What HYSA do you use and what's the APR?

[christiandad]

Looking to move my savings from a traditional savings account into a high-yield savings account and wondering if there is a "golden ticket" HYSA out there or if it's just time to suck it up and start researching.

 

[james1971]

@christiandad AMEX 4.3% - not the highest, but was able to open with one-click due to already having a credit card. Was a perfect example of the barrier being so low I said sure.

 

[kjv5738]

@james1971 Do you have the platinum? I have a platinum and my rate is 4.6%

 

[ryani03]

@kjv5738 How does this work? I have the platinum but rate is also only 4.3%

 

[kjv5738]

@ryani03 I was given a targeted offer via email. Maybe try chat and see if they can send you the offer?

 

[sk8bdr018]

@kjv5738 Really?$?

How much is the annual fee on the platinum? Wonder if it’s worth it.

 

[kjv5738]

@sk8bdr018 $700 but the “coupons” that you get with the card more than make up for the annual fee.

 

[castheantelope]

@kjv5738 Can you expand upon this, 700 seems pretty high. What are the coupons? Us it mostly travel related perks?

 

[kjv5738]

@castheantelope This article has a good breakdown of all the benefits. I myself factor in lounge visits at $50 each trip

https://www.nerdwallet.com/article/credit-cards/benefits-american-express-platinum

 

[james1971]

@kjv5738 No.

 

[aurora16]

@james1971 Amex HYSA is great! If the fed cuts rates rumor is AMEX holds your rate higher for longer on the way down. Time will tell, but that is important if we hit a cutting cycle.

 

[james1971]

@aurora16 Hope so. I was wondering how long before it goes down after the first cut.

 

[aurora16]

@james1971 I have really enjoyed AMEX. Great company in my opinion. Also idk if rate cuts come unless more banks fail and they can't backstop the CRE losses. Going to be an interesting election year lol.

 

[arkady]

@christiandad While not an HYSA, I like SWVXX at Schwab, I get 5.11% APR on a 7 day rolling average.

 

[rrztop1]

@arkady That's what do too. I figure the risk is minimal and I don't mind that it is slightly less liquid. I have a smaller amount of money in a standard savings account at my credit union with instant access.

 

[christiandad]

@arkady Honest question... how is that NOT a HYSA? Because of how the APR is calculated?

 

[m93]

@christiandad It's a money market mutual fund. It's not a savings account so no FDIC insurance.

 

[kazane]

@christiandad No FDIC protection (if you're concerned about that), and slightly less liquid.

 

[arkady]

@christiandad Its not an HYSA since that is a type of a savings account and SWVXX is a mutual fund that invests in bonds to get the average rate. It is incredibly safe like an HYSA, but is not FDIC insured. Which is not likely to be a problem but something to keep in mind. I do have a significant amount of money in it while I am building a house to pay for the ongoing expenses related to that project.

 

[christiandad]

@arkady Thanks for the explanation!