Savings rates

I recent;y noticed my online savings account yield has fallen from 2% APY when I opened it to 1.7% APY. My checking account however is still at 2% APY. So I was curious if anyone has any recommendations for an online savings/money market account that can beat 2% APY, with low or no minimum balance requirement?

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    • WordTenor
    • I'm the oldest and the wittiest.
    • WordTenor
    • 2 mths ago
    • Reported - view

    If you have $10,000 at 2%, you earn $200/year or $16.67 a month. $170/year, or $14.17 a month. 

    If it takes even only an hour to research, open, and transfer money from that account, if you make over $60K, it’s a wash. I doubt it will take only an hour. 

    Obviously, extrapolate to your real math, but it’s probably not as worth your time as just finding $30 to cut over the year. 

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    • The point is to beat 2% because if I cant I might as well just transfer it back to checking where I am getting 2% already.

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      • WordTenor
      • I'm the oldest and the wittiest.
      • WordTenor
      • 2 mths ago
      • Reported - view

      Navy Blue Foal Forgot about that part. Yeah, I'm just dumping it in the 2% checking then. The return on your time here is basically $0. 

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    • Moohouse
    • Software developer
    • Moohouse
    • 2 mths ago
    • Reported - view
    Navy Blue Foal said:
    I recent;y noticed my online savings account yield has fallen from 2% APY when I opened it to 1.7% APY. My checking account however is still at 2% APY [...]

     Your checking account offered 2% APY but you moved your savings to an online bank which also offered 2% APY? Not that it really matters now.

    Navy Blue Foal said:
    The point is to beat 2% because if I cant I might as well just transfer it back to checking where I am getting 2% already.

     As you currently lose money by keeping the savings there, you should either spend time looking for a better account or transfer back to checking. Or do nothing and eat the loss.

    Unless you really love moving money around, or your checking account has weird limitations, it most likely won't be worth your time to chase better interest rates, as WordTenor points out. There are probably other areas where you could earn or save more money with the same effort. Especially when you could get 2% APY by a transfer back to checking, as you point out.

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    • Moohouse the point was savings is off budget if I move it to checking I'm going to have to put it on budget not ideal but if I cant get better interest in another savings account I guess I will.

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      • dakinemaui
      • dakinemaui
      • 2 mths ago
      • 2
      • Reported - view

      Navy Blue Foal Nothing says this has to be the same checking account that is on budget.

      Most here would advise you to put savings on budget, but if you're bound and determined not to do so, that's your call.

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      • WordTenor
      • I'm the oldest and the wittiest.
      • WordTenor
      • 2 mths ago
      • Reported - view

      dakinemaui  Some might even say this is a beautiful illustration of why one would one want one’s savings on budget. 

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    • WordTenor a beautiful illustration? How so the "illistaration" is clear as mud. I fail to see any relevance.

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      • WordTenor
      • I'm the oldest and the wittiest.
      • WordTenor
      • 2 mths ago
      • Reported - view

      Navy Blue Foal Because now to get a higher rate on that amount, you have to open another account, instead of just moving the money into the account you already have which would take about three clicks. Maybe three more in YNAB.

      But again, you don’t have to listen to us. In fact, don’t. It’s really fun to watch people do things the hard way. 

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    • WordTenor hard? If this is hard for you how do you get anything done?  🙄And for the record there is another option. It's called an inflow to my existing account.

      That's to say nothing of simply finding a savings account with a rate above 2%

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      • dakinemaui
      • dakinemaui
      • 2 mths ago
      • 1
      • Reported - view

      WordTenor quite the charming brook, Mr. Ed.

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  • just to make you all feel a bit better: saving rates for accounts where you can actually access the money, are, and have been for a while, 0.00% over here....

    they could go below 0.00%. The general impact of that would probably be less saving, which would still be a very bad idea of course, but that's how psychology works.

    Upside are the very low mortgage rates, which impact our personal budget a lot more...

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    • Powder Blue Pony what do you mean by "where you can actually access the money?"  Because its online only? I can transfer money from my online savings to my checking account in 1 business day.

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