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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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[–] cabbagee@sopuli.xyz 3 points 1 year ago

I've been with Ally for a couple years and like it. In addition to HYSA, check out No Penalty CDs. They don't have as good a yield as regular CDs, but you can withdraw the money early without penalty and still get the accrued interest.