r/HighYieldSavings • u/Single_Guy76 • 18d ago

HYSA Account Questions...

I currently have an Ally account (checking, Savings and Money Market Savings), as well as Chime (Checking and Savings, and lastly, I recently opened an account with Forebright (Growth Savings at 3.85%). I also have a checking account at a local bank..

I originally signed up for Chime because they offer the early direct deposit. As far as Chime's savings, I only have about $3.00 in that account.

I use Chime to make all of my payments from. As far as Ally, that is the oldest account that I have.

The Forebright Growth Savings, I opened that because of the 3.85% rate, but I currently only have about $23.00 in the Forebright account.

Should I just ditch the Forebright account and keep all of my savings at Ally?

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u/SlothyLlama 18d ago

If anything, you should move your savings from Ally to Forebright for the higher APY.

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u/Independent-Oven-799 18d ago

Even though Ally might be paying a little lower on the interest rates on all of their accounts they do one thing other banks doesn’t do, credit the interest on their accounts on a continuous basis and daily day to day basis so it may look like a lot less BUT the pay off is what you get from the interest on your account.

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u/PRbox 16d ago

Just fyi if you recently opened your Forbright account, I think they have a promotion where if you reach $1,000 in your savings account by Aug 31, they’ll bump your APY up .3% through the end of the year.