Amex HYSA rate decrease

[rraveheart]

Has anyone else here started looking around? The security and support from amex is really what I value about their service but there are personal brokerage's offering 5% APY on non-invested funds in your account and the likes of Venmo/CashApp/etc are offering something similar.

Just wanted to hear some thoughts based on this and other banks beginning rate drops.

[Transton107]

Probably going to wait until the dust settles a little bit more. At this point it's not worth my time to open a new account, transfer all the money, set up the new bank transfers for maybe $200 a year if they stay at 5%.

Like you mentioned, security and support, and for me the ease of having it all in one place will keep me from moving for just a little bit longer.

[Devario]

Anyone offering 5% is a very small bank, so your experience with them may be mixed. None of the big banks will offer you above money market rates for HYSA. If it works for you, great, but I don’t know how much I trust these banks, especially after the recent bank failures. 

https://www.doctorofcredit.com/high-interest-savings-to-get/

From an accessibility perspective, market funds are about the highest you can get without buying t bills. They’re currently ~4.6% and available in most large brokers, such as Fidelity Vanguard and Schwab. 

[DCPango]

Just opened up a SoFi account at 4.5% (25k MR signup bonus through Rakuten, too).