High Yield Savings Account?

dieselrealtor · Feb 8, 2024

I have done a little looking but haven't turned up results I like yet.

Is there a local (Indiana) institution that offers a decent APY while remaning liquid?

I know there are multiple online banks that are around 5%.

I looked at Old National but they have a big DEI area so don't really want to go there, likewise with Huntington.

Not sure that this is the best category for the post but can't find another one that fits better.

rhamersley · Feb 8, 2024

Merchants bank up in Carmel. Money market account that's at around 5%, Flex CD's at 5.88 at the moment. I have one MM and 2 CD's with them. Can do everything online/over the phone, too.

bobzilla · Feb 8, 2024

We went with Synchrony as we already had an account with them. Online only but had been at 5.25 for a few months now down to 4.75.

gregkl · Feb 8, 2024

Doesn't help you but I am online with Schwab. I have moved some of my bond fund money to a CD since for the next year the CD will most likely outperform my bond fund.

I also moved funds out of a Roth account into an account that pays 5.25%. I have that in there to make payments on a vehicle I bought with 0.9% financing.

blain · Feb 8, 2024

On a side note, I use the Bauer Financial rating search tool.
I use it to check out potential banks, when CD investing in my Fidelity accounts.
It may not be exhaustive, but it gives me a quick, down and dirty, once over on banks.

hammerd13 · Feb 8, 2024

DougRoller, by Rob Berger, is a good website for checking rates too.

DoughRoller

jkaetz · Feb 8, 2024

Those who listed active accounts, what are the terms (minimum deposit/interest rate time limit?) Most of the high interest things I've seen were only for a short period. That said it's been a while since I looked.

bobzilla · Feb 8, 2024

jkaetz said:
Those who listed active accounts, what are the terms (minimum deposit/interest rate time limit?) Most of the high interest things I've seen were only for a short period. That said it's been a while since I looked.

Ours is no min deposit, rates only change as the market changes.

trimman83 · Feb 8, 2024

Huntington is giving me 3%. But my guy at Edward Jones said they have a Money Market account that pays 5.5%. He said he can transfer any needed funds to my Huntington accounts within 48 hours. That is all the liquidity I will need.

WebSnyper · Feb 8, 2024

Got an apple savings account. Been able to transfer and have funds available via EFT to my CU same day on a couple of occasions. Currently 4.5%. No min, etc.

For more fixed duration stuff been doing some CDs via Fidelity (you can invest in CDs from a large number of banks and shop the rates and durations). Fidelity and I assume most brokerages have money market accounts available as well that are paying around 5% currently and offer pretty quick transfers.

bobzilla · Feb 8, 2024

trimman83 said:
Huntington is giving me 3%. But my guy at Edward Jones said they have a Money Market account that pays 5.5%. He said he can transfer any needed funds to my Huntington accounts within 48 hours. That is all the liquidity I will need.

The money market percentage is all over the place. We've had one from them for years and sometimes its 1%, sometimes its 4.5%. It's never consistent.

rhamersley · Feb 8, 2024

jkaetz said:
Those who listed active accounts, what are the terms (minimum deposit/interest rate time limit?) Most of the high interest things I've seen were only for a short period. That said it's been a while since I looked.

$50 minimum for MM, 5.00 APR, $1000 minimum Flex CD, 5.92% APR

Money Market - Merchants Bank of Indiana

Money Market Savings It’s easy to bank with Merchants Bank™ With Money Market rates nearly 10x the national average, it's no wonder we've been rated one of the top-performing public banks in the U.S.† Maintain access to your funds, while maximizing your earnings. You may apply for a Money Market...

merchantsbankofindiana.com

Certificates of Deposit - Merchants Bank of Indiana

Certificates of Deposit It’s easy to bank with Merchants Bank™ Flex Index CD Finally, a certificate of deposit that keeps pace with a changing rate environment! Our Flex Index CD instantly allows our customers to earn more when the Fed raises rates! Choose from the following terms: 12 month...

merchantsbankofindiana.com

dudley0 · Feb 8, 2024

I dumped a little money in an 8 month min, new money certificate at my credit union for 5.5%.

Supposed to be able to take the money back out in 60 days with no principle penalty. I sold a place and had some spare change so I put it in there as a test of sorts.

Then two weeks later found another place and couldn't touch my funds. So I guess liquid is a subjective time based thought.

penguinship · Feb 11, 2024

Liberty FCU (formally Evansville Teachers CU) offers a high yield checking account (with a few strings attached). Local and mid 3% interest

Ark · Feb 11, 2024

Do remember that interest from savings accounts is taxable income and you have to report it and get nailed for it.

gregkl · Feb 12, 2024

Ark said:
Do remember that interest from savings accounts is taxable income and you have to report it and get nailed for it.

One of the things I like about having my money at Schwab is that at the end of the year I receive a tidy message with all of the various tax forms needed based on what happened in my accounts.

Sale of securities, losses and gains, div, int,etc..

Just input the numbers from the forms into my tax prep software and I'm done!

blain · Feb 12, 2024

WebSnyper said:
Got an apple savings account. Been able to transfer and have funds available via EFT to my CU same day on a couple of occasions. Currently 4.5%. No min, etc.

For more fixed duration stuff been doing some CDs via Fidelity (you can invest in CDs from a large number of banks and shop the rates and durations). Fidelity and I assume most brokerages have money market accounts available as well that are paying around 5% currently and offer pretty quick transfers.

I've got several accounts with Fidelity and have always been pleased with the offerings and service.
Short term rates don't look too bad right now. Personally, I'm not looking for anything longer than one year.

penguinship · Feb 14, 2024

nice thing about the treasury bills is that they're exempt from state tax (not federal though)

jkaetz · Feb 14, 2024

Ark said:
Do remember that interest from savings accounts is taxable income and you have to report it and get nailed for it.

It's still more than you started with.

High Yield Savings Account?

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