Originally Posted by
dado potato
To me it seems like a lot of gamesmanship to open a number of cards and then avoid inactivity fees... even though cards really are going to be inactive. Since the terms can be changed at any time, there is no saying how long this "opportunity" to earn 5% FDIC-insured interest will exist.
Competitive rates:
Alliant Credit Union, 1.25% APY online savings minimum $100 for interest to be earned. $10 charitable donation required for membership for people who are not qualified due to the bond of association (certain employee groups).
GS Bank (soon to rebrand as "Marcus"), 1.3% APY, no minimum, pays interest on every dollar.
For an emergency fund that is not expected to be withdrawn from for more than 1 year, I Bonds from the US Treasury may be an alternative. Maximum $10,000 purchase per Social Security Number per year. Interest compounds at a composite rate that is reset by the US Treasury every 6 months, based on the CPI. From 11/2017 to 4/2018 the composite rate is 2.58%. Compounds semiannually. Cannot be cashed in less than 1 year after purchase. Available at treasurydirect.gov