Best High-Yield Online Savings Accounts?

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Best High-Yield Online Savings Accounts?

Lieren Schuette
Rental Property Investor · Effingham, IL · Member since 2021 · 46 posts · 22 votes

What online savings account is everyone using?  

I have been using Marcus by Goldman Sachs for a couple of years now and have been happy with it, but have recently started to wonder if other online banks offer better rates.  When I originally put my savings into Marcus, it offered the best APY rate at 0.5%.  It has increased steadily over the past couple of years and is now at 3.90%.  

I did a little bit of digging, and it looks like CiTBank has one of the best APY rates at 4.75%.  I also saw that CFG Bank is offering 5.02% for their online money market account.  

Any recommendations from the BP Community?  

1Reply
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Sherief Elbassuoni
Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
3y

Whenever I have cash, I put it as a downpayment for a new rental.

Even if you got 4-5%, this is less than inflation, so your money is loosing value

4Reply
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  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    No advice as I think my savings account earns maybe 1%, so I'd also love to hear from others.

    1Reply
  • Yael Lederman
    Miami, FL · Member since 2022 · 83 posts · 68 votes
    3y

    Wealthfront is great / super easy to use and offers 4.30% APY

    4Reply
  • Lieren Schuette
    OP
    Rental Property Investor · Effingham, IL · Member since 2021 · 46 posts · 22 votes
    3y
    Quote from @Yael Lederman:

    Wealthfront is great / super easy to use and offers 4.30% APY


     Thank you!  Do you get unlimited transfers with Wealthfront?

    0Reply
  • Lieren Schuette
    OP
    Rental Property Investor · Effingham, IL · Member since 2021 · 46 posts · 22 votes
    3y
    Quote from @Yael Lederman:
    Quote from @Lieren Schuette:
    Quote from @Yael Lederman:

    Wealthfront is great / super easy to use and offers 4.30% APY


     Thank you!  Do you get unlimited transfers with Wealthfront?


     Yes! Unlimited fee-free transfers. Also just saw that if you are referred you get a 0.5% APY boost for 3 mo. Happy to do that if you're interested, send over a connect request if so :) 


     Thank you so much!  I'll talk to my fiance tonight and see if we want to make a switch :)

    0Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    3y

    I also use Wealthfront at 4.8% (4.3% plus the 0.5% bonus for three months).  Going to save my way to greatness!

    3Reply
  • Michael Paling
    Rental Property Investor · Gwinn, MI · Member since 2016 · 174 posts · 103 votes
    3y

    I've been using wealthfront for many years now. I started with a Roth IRA and now have a savings with them too. I find their platform very user friendly and for those that have no clue about how to pick stocks, funds, ETF's, etc., Wealthfront is a great robo advisor. I'm happy to refer anyone as well.

    1Reply
  • Joanne SantosPro Member
    Real Estate Agent · Yonkers, NY · Member since 2016 · 32 posts · 8 votes
    3y

    Interesting topic, I was looking for a bank with a higher interest.

    Going to check out Wealthfront.

    Thank you for sharing...

    Joanne

    1Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 539 votes
    3y

    I also use Marcus.  M1 Finance is supposed to be coming out with high yield at at least 4.50% APY next month.  Was originally supposed to launch in Q1.  

    1Reply
  • Lieren Schuette
    OP
    Rental Property Investor · Effingham, IL · Member since 2021 · 46 posts · 22 votes
    3y

    I have never heard of M1 Finance, so thank you for the tip! 

    0Reply
  • Lieren Schuette
    OP
    Rental Property Investor · Effingham, IL · Member since 2021 · 46 posts · 22 votes
    3y
    Quote from @Mike Dymski:

    I also use Wealthfront at 4.8% (4.3% plus the 0.5% bonus for three months).  Going to save my way to greatness!


     That's the goal! :)

    0Reply
  • Jacob Jones
    Newport, RI · Member since 2020 · 4 posts · 2 votes
    3y

    I have mostly been using my broker's money market options (~4.6% at the moment).  

    Has anyone used the Apple Card savings account? Currently it's 4.15%.

    1Reply
  • Sherief Elbassuoni
    Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
    3y

    Whenever I have cash, I put it as a downpayment for a new rental.

    Even if you got 4-5%, this is less than inflation, so your money is loosing value

    4Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    3y
    Quote from @Sherief Elbassuoni:

    Whenever I have cash, I put it as a downpayment for a new rental.

    Even if you got 4-5%, this is less than inflation, so your money is loosing value


    Month over month inflation is more current information than year over year...and it has been near zero in total for the past nine months and negative for 5 of those 9 months.  Regardless, I'm a buyer as well.

    1Reply
  • Deanna Ardoin
    Member since 2023 · 7 posts · 2 votes
    3y

    Ally 4.4%

    1Reply
  • Austin McDonald
    Cleveland, OH · Member since 2023 · 15 posts · 11 votes
    3y

    I'm using Capital One at 4.23%

    0Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 539 votes
    3y
    Quote from @Austin McDonald:

    I'm using Capital One at 4.23%


     Ally: 4.25% APY

    Marcus: 4.30% APY

    M1 Finance: 5.00% APY (must be an M1 Plus member, but I believe they’re still offering free trial.  Message me for referral link if interested.)

    0Reply
  • Ryan Bakerian
    Real Estate Agent · Albany, NY · Member since 2017 · 80 posts · 26 votes
    3y

    Citizens Bank has an online only for 4.5% no fees. 

    0Reply
  • Denver McClurePro Member
    Financial Advisor · Flower Mound, TX · Member since 2018 · 661 posts · 480 votes
    3y

    We use Flourish Cash for our clients (no fees), and it yields 4.90% with 1.5M in FDIC coverage.

    [email protected]
    1Reply
  • Joseph Neri
    Investor · Houston, TX · Member since 2019 · 95 posts · 29 votes
    3y

    Look into Infinite Banking Strategies. I have some short videos on it just DM me and Ill send it to you. 

    What are you trying to accomplish? is this a long-term play or short term?   

    Couple of things to consider long-term. 

    1. Is taxes going to be higher today or higher in the future? At some point your business partner will want his cut (Federal Gov). They control the tax bracket and tax calculation. You pay on those gains. 

    2. Equity vs Appreciation.  Equity earns 0% interest (inflation will destroy your purchasing power) your real estate investment will Appreciate or Crash regardless of how much down payment you put on your home. And your money is Trapped inside your house. 

    IMO better options- If you don't need the money in the next 10+ years look into Annuities I'm seeing 7-9% and you don't have to participate in market downturns. Gains are taxable. 

    If you are planning on using your savings for Real Estate Deals, I use high cash value Whole Life Insurance as my saving vehicle(IBC). My 2 policies earn 4-6%, I have full control of my cash, uninterrupted growth even when I'm using my money, creditor protected here in Texas and in most states, Tax free growth and I have a massive death benefit and long term care attached to it. 

    Hope that help. Good Luck. 

    3Reply
  • Matt Ruttenberg
    Specialist · Grand Rapids, MI · Member since 2020 · 116 posts · 80 votes
    3y
    Quote from @Lieren Schuette:

    What online savings account is everyone using?  

    I have been using Marcus by Goldman Sachs for a couple of years now and have been happy with it, but have recently started to wonder if other online banks offer better rates.  When I originally put my savings into Marcus, it offered the best APY rate at 0.5%.  It has increased steadily over the past couple of years and is now at 3.90%.  

    I did a little bit of digging, and it looks like CiTBank has one of the best APY rates at 4.75%.  I also saw that CFG Bank is offering 5.02% for their online money market account.  

    Any recommendations from the BP Community?  


     Betterment is 4.75 I believe right now.

    0Reply
  • Adam Simpson
    Certified Public Accountant (CPA) | Tax Consultant | Bookkeeper · Member since 2022 · 29 posts · 17 votes
    3y

    @Lieren Schuette

    Try Flourish. 5% APY

    0Reply
  • Charles M.
    Oceanside, CA · Member since 2016 · 13 posts · 10 votes
    2y
    0Reply
  • Tom Dumbacher
    Lender · FL · Member since 2017 · 3 posts · 1 vote
    2y
    Quote from @Yael Lederman:

    Wealthfront is great / super easy to use and offers 4.30% APY


     Now it is 5%

    0Reply
  • James Whitman
    Member since 2025 · 1 post · 0 votes
    1y

    I’ve been checking out this app called Elevault and so far, I’m really liking it. It has this cool Vaults feature to organize your money. Plus some really nice savings rates. Seems easy to use so far, anyone else tried it?

    0Reply
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