# High yield savings account recommendations? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [March 6, 2025, 2:28pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207 "2025-03-06T14:28:12Z")\ **Posts on this page:** 19\ **Page:** 1
**Author:** ![liirogue](https://avatars.discourse-cdn.com/v4/letter/l/dbc845/32.png) [@liirogue](https://boards.straightdope.com/u/liirogue)\ **Post date:** [March 6, 2025, 2:28pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/1 "2025-03-06T14:28:12Z")
I’m looking into moving most of my emergency/future house down payment fund into a high yield savings account, and was hoping to get some recommendations. I’ve just started looking into things, but I honestly don’t even know what websites claiming to rate or rank various accounts are reputable vs. just a sales pitch. So how did you research your savings account, who do you recommend, and who did you have a not great experience with? ---
**Author:** ![Joey\_P](https://avatars.discourse-cdn.com/v4/letter/j/919ad9/32.png) [@Joey\_P](https://boards.straightdope.com/u/Joey_P)\ **Post date:** [March 6, 2025, 3:31pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/2 "2025-03-06T15:31:28Z")
I’ve been using Ally Bank (which apparently used to be GMAC) for quite a while now and been happy with them. Their high yield savings account currently has an interest rate of 3.70%. I see they also have a 6mo CD at 4%. > **[Ally Bank Rates - Compare Our Deposit Account Rates | Ally](https://www.ally.com/bank/view-rates/)** > > Compare our savings, CD, money market, checking and IRA rates and features all in one place. Straightforward with no hidden fees. Ally Bank Member FDIC. ---
**Author:** ![dolphinboy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dolphinboy/32/330_2.png) [@dolphinboy](https://boards.straightdope.com/u/dolphinboy)\ **Post date:** [March 6, 2025, 3:51pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/3 "2025-03-06T15:51:26Z")
Ally Bank was also my recommendation, but there are other online banks that also offer a better return than your local bank will. Do some research, and see what’s out there. It changes week to week. ---
**Author:** ![MrAtoz](https://avatars.discourse-cdn.com/v4/letter/m/45deac/32.png) [@MrAtoz](https://boards.straightdope.com/u/MrAtoz)\ **Post date:** [March 6, 2025, 3:59pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/4 "2025-03-06T15:59:24Z")
I’ll offer a third recommendation for Ally. They’re very easy to work with, have some nice tools that let you organize your money for different savings goals, and also offer a checking account if you need that as well. ---
**Author:** ![liirogue](https://avatars.discourse-cdn.com/v4/letter/l/dbc845/32.png) [@liirogue](https://boards.straightdope.com/u/liirogue)\ **Post date:** [March 6, 2025, 4:25pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/5 "2025-03-06T16:25:32Z")
> [@dolphinboy](#): > > Do some research, and see what’s out there. What websites do you recommend for research? ---
**Author:** ![dolphinboy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dolphinboy/32/330_2.png) [@dolphinboy](https://boards.straightdope.com/u/dolphinboy)\ **Post date:** [March 6, 2025, 4:53pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/6 "2025-03-06T16:53:05Z")
Here are two from 2 seconds of random googling. I’m sure you can do better than that. > **[Best Online Banking Companies - March 2025 Reviews & Comparison](https://www.consumervoice.org/top-online-banks?gclid=CjwKCAiArKW-BhAzEiwAZhWsIFhqOcAgi9jRm9UFx2TNlOcyT160mobRqpdAhTyu0wn6K9jyCbssfBoCofUQAvD_BwE&kw=compare%20online%20banking&cpn=10141857044&adgroup=101799946516&loc_physical=9026562&loc_interest=&matchtype=b&network=g&device=c&creative=696802258503&placement=&target=&adpos=&gad_source=1)** > > Looking for the best online banking of 2025? Look no further than ConsumerVoice.org. We have the online banking reviews, rankings and information you need to make the right decision on your next online banking. > **[Compare the Best Online Banking Accounts of 2025 | BestMoney](https://www.bestmoney.com/online-banking/compare-online-banking?utm_source=google&kw=best%20online%20banks&c=513167250904&t=search&p=&m=e&adpos=&dev=c&devmod=&mobval=0&network=g&campaignid=12351028690&groupid=117467619323&targetid=kwd-121663325&interest=&physical=9026562&feedid=&a=55000&topic=Google_Banking_Desktop&ts=&clicktype=&camtype=&gad_source=1&gclid=CjwKCAiArKW-BhAzEiwAZhWsIDmFnhFZXOnd1cBkGbpPeCgORHSOzPFsivK9dUKP00g0t0Rkb_vbvRoCzAUQAvD_BwE)** > > Choosing an online bank account can be easy when you're choosing from the best options available. We did the hard work so that you can get started, stress free! ---
**Author:** ![filmore](https://avatars.discourse-cdn.com/v4/letter/f/7993a0/32.png) [@filmore](https://boards.straightdope.com/u/filmore)\ **Post date:** [March 6, 2025, 4:55pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/7 "2025-03-06T16:55:21Z")
If you already have an account with an investment firm, see if they have a savings account option. For instance, Vanguard has a Cash Plus account which is offering 3.65%. ---
**Author:** ![Joey\_P](https://avatars.discourse-cdn.com/v4/letter/j/919ad9/32.png) [@Joey\_P](https://boards.straightdope.com/u/Joey_P)\ **Post date:** [March 6, 2025, 5:00pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/8 "2025-03-06T17:00:17Z")
> [@liirogue](#): > > What websites do you recommend for research? The last time I went looking, I recall using bankrate. Edit: > **[Best High-Yield Savings Accounts Of March 2025 - Up to 4.75% | Bankrate](https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/)** > > To find the best high interest rate for you, browse Bankrate's list of the best high-yield savings accounts from federally insured, highly rated institutions. ---
**Author:** ![liirogue](https://avatars.discourse-cdn.com/v4/letter/l/dbc845/32.png) [@liirogue](https://boards.straightdope.com/u/liirogue)\ **Post date:** [March 6, 2025, 11:47pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/9 "2025-03-06T23:47:25Z")
Thanks everyone, I think I am going to end up with Ally as well. There are some that offer higher rates but to actually get that rate requires things like direct deposit or minimum monthly deposits, which I am not wanting to mess with. ---
**Author:** ![Llama\_Llogophile](https://avatars.discourse-cdn.com/v4/letter/l/49beb7/32.png) [@Llama\_Llogophile](https://boards.straightdope.com/u/Llama_Llogophile)\ **Post date:** [March 7, 2025, 12:49am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/10 "2025-03-07T00:49:27Z")
I’ve read a few articles about people getting screwed when these online banks have gone out of business. Is there FDIC protection? Any other kind of protection? I’m very nervous about the idea of online banks, especially in the current political climate and the Consumer Finance Protection Bureau being shut down. ---
**Author:** ![liirogue](https://avatars.discourse-cdn.com/v4/letter/l/dbc845/32.png) [@liirogue](https://boards.straightdope.com/u/liirogue)\ **Post date:** [March 7, 2025, 12:53am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/11 "2025-03-07T00:53:33Z")
That is actually why I came here for advice. Last year there were news stories about people’s money being tied up due to a bankruptcy and the entity wasn’t actually FDIC insured. ---
**Author:** ![Eva\_Luna](https://avatars.discourse-cdn.com/v4/letter/e/e495f1/32.png) [@Eva\_Luna](https://boards.straightdope.com/u/Eva_Luna)\ **Post date:** [March 7, 2025, 12:55am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/12 "2025-03-07T00:55:11Z")
That’s why I went with Vanguard. I already have an IRA there and their cash sweep account is FDIC insured. ---
**Author:** ![Velocity](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/velocity/32/18006_2.png) [@Velocity](https://boards.straightdope.com/u/Velocity)\ **Post date:** [March 7, 2025, 1:20am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/13 "2025-03-07T01:20:17Z")
I’ve used CIT Bank for almost a year. It’s great. I have no complaints. I believe they’ve been paying me around 4% APY or more. Simple, quick, easy. I originally considered SoFI but then quit when I realized how much red tape there was and hoops for me to jump through. They made it a hassle for me to get even simple things done. ---
**Author:** ![PhillyGuy](https://avatars.discourse-cdn.com/v4/letter/p/ed655f/32.png) [@PhillyGuy](https://boards.straightdope.com/u/PhillyGuy)\ **Post date:** [March 7, 2025, 1:26am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/14 "2025-03-07T01:26:55Z")
> [@filmore](#): > > If you already have an account with an investment firm, see if they have a savings account option. For instance, Vanguard has a Cash Plus account which is offering 3.65%. Their VUSXX (Vanguard Treasury Money Market Fund) is at 4.26 percent. This is more than bank high yield savings. Plus, VUSXX interest is exempt from state and local income taxes, To me, if you have the $3,000 minimum, this is probably a better choice. Negative: the associated checking account has a minimum of $250 for checks you write, and I do not think they offer an ATM card. What about FDIC insurance? Maybe someone will think it reckless for me to say it, but I think VUSXX is basically as safe as an insured bank account. Here are the three conceivable risks I see: (1) Government defaults on the securities VUSXX buys. But I cannot see how the government guarantee for these securities is less strong than the FDIC guarantee. (2) Vanguard itself steals your money or goes bankrupt. Here you are protected by Securities Investor Protection Corporation (SIPC). Check the limits, but this seems to me similar to FDIC safety. (3) [Breeaking the buck](https://www.investopedia.com/articles/mutualfund/08/money-market-break-buck.asp) risk. This is probably the closest to real, but this has only happened when the money market fund held commercial paper. ---
**Author:** ![liirogue](https://avatars.discourse-cdn.com/v4/letter/l/dbc845/32.png) [@liirogue](https://boards.straightdope.com/u/liirogue)\ **Post date:** [March 7, 2025, 1:48am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/15 "2025-03-07T01:48:17Z")
Interesting, I had not hear of or considered this type of fund. The state tax advantage also makes it appealing (although it’s not like it’s going to save me thousands, either). ---
**Author:** ![Zoobi](https://avatars.discourse-cdn.com/v4/letter/z/13edae/32.png) [@Zoobi](https://boards.straightdope.com/u/Zoobi)\ **Post date:** [March 7, 2025, 1:52am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/16 "2025-03-07T01:52:54Z")
Vio is who I use [https://www.viobank.com/](https://www.viobank.com/) ---
**Author:** ![Allthegood](https://avatars.discourse-cdn.com/v4/letter/a/c68b51/32.png) [@Allthegood](https://boards.straightdope.com/u/Allthegood)\ **Post date:** [March 7, 2025, 1:59am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/17 "2025-03-07T01:59:31Z")
I received a large-ish check as an inheritance that I did not have any immediate plans for, so I put it into an 11 month Certificate of Deposit at my local credit union. I am earning 4.74%, which is not bad for an insured account. I can take the money out anytime, with a penalty, of course. ---
**Author:** ![Dag\_Otto](https://avatars.discourse-cdn.com/v4/letter/d/439d5e/32.png) [@Dag\_Otto](https://boards.straightdope.com/u/Dag_Otto)\ **Post date:** [March 7, 2025, 2:27am UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/18 "2025-03-07T02:27:05Z")
> [@liirogue](#): > > Last year there were news stories about people’s money being tied up due to a bankruptcy and the entity wasn’t actually FDIC insured I think that mostly had to do with Fintech startups, which are not actually banks. Some may have an FDIC bank acting as a third party to provide FDIC coverage, but due to the way they had the accounts set up many accounts were not actually insured. Another vote for Ally. It is an FDIC insured bank. I’ve used them for years and have had no issues. They may not offer the absolute best rates, but it’s easy to use with good customer service. Actually, I did encounter some slight difficulty wiring funds from Ally to other accounts. Nothing too bad, but they do tend to call and verify your information when you use a wire. Since you will be using the funds for a home purchase, this may be important to you. If you don’t mind me asking, where do you currently have the funds? ---
**Author:** ![liirogue](https://avatars.discourse-cdn.com/v4/letter/l/dbc845/32.png) [@liirogue](https://boards.straightdope.com/u/liirogue)\ **Post date:** [March 7, 2025, 4:31pm UTC](https://boards.straightdope.com/t/high-yield-savings-account-recommendations/1015207/19 "2025-03-07T16:31:57Z")
Right now the money is in a local credit union and earning a ridiculously low rate. It wasn’t a big deal until recently because I needed instant liquidity last year to help a relative out. Now that everything has been paid back plus some extra savings, it’s a large enough amount that it isn’t just passing up on $100 in interest income like previously.