Remix clone Hacker News

Marcus (Goldman Sachs) high yield savings was 4.50% until revenetly. EverBank is at 4.75% right now. These are normal savings accounts.

▲

iandanforth 2 days ago | parent | next [-]

How does Everbank offer rates above the fed rate? Wealthfront offers good rates but they track the fed rate pretty closely.

	▲	atombender 2 days ago \| parent [-]
		The account may be a loss leader for them. It's definitely a legit bank; used to be owned by TIAA, and was called TIAA Bank for a while. They've tracked the fed rate for the whole year, so it's not a special temporary deal. The current rate only applies to new accounts; no idea how well established accounts track the rate.

▲

blackeyeblitzar 3 days ago | parent | prev | next [-]

Yes but I don’t perceive them as a “major US bank”. I was expecting that term to mean the largest banks for typical consumers like Bank of America or Wells Fargo or Chase. Everbank is small, and GS is mostly an investment bank rather than a retail bank.

▲

Dalewyn 2 days ago | parent | next [-]

US Bank[1] which is the second oldest and fifth largest[2] US bank currently has 3.5% on their Money Market account which is basically an HYSA.

[1]: https://www.usbank.com/bank-accounts/savings-accounts/elite-...

[2]: https://en.wikipedia.org/wiki/U.S._Bancorp

▲

atombender 2 days ago | parent | prev | next [-]

Marcus, which is GS Bank, is certainly a retail product aimed at consumers.

Capital One, Discover, Ally, etc. were offering 4.35% at the peak. Not quite as good, but very decent for a savings account.

I don't know where you would draw the line under "major", though. But everyone knows BoA, WF, and Chase are trash when it comes to savings rates. They don't do it.

In Europe, HSBC (which is comparable in size to Chase and BoA) has reliably high saving accounts rates. HSBC UK was offering 5% until recently, I believe.

▲

JumpCrisscross 2 days ago | parent [-]

Hell, Fidelity pays 235 bps on checking and 435 on money market, which you can have them programmatically move everything over a fixed dollar amount in your checking into [1].

[1] https://www.fidelity.com/spend-save/fidelity-cash-management...

	▲	ac29 2 days ago \| parent [-]
		The default CMA cash position can be a money market now, so you dont need to move things around to get the better rate.

▲

JumpCrisscross 2 days ago | parent | prev [-]

> the largest banks for typical consumers like Bank of America or Wells Fargo or Chase

These banks are up front about not competing on rates.

	▲	lxgr 2 days ago \| parent [-]
		I wouldn't call them "being upfront" at all. They promote their savings accounts with opening bonuses, offer bonus rates for high net worth account holders (up to 0.04% instead of 0.01!!) etc. Transparency would be not calling these terrible offers "savings" accounts (or sometimes even "high-yield savings accounts!") in the first place.

▲

matwood 2 days ago | parent | prev [-]

People should just dump their cash savings into brokerage accounts and buy SGOV. It's even mostly state tax free.