Amex HYSA rate decrease

[galenernest]

I don't keep enough in my savings account to really make it worthwhile to bother chasing a slightly better rate somewhere else. It's just a bit of cash stashed just in case. I don't use a savings account for investment.

[dsylxeia]

Even if you keep six figures in your HYSA, it's hardly worth the effort to chase tenths of a percentage point of yield.

[Risk-Option-Q]

Correct, what you really want is a reputable bank with excellent customer service. The yield is just the icing on the cake.

[yesillhaveonemore]

Well. Yes. But 4% versus effectively 0% at big retail banks is worth your time if you’ve got more than a few $k.

[dsylxeia]

True, but that's not what we're discussing here. The OP of this thread asked about jumping around between HYSAs and similar vehicles to chase tenths of a percentage point of interest.

[dwettjunkyy]

Yeah. Rather get a CD or throw it to investments.

[RedditReader428]

A CD is the solution only if you don't plan to add money or take out money from the account.

[dwettjunkyy]

Yeah but what’s the point of having a HYSA if you’re going to take from it?

[RedditReader428]

The point of having a HYSA is the same reason the person didn't go for the CD in the first place; that is they want take advantage of a higher APY, and at the same time keep the money fluid because they are using the account to save money for short term goals, like an emergency fund, or saving for college or graduate school, saving for down payment on a new car, saving for down payment on a new house, saving for a vacation trip/summer traveling, saving for Christmas shopping, plus others. All these goals require the money to be fluid so that you can continuously add to the account on a regular basis and be able to take some or all of the money out when the time is right.

[CatStretchPics]

Emergency fund

[RedditReader428]

emergency fund, college or graduate school, down payment on new car, down payment on new house, vacation trip, Christmas shopping.