I currently bank with NFCU & have for about a year, but want to open a HYSA with SoFi most likely (banked with them previously).
Should I just transfer everything over to SoFi? or should I just open a HYSA with them & keep my NFCU checking account then transfer funds to the HYSA monthly?
Been looking into opening a HYSA..
byu/yodakk inMilitaryFinance
Posted by yodakk
4 Comments
Definitely open a HYSA. Use it just like you would a savings account. I keep our emergency fund in there and keep our bills/spending money in the checking account.
I have mine with Discover and they limit to 6 transactions per month but it’s never been a problem so it’s silly not to take a 4% return while your money is waiting to be spent.
I would definitely keep a relationship Navy Federal but I’d be sticking as much of my savings as possible into a HYSA. If navy federal doesn’t have competitive rates, there is no point to leave excess funds there.
SoFi is fine but they don’t have the greatest rates. As long as the bank is FDIC insured, take the best rate you can get.
[MooMoo](https://j.moomoo.com/01iJSV) still offers an 8.1% intro rate for 3 months then a 5.1% normal rate afterwards. Plus they give you like $100 in free shares that will add a little to your yield. They are also FDIC insured up to $1m
[Webull ](https://a.webull.com/NwcteA3qcCNbrl5hcm) still offers 5% plus a 2% match on transfers. They give like $60-70 in free stock and are also FDIC insured to $1m.
If it were me I would lock in whatever promotions are still available at current high rates and then watch/adjust as the dropping Fed rates change the HYSA market.
Sofi hysa interest rate is a 4.8% right now
Taken into account that due to the recent interest rate cut (0.50 of a point) by the Fed that interest rates will drop
I believe NFCU is a good bank. Up to you
I’ve had Wealthfront for years. It’s currently at 5.0%. I highly recommend them.