Is there a catch with the Citizen’s Bank 4.25% interest rate for savings accounts? Seems high for a traditional bank.

likesmart
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I heard Silicon Valley bank is offering like 6.9% right now

likefunny

I believe it’s online only and not their branches.

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Citizens is a large regional - the exact type of bank having major issues right now. For that alone it may be worth holding off - it’s FDIC insured but it just sounds frustrating if they turn into a FRC situation or something.

Reviews are also uniformly pretty terrible for the online savings account - expect terrible customer service, long transfer times, buggy app, etc.

I also don’t fully understand the citizen access vs citizen distinction, but I’m sure you’d be protected in a bank failure.

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I recommend using Wealthfront. They have a 4.3% APY that increases to 4.8% for three months if you sign up via referral. I have been with Wealthfront for four years and have noticed they tend to have the best base rate versus reputable competitors (Marcus, SoFi, Ally). On top of that, they have no transaction limits, no minimum balances, no transaction fees, and are FDIC insured up to $3M.

Let me know if you’d like a referral

helpful

It’s been one of those banks flagged for potential collapse

You will see Savings Interest Rate go up as Fed hikes the interest rates. Some Credit Unions are also offering around 5

Marcus is 3.75 and with a referral it’s an extra 1% Apy for three months. DM me if you want a referral.

Just curious, why cant we just park money in money market fund? Its giving around 4.5%

That is correct. MMFs are not insured. I would stay away for a while.

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