High yield savings account ?

Boston, Massachusetts
Personal Finance
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High yield savings account ?

Steve TsePro Member
Member since 2021 · 102 posts · 16 votes

It's 2023, what banks  do you use to  get best high yields on your savings account ?  This question is to any investor that needs to park their money in between flips or investments or just anyone who needs to keep their savings for short term like a year or so.

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Travis Henry
Investor · Camas, WA · Member since 2014 · 95 posts · 91 votes
3y

I like Ally Bank (3.40% APY as of today). The 'buckets' feature was a game changer for me.

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  • Nathan Grabau
    Realtor · Longmont, CO · Member since 2021 · 577 posts · 631 votes
    3y

    I would just look this up on Bankrate.  https://www.bankrate.com/banki... 

    2Reply
  • Travis Henry
    Investor · Camas, WA · Member since 2014 · 95 posts · 91 votes
    3y

    I like Ally Bank (3.40% APY as of today). The 'buckets' feature was a game changer for me.

    3Reply
  • Erik Anderson
    Saint Cloud, MN · Member since 2017 · 90 posts · 70 votes
    3y

    CIT Bank consistently has good rates. They are above 4% and they also have slightly higher no penalty 11-month CDs. 

    1Reply
  • Dominic Pizzi
    Lender · Freehold, NJ · Member since 2022 · 236 posts · 85 votes
    3y

    I use Capital One High Yield savings. They are certainly a good option as well as the other aforementioned names. 

    2Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 540 votes
    3y

    Marcus High Yield Savings, currently 3.30% APY. M1 Finance is supposed to be launching a high yield savings this quarter at 4.50% for M1 Plus members.  Still waiting for that.  

    2Reply
  • Don M.
    Member since 2021 · 135 posts · 203 votes
    3y
    Quote from @Mark S.:

    Marcus High Yield Savings, currently 3.30% APY. M1 Finance is supposed to be launching a high yield savings this quarter at 4.50% for M1 Plus members.  Still waiting for that.  


     I use Marcus by Goldman Sach's, as well.  As Fed rates increase, various online banks continue to adjust their interest rates, but this one has remained competitive and accessible enough for me to not change every time another bank offers 0.1% higher.

    1Reply
  • Ash Hegde
    Lender · Fort Lauderdale, FL (Lending in FL CT GA MI PA) · Member since 2022 · 470 posts · 349 votes
    3y

    I've had Ally for years and like them. 

    0Reply
  • Matt DaylorBusiness Member
    Realtor · Fall River, MA · Member since 2019 · 11 posts · 4 votes
    3y

    Capital one has an 11-month CD with a 5% rate right now. Best I've seen lately.

    [email protected]774-301-6860
    3Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    3y

    @Matt Daylor Wow that's actually good. Going to take advantage of that asap. 

    1Reply
  • Matt DaylorBusiness Member
    Realtor · Fall River, MA · Member since 2019 · 11 posts · 4 votes
    3y

    @Jaron Walling I'm signing up too! Sounds too good to pass up.

    [email protected]774-301-6860
    0Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    3y
    Quote from @Matt Daylor:

    @Jaron Walling I'm signing up too! Sounds too good to pass up.

     Right?? That's nearly beating inflation. I already use the 360 savings accounts so it's easy to sign up. 

    0Reply
  • Allan C.
    Rental Property Investor · Member since 2018 · 829 posts · 811 votes
    3y

    @Steve Tse Marcus and Capital One if you need quick access to funds. Alternatively you can divide your funds and set up rolling 4-week Treasury Bills that gives you higher yield and state tax savings. All you need is enough liquidity to pay EMD.

    2Reply
  • Steve TsePro Member
    OP
    Member since 2021 · 102 posts · 16 votes
    3y

    Thanks everyone, I didn't realize that Capital One has 11-month CD with 5% APY - sounds like a good deal

    0Reply
  • Daniel G. McAuley Jr.
    Member since 2020 · 1 post · 0 votes
    3y

    As of 02/04/2023, Wealthfront is offering 4.05% return, fully liquid.  Look into them.

    0Reply
  • Bryan MartinBusiness Member
    Accountant · Springfield, IL · Member since 2022 · 190 posts · 100 votes
    3y
    Quote from @Steve Tse:

    It's 2023, what banks  do you use to  get best high yields on your savings account ?  This question is to any investor that needs to park their money in between flips or investments or just anyone who needs to keep their savings for short term like a year or so.

    I've used Ally for years, but have barely kept any money in it in recent years due to low returns and putting down payments down on properties.  I'll likely revisit putting money in the account since it's getting 3.4%.
    [email protected]217-788-0750
    Taxstra PLLC4.9114 Reviews
    WebsiteView Page
    0Reply
  • Kahren AydinyanPro Member
    Rental Property Investor · Tulsa, OK · Member since 2018 · 23 posts · 4 votes
    3y

    Currently using PNC Bank HY savings account, which is 3.93% interest and 4.0% APY...no fees. 

    1Reply
  • Matthew Kwan
    Lender · Seattle, WA · Member since 2022 · 482 posts · 768 votes
    3y

    High yield savings is better than traditional savings account where i only get $0.01/month but high yield you get up to 3.2% depending what bank you use. Even during COVID i was getting around 0.50% APR @Carlos Valencia  @Albert Bui

    2Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    3y

    Barclays Online Savings Account - it's at 3.40% right now with no fees or minimums.

    561-253-6640
    0Reply
  • Megan Boschen
    Member since 2023 · 6 posts · 7 votes
    3y

    I am getting 4.35% with Western Alliance Bank.

    2Reply
  • David Bilandzija
    Lender · Venice, CA · Member since 2021 · 189 posts · 132 votes
    3y

    Alternatively, no state/local taxes on US Treasuries and you can buy something with a short maturity, like 13 weeks.  If you park enough cash with the right brokerage you can often times pick up a nice promotion bonus.  

    If you don't need to tap the balance this could be a good alternative over a fully taxable high yield savings account or CD.  

    0Reply
  • Steve TsePro Member
    OP
    Member since 2021 · 102 posts · 16 votes
    3y

    @David Bilandzija where do you typically go to buy US Treasury bonds ?

    1Reply
  • David Bilandzija
    Lender · Venice, CA · Member since 2021 · 189 posts · 132 votes
    3y

    You have two options.  


    1. You can buy directly through the US Treasury website or 

    2. You can go through your brokerage account like e-trade, fidelity, schwab etc.  I recommend going through your brokerage account the US Treasury website is clunky.  

    2Reply
  • Anurag Pulla
    Member since 2021 · 22 posts · 7 votes
    3y

    Robinhood - 4.15% 
    amex savings - 3.4%

    0Reply
  • Jeff Nash
    Accountant · McKinney, TX · Member since 2023 · 394 posts · 580 votes
    3y

      @Steve Tse

    We custody many of our clients at Interactive Brokers which currently is offering 4.08% just for sitting in cash (no money market or CDs).  On the flip side, they also have one of the lowest margin rates for use for investing.  

    2Reply
  • Jason Merchey
    Investor · Hendersonville, NC · Member since 2013 · 757 posts · 282 votes
    3y

    Thanks for the Capital One 5.0% lead. I was going to put some money into a Live Oak Bank savings account at 3.5%, but the COF CD at 5% is probably better! I presume they let you pull money out in an emergency.... and that it's FDIC insured. I will check.

    0Reply
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