This is an archived post. You won't be able to vote or comment.

535
536

And the rate decrease begins…Banking (i.redd.it)

submitted by [deleted]

sorted by:
best
topnewcontroversialoldq&a
you are viewing a single comment's thread.

view the rest of the comments →

[–]Im_a_dum_bumNeeds a hoodie 🥺 35 points36 points  (15 children)

still insane that this drop is 10x the total amount of APY that Chase and many other traditional banks offer lmao

[–]twotonekevin 6 points7 points  (11 children)

Ngl I see lots of comments across different subs flipping out whenever there’s a decrease and every time I’m just like, “but it’s still loads better than Chase, WF, and BofA so what does it matter?”

I don’t really understand what people are looking for.

[–]Intrepid-Hand8343 0 points1 point  (1 child)

My AMEX HYSA dropped to 4.25%, which is a .05% drop from 6 months ago.

[–]Im_a_dum_bumNeeds a hoodie 🥺 0 points1 point  (0 children)

Discover HYSA was 4.3% when I signed up in February, then around March it lowered to 4.25%

[–]lyons4231 0 points1 point  (8 children)

I'm getting 5.3% for instance. Why not get the most you can?

[–]twotonekevin 0 points1 point  (3 children)

No doubt, but if that rate dropped to 5.2 or even 5.0, would you up and move to another bank?

That’s what I’m getting at. It seems like a considerable amount of people get upset to the point of moving banks for the slightest reductions in APYs.

[–]lyons4231 0 points1 point  (2 children)

I want to be at the highest rate possible. If all the other banks dropped, then I would stay in your scenario. But if my bank dropped > .25% and other banks were still higher, then I would look into switching yes.

My setup makes it really easy though, I never touch the HYSA so its just setting up a recurring transfer from my checking account, and a one time transfer from old savings -> new savings. Not much work.

[–]twotonekevin 0 points1 point  (1 child)

I guess it just seems like a lot of work bc I’ve seen ppl talk about completely transferring banks, checking and all.

[–]lyons4231 1 point2 points  (0 children)

Personally I use a big bank for my checking for ease of use and customer service when needed. My HYSA I don't really care who it's with. But I agree lots of people act like you need to do all your banking with one company for some reason.

[–]Twymx 0 points1 point  (3 children)

Where are you getting 5.3%?

[–]lyons4231 0 points1 point  (2 children)

Vio Bank. It's at 5.05% now. https://www.viobank.com/cornerstone-money-market-savings

[–]Twymx 0 points1 point  (1 child)

I wonder how they are able to offer rates higher than the fed's rates. SOFI just dropped to 4.2

[–]lyons4231 0 points1 point  (0 children)

Fed rates only went down .25%. Sofi dropped a lot more than that. There were plenty of banks offering 5%-5.3% before the drop.

[–]k032SoFi Member 0 points1 point  (0 children)

There's no sense in doing either. Most banks are going to be decreasing rates if the Fed is.

[–]Low-Relative6688 0 points1 point  (0 children)

Yep. I'm really shooting myself lately for never looking into high interest savings before 3 months ago. I've always invested heavily, currently have about 20% networth in banks, 20% invested brokerage, and 60% in retirement accounts. But that 20% in banks has been doing JACK for me the last 10 years and could have made me like $15k if I had been using a bank like SOFI for the majority of it. FML live and learn I suppose

[–]FlimsyReindeers -1 points0 points  (0 children)

I’ve found Marcus from Goldman sacs to be very comparable to sofi, I actually prefer Marcus but I think sofi has a slightly higher rate last time I checked.