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Should I move my Bank savings to a HYSA with Morgan Stanley?
Posted on 1/28/25 at 5:20 pm
Posted on 1/28/25 at 5:20 pm
They’re offering 4%, and my current account with Regions is like .01%. Basically nothing. I’m green when it comes to a HYSA, I can still access the money if I need it right?
This post was edited on 1/28/25 at 5:21 pm
11
Posted on 1/28/25 at 5:26 pm to Bonkers119
quote:
They’re offering 4%, and my current account with Regions is like .01%. Basically nothing. I’m green when it comes to a HYSA, I can still access the money if I need it right?
Do it immediately.
Posted on 1/28/25 at 5:29 pm to Rize
That’s what I figured. I didn’t think about it until I got my 1099-INT, and it said $102 dollars. I can do way better than that.
Posted on 1/28/25 at 5:33 pm to Bonkers119
My dumbass kept a couple hundred grand making nothing for years. I don’t think I opened one until about June of last year. Started making an additional $2500 a month. I have no idea how much I missed out on or when they started with the 4 to 5% interest.
This post was edited on 1/28/25 at 5:36 pm
Posted on 1/28/25 at 5:35 pm to Rize
Damn that’s printing money.
Posted on 1/28/25 at 5:38 pm to Bonkers119
Sold my house in BR and put the money in three separate HYSA accounts to make sure they were FDIC insured. It was nice while it lasted for about 4 months 
Posted on 1/28/25 at 6:33 pm to Bonkers119
nobody leaves money in a bank savings.
you should be using
MMF
certain ETFs like USFR
HYSA
etc
etc
you should be using
MMF
certain ETFs like USFR
HYSA
etc
etc
Posted on 1/28/25 at 10:11 pm to Bonkers119
I have an account there with some cash. And, all my investments with MS now that I'm retired.
Posted on 1/28/25 at 11:44 pm to Fat Bastard
quote:
Should I move my Bank savings to a HYSA with Morgan Stanley?by Fat Bastardnobody leaves money in a bank savings. you should be using MMF certain ETFs like USFR HYSA etc
I did for years. I’m still not great at it because I leave too much in Bank of America account making nothing.
Posted on 1/29/25 at 6:58 am to Bonkers119
Posted on 1/29/25 at 7:27 am to Bonkers119
My emergency fund stays in a HYSA. The rest of my savings is in laddered short term t-bills.
Works well for me.
Works well for me.
Posted on 1/29/25 at 8:14 am to Bonkers119
LendingClub level up savings is doing 4.5% right now.
Posted on 1/29/25 at 9:43 am to Bonkers119
Mmm
Yeah
Yeah
Posted on 1/29/25 at 10:59 am to Bonkers119
Absolutely.
I use Amex's and have loved it. They aren't the highest rate out there, I just really like Amex.
I keep a small amount in a normal savings account with my main bank just for small emergencies or something to transfer quick to my checking account if needed, but that is like $1,500. Everything else that is savings/emergency fund that isn't retirement investing I have in HYSA or MMF.
Yep, transfers to and from your main account are super easy (at least with Amex, i'd assume MS is as well). Takes usually a day or two, maybe 3 depending on banking holidays/weekends to get transferred, jsut like any other intercompany bank transfer.
I use Amex's and have loved it. They aren't the highest rate out there, I just really like Amex.
I keep a small amount in a normal savings account with my main bank just for small emergencies or something to transfer quick to my checking account if needed, but that is like $1,500. Everything else that is savings/emergency fund that isn't retirement investing I have in HYSA or MMF.
quote:
I can still access the money if I need it right?
Yep, transfers to and from your main account are super easy (at least with Amex, i'd assume MS is as well). Takes usually a day or two, maybe 3 depending on banking holidays/weekends to get transferred, jsut like any other intercompany bank transfer.
This post was edited on 1/29/25 at 11:02 am
Posted on 1/30/25 at 7:12 am to Bonkers119
quote:
That’s what I figured. I didn’t think about it until I got my 1099-INT, and it said $102 dollars. I can do way better than that.
You keep over a million bucks in a savings acct?
Posted on 1/30/25 at 8:01 am to Bonkers119
Yea do it.
I have a MM account with Ameriprise. It was making over 5% at one time. It’s great to get $800 to $1000 steady deposits every month for doing absolutely nothing.
Only thing is mine is not immediately accessible that day. I get the money in about a day or two. I am fine with that but others may not be.
I have a small savings account at my bank for the convenience of quick access.
Ride it while you can.
I have a MM account with Ameriprise. It was making over 5% at one time. It’s great to get $800 to $1000 steady deposits every month for doing absolutely nothing.
Only thing is mine is not immediately accessible that day. I get the money in about a day or two. I am fine with that but others may not be.
I have a small savings account at my bank for the convenience of quick access.
Ride it while you can.
Posted on 1/30/25 at 8:25 am to Bonkers119
As others have said, absolutely. And don't forget to be prepared to shop it maybe every six months. Sometimes the rate will be introductory. Or, in my case, CreditKarma's customer support completely pissed me off trying to stop a recurring transaction. I couldn't cancel a recurring transaction I set up, they kept asking me if I wanted to file a fraud claim, and this went on for days. I told them they were going to lose mid 5 figures of my savings if they didn't escalate a simple f@%* problem. I re-opened AMEX HYSA, and all the money was transferred out of CK, into my bank, and back to AMEX within five or six days.
I only keep a few thousand in make-nothing savings with my primary bank, usually if my divorce lawyer says they need a retainer refresh.
I only keep a few thousand in make-nothing savings with my primary bank, usually if my divorce lawyer says they need a retainer refresh.
Posted on 1/30/25 at 8:36 am to Mariner
quote:
It’s great to get $800 to $1000 steady deposits every month for doing absolutely nothing.
absolutely.
Posted on 1/30/25 at 9:05 am to Bonkers119
quote:
That’s what I figured. I didn’t think about it until I got my 1099-INT, and it said $102 dollars. I can do way better than that.
I keep 5 HYSA with Wealthfront for my emergency funds and a few major things I pay each year. For 2024 my interest was around $2k. The total for all accounts usually maxes out around $60k before I start making payments. So not a crazy amount by any means but an extra $2k per year for money I have to keep very liquid is decent.
Posted on 1/30/25 at 10:58 pm to Bonkers119
I just closed my account at Capital One and moved it to a brokerage/ checking account at Fidelity. My money stays in a money market fund gaining 4-4.5 percent until I debit the account or write check. The account has bill pay, mobile deposits, a debit card with no fees, and free checks.
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