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Comment by MBCook | Hacker News Reader

3% is amazingly good. It’s not hard to beat that, but a savings account at a common bank can easily be below 0.05%.

I looked up BoA. 0.04%.

3% is becoming more common as of the last few years, at least in the US. I know several banks off the top of my head that offer 3.5% or higher (and more if you are a new customer) for their savings accounts. I would persuade people who use banks that haven't moved on from near-zero APY to move on themselves.

Yeah just off the top of my head I’d expect Discover and AmEx to be around 3.5%. Apple is at 3.4%.

I moved away from near 0% savings accounts more than 20 years ago, it’s amazing to me it’s still so common.

You don’t have to try very hard or go wrong to someone you’ve never heard of to get a good rate.

The rate goes up and down with inflation, high inflation, high interest - low inflation, low interest.

But even then, yes some banks still offer no or 0.5% accounts.. because they can, and many people can't be bothered to figure out a better option, or "trust" there bank and don't want to move. (or the bank has high interest account, but make it complicated to use)

When I first got a real high rate savings account it was 5%. I think my normal bank paid an incredible 0.05% at the time.

You’re right it varies and that has been obvious lately as I seem to be getting monthly email warning me my rate would be going down.

FWIW, savings rates have been coming down.

Most annoying on Reddit are people who write about "high yield savings accounts", those might have been there in 80's or 90's but I see right away those people are just LARPINg.

3% is nothing there are no "high yield savings accounts".

It’s still better than basically 0%.

Yeah they’re not going make you rich. It doesn’t take the place of investing. But its still better than a checking account for money you need to keep liquid.

3% is roughly inflation.

I’ve been thinking about moving some money over by selling some shares and opening up a savings account with enough money to make a difference.

I'm definitely at the point where, if not sticking money in my mattress, I'm keeping a lot in pretty safe investments. Did sort of an equity housecleaning a couple years back and consolidated some investments, in part to make them easier to track and manage.

3% is typical for a HYSA (Ally, for example)

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