Looking for any recommendations of such accounts. I already have the Capital One (formerly ING) account, just looking for an alternative. Thanks.
How much effort are you looking to exert?
The same amount as would be require to open a bank account…
Not sure how to answer this, but I am interested in an alternative to Capital One.
Thanks! AMEX it is, really had no idea they offered these accounts.
At my credit union, they offer rewards checking. If you have one direct deposit or withdrawal and 10 debit transactions, you can get 1.99% but only up to $20k. There are two in my town so if you double up and can do 20 transactions a month, 1.99% on up to 40k.
dp
You’ll just get a few bps extra with the suggestions above (without checking, just intuition). With some inconvience, you can get ~5% APYs. The most common avenue is prepaid cards, but you can also seek out credit unions or Kasasa accounts that have lots of hoops to jump through. When I had an account with those hoops, I automated most of the effort. I take my ‘high yielding’ risk free asset seriously. I combine it with LC and equities to achieve better portfolio performance in this dreadful interest rate environment.
open a bank account in argentina haha, now there’s an interest rate
Hunt around for new account bonuses. I recently got one from Chase, $300 bonus for parking $15k in a savings account for 90 days. Only $300 but not a bad risk free rate (if you annualize it).
^ I do that every year haha
Yeah its a no brainer. But on a conceptual side I don’t think annualizing it is useful since that assumes it can be repeated. The annual yield is the actual yield unannualized, at least that’s how I think about it when comparing mutually exclusive options.