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.
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.
Solid rate, but it'd be native to think Capital One is stupid. They know rates will exceed 5% after 3/14/2023 and before your CD matures in Feb of 24.
@Mark S. M1's 4.5% will come out when the rates are at or over that, so sometime here in Q2 '23. They're not releasing it above the market before it happens by more than a quarter. You can guarantee that.
Best bet right now 4-13 week T-Bills, rinse & repeat. Do like 60% 4-week, 30% 8-week, 10% 13-Week if you have some still liquid sitting on hand in a savings account for a property. If you don't then do almost all 4-Weeks. The TBills will increase rather than these CDs that will lock you in before rates hike. Granted the difference you're saving is minute if it's like 5k-15k, but if you're dropping $500k-$5mil it's a big diff.
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.
Solid rate, but it'd be native to think Capital One is stupid. They know rates will exceed 5% after 3/14/2023 and before your CD matures in Feb of 24.
@Mark S. M1's 4.5% will come out when the rates are at or over that, so sometime here in Q2 '23. They're not releasing it above the market before it happens by more than a quarter. You can guarantee that.
Best bet right now 4-13 week T-Bills, rinse & repeat. Do like 60% 4-week, 30% 8-week, 10% 13-Week if you have some still liquid sitting on hand in a savings account for a property. If you don't then do almost all 4-Weeks. The TBills will increase rather than these CDs that will lock you in before rates hike. Granted the difference you're saving is minute if it's like 5k-15k, but if you're dropping $500k-$5mil it's a big diff.
This is situation that was unimaginable before.
Got 600k from selling homes, put it into 4 weeks Tbills at 4.5-5% rinse-and-repeat. Rent in Airbnb for $2.5K/mo. Paid by midwest CF of $2.0k/mo. and WF Hawaii for $50/day LOL
Chattanooga, TN · Member since 2022 · 12 posts · 6 votes
3y
Hey all, I've been keeping money with LendingClub. 4% APY there. They've been really easy to work with and their customer service is great. Account comes with an ATM card to pull from it if you need it need it.
Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
3y
Bask Bank (online only) is FDIC Insured and is offering 4.25 APY. I think the APR is 4.16 right now. It is an online division of another TX bank. It has a lot of good press. Saw it mentioned by fortune.com. I'm trying it out. So far in 2 days I made more interest than I made in a year at the big bank I bank at! lol! so far, so good!
Chattanooga, TN · Member since 2022 · 12 posts · 6 votes
3y
I think liquidity plays a part into that. I can keep cash in a high yield account until I find a higher return opportunity than a 10 year treasury bond. Without paying a fee. I think that you have to wait 5 years to cash that out penalty free. I could be wrong on that cash out penalty though.