Looks like SoFi offers 3.5% APY, BMO (never heard of it?) offers 4.0%. I'm thinking of moving my savings over to a higher yield account. Is there anything specific I should be looking for? Thank you!

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jakeperrow t1_j250wox wrote on December 29, 2022 at 6:34 PM

#1,153,136

I’ve used ALLY for a few years now and it’s been a great experience

legitimatejonah t1_j251mi1 wrote on December 29, 2022 at 6:38 PM

#1,153,318

Replying to jakeperrow (#1,153,136)

Upvote for Ally it’s where I store my emergency fund as well as some savings goal! Of course I keep a little cash with my standard bank savings account at USAA but Ally has been fantastic as a HYSA!

jpkancar t1_j254j6l wrote on December 29, 2022 at 6:57 PM

#1,153,971

SoFi now offers 3.75%. Been using it for about a year now—would recommend!

captaincoaster OP t1_j258ucv wrote on December 29, 2022 at 7:25 PM

#1,154,875

Replying to legitimatejonah (#1,153,318)

How is ALLY (or I guess SoFi) different from “standard bank savings”? Is there risk involved?

Varathien t1_j25arfr wrote on December 29, 2022 at 7:37 PM

#1,155,242

Replying to captaincoaster (#1,154,875)

No risk (FDIC insurance applies to online banks too). You're just giving up the convenience of having physical branches, in return for much better interest rates.

legitimatejonah t1_j25iwog wrote on December 29, 2022 at 8:30 PM

#1,156,867

Replying to captaincoaster (#1,154,875)

As the person below me said their is no risk involved. Same FDIC insurance up to $250,000. I will say I don’t personally have SoFi but know others who do and they absolutely love it. You could always give both a try and close the account you don’t like.