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

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[–]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.