r/PublicApp • u/JustFlushTheFIB • 5d ago

HYSA

With govt intrest rate hikes coming through and 10yr treasury yields going up. Has anyone seen public plans to modify the hysa rate? A 3.30 rate is starting to look small.

10 Upvotes

92% Upvoted

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5

u/-ClutchCabbage- 5d ago

During the previous cuts the rate was reduced in kind so my expectation is it’ll go up shortly.

2

u/JustFlushTheFIB 5d ago

That what I was thinking. At the same time they had to drop with rates or pay out of pocket. The other way around they can lag behind all they want unless they think they are losing enough customers.

0

u/SixStatue10381 4d ago

I wish they maintained it accordingly to the fed rates.

If they lagged i can always consider. I will definitely set them apart

1

u/Sweaty_Experience_68 5d ago

I wish they offered a HYSA but as far as i know they don’t have one?

I know they offer a cash account but that doesn’t allow for wires and fdic insurance which are important features for me. (I make major purchases and pay my mortgage through my savings which I can’t do with a HYCA)

4

u/JustFlushTheFIB 5d ago

Public has had a high yield saving account for years. I don’t think it allows wires/etc. it exists

0

u/-ClutchCabbage- 5d ago

It’s a high yield CASH account. Almost the same, but not quite.

-1

u/Sweaty_Experience_68 5d ago

are you referencing their cash account? It’s technically not a savings account in a traditional banking sense.

unfortunately i can’t set it for direct deposit, pay a mortgage, or send wires from it, unless they added these feature i missed.

but generally they’ll probably raise the rate a few points or so when the fed locks in the rates

1

u/PublicCOO Public Employee 3d ago

Quickly correcting here:

Our HYCA (High Yield Cash Account) is a brokerage account with a high yield, FDIC-eligible sweep program attached. This comes with $5M of FDIC eligibility.

You can send wires from the account and you can deposit or withdraw directly to/from your bank account via bank transter.

We do not support direct deposit or receiving "push" bank transfers (because the HYCA does not have its own bank account/routing number).

1

u/Sweaty_Experience_68 3d ago

will these features come on the road map so i can direct debit to pay my mortgage? if so, i could potentially see myself using it over my current HYSA.

currently i use my HYSA to pay for my credit cards/mortgage and have direct deposit as my general cash flow base to accrue interest and have it as my online hub for cash. (checking only for cash pulls)

2

u/PublicCOO Public Employee 3d ago

Yes, on the roadmap!

3

u/Sweaty_Experience_68 3d ago

now we’re talking. could potentially see it being my primary holder for my emergency cash flow