[USER]

Anyone who currently has Wealthfront HYSA planning to move their HYSA into another account? They’ve lowered their APY 3X this year, from 5% to 4.5% to 4.25% and now 4% this past week.

Wondering if all companies are doing that and now which has the highest APY?

Sources I’ve seen say Pibank, Zynlo have 5% still, but haven’t heard much about these companies. Is it worth it to switch if you have a high balance?

Thanks for any advice.

[Tolga]

Do not leave a high balance in a bank. You only have $250,000 fDIC coverage.

[Aaron]

Rates are dropping. For now. Maybe look for short term CDs?

[Rawee]

All banks were impacted when the Fed rates started getting cut in late Sept and this month.

Now is the time to ONLY trust banks you’ve heard of for immediate liquidity

[Paige]

I just changed to Wealthfront because Amex dropped to 3.8% (was at 5% a few months ago).

I’ll probably hold tight since Wealthfront is still competitive with other HYSA

[Mark]

No its not worth it to switch. All hysa and bank rates go up and down w the fed rate. Moving around for the highest hysa is pointless

[John]

It blows my mind that people are just now making the connection between what the Fed does and interest rates on cash, especially considering they were at 0 a few years ago

[Amber]

I check Doctor of Credit, but I typically only move if I can get more than .75% better.

Everyone is dropping right now.

[Scott]

The feds short term lending rate is now 4.25 I would be suspicious of any institution offering rates higher then the feds short term term lending rate.

[Richard]

This is why I don’t chase a HYSA. Ally has always been competitive (not the best) and it’s very convenient for my other banking needs.

[Stephen]

Looks like most of the big names have done the same. M1 is my place and we are down as well.

Roll the dice with a no name if you want.

[Author]

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