Submitted by guai_di_notte t3_10nh5hq in personalfinance
We have a "HYSA" with WF which is earning .02%. Not 2%, not .2%, it's actually .02%! I've been needing to do something about this for a while, shame on me for keeping cash in an account which doesn't bring a return but we've become reliant on WF for many of our banking needs and I just didn't give it the proper attention needed.
So, when I called WF to see if I could get a better deal through Private Banking they were quite evasive. They told me they "don't quote rates over the phone" and I needed to come visit them in person to discuss. When I finally convinced the person to give me a straight answer (they admitted their interest rates are ridiculously low and they are not competitive) I felt like I've been misled. The account is literally named a "High Yield Savings Account", feels like false advertising to me and I've been getting screwed by WF for years.
Anyway I'm looking at moving my savings to a I-Bond or an online bank with at least 3.5% interest rate, any suggestions? Thanks in advance :)
*Edit - thank you all for your comments and suggestions. I’ve narrowed the list to Ally, Discover, Capital One, Citibank and a local credit union. *Edit - adding SoFi as so many commenters recommended them.
As for why I’ve stayed with WF all these years; I have a good working relationship with a WF mortgage broker, he is proficient and provides great rates and service. Aside from the issue with the low interest rate I’ve been satisfied with WF and have had no issues. I’m also loyal to a fault, I value long term business relationships and I prefer not to jump around. However, sometimes it’s necessary so I’m jumping.
**Edit - thanks again for all of the constructive comments. I'm new to posting on Reddit, this feels like a good community and very helpful to tackle issues in a group forum as opposed to by ourselves. Here's to smart investing - cheers!