High APY Savings Account

So what happens after your account reaches $1000. in the DCU savings? Can you withdraw and keep it below 1000. to keep earning the interest?

So what happens after your account reaches $1000. in the DCU savings? Can you withdraw and keep it below 1000. to keep earning the interest?

Yes, I transfer out the interest each month. DCU has a slightly strange transfer function, but once you figure it out, it is easy. Let me know if you want a referral, but Shaina P. should get preference since she started this thread.

So what happens after your account reaches $1000. in the DCU savings? Can you withdraw and keep it below 1000. to keep earning the interest?

Yes, that's exactly what I do. I have other high interest accounts. When DCU pays its dividend, I transfer just the dividend to one of the other accounts. Kimberly is right. Set up with DCU can be a bit frustrating but once it's done, you're good to go. You won't be able to initiate external transfers in and out of the savings account. You will need to open a DCU checking account (it's free), transfer the dividends to the checking account (2 seconds) and then transfer it to an external account.

Kimberly, you're welcome to refer anyone on the post. We can all win. :)

I'm looking to find an online bank with high APY but wondering if there is a minimum and you drop below that does it change the APY?

There is sofi money

@Alexa - I joined Ally back when the APY was over 2% (those were the days…) and there was no minimum. For some credit unions have a maximum amount for the APY (like $1,000) before the APY goes lower, but I haven't seen it the other way around. That doesn't an account like that doesn't exist. I just haven't seen one

Thank you!

i'll take a referral

@Kimberly I just sent you an email requesting a referral. Those rates have me smiling.

Thanks Dragan, I emailed also.

Re the account that Kimberly mentioned, in addition to the two savings accounts earning great interest rates, there is a $100 signup bonus and an ability to initially fund your account with a credit card for up to $249. So between the 2% cash back (if you fund with a Citi Double Cash card) and $100 sign up bonus, you are up $103 before even any interest accrues at 3% and 5% in savings accounts and the negligible interest on the fee free checking. Awesome!

LOL, APY on Ally is dropping from 1% to 0.8%.

LOL, APY on Ally is dropping from 1% to 0.8%.

But still better than BofA and Chase

LOL, APY on Ally is dropping from 1% to 0.8%.

But still better than BofA and Chase

"Better than BofA and Chase" isn't saying much.

Yotta Savings review "The craziest savings account with lottery tickets and a 4% expected value! Yotta savings is a new savings account with a big twist and right now, they are providing 4x the expected value vs other online banks through their lottery system."

I'm not a lottery player but I have a 100 tickets this week from signing up and it's fun!

So the expected value is 4%, but what's the actual yield minus lottery gains?

0.20% + prize value

I don't mean to be rude but this site has the worst color scheme. Scroll down the home page, it's like 14 different awful colors. Sorry end of design snob rant….

Wow, thanks again. Definitely going to check out Doc.

Love DoC!

Me too!

@Aaron G. Can I borrow 50K?

@Aaron thank you! I'll check it out and if I decide to open an account, I'll use your referral link.

Thanks to those who used my referral on Service Fed Credit Union.

Thanks to those who used my referral on Service Fed Credit Union.

I tried to but they denied me. I open deposit accounts frequently which creates new inquiries in ChexSystems. Some credit unions are sensitive to the number of new inquiries an applicant can have for approval. I'll try again in 6 months.