Replace 3/9/24: If case anybody nonetheless has this account from once we wrote about it in 2019 – Reminiscence Financial institution is seemingly closing down on the finish of March. You possibly can see this different (dated) publish for some extra choices: What’s the Best High-Yield APY Checking Account Option? (ht reader Steve)
Unique Put up 1/8/2019:
Some time again, within the publish What’s the Best Simple High-Interest Checking Account?, I identified that from all high-yield accounts available none are checking accounts, excluding the 1.6% Memory Bank checking account (direct link).
On the time, I don’t assume Reminiscence Financial institution provided any high-yield financial savings account, however since September they’ve been offering a competitive money market account, they usually’ve continued bumping up the APY fee as charges rise. That makes me optimistic they’ll proceed sustaining their spot close to the highest of our Best High-Yield Savings Rates list.
Not everybody has a lot money readily available, however there are some individuals who hold giant stashes of money, both as their MS float, as a result of they don’t wish to make investments all their cash, or comparable causes. Many banks like Ally and Uncover supply nice charges on financial savings and a terrific full service checking accounts, however no curiosity is earned on the funds held within the checking account.
This Reminiscence Financial institution combo creates a brand new possibility of getting a extremely aggressive financial savings fee with their cash market account (at present 2.40% APY which is close to the highest of all rates available) AND a good fee on funds within the checking account (at present 1.60% APY). That is particularly helpful for somebody who strikes giant quantities of money, and generally needs to place into financial savings for just a few months earlier than they’ll want it once more. Presumably you possibly can simply switch funds between the cash market and checking accounts.