Why do big banks like Chase not offer high yield savings accounts like Wealth Font ? Also, any recommendations for FDIC insured banks with high yield savings accounts greater than 4.3% right now ?

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I’d assume it’s bc they can get away with it and ppl will still use them.

likesmart

If you get Marcus from referral, will get additional 1% for 3 months which will get you to 4.75%, then you can receive additional 1% when you refer others

funny

Yup interested, but will find a different referral link

funny

Almost all larger banks offer high yield savings, have you asked?

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Just talk with the banker

They have enough deposits and don’t need any more. They do t care if people pull their money out.

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They have way more costs like maintaining thousands of branches that the others don’t have. They also put more into BD and other exploratory things that the others don’t do.

You’re also to an extent paying for the size and trustworthiness. Wealthfront has risks that Chase doesn’t have.

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Bankruptcy, ability to limit withdrawals, halt activity, avoidance actions, and other possibilities that aren’t allowed for banks. I’ve posted this elsewhere. It’s not as clear if they can seek bankruptcy protection or how, when and where you’d get your money back if they fail but their partner FDIC banks themselves don’t fail. They’re also not public so unlike banks, they don’t ever have to share any of their financial health. Not to the FDIC and not to the public.

To be clear, none of this is likely and you would probably be fine if they did fail, but it is a risk you should be aware of when holding money with any non bank institution. You’ve got a century worth of laws and regulations protecting you as a customer when there is a bank charter. Those are less clear with non-banks. The vast majority of HYSA’s though are from legit banks with charters, so these risks wouldn’t apply.

Chase has a high yield savings account (JP Morgan Premium Deposit), but it’s 100K minimum deposit and the rate is currently 4.0

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Isn’t that only through a JP Morgan brokerage account?

Because they don’t have to

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