High Yield Savings Account?
Giving up on trying to convert my existing spare cash account to a joint account at the place where it is now - they seem completely unable to do it. So I need to find a new high yield savings account to move that money into.
Looked around on the web and found so many options! (here are some of them) Digging a little bit deeper, some more things I found out:
- Some (most?) don't support Zelle for transfers in or out.
- Interest rates vary by more than 1% between various institutions, but none of the ones I asked were able to give me their interest rate _history_ for more than a few months.
- Wealthfront, being a deposit broker rather than a bank, doesn't have a routing number for ACH apparently?
- Some have long hold times or really frustrating phone system menus.
What are your experiences with high yield savings accounts (something that pays >3% interest today)? Which bank(s) or institution(s) do or have you had such accounts with in recent years?
- (If you have a joint account) Was it easy to open a joint account? Is it easy to set up separate login access for both of you to their web portal?
- How has their interest rate been, compared to others, over time? Currently I see some offering 3.5% and some offering 4.5%, but maybe some of the ones offering high rates now were lower than others before.
- What is their phone support like? Do they make it easy to find the phone number, easy to get through to a person when you call, and have weekend and evening hours?
- Do they have Zelle?
- Do you get a routing number and account number for ACH transfers?
- Is it easy to link to multiple other banks/accounts and choose which ones to transfer money to or from?
I'm not planning to use this account for transactions other than periodically transferring money in, and sometimes transferring money out.