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homeboi808 t1_jefqa2f wrote

> Platinum Honors which gives me a few extra percent cash back on credit card purchases.

Customized Cash card? That gives you 5.25% back on the category of your choice up to $2500 spent each quarter (saves $525/yr). Your saving earns 0.04% ($40 for $100k).

Discover is 3.6% right now ($3600 for $100k). Then whatever credit card savings you get.

Even just a 1% saving account will save you about 2x what you get now.

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plowt-kirn t1_jefqf79 wrote

Merrill is offering a "Merrill Preferred Deposit" product which is currently offering 4.5%. That's what I would do.

https://www.ml.com/solutions/preferred-deposit.html

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Confident_Good4007 t1_jefufgh wrote

that looks good. Am I understanding it right that is is basically a savings but I don't have access to it right away?

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plowt-kirn t1_jefutf6 wrote

> Deposit and withdrawal requests made by 5 p.m. Eastern time will have same-day settlement.

So you can withdraw same-day as long as you do it during business hours. Withdrawals made overnight will have to wait for the next business day.

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Mashtatoes t1_jefnwk5 wrote

If you like the Plat Honors, you can put the money in a ladder of 4 week t-bills (currently getting over 4%) with Merrill Edge. They’re advantageous if you live in a state with high income tax rates.

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Confident_Good4007 t1_jefqgwh wrote

Does that mean, like if I want to do 100k they will but 25k each week and then auto renew it for me?

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pineapple-scientist t1_jego47f wrote

Others can give you advice on other savings accounts, but I'm genuinely curious why you wouldn't invest atleast half of that? Are you about to buy a house or move? If it were me, I would put almost all of it in index funds and let it grow for 10 years.

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JohnQK t1_jefs219 wrote

>Ive seen some online banks (that are fdic insurred) offer 5% on savings accounts.

Avoid these like the plague. They are extremely dangerous. Note: because a major online bank purchases a lot of sponsored content, you're going to get a lot of recommendations for it here. Disregard, they are no ally of yours.

Finding a real bank or credit union in your area that offers similar rates is the best bet.

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LastTrainH0me t1_jefz1s4 wrote

I guess you're saying you aren't a fan of the usual recommendations of Ally HYSA and no-penalty CDs. Are you going to say why these are "extremely dangerous"?

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Ghost_of_JFK t1_jefux1r wrote

This sounds like misinformation. You should always conduct due diligence before joining any bank, but there are several online banks that are better than larger physical banks.

Ally savings has a 3.75% interest rate right now. They also have a no penalty CD with 4.35% I think. It was 4.75% a few days ago.

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chedncheese t1_jefxvoo wrote

I don't disagree that they may be able to find a HYSA with an organization with physical locations but that doesn't mean online banks are dangerous, nor that everyone who recommends them is a shill.

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