&Blue
Footballguy
PNC bank is offering 4% with no minimum. Anyone ever used them? Bankrate gave them 5*
GoBirds
Footballguy
I have a Vanguard account and received an invitation to open a Cash Plus account with them which insures the first $250k and have more in their money market. I believe the cash plus is currently 3.9%.
massraider
Footballguy
They are GD awesome, and if you are thinking about getting a car, they kick a** at financing as well.
My immediate family is approaching PNC cult status.
pollardsvision
Footballguy
As long as it's FDIC insured, they are all fine to use.
Not catches, but there are sometimes things to consider in addition to the posted interest rate.
You want to make sure the bank consistently offers a competitive rate. Some can have introductory rates and restrictions. You don't want to have to keep switching accounts to keep a competitive rate.
And of course, there's fees, customer service, speed, user interface, account features, and other stuff to consider. These are banks. Some are more pleasant to deal with than others.
Dez89
Footballguy
I just went and looked and they are offering 0.04%. Am I missing something?
fruity pebbles
Footballguy
Look up high yield savings account
Dez89
Footballguy
The Noid
Avoid me!
Same, and I am 25+ year PNC customer with checking and previous home equity and auto loans. Always had Savings with other banks because PNC never had good rates but saw this thread and thought "Nice, can finally bring it all under one bank" but .02% is the only rate I can get. Maybe it's because I'm local (PNC is based in the PA area) and they are using the Heigh Yield to bring in other customers from non-footprint areas
My current savings bank moved the rate up to 3.15% a few months ago, so at least they're staying competitive.
Last edited:
3C's
Footballguy
Didn't open any other savings accounts or CD's (did that when I got a 4+% promo) but I did buy some series I bonds thanks to the info in the link. Was near 10% in Oct and while the rate dropped some it's still near 7 with a .4% base guarantee. It also reminded me that I have some EE series that will hit final maturity this year so I need to start cashing them in. 
We have accounts at a credit union and one of our savings accounts there was paying 0.05%. I emailed them a couple months back about the rate being horrible and they responded with the usual “we try to be competitive, yada yada”. They eventually bumped it up to 0.15%.
Needless to say, we don’t have much money sitting there.
pollardsvision
Footballguy
A money market account with the same online savings bank is also a good idea for people that would like the option for basically instant access to the funds in savings. Money markets generally have debit cards and checks (savings don't). With the same bank, a savings-MM transfer is instant (online savings to different brick and mortar checking can take a day).
Using a credit card to make the purchase can obviously buy the time to transfer the savings money too, but an associated money market account is another good option.
And money market accounts usually have almost as much as much interest as online savings anyway (usually only about .10% less than savings).
Using a credit card to make the purchase can obviously buy the time to transfer the savings money too, but an associated money market account is another good option.
And money market accounts usually have almost as much as much interest as online savings anyway (usually only about .10% less than savings).
I feel like banks make a lot of money off people who don't pay attention to this. It didn't really matter for many years but now it does. I had cash in brokerage account that was earning essentially nothing and didn't think about it until recently. I was able to move it into a money market account that earns like 3.5%
Captain Cranks
Footballguy
This is absolutely the case. Pre-Covid, my business was earning over $30k a year on its cash reserves. In 2021 that number was less than $2k. When the Fed started hiking interest rates, I expected my interest earnings to go up again. Nope. Still crappy interest. Thus I moved most of my stuff over to banks that are paying 3.5%.
Captain Cranks
Footballguy
Primis Bank now offering 5%
gianmarco
Footballguy
Primis review
Whenever I see an outlier like this, there's usually a reason. Not saying it's a given it won't work out, but I'd be cautious based on those reviews and the fact they are significantly higher than others.
Juxtatarot
Footballguy
I’ll bet you wouldn’t get 5% for very long.
McBokonon
Footballguy
They seem to be FDIC ensured and that link has a total of 8 reviews, and the two that are actually provided read like temper tantrums from idiots. It’s tough to see what the real issues they had were.
Never heard of the bank, but it’s probably a mostly online no frills place that’s perfectly fine to dump money in for awhile provided you read the terms of the account, first.
ETA: you could definitely be right on the rate moving. Then you just pull out the money and go elsewhere.
Juxtatarot
Footballguy
They have a number of brick and mortar branches in VA. This offer is only for accounts opened online. But, I agree, if someone wants to play the game and is willing to open and close accounts frequently, it would probably work out fine for a while. Sometimes there are a lot of catches to these offers (maximums, debit card usage requirements, direct deposit, etc.) but from the limited info online, this one seems OK. But, as you say, someone should be sure to read the actual legal disclosures.
Captain Cranks
Footballguy
Galileo
Footballguy
I know this is mostly about savings accounts, but I just noticed Capital One has an 11 month CD at 5% APY
Senor Schmutzig
Footballguy
I recently received a nice bonus from my former employer that I will use to partially fund my son’s college. Looking to put that money into an account that pays more than .05% 
that my CU currently pays. Will most likely stick with high-yield savings in case I need to access for other reasons.
Marking for future reference….
that my CU currently pays. Will most likely stick with high-yield savings in case I need to access for other reasons.Marking for future reference….
Galileo
Footballguy
Have you considered a 529? Obviously you would sacrifice the interim accessibility, but if you want to be disciplined about saving it for college, this is a good way to force you to do it. You can also get some tax benefits with a 529.I recently received a nice bonus from my former employer that I will use to partially fund my son’s college. Looking to put that money into an account that pays more than .05%
Marking for future reference….
urbanhack
Fight The Power!
They just increased to 3.4%
Senor Schmutzig
Footballguy
He is leaving for school in 6 months. Probably a little late for that, no?Have you considered a 529? Obviously you would sacrifice the interim accessibility, but if you want to be disciplined about saving it for college, this is a good way to force you to do it. You can also get some tax benefits with a 529.I recently received a nice bonus from my former employer that I will use to partially fund my son’s college. Looking to put that money into an account that pays more than .05%
Marking for future reference….
Galileo
Footballguy
Yep...that ship sailed.He is leaving for school in 6 months. Probably a little late for that, no?Have you considered a 529? Obviously you would sacrifice the interim accessibility, but if you want to be disciplined about saving it for college, this is a good way to force you to do it. You can also get some tax benefits with a 529.I recently received a nice bonus from my former employer that I will use to partially fund my son’s college. Looking to put that money into an account that pays more than .05%
Marking for future reference….
Leroy Hoard
Footballguy
Yeah, I'm sticking with under my mattress.
Juxtatarot
Footballguy
I moved money back to Vanguard Cash Reserves Federal Money Market Fund. 4.32%. That’s good enough for me.
Willy
Footballguy
Most of us footballguys would run out of space in a week or two.
My suggestion is Redneck Bank once that happens.
Leroy Hoard
Footballguy
That webpage makes me want to give them ALL my money.Most of us footballguys would run out of space in a week or two.
My suggestion is Redneck Bank once that happens.
Craig_MiamiFL
Footballguy
That FN fly on the screenThat webpage makes me want to give them ALL my money.Most of us footballguys would run out of space in a week or two.
My suggestion is Redneck Bank once that happens.
Keerock
Footballguy
I was able to change my CapitalOne 360 savings account (0.30% APY) to a 360 PERFORMANCE 
savings account (3.60% APY) with just a little online work. I don't have a ton of cash in there so not really worth changing banks. Kindof pissed that the PLAIN account still had such a low APY. Thanks for bumping this thread to get me to look at what I was getting.
savings account (3.60% APY) with just a little online work. I don't have a ton of cash in there so not really worth changing banks. Kindof pissed that the PLAIN account still had such a low APY. Thanks for bumping this thread to get me to look at what I was getting.
krista4
Footballguy
I was able to change my CapitalOne 360 savings account (0.30% APY) to a 360 PERFORMANCE
Could I ask how you did this? PM if better. I moved most of the money I had in the exact same type of account there somewhere else when I saw this thread, but I still have a bit in there that I was waiting to do something with (long story). If I could leave it there but get into the "performance" one, that would work great for me, too.
Keerock
Footballguy
Was as easy as Open/Transfer/Close. Just look for the "Explore Other Products" link to find the 360 Performance savings account.I was able to change my CapitalOne 360 savings account (0.30% APY) to a 360 PERFORMANCE
Could I ask how you did this? PM if better. I moved most of the money I had in the exact same type of account there somewhere else when I saw this thread, but I still have a bit in there that I was waiting to do something with (long story). If I could leave it there but get into the "performance" one, that would work great for me, too.
ETA... I see they also have 5.00% CDs (11 month)
krista4
Footballguy
I was able to change my CapitalOne 360 savings account (0.30% APY) to a 360 PERFORMANCE
Could I ask how you did this? PM if better. I moved most of the money I had in the exact same type of account there somewhere else when I saw this thread, but I still have a bit in there that I was waiting to do something with (long story). If I could leave it there but get into the "performance" one, that would work great for me, too.
Nevermind, I found it.
Similar threads
