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flobbley t1_j6hzfoa wrote

In general, HYSA rates can change on a dime, so looking at the current highest rates is only marginally useful. You want to look at who consistently has high rates which tend to be places like Ally or Discover. It is not uncommon for other less well known banks to bump up their interest rates temporarily to get new customers, then drop them back down. So in that sense it usually makes more sense to go with a bank with high enough interest rates that you like, rather than the bank with highest raw interest rate.

>Also, I understand that in February there may be a interest rate hike so I will keep my ears open for that as well.

The Federal Reserve is almost certainly going to raise the Federal Funds rate by 0.25 percentage points in February, but this is not the rate you get on savings account. In all likelihood this rate hike is already "priced in" to the rates you're seeing.

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bosceltics2009 OP t1_j6hzqbi wrote

I see, that is some good insight to have. I have been looking into Ally since seeing that prior post I was referring to and it seems like a great option. The only sticking point was the discrepancy between their interest rate vs higher rates on the market. But that absolutely makes sense to consider who offers high rates consistently.

Thank you so much!

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