HYSA (again)

[Don]

Yes, again. But this time I actually sent in an application and was approved. Now it's time to second guess. I had my choices narrowed down to Ally Bank, Citizens Access, and UFB Direct. They all seem very similar, but UFB offered a slightly higher APR, so I went with them. They were also the only one that would let me apply as a Trust. The others all required applying as a personal account, then converting. 

So here's the question. Before I move a bunch of funds over, I'm actually giving some thought to opening another at a different bank just to cover my bases. Since the ones I'm looking at all have zero maintenance fees and require no opening deposit, do you see any downside to doing so beyond the minor hassle of opening an account? If it matters, I'm anticipating just letting the money sit there.

Thanks.

[special]

I have no idea about the background story here, you mention a Trust but I think I missed the details the first time this was discussed.

I am also curious about Trust. I need to look more into this topic.

[Fritz]

have you looked into a federal credit union near you?
MidFla and Tampa Bay seem to be well reviewed

[rgG]

Unless the amount is over $250K. the FDIC insurance limit for a trust per bank, I would KISS and just have one account.
If the amount will exceed the $250K, you could open another per each $250K

[Don]

Thanks for the replies.

We've put our joint accounts into our Trust, with my wife and I as Trustees, as recommended by the attorney who drew it up. And the trust is the secondary beneficiary (after my wife) in my 401k, IRA, and Annuity. We're talking about only 10k here, so I'm not worried about hitting the FDIC threshold.   I just think it would be better to earn $400 in interest rather that the $1.40 it's earning now in our regular local savings account. The local banks and credit unions don't come close to the online rates I'm seeing. And yes, I realize those are variable rates.

I guess it's simple enough to stick with the one I have until I see a reason to change.