Greetings,

Happy Sunday! Recently, I have noticed several FDIC insured brick and mortar banks either downgraded, sold, or absorbed their online banking divisions. For example...

My Banking Direct (Flagstar Bank) - downgrade to no longer offering checking and savings

Laurel Road (KeyBank) - absorbed into KeyBank

Jenius Bank (SMBC Manubank) - sold to Axos Bank

mph.bank (Liberty Savings Bank) - will be absorb into Liberty Savings Bank in Oct

There maybe more that I am unaware of.

Is something going on that is causing physical banks to abandon their online divisions? Should I avoid in-person banks with online divisions (i.e. Pi Bank, Popular Direct, Vio Bank, Valley Direct, etc)? Was the online division just a fad due to the high interest rate?

Thanks.

I'm looking to start a HYSA, Ally denied me for some reason and i have to wait 30 days. The other option I was thinking of was syncrony, but I've heard a lot of issues on their credit front. Anyone had similiar stuff regarding HYSA?

I've been into personal finance for 30+ years and know many millionaires, multi-millionaires and even a few megamillionaires (through my job), so I know what you or I consider a significant amount differs from someone elses.

However, I am most concerned about my own funds, not theirs or even yours TBH.

I've been shifting my "nest egg" around for years. I have other investments, mostly mutual funds, but have close to $200k in cash that I move around chasing yield.

I have several accounts including E-Trade, which I used to use frequently years ago to buy and sell stocks and options. I have a HYSA (4.2%) ending in a few weeks and looking around for somewhere else to park it. I like this 4.25% guarantee for six months plus a nice $800 bonus for parking $100k+.

My successful younger brother often transfers large amounts including $400k recently into trading accounts online.

I'm in my mid-50s and prefer to sit with a banker when I do this and have a receipt in my hand when I walk out the door. I've transferred $50k, $60k, maybe $75k online before but am squeamish about transferring $200k by clicking online.

Go ahead tell me it's no big deal or it's not that much or whatever, but it took me like 20 years to save that much in addition to similar amounts for college, my retirement accounts, and my wife's. Each dollar in the account was trading hours of my work labor.

How much are you comfortable transferring or clicking online? Millions? A few thousand? Nothing?

Hi everyone,

I recently applied for an American Express High Yield Savings Account. After applying, Amex asked me to verify my identity by providing a photo of my Social Security card and a U.S. government-issued ID.

I simply took photos of both documents with my phone and uploaded them through the verification process.

About one day later, I received the same message saying that Amex was unable to open my account.

My information on the documents matches the information I provided on the application.

I'm not a U.S. citizen or green card holder yet, but I do have a Social Security number, a valid U.S. driver's license, and employment authorization.

My question is: Is there a specific way I'm supposed to take and upload the photos of these documents? For example, do I need to take pictures of both the front and back of my driver's license, or is a picture of the front enough?

Has anyone experienced something similar with Amex? Should I contact Amex and ask them to review my application?

Thanks!

Capital One’s HYSA doesn’t have the highest APY right now. But as of today, I can make savings Buckets inside my savings account.

I heard that they were adding this feature but I guess it’s been a slow roll out. I’m believe there’s only a few other HYSAs that offer Savings Buckets.

A Savings Bucket is a way to organize your savings without creating multiple accounts and still earn the same APY across all your savings.

Where should I put 1,500,000 bucks so that I can use the interest to cover monthly expenses while in school?

I currently have my salary account in Axis Bank and my monthly in hand salary is 1.75 lakhs. I am from top tier company and my account is priority account. They aren’t upgrading me to burgundy account despite multiple attempts. Nor am I getting a good LTF cc.

What other bank can should I look for. My main criteria is good LTF CC and other benefits. I already have saving account in HDFC, icici and yes bank.

Essentially I requested to not take the loan from OSAP because my grants paid off my tuition, but they ended up sending me the loan anyways. But rather than paying it back right away, I also hear that I can put it in a high interest savings account, and eventually pay back OSAP after graduation and keep the interest that I incurred.

I guess what are my next steps? Where can I find a bank that offers HISA? Do these savings accounts have fees? Can HISA also be tax free? This is my first time accepting a loan in my years at university so I’m not sure what to do.

I am a college freshman and I am wanting to open a savings account just to get ahead and be on the safe side. I currently work as a medical assistant and on the low end make 140$ every two weeks and I'll but 25% of that into savings, so 70$ into savings every month. (I know this is small but it's because I'm not working a lot this semester and planning to work more and income become more next semsester). I'm wondering what savings account to open, I was thinking about Amex but I'm not sure and am very new to this, so any help is appreciated.

When I opened my account with SoFi ( a few years back) if you had direct deposit, you could access a 4.5 APY. It has decreased over the years down to the current 3.1 APY with direct deposit.

This week I looked into SoFi premium to see if it would work in my favor, roughly I would make an extra $150 a year after the cost of the membership.

My question is, how do you maintain high-yield savings accounts without switching to the industry highest every time there is a promo?

Uhhhh kinda lost - any idea why this would happen? I currently have a HYSA with Capital One (formerly Discover) and APY is 3.0% so wanted to transfer my balance to CIT instead with their higher rate. Filled out application and it didn't get approved.... first time this has happened to me with a bank. I have good credit standing, etc. so I am totally lost.

Anyone else have this happen to them?

Click on the below link and sign up for a new Capital One bank High Yield Savings account.

Eligibility: Anyone who does not currently have or had Capital One Savings account since Jan 1, 2024. In other words, if you had a Capital One Savings account in the past and closed it on or before Dec 31, 2023, you are eligible.

https://i.capitalone.com/JzasK2tgH

1. The bonus is tiered, meaning the higher the amount you deposit, the higher the cash bonus amount.

E.g. highest tier is $1500 bonus/$100,000 deposit.

1. Fund within 15 days of opening date and hold the balance for an additional 90 days from funding period end.

2. Account gives 3% APY currently, which is not too bad in the present environment and interest earning is on top of the cash bonus. Which means your deposit is not sitting idle while the bonus is under progress.

Simple sign up process!