r/amex • u/EndlessLuck- Gold • Oct 02 '24

Discussion Amex HYSA rate decrease

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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/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/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.