High Yield Savings Account options?

Hey financial gurus,
I'm interested in different options to store money at a high interest, yet that can be turned liquid quickly. My credit union has some SmartCD thing right now where you need to start the CD with at least $2,000, and can take money out, ONE TIME, with no penalty, as long as you leave a minimum of $1,000 in the CD. I'm looking for something similar. Basically I realize that there will usually be some sort of penalty to remove money. I'm trying to strike the best balance that I can. Essentially, I've got money set aside for emergencies, but I'd like to have it working for me in the mean time instead of just sitting in a regular savings/checking account. This money needs to be readily liquid however since it is emergency money and if I ever need it, I'll need it right away.

What do you business guys do with extra capital you have stashed away as a safety net to have it work for you in the mean time?

CD rates blow big time.

I'm interested in this as well though. I was just thinking of dumping a bunch in my Roth 401k and forgetting about it. I'll just waste it on another awesome toy

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Originally Posted by Irving

Hey financial gurus,
I'm interested in different options to store money at a high interest, yet that can be turned liquid quickly. My credit union has some SmartCD thing right now where you need to start the CD with at least $2,000, and can take money out, ONE TIME, with no penalty, as long as you leave a minimum of $1,000 in the CD. I'm looking for something similar. Basically I realize that there will usually be some sort of penalty to remove money. I'm trying to strike the best balance that I can. Essentially, I've got money set aside for emergencies, but I'd like to have it working for me in the mean time instead of just sitting in a regular savings/checking account. This money needs to be readily liquid however since it is emergency money and if I ever need it, I'll need it right away.

What do you business guys do with extra capital you have stashed away as a safety net to have it work for you in the mean time?

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Non metallic coffee can, 24" under ground. Hypothetically speaking, of course. In an area that is not slated for construction within the next 5 years.

I think CD rates blow also, but that was the best example I could think of since I don't really know what's out there. I have a feeling there is no such unicorn as a high interest rate product to store money, yet have it immediately available for use if needed. However, I have enough that I need it to do something that is better than nothing.

Jim, a coffee can isn't any better off than a bank in this situation.

You could buy silver coins, rounds, or ingots. Usually easy to sell and if inflation soars silver goes right up with it. If the SHTF it would probably be a good barter item, if paper money was worthless. If you don't like silver, buy some gold...

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Originally Posted by Irving

I think CD rates blow also, but that was the best example I could think of since I don't really know what's out there. I have a feeling there is no such unicorn as a high interest rate product to store money, yet have it immediately available for use if needed. However, I have enough that I need it to do something that is better than nothing.

Jim, a coffee can isn't any better off than a bank in this situation.

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perhaps, but you can withdraw it anytime you like. W/OUT .gov penalties.

"High Yield Savings Account"?

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Originally Posted by Bailey Guns

"High Yield Savings Account"?

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High yield for the government.

Whater rates up to now? 1%? 1.03%? With like $25k minimum deposit?

From 1ST Bank


Time Savings Account

Term Interest Rate Annual Percentage Yield
91 Day Time Savings 0.10% 0.10%
1 Year Time Savings 0.20% 0.20%
2 Year Time Savings 0.30% 0.30%

The interest rate and APY may change every Wednesday and on the first business day of each month. Multiple deposits may be made with no minimum deposit required. Additional deposits during the term do not change the maturity of an account. There is a $5.00 service charge per term when the balance falls below $100 on the 91 Day Savings Account. The service charge is $5.00 per quarter when the balance falls below $100 on the One Year Savings Account and on the Two Year Savings Account. Children under 18 years of age are exempt from these service charges.

Learn more »

Time Deposit Account

Term Interest Rate Annual Percentage Yield
91 Day Time Deposit 0.10% 0.10%
182 Day Time Deposit 0.15% 0.15%
1 Year Time Deposit 0.20% 0.20%
2 Year Time Deposit 0.40% 0.40%
3-1/2 Year Time Deposit 0.50% 0.50%
5 Year Time Deposit 0.90% 0.90%

The interest rate is fixed for the term of the account. The interest rate and APY offered for new accounts may change every Wednesday and on the first business day of each month. Minimum deposit is $500. Single deposits only.

Learn more »

Premier Time Account

Term Interest Rate Annual Percentage Yield
91 Day Premier Time 0.15% 0.15%
182 Day Premier Time 0.25% 0.25%
1 Year Premier Time 0.30% 0.30%
2 Year Premier Time 0.50% 0.50%
3-1/2 Year Premier Time 0.60% 0.60%
5 Year Premier Time 1.00% 1.00%

The interest rate is fixed for the term of the account. The interest rate and APY offered for new accounts may change every Wednesday and on the first business day of each month. A minimum balance of $10,000 is required. If the balance of the account falls below $10,000, the rate paid on the account will be the Regular Savings rate. Single deposits only.

We have some sort of savings account through chase I think. Last the wife told me it was around 5 percent, and it works like a regular savings account, might be worth a look.

5% -- no way ; try 0.05%

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Originally Posted by eneranch

5% -- no way ; try 0.05%

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Apparently you do not have the same account with them, I do know how to read and know the difference between 5 an .05. So unless you are going through our mail to look at our accounts, you have no idea what you are talking about. Do you honestly think the idiot behind the counter at your local bank knows all the programs their bank offers. Do some real research and call the main office to get some real answers.

i just looked and Chase rates are no better than 1ST Bank.

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Originally Posted by dirtrulz

Apparently you do not have the same account with them, I do know how to read and know the difference between 5 an .05. So unless you are going through our mail to look at our accounts, you have no idea what you are talking about. Do you honestly think the idiot behind the counter at your local bank knows all the programs their bank offers. Do some real research and call the main office to get some real answers.

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Please enlighten us with the facts !!

I would LOVE to get 5%

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Originally Posted by dirtrulz

Apparently you do not have the same account with them, I do know how to read and know the difference between 5 an .05. So unless you are going through our mail to look at our accounts, you have no idea what you are talking about. Do you honestly think the idiot behind the counter at your local bank knows all the programs their bank offers. Do some real research and call the main office to get some real answers.

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Dude...you're not getting 5% on any type of bank savings account.

American Express has a high yield account - it pays .85 on $10K, according to their website you can earn $434 over 5 years with $10K invested.

https://personalsavings.americanexpr...avings-PS000SA

5% cash back is all I found --- https://creditcards.chase.com/freedom/Activate.aspx

Far cry from a 5% Yield on Savings

Chase is paying .15% on savings balances over $1M. Chase Rates

CDs aren't much better. .9% on a 120 month CD with a balance of $1,000 to $10,000. Chase Rates

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Originally Posted by eneranch

5% cash back is all I found --- https://creditcards.chase.com/freedom/Activate.aspx

Far cry from a 5% Yield on Savings

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Yeah, and that is a credit card where they're probably nailing you for 20 percent interest so they're still clearing 15% minus admin costs.

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Originally Posted by eneranch

5% cash back is all I found --- https://creditcards.chase.com/freedom/Activate.aspx

Far cry from a 5% Yield on Savings

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And they aren't paying that 5% (limited time and limited stores) back by paying 5% on savings accounts.

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Originally Posted by Bailey Guns

And they aren't paying that 5% (limited time and limited stores) back by paying 5% on savings accounts.

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^^^ What he said [beatdeadhorse]

You need to do some real legwork, life exists off the internet you know. Not everyhting can be googled.

Its an online savings account. We set it up 3 or 4 years ago. We had to call them to get the offer. Who knows whether you can still do it or not, that is why I said it may be worth some research. The only way to access it is basically online, the local branch does not even show it on our records. I find it so funny that all of you are so sure you know it all when I have the account paperwork at home that says differently. There are many options out there if you are willing to do a little digging. Etrade used to have some really goods deals, dont know what they are offering now. Open an etrade account and put your money in a mutual fund, some are doing really well right now, I have a couple that are doing over 25% so far this year with a life avg of 15%, and you can put money in and take it out whenever you want for etrades fee, which isnt very much. Honestly putting your money in a bank just guarantees is will never grow.

A mutual fund account isn't the same as a savings account. CD rates in 2010 were in the 2% - 2.5% range. You may be earning 5% on a mutual fund (in which case you're doing pretty damn good). You are not earning 5% on a savings account like you initially stated. I don't have to see your statement to know that.

It doesn't have to be a savings account. I just want some where to put money to work, and have it be accessible. Silver would not be liquid enough.

My buddy mentioned a credit union up near Loveland or ft Collins that offered close to 5% on a savings account or maybe even a checking account. Been a couple years but it was definitely up near 5%, not .05 as that is all I get now....if I'm lucky.

Where did I say the chase account was a mutual fund? Etrade also does savings accounts. I guess I should have made it more obvious that I changed subject a little when I went to funds. I have quite a few funds that are doing well over 5% life avg. The wife just told me it went down to 3.75 a few months ago, which is probably still impossible.

Heres an interesting site that offers 1% Smartypig.com

If you are putting your money in a bank and actually expect it to grow you are kidding yourself.

Not everything can be googled but it's an online account? [Eek3] How about you share the details and help people out instead of just saying "hahaha fuckers I get this much on my account but [fyou] on how you can get the same."

I went to bank rate's site and the best I can see is 1% on a 10k initial deposit. http://www.bankrate.com/funnel/savin...130809140443:s

How liquid does it need to be? I'd see if your bank/CU offers investments and see if they have a T-Bill fund you can get into if risk and volatility are your concerns. It would only take a couple of days for funds to be transferred to your checking or savings and the only risk on them are the US gov't going belly up. If you want immediate access to cash, I'd go with the old mayo jar since a less than 1% rate may not be worth the risk associated with bank failure.

I use Emigrant Direct for a "high yield" savings account and that gives 0.5% .... you ain't gonna find anything that gives any real results in a Savings Account.

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Originally Posted by Irving

It doesn't have to be a savings account. I just want some where to put money to work, and have it be accessible. Silver would not be liquid enough.

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How liquid do you need it? Will you need instant "oh crap" access or could you wait a day or two. Scottrade does 7 dollar trades, not sure what they want to send you money but that would be a good option. Pre-tax options are not good for access as you will pay taxes and high fees. Post-tax retirement accounts are not bad, small fee to pull your money and a couple of days wait. As long as you pick good investments and leave your money their long enough you will make enough to pay for any fees and still come out ahead.

Prices on precious metals were going down, have not checked lately. You wont get top dollar selling those if you need money fast.

Dont ingore the cash back offers on your cards. Pay your bills with the card and keep it paid off every month. No interest, no fees, free money.

If you want real advice spend a few bucks and talk to a financial adviser that is up to date on all that is out there.

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Originally Posted by Dave

Not everything can be googled but it's an online account? [Eek3] How about you share the details and help people out instead of just saying "hahaha fuckers I get this much on my account but [fyou] on how you can get the same."

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Yes, there are things that happen online that cant be googled, amazing, I know. I dont know if chase still offers it, I just threw it out there as a possible option and you guys said it was impossible.

I guess I could spend hours on the phone an emails to find you guys the best possible rate, and maybe you could just send me all your info and I could go ahead and fill out the paperwork for you too, that might make you happy.

Money market account tied to a stock portfolio is the only way to go.

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Originally Posted by asmo

Money market account tied to a stock portfolio is the only way to go.

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Who do you recommend? Minimum balance? What kind of returns can you expect?

I get 12% on my secret, nobody can see it, doesn't show up at my local branch accounts. but, it's not on google, so don't bother with any questions.

[Coffee]

This isn't retirement funds. This is money saved per door for rental property. If I've got a grand per door for emergencies, plus a bulk fund for emergencies and other investments, I want it working if possible but it can't be locked up in some retirement fund. This is business money. I have a cash back card already for personal accounts, thanks for suggesting that though as it is solid advice.

Summit Bank and Trust (there's one at hwy7 and i25) has 2.01% on a checking account up to 20k balance. That's as good as I've seen anywhere in a long time. https://www.summitbt.com/#/personal-checking

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Originally Posted by dirtrulz

We have some sort of savings account through chase I think. Last the wife told me it was around 5 percent, and it works like a regular savings account, might be worth a look.

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You are mistaken.

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Originally Posted by Irving

This isn't retirement funds. This is money saved per door for rental property. If I've got a grand per door for emergencies, plus a bulk fund for emergencies and other investments, I want it working if possible but it can't be locked up in some retirement fund. This is business money. I have a cash back card already for personal accounts, thanks for suggesting that though as it is solid advice.

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Normal checking will do. $5 a year in interest is not worth your time to shop around for.

Check with credit unions. There are a lot that do not really offer anything special, but there are a few (Mutual First in Omaha, NE, www.mutualfirst.com) that offers 3.01% on a checking account up to $15,000 if you meet their standards, which include a direct deposit, and 12 transactions on their check card every month. So you'd pretty much have to use it as your main account.