How many switch bank to bank chasing HYSA? How often to you move your funds?

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  • #94978 Reply

      I currently have Capitol One, which at one times was the bank with the highest rate. However,now it’s a 4.25% when there are others at 5%.

      #94979 Reply

        I stopped that years ago. Not worth the hassle for a small amount of money.

        #94980 Reply

          Raisin makes it super simple!

          #94981 Reply

            I don’t.

            I wouldn’t consider it unless that percentage difference results in a significant amount of money. Do the math. I focus my energy on things that make a bigger difference…increasing my income and increasing how much I invest per month.

            Useful: 26 yr old, 70k in HYSA, buy rental property or invest elsewhere?

            #94982 Reply

              I don’t move money around trying to get a higher interest rate.

              #94983 Reply

                Started buying short term CD (less than 1 year) that has higher rate than HYSA.

                #94984 Reply

                  I mean I just discovered HYSA’s a couple years ago so I still do it, but I do it with the sign on bonuses different banks offer and keep it there the 3 month waiting period at least.

                  The ones I’ve opened usually take maybe 5-10 minutes to do online. And it’s not something I stress about.

                  #94985 Reply

                    Good question!

                    I was considering this the other day. I did end up moving my money that was making 3% to money making 5% and other money making 4.25% to money making 5%. I didn’t open new accounts though. I already had accounts elsewhere so it was just shifting it to those accounts. If I had to open a new bank account somewhere, I probably wouldn’t do it unless I’m going from like 2 to 5%.

                    #94986 Reply

                      Cap1 hasn’t ever been the highest. I have a little money in there from when they were giving away money to open the account, but it’s always been middling. I started with wealthfront and have stuck with them for the duration. It’s at 5.5% right now with a referral and has always been simple and easy.

                      I have no desire to chase the very highest if they have literally any hoops to jump through.

                      I’m not swapping my DD, doing any debit card transactions per month, etc.

                      Suggested: Which HYSA has the highest interest rate and easy access to funds?

                      #94987 Reply

                        Chasing HYSAs is kind of pointless in a rising rate environment. Just use a money market mutual fund.

                        Money Market funds tend to track the Federal funds rate. In a rising rate environment the yield curve tends to invert making ultra-short duration Money Market Mutual fund yields spike upwards quite quickly.

                        I switched over about 2 years ago. I’ve been getting around 5.2ish% for several months now.

                        #94988 Reply

                          how much is it really going to net you? I have a good amount in my HYSA and don’t make a significant amount on interest. Unless you have a significant amount it probably isn’t even going to amount to an hour of your salary.

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