Brick and mortar banks that offer 4%+ savings accounts?

I've been with Chase for a while now, but obviously all these 4% savings accounts banks popping up has me thinking it's time for a change. I've talked to Chase and they don't know (at least at my branch) of any plans to roll one out. They said they can do CDs, which I'm considering, but I don't really like the lack of liquidity.

I have an Amex credit card and am getting offers from them, but something doesn't sit right with me about having all my money in a place that doesn't have a brick and mortar building that I can walk into if I need something unique (e.g. conversion to foreign currency in advance of a trip)

Are there any banks that offer 4% savings accounts that also have brick and mortar buildings?

Look into credit unions. You'll usually get better interest rates from them than you will banks.

Nobody offers 4% savings accounts. But there are plenty that offer that level for money market accounts (my credit union has 4.25% APR with $20,000 or greater and at least $500 per month direct deposit) or CDs (my CU has 4.70% on a 6 month CD with $1,000 minimum).

But with the Fed cutting interest rates, the rates are probably going to go down soon.

captpackrat posted...

Nobody offers 4% savings accounts. But there are plenty that offer that level for money market accounts (my credit union has 4.25% APR with $20,000 or greater and at least $500 per month direct deposit) or CDs (my CU has 4.70% on a 6 month CD with $1,000 minimum).

But with the Fed cutting interest rates, the rates are probably going to go down soon.

I have a savings account with PNC that offers around 4.2%. So they must exist. I also use Amex's savings account as well which is about the same rate.

I was getting over 5.365% in Treasury Bills (purchased in $100 increments, with a 4-week maturity), but since the Fed cut rates, it's dropped a bit, 4.783% on issues for October 1st. Still better than just about any bank.

I split my savings up into 4 parts, then bought one 4-week T-Bill every week, and set them to automatically reinvest. That way one matures every week then reinvests for another 4 weeks, so they're constantly rolling over. In an emergency, I can get 1/4 of my savings back within a week, and all of it within a month. Almost all major expenses can be paid by credit card, and I have until the next billing cycle to pay that off, so that's plenty of time to get my money out of the T-Bills if I have to.

https://www.treasurydirect.gov

You can buy Treasury Bills (4-26 week maturity), Treasury Notes (2-10 year maturity), Treasury Bonds (10-30 year maturity), TIPS (5-30 year maturity, inflation-protected), and Savings Bonds (30 year maturity)

Oh, and while you have to pay federal income tax on the interest, there's no state income tax on it. That can be worth a considerable amount right there.

the funny thing is over here in the UK, Chase is a digital/challenger bank with no brick and mortar branches so offers 4% and 5.1% savings accounts lol.

I think that will change by the end of the year though when BoE drops the base rate and banks drop their rates accordingly but I cant complain, Chase and other digital banks have looked after us for the past four years with these kinds of rates.

I think youll rarely find the traditional banks offering anywhere near that, their overheads are too massive to pass on those kinds of rates to us.

European savings interest sometimes barely keeps up with inflation and often does not. I keep a savings buffer to be ready for unexpected expenses or loss of income, not for gaining monetary value. For that part I invest, with a preference for "boring" long term over speculating.

The brick & mortar battle is largely lost in the Netherlands. The "big" name banks have physical locations in fewer and fewer places anyway. I'd have to travel, not so easy for me anymore, to get to one. I'm mostly cashless now, too.