I just went on Google and type in which banks are paying 5% plus on saving.
Two pop up that reach that goal, and both are FDIC insured with no commitment which means you can close it at any time.
One bank required a $500 opening deposit, the other was only $1.

A good website for comparing interest rates is "bankrate.com".

Thanks for the heads up as I too was lowered. I called the mgr at Colony branch (Dawn) and she had an offer for 3.25% that she placed my MM funds in. I don't have the bulk of savings there but I do need some liquid/local so this will work for now while I consider options. FYI, as you asked for suggestions, I already use Vanguard and Schwab but also do have some with MidFL CU (MidFL did not drop their rates....yet).

I am with Fidelity and well satisfied. You should know that the rate is variable, not fixed and that the money is readily accessible with no penalty for withdrawal like a CD would have. As I recall, the rate varies monthly.

When my credit union failed to raise the interest rates paid on my savings accounts after The Fed started raising its rate I moved the money into Vanguard's federal money market accounts VMRXX and VMFXX, the latter being my settlement fund. I also started buying six month T-bills at Schwab which I roll over. Their maturities are laddered or staggered. Currently the six months T-bills are paying in excess of 5.3%. As stated in other posts Vanguard's money market rates exceed those offered by Schwab and Fidelity. I also keep an account at Schwab as I can both buy and sell T-bills through them.

Truist Bank Lowers Interest Rate
 

The least the bank could have done is give notice of the interest rate change. It's been my experience they typically don't do that. I feel this is unethical, thereby forcing the consumer to continually monitor their statements.

It's either a fixed rate account or a floating rate account.
It's fully disclosed.
Absolutely NOTHING unethical.

:loco::loco::loco:

vanguard money market account
 

I've had this account for years, the interest is always great. I can write checks out of it if they are for at least $250.00. It works just fine, big stuff out of the money market, little stuff out of my free checking at Citizens First, and I have a credit union account too that also offers free checking.

Money mkt
 

Its not brick/mortar but Ally Bank is paying 4.25% for savings.
Complete liquidity and online xfer to/cking acct.

Suggest you visit the ToTV Investment Forum.

Wells Fargo and Mid Florida Credit Union both have good rates. In December got a 5+ rate from Florida for 18 months. Check out: money rates.com

Talked to my money manages last week about cd rates. Now 5 for a 9 month, 4 for an 18 month because rates will drop eventually. Said they have a 5 per cent money market, withdraw money anytime but also tied to fed rate.

Looks like this one is too risky for trying to preserve your funds.

If you might need a POA at some point avoid Vanguard. They gave me fits when my mom had a stroke. I could not access her funds, even with a POA that was executed properly. Needless to say when she passed I closed the account totally. They carried on about that too. Told them they made their bed and I would not do business with them.

One problem with seeking a bank with a high rate is that, if you find one, their rate change easily be changed by the bank. Then, you need to find another bank. And, some banks don't even try to compete with other interest rate products. But, with a company like Vanguard or Fidelity, you have access to thousands of high interest rate products, including bank CDs.

Unfortunately, a lot of financial institutions, including banks, will not recognize a Power of Attorney unless it is set up using their own POA forms. If you have a POA, be prepared to have it rejected by financial institutions and other companies.

I would just add that Vanguard is definitely not alone at rejecting a POA. Financial institutions have no way to know that a POA is legitimate. So, if you have a large amount of assets in a financial institution, it is a good idea to have that company initiate a POA using their process and forms. That will ensure that they will accept it when you need to use it.

Rates will be increasing after today's horrible March Inflation report.

And Synchrony Bank paying 4.75% High Yeild Saving. Easy to use on line bank.

What is UFB??? I don't have a clue.
 

:undecided:

It is an online bank. See Post No. 20.

Until they are not

Fidelity money market paying 5.02%.

Using Treasury Direct is easy and with 4-week T-Bills, I keep next to nothing in a bank. The money is returned before my credit card bill is due. Plus, they don’t need FDIC insurance because the funds are at the Treasury. If the Treasury missed a payment or worse, the banks are done too and so is the FDIC.

That was my first thought, too.

interest rates
 

There are many other options for higher interest rates, rates that you can lock in for multiple years...over 5%...message me is you want more information...

I’ve had Capitol One for years and years. Love them. With 50k (like to have access to my money) I’ve been paid $535 so far this year. Easy money with no term or obligation.

GM Right Notes. Not FDIC insured. Currently pays 5.5%. The rate floats with the FED discount rate. Interest is calculated daily and paid monthly on your balance. Entirely online. You can withdraw any or all of your money at any time without penalty via either EFT or wire transfer The plan is managed by Bank of New York Mellon. This is essentially a loan to General Motors but the account functions like a savings account. Mercedes and Toyota have similar products but have lower rates.

Google GM Right Notes.

This may sound like overthinking it, but how do you know an online bank is actually FDIC insured? I know you can check with the FDIC and match the bank name with their FDIC insured list. But, I would hesitate to send a large amount of money to a "so called" bank who only has a website and says they are FDIC insured. There are lots of scams on the Internet.

With all the mention of FDIC, I am curious to know if anyone has had any personal experience with getting caught up in a bank failure.

Yes.

FDIC will arrange for the "purchase" of the bank.

Take all deposits and take quality assets (loans, securities, facilities, etc) and then fund the gap.

Was there a significant amount of time where you didn't have access to your money?

couple days

interest-bearing accounts continued to earn.

Thank you.

THIS! ^^^

I've been working with internet businesses for 20 years (not banking) so tend to be more aware of flags to look for regarding online businesses. Anybody can create a professional looking website but, it could be a fraud or cheesy business.

Couple quick examples...regarding much smaller sums of money than we're talking about here but, still examples.
1) A friend booked a limo service to pick her up at LAX and take her to her lodging. She got an email confirmation like normal but, they never came. She's at the airport waiting, trying to call them, got voicemail or whatever. Could never get in contact. Money 100% wasted; took a cab. I told her it was probably just a "booking service" and not an actual limo company. Scam. I wonder if they were in Nigeria? Lol...
2) Friend ordered clothes online and saw that she'd be shipped from Indiana. Ok. Well, she got the stuff after about 3.5 weeks, it didn't fit well, she checks the site for return instructions and learns she has to send it back to China to get refunded. The postal cost was going to be high relative to the product cost so, I think she just kept it. It's probably sitting in a drawer. Money 100% wasted.

I'll just share my minimum tests for buying from an unknown business online. They have to have a posted phone number. Period, otherwise, forget it. In the majority of cases, I want to see an address too. Also, of it's something I might return, I want to see clear and complete instructions posted on the website before I buy.

Lastly, for any company, you can install keywords like this in a search engine before conducting business: ABC Company bad reviews, Widget Company a scam?, or look it up on the Better Business Bureau website, etc.

We need to learn to monitor our own investments and not relay
on anyone else to do it for us,

GM vs Toyota and Mercedes.
Higher rates mean higher risks.

There are many ETFS which can be purchased in lieu of bank CDs.

and you can play the yield curve better than you can at your bank.

Just a moment... lists treasury bill, notes and bonds ETFs which invest in US treasuries, and is more tax efficient than bank interest instruments (there are capital gains involved when interest rates drop for additional returns)

Playing the field curve:

currently short term bills have a higher interest rate than notes and bonds.
Eventually they will drop in rates, and once they go lower than the 5-7 year Treasury ETF, you switch and get higher rates for longer with longer notes.

In addition you get capital appreciation when interest rates go down in addition to higher rates while the older bills/notes are held and slowly get replaced by newer issues.

maximize returns versus maximizing safety with the US government instruments, guaranteed to return the instruments's face value.

good luck

Their rates are dropping to.
I bought in in 2023 @ 4.35%.
I looked today their down to $4.20%

Stay away from the all banks for savings.

Look through Fidelity or Vanguard money market funds to see alternatives.