3 months ago I opened my first high-yield savings account. I decided to go with Capital One’s 360 Performance Savings with a 3.0% APY. It was highly recommended on nerdwallet and I found the app easy to use.

I checked nerdwallet again recently and see there are plenty of other options now that are offering even higher APY…many of these options had not been listed when I opened my account with Capital One.

Question is, should I stick with Capital One or switch to one of these other accounts that has even higher APY.

Financially it appears to make sense to make the switch, but is there anything I am not seeing, that I perhaps should be aware of before I decided to switch?

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polkawombat t1_j6gghny wrote on January 30, 2023 at 3:33 AM

Isn't C360 at 3.3% now? They seem pretty highly rated, don't overcomplicate things by chasing rates as they change all the time. They may go up and down, but Ally and C360 are consistently one of the highest options.

Turbulent-Rip-5370 OP t1_j6gqsom wrote on January 30, 2023 at 4:59 AM

Good to know, thanks!

AlohaTrader t1_j6ge42g wrote on January 30, 2023 at 3:16 AM

Nerdwallet is a sponsored website meaning they get kickbacks for referrals and/or pressing their links, use DoC (see: https://www.doctorofcredit.com/high-interest-savings-to-get/). There's a lot of other banks with high yields that Nerdwallet won't advertise.

ShockTheCasbah t1_j6gf3zj wrote on January 30, 2023 at 3:23 AM

Synchrony HYS adjusts with market. Currently at 4% with higher for 15 month CD.

KReddit934 t1_j6ghi8s wrote on January 30, 2023 at 3:41 AM

The one with the best deal changes from week to week...and you can drive yourself crazy chasing the deals...not to mention you get no interest while the money is in transit. And some of those higher rates come with conditions.

I'd say, Pick one. Check on the rate every 3 months to be sure everything is still OK. Move only if you can get > 1 to 1.5% difference (and no weird hoops to jump through), and even then you might wait to see if your bank catches up.

nozzery t1_j6gl64g wrote on January 30, 2023 at 4:10 AM

Fidelity Cash Management account, buy SPRXX, 4.16% with no fees, no wire fees, no NSF fees, no ATM fees, fully liquid and no games. I used to mess with HYSA, now I just use Fidelity.

You can also get 4.5% in tbills with no state tax if you can commit to a month

SuiGeneris17 t1_j6ge51i wrote on January 30, 2023 at 3:16 AM

Vio Bank is easy to use and above 4% for HYS.

csGradNew t1_j6gfc5b wrote on January 30, 2023 at 3:25 AM

Vio bank does not have good reputation. Search this subreddit to check the negative complaints.

uninvitedthirteenth t1_j6idgvn wrote on January 30, 2023 at 3:33 PM

I used to chase the highest interest rates but at some point I realized that a slightly higher interest rate wasn’t worth the time and effort to switch, especially since the rates at all of these banks keep changing.