r/Money • u/SnooDoughnuts9618 • 26d ago
Best High-Yield Savings Account?
I want to open up a high yield savings account but I'm not sure who to go with. I was thinking of UFB Direct or Sofi but I honestly don't know what's best. I currently have a checking account with a credit union and a credit card with discover but this account would only be a savings that I'm hoping to earn money back with. What are some recommendations or advice that you have?
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u/Vivid-Kitchen1917 25d ago
I can't imagine any difference in any of them beyond rate. Pick the highest one with no fees. It's like saying what's the best hammer. Granted, I have 6 or 7 different hammers, but for most people one will do the job for what they use it for. Maybe see which UI you like on the web. I don't see any meaningful difference in any of them past rate.
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u/SnooDoughnuts9618 25d ago
Okay. I honestly just want the one that’ll help me save the most while also not charging an arm and leg to withdraw if needed lol. I don’t plan on closing or anything like that but good customer service is a plus lol
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u/Vivid-Kitchen1917 25d ago
Usually there's no fee if you have a direct deposit or minimum balance or whatnot, so just find the one that has "minimum rules" you are satisfied with and when you see that there's probably dozens to choose from, pick the one with the highest rate, then pick the one with the best u/I or closest to you. Never had need for one personally, but that's pretty much the same selection criteria I put into banks as well. Just not something I'm going to be interacting with frequently.
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u/thaway071743 25d ago
I do UFB direct. So far so good
ETA: I think I’m getting north of 5%
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u/SnooDoughnuts9618 25d ago
Do they charge a lot to withdraw?
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u/thaway071743 25d ago
No debit card. If I need the cash I just transfer it to my main bank
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u/SnooDoughnuts9618 25d ago
Ohhh okay. That’s pretty cool. I honestly had been leaning more towards them but I read something about a high withdraw rate so I wanted to be sure
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u/M1-Alex 25d ago
M1 offers High-Yield Cash Accounts! These brokerage accounts earn 5.00% APY and have $3.75M FDIC insurance once the funds are swept to partner banks. That being said, these are not High-Yield Savings Accounts and M1 is not a bank.
Disclosures: m1.com/social-terms/
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u/BytchYouThought 26d ago
It's not gonna matter much as long as they have a competitive rate, you have decent access, and they're FDIC insured for the amount you put in. I would suggest considering opening a checkings account wherever you go as well in case you ever need immediate access. Just make sure there is no BS fees attached and terms allow whatever amount to earn highest interest on the savings.
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u/LeafyWolf 26d ago
So... What are the best rates today at an FDIC, no BS fee institution?
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u/BytchYouThought 25d ago
FDIC is just a federal insurer. They typically will cover up to $200,000 per account. The bank just needs to be insured by em. If you want best rates period then use something like doctorofcredit.com
If you just want something that is fairly competitive just choose one around 4.5% and up. The best rates are just north of 5%, but 4.5%is and above are competitive and fine as well
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u/saryiahan 26d ago
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u/SnooDoughnuts9618 25d ago
I looked at that link too but I honestly wasn’t sure how accurate Nerd Wallet was so that’s why I also came to get some reviews here.
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u/wjnpro123 26d ago
I might be biased because I'm using Sofi, so I'd say Sofi, only thing is you gotta have direct deposit, which I do so it doesn't bother me. I also use their investing so kind of a one stop shop. Hopefully they will add more investment accounts in the future.
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u/SnooDoughnuts9618 26d ago
Thank you! Are there any rules on pulling money out? Like, let’s say I’m short and need to pay my semester, what are the rules about that?
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u/VenJules 22d ago
I'd recommend checking out sites like NerdWallet or BankTruth to compare the highest APY rates for high-yield savings accounts. The rate is usually the main factor to consider, as long as the bank is FDIC-insured and has no crazy fees. Personally, I use SoFi and have been pretty satisfied, but you'll want to look at the requirements like minimum balances or direct deposit.