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Standard Savings Account: Moving money around? (lemmy.world)

submitted 1 year ago by kyden@lemmy.world to c/personalfinance@lemmy.ml

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First time poster! Outside of my retirement account provided by work, I'm just beginning to get brave enough to move other money around. I'm very late to the game and pretty scared of gambles.

There are many high yield savings accounts out there right now. Outside of the 6-withdrawl/month restriction are there any things I should be aware of? Do people hop between savings account regularly to keep up with the highest interest rates?

UFB Direct is on the top of many charts. Backed by AXOS bank, but an Internet bank. I've put some cash there but still nervous. Any thoughts on UFB Direct and Internet banking in general? I don't necessarily need a brick and mortar. I think I've been to my local bank less than a dozen times in the lifetime of my account.

Please forgive me ignorance!

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[–] Specific_Skunk@lemmy.world 3 points 1 year ago

Just beware of changing interest rates. I banked with CIT for a while when interest rates were tanking pre-Covid and I watched my rates drop every month with no written notice (this is standard practice). Also take note that it may take a few more days to retrieve your money when compared to a local branch.

I finally gave up and moved my money “home” because their login and password updating processes were so cumbersome that I was constantly calling their help line and I became worried about my money getting trapped there.

If you don’t need the money for a while, maybe check out 6-12 month CDs.