HYSAs?

[afan]

I'd rather do business with companies who do not play these games. They showed who they are so why waste your time setting up a new account with them? There are others in the industry who do not feel the need to take advantage of their customers.

My Ally account is probably 10 years old at this point and it's sitting at 4.35%. Didn't have to open new accounts or do anything to get that.

When I opened my original savings account with cap 1 it wasn't a hysa, just as the one with my credit union isn't. I wouldn't expect either to switch a regular savings account to a hysa. I would expect to open a new account for it because it's a new product being offered.

 

[_19disnA]

I would look for the % offered as well as the length of the offering. If you don't need the money for the next year and interest rates will likely go down, then parking it somewhere for the longer term makes sense. There is no magic in what an account is called. "High Yield" which has become a marketing term will still pay virtually -0- if interest rates happen to drop in the future.

How much money you are talking about also makes a difference. The difference in interest in various accounts on $1,000 won't add up to more than a couple of dollars, so constantly moving it around is more work then it is worth. If talking larger sums, then clearly an extra 2% of interest is worth looking into.

 

[Starport Seven-Five]

When I opened my original savings account with cap 1 it wasn't a hysa, just as the one with my credit union isn't. I wouldn't expect either to switch a regular savings account to a hysa. I would expect to open a new account for it because it's a new product being offered.

My account originated as an ING Orange Savings account IIRC. I believe Capital 1 kept the rate competitive with other high yield savings accounts initially after renaming it but then slowly stopped that practice.

Regardless, I consider it deceitful to pay people less just because they're in the "wrong" type of account. The motive behind that is clear.

 

[DisneyBill]

My account originated as an ING Orange Savings account IIRC. I believe Capital 1 kept the rate competitive with other high yield savings accounts initially after renaming it but then slowly stopped that practice.

Regardless, I consider it deceitful to pay people less just because they're in the "wrong" type of account. The motive behind that is clear.

Same here. I liked doing business with ING direct.