Hi! I am a college student who’s planning on putting around $8000 in HYSA. I am very new to HYSA and not sure which one is the best one.
Are SoFi or Cit good and trustable? Which one do you recommend to put $8000 in? I’m only familiar with capital one and American Express. Are anything else trustable?
Thanks for your help in advance.
I’m looking to open a HYSA and I think I’ve narrowed it down to EverBank, Ally, or maybe Live Oak.
Right now Ally’s APY is 3.1% while EverBank’s is 3.9%, which makes it very attractive. I know APY fluctuates and is subject to change without notice. But I’ve seen some people mention that EverBank purposely drops their APY on their performance savings accounts after a sort of introductory period. Is that true?
I’m leaning toward EverBank right now. It doesn’t have as many customizable features as Ally but certainly has more than Live Oak (currently at 3.8% APY). Live Oak’s app in iOS also doesn’t have great ratings, where as Ally and EverBank have well received apps and use interfaces. But if EverBank drops APY in purpose after an intro period I don’t know if I’d go with them. And since I’m not putting hundreds of thousands into a savings account I’m wondering how much less than 1% would make in impact.
I'm wondering if high yield savings accounts are actually safe. I've heard that FDIC insurance covers up to $250,000 per depositor. I've also heard that rates are variable and can change. I've also heard that they're much safer than investments. I'm wondering if I should trust HYSA with my emergency fund.
The thing that concerns me is that I've heard about inflation impact and lower long-term growth. I've heard that HYSA is safe if the bank fails but rates can drop. I'm also wondering if I should worry about the bank's stability. I'm trying to figure out if HYSA is actually safe for my emergency fund.
Are HYSA really safe? What about FDIC insurance? Can I lose money? What about rate changes? Should I worry about bank failures? Have you used HYSA? What worked? Would you recommend it? Should I use HYSA for emergency fund? I'd appreciate advice about HYSA safety.
I'm trying to figure out which savings account to open. I've heard that Varo Bank and AdelFi offer 5.00% APY which is really high. I've also heard that Capital One 360 is solid and accessible. I've also heard that Newtek Bank is popular. I'm wondering which one is actually the best choice for me. The thing that concerns me is that I want high rates but also reliability. I've heard that online-only banks have better rates but no physical branches. I'm also wondering if I should worry about FDIC insurance. I'm trying to figure out which savings account actually makes sense for my situation. Which savings account has the best rates? Should I use Varo or AdelFi? What about Capital One 360? Is FDIC insurance important? Should I worry about online-only banks? Have you used any of these? What worked? Would you recommend it? Should I move my money? I'd appreciate advice about savings accounts.
I opened an ING account that was bought by Capital One years ago. Capital One pulled some stunts with existing customers APR and just lost a $425 million lawsuit. I read they were not to advertise a rate and not honor that rate for existing customers. I was curious and looked at what my rate was for my 360 account. Capital One was paying 1.00% on my high yield account. Called and was told I had a regular savings. Now why would I open a high yield account and be fine with them changing that account when it was purchased from ING? My rate is now 3.10%. I will get some comp from the lawsuit, but this crap annoys me. Think I will be looking for a new bank.
If you have an existing Capital One savings check what your APR is.
I’m currently banking with Bank of America, but the APY is basically nothing, so I’ve been looking into switching to SoFi for the higher interest.
Right now, my setup is a little different than most people:
- My direct deposit goes straight into savings
- I don’t spend a lot, so I treat my savings like a checking account
- I use my checking mostly just for card purchases
- I occasionally use Zelle, not super often, but I’d still want access to it.
What I’m thinking of doing is:
- Use SoFi as my main account (for the high APY + direct deposit)
- Keep Bank of America open for brick and mortar access plus Zelle.
Before I do this, I had a few questions for anyone who uses SoFi:
How easy is it to move money in and out of SoFi? (like transfers to another bank)
If you use SoFi as your main account, does it actually feel smooth day to day?
Does it have a minimum amount you have to have in the account?
Do you have to set up direct deposit in order to receive the APY (at least the max)?
What’s your opinion on the app, is it smooth, is customer service good?
I don’t know much about banking, but I know sticking solely to Bank of America is doing something wrong. Trying to learn some new stuff, 26 btw.
I'm wondering if money saving apps are actually worth using. I've heard that YNAB and Monarch Money are popular. I've also heard that Qapital does automatic round-up savings. I've also heard that many apps are free. I'm wondering if they actually help you save money.
The thing that concerns me is that I've heard apps only work if you actually use them. I've heard that the best app is the one you'll stick with. I'm also wondering if free apps are as good as paid ones. I'm trying to figure out if money saving apps are worth downloading or if I should just use a spreadsheet.
Do money saving apps actually work? Should I use YNAB or Monarch? What about Qapital? Are free apps good enough? Have you used any apps? What worked? Would you recommend it? Should I pay for premium? How much can I save? I'd appreciate advice about money saving apps.
I've been looking at Phoenix Capital Group and they're offering 3-year bonds with around 9% annual returns. I've heard they're BBB accredited with a 4.89 rating and been around since 2001. I've also heard they're owned by an FDIC-insured bank. I'm wondering if the high returns are worth the risk.
The thing that concerns me is that I've heard mixed reviews about their brokers. I've heard that oil & gas investments are higher risk than traditional savings. I'm also wondering if 9% is too good to be true. I'm trying to figure out if Phoenix Capital Group is a legitimate opportunity or if I should stick with safer options.
Should I trust Phoenix Capital Group? What about the oil & gas sector risk? Have you invested with them? What worked? Would you recommend it? Is it better than HYSA? Should I diversify? I'd appreciate advice about Phoenix Capital Group.
I'm starting a business and wondering if I should build business credit. I've heard that it helps with financing and better terms. I've also heard that it's separate from personal credit. I've also heard that the SBA recommends it. I'm wondering if it's worth the effort to build. The thing that concerns me is that I'm not sure how long it takes to build. I've heard that you need to keep credit utilization under 30%. I'm also wondering if I should use business credit cards or lines of credit. I'm trying to figure out if building business credit is actually worth my time. How long does it take? Should I use business credit cards? What about lines of credit? Have you built business credit? What worked? Would you recommend it? Should I start now? What's the best strategy? I'd appreciate advice about business credit.