Should I move my $50k from Bank of America to a high-yield savings account (HYSA)?

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  • #95813 Reply

      I have about 50K sitting in my Bank of America savings account and it’s been there for 7 years. I used to be apart of the platinum tier honors which provided extra rewards and cash back on my credit cards.

      However , the interest I am receving on the 50k isn’t even up to $2 / year . I’m ready to switch to a HYSA.

      1. Is anyone apart of the platinum honors and do they find it worth it?
      2. Can anyone recommend a great HYSA or similar account ?

      #95814 Reply

        Pick any HYSA and stop stressing about the rate. Pick an institution you trust/like. I have mine at SoFi.

        #95815 Reply

          I was in similar situation, money sitting in brick and mortar bank earning barely anything whereas significantly less amount sitting in HYSA earning so much more. I opened a new HYSA and started depositing my paychecks there instead. A lot of autopay was coming from my old account so I let that get depleted, noting which accounts I had on autopay and slowly switch them over too.

          As far as which account, there are nuances that you should look into which fits your situation best. Read some articles out there comparing different accounts, look more into the company than the interest rate. Yes, highest interest rate is nice but interest rates will fluctuate over time.

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

          #95816 Reply

            I have that same BoA account with platinum rewards. In April decided I never see the benefits, moved some money to a Vanguard cash management account currently 4.7% and in less than a month $25 dollars interest. In the BoA app under accounts and then my rewards you can see what BoA thinks the value of your rewards on the account is for a given period of time.

            It includes all credit card cash back, not just the extra for higher rewards teir, so look at that closely.

            In my case, the interest is going to beat the rewards.

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