I’m starting to hoard cash since I think this market has more downside to go. I see that Varo offers a nice APY and the UI looks clean and feels like a legit bank. Any place else to store money that could be better like CD or Money Market? I’ve heard Ally Bank is good as well. I plan on purchasing a home within a few years if real estate does decide to crash along with everything else, so I would want to have the option to have quick access to these funds if needed.
Voyager gives 9% for holding USDC. Interest paid each month.
Not really wanting to risk anything with crypto companies. If voyager goes under then so does my emergency fund 😕
That’s understandable. Banks have the same risks though. May be not with going under but limiting your withdrawals if the whales start pulling their money out. The FDIC insurance is offered by Voyager too. But I get your point. I’d recommend checking out Capital One 360 account in that case.
HM Bradley gives 3% upto 100k (if you have their credit card and a ach deposit)
Current does 4% and puts it in daily
Looks like it’s only up to $6k limit
We’ll that’s 6k getting daily interest. Would recommend parking some money there. I did
Whats good abt Varo. Never heard of it
They offer savings and checking like a regular bank. The APY was 1.2% but I see that sofi also has savings and checking with slightly higher yield.
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SOFI gives 1.25%, likely to increase to 2% now.
Do you have experience using sofi? I think they would partner with an actual bank to store your funds whereas Varo looks like to be its own bank.
I am using Sofi for about 6 months now, so far so good. Yes Sofi partners with 6 member banks and provides up to 1.5M deposits insured. Varo is giving 1.2% so I don't see any issues.