Really, 2%, where? Also, that’s probably going to get knocked down this week given the announcement from the Fed, unfortunately.
High interest checking accounts: https://www.doctorofcredit.com/high-interest-savings-to-get/... Automation for meeting minimum spend requirements: https://github.com/jakehilborn/debbit
I clicked through a few of those offers. Each one has a balance limit (after which interest drops to near zero), monthly fees, sign-up fees, or requires you to generate banking fees through another service.
And how could they not? Finance isn't magic, and we are in a world of all-time low rates. There is no possible way these companies can be paying you 5% on cash without making it up elsewhere.
You'll never net more than $1000/year in one of these accounts given they have balance limits. Some folks sign up for multiple high interest checking accounts in order to park more money.
Anyway, 1.6% is going away given the Federal Reserve just cut rates by 50 bps yesterday. Expect an email from Ally soon.