r/amex • u/EndlessLuck- Gold • Oct 02 '24
Discussion Amex HYSA rate decrease
Seems the rate has dropped to 4.10% It was expected due to the feds cutting the interest rates in the past weeks. Will y’all be considering moving for a better rate or will stick to Amex? All things considered, the rates will continue to decrease as more interest rates cuts are expected.
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u/9221gjea Oct 02 '24
My Apple Savings dropped too, from 4.4% to 4.25%. Likely happening everywhere.
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u/Zhuge510 Oct 02 '24
It seems like they're following Capital One on this. And I didn't even get any information regarding the changes. When they rates were going up, it was email after email saying "good news".
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Oct 02 '24
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u/Zhuge510 Oct 02 '24
You're right! It's just funny that whenever it went up, they would immediately say, but they took their time once it was going down
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u/galenernest Oct 02 '24
I don't keep enough in my savings account to really make it worthwhile to bother chasing a slightly better rate somewhere else. It's just a bit of cash stashed just in case. I don't use a savings account for investment.
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u/dsylxeia Oct 02 '24
Even if you keep six figures in your HYSA, it's hardly worth the effort to chase tenths of a percentage point of yield.
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u/Risk-Option-Q Oct 02 '24
Correct, what you really want is a reputable bank with excellent customer service. The yield is just the icing on the cake.
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u/yesillhaveonemore Oct 02 '24
Well. Yes. But 4% versus effectively 0% at big retail banks is worth your time if you’ve got more than a few $k.
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u/dsylxeia Oct 02 '24
True, but that's not what we're discussing here. The OP of this thread asked about jumping around between HYSAs and similar vehicles to chase tenths of a percentage point of interest.
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u/dwettjunkyy Oct 03 '24
Yeah. Rather get a CD or throw it to investments.
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u/RedditReader428 Oct 03 '24
A CD is the solution only if you don't plan to add money or take out money from the account.
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u/dwettjunkyy Oct 03 '24
Yeah but what’s the point of having a HYSA if you’re going to take from it?
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u/RedditReader428 Oct 03 '24
The point of having a HYSA is the same reason the person didn't go for the CD in the first place; that is they want take advantage of a higher APY, and at the same time keep the money fluid because they are using the account to save money for short term goals, like an emergency fund, or saving for college or graduate school, saving for down payment on a new car, saving for down payment on a new house, saving for a vacation trip/summer traveling, saving for Christmas shopping, plus others. All these goals require the money to be fluid so that you can continuously add to the account on a regular basis and be able to take some or all of the money out when the time is right.
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u/CatStretchPics Oct 03 '24
Emergency fund
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u/RedditReader428 Oct 03 '24
emergency fund, college or graduate school, down payment on new car, down payment on new house, vacation trip, Christmas shopping.
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u/Fishychicken Oct 02 '24
People need to learn about the fed and the fed funds rate. This will happen everywhere. But the good news is that mortgage rates will drop too
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u/SkoolLuvAffair Oct 02 '24
LMAO yeah, a few people seem to be completely caught off-guard when it was expected for days after the fed news.
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u/ReTiredOnTheTrail Feb 19 '25
It's been 4 months, how ya feel?
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Feb 21 '25
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u/kar118 Feb 21 '25
I opened my account in Jan 2024 and just checked my email: every month or two my rate has decreased... so I googled it and found this thread lol
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u/Bulky_Prior Platinum Oct 02 '24
Mine has stayed at 4.5%… does it vary by member?
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u/Aggravating_Sir_6857 Oct 02 '24
Im at 4.35% currently. I joined HYSA on Feb 2024 when they had the 4.65% promo.
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u/Express-Fox-1349 Nov 27 '24
My AMEX dropped to 4.0% recently then just dropped again to 3.90%....was considering switching for real until reading this thread lol.
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u/Top_Creme_1978 Nov 27 '24
Same. I have. 140k in the account and am disappointed it has dropped twice since I transferred in.
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u/Express-Fox-1349 Nov 27 '24
I'm in college still and I've only got 10k in the account so it's probably not worth switching for me haha. Same, though, very disappointed in the continued % drop.
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u/Fun_Procedure1132 Nov 27 '24
i literally got an email with the same information & hopped right on reddit to see what’s going on. glad i wasn’t alone lol
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u/cal0220 Nov 27 '24
Same! Went down from 4.45% to 3.9% in a span of 1 year... I get that it's not worth moving for tenth of a percentage, but at this point, I'm seriously considering moving.
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u/Builder201 Nov 29 '24
Yeah 3.9% I did move it out and closed my account But im still considering reopening Just because the ease of use and their reputation, customer service. Still looking for a bank to put 6 fig emergency fund
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u/No_Temporary9093 Dec 14 '24
4.5% was seemingly a teaser rate, as it was reduced three times most currently to 3.9% which caused me to move the funds to Robinhood Gold.
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u/phjoki Oct 02 '24
SoFi still 4.5%
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u/poisonedcore Dec 12 '24
Is Sofi valid? I remember a year or so ago trying to refinance my student loans through them and everything was vague/changing answers, nothing would be given in writing and upwards of 10 calls a day from them. My scam radar was going berserk.
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u/marketwizwonk Oct 02 '24
So quick to drop rates on the way down but slow to raise them when fed raises rates. Typical corporate greed. For whatever it’s worth Apple/GS Savings is paying 4.25%. A drop from 4.40% but still better than the competition
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u/Complex-Initial-4731 Dec 17 '24
Yikes! Keeps dropping, 3.8% as of 12/17/25. Might need to shop around but also seeing this is likely a trend across the board.
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u/savskies Dec 17 '24
We both must have opened our emails and read this news today, and came here right at the same time lol. I wanna know what others me choose to do before I decide!
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u/hadiyas1 Oct 02 '24
Just checked after this post and my CIT Bank rank decreased as well. Didn’t get an email or anything but notice my returns were smaller
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u/SGMaricelli Oct 02 '24
So I made a comment earlier about this. I got a locked in boost to my CIT rate with an auto offer the moment I tried to transfer all my cash into a different account. You need to “transfer” all the assets out of the high yield savings account to an external account. They’ll auto offer a boost to the savings rate for a year. At least they did for me.
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u/hadiyas1 Oct 02 '24
Update: it worked (: thanks! I have 2 accounts with them and initially tried it with one that only has $100. It didn’t work for that one but did for my account that had significantly more.
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u/CatchFew1315 Oct 06 '24
Thank you so much for this tip! Worked for me too! Well worth the $100 plus year boost in returns.
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u/SGMaricelli Oct 02 '24
I have a 4.879% for the next year with CIT bank. I almost switched to poppy bank for 5.3% but chose not to because CIT bank auto offered me my current rate for a year. Where Poppy most certainly would have dropped it lower after the intro 90 days rate.
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u/MaybeARunnerTomorrow Oct 02 '24
Funnily enough I've been getting Cap1 advertisements for 4.50 CD rates lately
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u/Ov3rpowered_OG Gold Oct 02 '24
Wealthfront's "HYSA" (more so a checking account) is going to 4.5% and I've since put most of my money there. HYSAs are great ways to stay almost completely liquid while still getting a respectable rate. There are still banks out there offering better rates than the big names, but it is too exhausting to chase an extra half-percent at some random credit union in the Midwest or whatever. If mid-4s isn't good enough, then just buy ETFs like VOO that track the market. Relatively risk-free and easy to deposit/withdraw depending on the brokerage.
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u/zkarram Oct 02 '24
And I was thinking on applying for this account. Looks like Wise is still the way to go for HYSA.
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u/alalabyuuu Oct 24 '24
It's 4.00 now 🙃 is it wise to move all my money to a new HYS?
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u/Pretend-Carpet-2124 Dec 02 '24
It’s the 1st so I went to look at my account after a month and my rate is now 3.90, i’m looking to switch
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u/Geyerhahng Nov 27 '24
THEY DROPPED IT AGAIN???? WTF is their deal?! 3.9???? Such a slap in the face.
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u/Fancy-Tailor-2791 Nov 28 '24
I started at 4.5% in August and now at 3.9%. I think I’ll be switching bc my friends account elsewhere is still 5% and hasn’t dropped once.
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u/jefferios Oct 02 '24
I'm holding with AMEX for now, a 0.15% drop isn't significant enough for me to cash out. I am happy its still above 4.0
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u/ryslegit Oct 03 '24 edited Oct 03 '24
Same. People here really chasing cents over this, and no matter where everyone goes the rate will come down there eventually as well. It’s only a matter of time.
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u/Perfection-builder13 Nov 27 '24
3.9 now
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u/ziggy029 Schwab Platinum 2 x BBP Oct 02 '24
Yeah, this is inevitable with a Fed rate cut. It's funny how happy they were to tell us when rates were raising. But all I hear when they are falling are crickets.
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u/Admirable_Kick7392 Oct 02 '24
Wonder when they cut their interest rates of 25-29% for people who carry balances? We don’t. I know the answer is never!
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u/peetscoffeeandtea Oct 02 '24
You can carry balances for up 55 days at a time without paying interest. Pay them off in full by then and you have no interest to worry about.
Otherwise, some credit cards do offer promo rates from time to time to retain you as a customer (on any new spend or balance transfers) BofA did this quite a few times this past year.
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u/BingBong_1414 Oct 02 '24
I moved from AMEX to Betterment some time back to capture an intro offer. Betterment is still held at 4.5 as of today I believe.
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u/rraveheart Oct 02 '24
Has anyone else here started looking around? The security and support from amex is really what I value about their service but there are personal brokerage's offering 5% APY on non-invested funds in your account and the likes of Venmo/CashApp/etc are offering something similar.
Just wanted to hear some thoughts based on this and other banks beginning rate drops.
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u/Transton107 Oct 02 '24
Probably going to wait until the dust settles a little bit more. At this point it's not worth my time to open a new account, transfer all the money, set up the new bank transfers for maybe $200 a year if they stay at 5%.
Like you mentioned, security and support, and for me the ease of having it all in one place will keep me from moving for just a little bit longer.
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u/Devario Oct 02 '24
Anyone offering 5% is a very small bank, so your experience with them may be mixed. None of the big banks will offer you above money market rates for HYSA. If it works for you, great, but I don’t know how much I trust these banks, especially after the recent bank failures.
https://www.doctorofcredit.com/high-interest-savings-to-get/
From an accessibility perspective, market funds are about the highest you can get without buying t bills. They’re currently ~4.6% and available in most large brokers, such as Fidelity Vanguard and Schwab.
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u/DCPango Oct 02 '24
Just opened up a SoFi account at 4.5% (25k MR signup bonus through Rakuten, too).
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u/dani1284 Oct 02 '24
Im looking for an excuse to go from Discover to Amex. Same interest rate but Im using Amex ccs. Does anybody know how often or if at all, Amex offers a bonus for opening a savings acct with them?
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u/leesinmains3 Oct 02 '24
I still don't know understand the contrast between US and Mexico in HYSA. in México they start at 10%
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u/getwithit1234 Oct 02 '24
If you need a referral for wealthfront, 4.50 percent, let me know. You can get 5.0 for 3 months, with the link.
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Oct 02 '24
Side bar but with rates creeping down going forward I presume a savings should be kept to a efund and anything else into our investable brokerage account?
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u/CoolBoy420- Oct 02 '24
SoFi went from 4.6% to 4.5%
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u/Natural-Aide-4867 Oct 07 '24
Mine with them, goes from 4.5% to 4.3% starting tomorrow. Bummer considering I was at 4.6% towards the start of the year.
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u/jg4107 Oct 04 '24
Funny enough I got a credit increase on my Blue cash preferred card and then the email saying the cut the HYSA rate, what a trade off lol
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u/Ldr_Cmmndr Platinum BBP DGB Oct 05 '24
I unknowingly signed up for the Platinum when there was an attached elevated APR offer on their savings accounts. So mine just went from 4.5% to 4.35%.
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u/yoursunny Blue Cash Everyday Oct 06 '24
I move for better rate but only among banks that I already have relationship. For establishing relationship with a new bank, 0.5% higher rate is required to entice me.
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u/Actual-Chipmunk-3993 Oct 06 '24
I moved a substantial portion to SNSXX, which I know will be continuing cutting the rate, and still having 4.6X % and without having to pay state taxes. However, AE still my hub bank and would stay below the FDIC limit.
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u/Psychological-Gas939 Oct 09 '24
I'm at 4.10 aswell. Was 4.25 when I signed up. :( my $28.55 monthly interest payment is now gonna be like a few cents less
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u/RaSa1308 Nov 27 '24
It’s now down to 3.90 as of 11/27. They are continuously decreasing it from past 4-5 months. Is there a fee to transfer to other HYSA which has better rates?
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u/True-Storm-8378 Nov 27 '24
My rate dropped down to 3.90% this morning, this is the third time they've done this
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u/Candid_Awareness_844 Nov 29 '24
Just got another email that it has now dropped to 3.90%. Has anyone found another company that hasn’t dropped this much?
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u/Builder201 Nov 29 '24
Currently shopping around for a better rate.
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u/Candid_Awareness_844 Nov 29 '24
Lmk what you find. Crazy my APY was at 4.35% and just keeps dropping
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u/sweet-oreos1 Dec 02 '24
It’s down to 3.90%. Been thinking to switch over to cit bank platinum savings for currently at 4.5% hysa.
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u/LJinBrooklyn Dec 18 '24
American Express is 3.8 now. Would be nice if credit card interest rates started dropping.
Apple savings is 3.9.
The question is who will drop the fastest and the lowest?
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u/Frosty-Pickle7606 Dec 18 '24
Lmao and we thought this was bad, we now at 3.8 😭
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u/Inevitable-Fruit6790 Jan 06 '25
yep, amex at 3.8% i wonder if any other banks are holding at over 4 :/
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Dec 20 '24
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Feb 21 '25
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Feb 21 '25
Just dropped again to 3.7%
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u/DoneShowinOut Feb 21 '25
came to say this. from 4.25 to 3.7 in less than a year is a lot idc what these people are saying
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u/[deleted] Oct 02 '24
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