High-Yield U.S. Savings Account.

[srowndedbyh2o]

I’ve done searches on TV, but only find info on checking accounts.

 

I am presently in the U.S. and am looking for a good high-yield savings account with easy online access to the account from Thailand.

I don’t want an account that will require the funds stay in the account for any length of time, like a CD. Just an account with a relatively decent interest rate, easy online access from Thailand, and that won’t close my account once I am residing permanently in Thailand.

I already have a Charles Schwab checking account, but the interest rate is very low. Good for ATM access, but I would like a High-Yield Savings account to park some funds.

I’ve been looking at;

CapitolOne 360 Savings account with a current interest rate of 1.50%.

Barclays at 1.50%.

Marcus by Goldman Sachs, at 1.55%.

HSBC Direct Savings at 1.70%.

When looking at the terms of service for these accounts, they all state that one must reside in the U.S. to open the account (no problem, since I am currently in the U.S.), but that I must maintain a U.S. residence in order to keep the account open. A change of address to Thailand could/would cause them to terminate the account.

I currently have a CapitolOne credit card, and to log into the account online, they ask for secondary proof to log in, in the form of a code that is either sent as a text to my phone, an actual phone call, or notice can be sent to the app on my phone. No option to have the code sent to an email address. When I’m in Thailand, I won’t have a U.S. based phone number to receive a text or phone call. When I spoke to customer service (multiple calls to different people), they stated that the savings account is intended for use in the U.S. only, and that I could not use the app on the phone to access the account when outside the U.S., nor would they call/text a phone number outside the U.S. When I asked how I could access my account from outside the US, I was told that they “may” allow me access to my account over the phone if I call them, and only if I had previously notified them that I would be out of the country. Where I’d be, and for how long. Not very user friendly.

I also tried to setup login to the CapOne CC account for my wife using a googlevoice number, and it won’t accept it.

Of the above accounts, the HSBC Direct account has the highest interest rate, but almost all online reviews of their phone app are ONE star. Mostly stating the app is useless. Also, if it matters, they compound interest monthly. The other banks compound interest daily.

I’m leaning toward the Marcus by Goldman Sachs account, as they will send the 2-factor authorization code to an email, which hopefully would allow me to access the account when using a VPN service. Also their customer service was very friendly and helpful.

I have no relative in the U.S. to use for a U.S. address. I could try setting up an account using my current address, then go online and change the address to a virtualpost mailing address that I have (?). Not sure if they will check to verify that. It is a physical address, not a p.o. box.

Anyone have any experience with any of the above mentioned accounts, or other suggestions?

Thank you.

Edited April 29, 2020 by srowndedbyh2o

[gamb00ler]

An easy way to improve your return is simply to buy SWVXX, one of Schwab's own mutual funds.  No transaction fees, no minimum holding time and currently paying .53% (checked just now).  It's basically a money market account.

Edited April 29, 2020 by gamb00ler

[srowndedbyh2o]

8 minutes ago, gamb00ler said:

An easy way to improve your return is simply to buy SWVXX, one of Schwab's own mutual funds.  No transaction fees, no minimum holding time and currently paying .53% (checked just now).  It's basically a money market account.

Thank you, but with this current market, I’d prefer to stick with an FDIC insured account, and I think 1.5% to 1.7% isn’t bad at this point in time.