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Standard Savings Account: Moving money around? (self.personalfinance)

submitted 1 year ago by kyden to c/[email protected]

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First time poster! Outside of my retirement account provided by work, I'm just beginning to get brave enough to move other money around. I'm very late to the game and pretty scared of gambles.

There are many high yield savings accounts out there right now. Outside of the 6-withdrawl/month restriction are there any things I should be aware of? Do people hop between savings account regularly to keep up with the highest interest rates?

UFB Direct is on the top of many charts. Backed by AXOS bank, but an Internet bank. I've put some cash there but still nervous. Any thoughts on UFB Direct and Internet banking in general? I don't necessarily need a brick and mortar. I think I've been to my local bank less than a dozen times in the lifetime of my account.

Please forgive me ignorance!

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[–] Zarxrax 4 points 1 year ago

Personally, I would find it annoying to frequently set up new accounts just to chase small percentage gains. I set up an account with ally and plan to just stick with them. Rates are good, not necessarily the best though. I'm not particularly advocating for them, just saying that's where I am at the moment. I've not heard of ufb, but they might be good too. Also look at other options like CDs. They are less flexible than a savings account but can usually give you a little more interest (though the rate you say you are getting at ufb looks similar or higher than the best cd rates I've seen.)

Rates are pretty nice right now, but they probably won't stay like this forever. Adding into your retirement account (invested in a target date fund or an index fund) is probably best long term, assuming you don't need the money now.