This is an excellent % savings rate, imo.
Thanks zzz…
Here’s another example of an old account, Salem Fivedirect, that was left open with a small balance $34. It’s been years since I used this account. It took minutes to ACH funds from a lower % rate.liquid savings account info the Salem Five account.
I’m happy 
with my new 3.50% Savings Account.
Be warned (or maybe you can confirm if this is/isnt still correct) that when using Salem5 Direct’s ACH transfer system, they charge a fee per transfer request. It may only be for transfers out, it was quite a while ago when I ran into this fee.
DollarSavingsDirect Savings account now at 3.50% APY.
*note ACH barriers (no ACH withdrawals initiated by another bank)
Interesting datapoint with DollarSavingsDirect: their login/landing page advertises 3.50% APY but when I log in, my account still reflects 3.11% APY. Hopefully it’s just a delay in updating accounts rather than promoting a 3.50% rate for new accounts only.
I’m not sure about Salem 5’s ACH transfer system because I go directly through other outside banking accounts. As I did this morning using TIAA & Alliant accounts to ACH transfer funds into Salem 5 savings account.
Of coarse hopefully tomorrow, lI will see that new money deposited and drawing 3.50% interest.
4-week T-Bill 3.487% → 3.660%.
The FED is expected to 
0.75% next Wednesday, which is probably why many banks are adjusting the rates already.
Why do you keep moving your money between banks, when you’d most likely earn more from T-Bills, especially if you pay state income tax in California?
YES, I definitely pay CA state taxes.
But you asked why I move money from one account to another. Why not!
Aren’t we always looking for a better deal?
And as far as T-Bills go, I just never figured out the system. Interest for me, not there…
How about teaching me?
Do you have a brokerage account, like Fidelity or Schwab or TD Ameritrade?
check out the Bonds thread. I’m with you, another advantage would be no more 1099 Ints+ fed. taxes with the switch
Clearly the interest is not there for you, since you end up paying more of it to the state 
.
The T-Bill pays more than the best bank in absolute terms (3.66% > 3.5%) accounts AND they’re not taxed by the state. There are plenty of online places that teach you how to use Treasury Direct, including their own extensive help section. They even have videos.
Not sure what you’re trying to say, there’s still 1099-INT, but the interest is exempt from state taxes.
Scripta, I would like to thank you and others for graciously beating this T bill drum for the last year or two. I finally got the message a month ago and you have saved me a lot of money and time already!
yes typo about fed taxes. I meant state+ Multiple 1099 INTs by moving money around vs just one from Treasury?
CIBC Online Savings was 2.51% now 3.03%
American Express Savings was 2.25% now 2.35%
Only Fidelity, Vanguard, and Charles Schwab are mentioned in the article. Do the other firms like Etrade charge more fees or skim the spread %?
Yes, I have an account at Fidelity. Guess I’ll do some reading on T-bills.
Back to Salem Five. My new funds are now posted. The 3.5% wasn’t showing up . Just got off the phone 
and an agent checked and changed the reading now to 3.5%.
Looking good now. :))
If you sell to the secondary market, my experience is that you lose some with Etrade. At Etrade, when selling, you can’t sell directly to the bids in the “book of depth”. Instead you need to submit a bid request, which generally comes in with a price around 10 basis points worse. So think of it as a sale commission of 0.1% on a sale. Buying with Etrade is OK, and so is holding to maturity.
After I discovered the above, I stopped using treasuries at Etrade. Will now only use treasuries at Fidelity.
As a follow-up, the rate adjusted to 3.50% APY on my account the following day.
Salem Five Direct eOne Savings rate just matched DollarSavingsDirect’s rate at 3.50% APY, $10 minimum to open.
UFBDirect increase
Elite Money Market - was 3.11 and now 3.16%
Elite Savings - was 3.11 and now 3.16%