Finance

Shopping cashback portal Rakuten is offering a new account bonus the Synchrony Bank High Yield Savings Account, which has no minimum balance and currently pays a relatively competitive (but not top) rate of 3.75% APY.

The bonus may fluctuate as with all their payout rates, but right now it is a $100 bonus with relatively easy requirements. You just need to deposit $1,000+ of new money within 55 calendar days of opening the account. No minimum hold period is listed. Notably, it also does not have to be a payroll direct deposit. The Rakuten page says it takes “a few months” for the bonus to post. You could technically take your money out immediately, or even leave your money in there until it posts and the effective APY would still be in the neighborhood of 40% APY. Synchrony Bank also offers competitive CDs rates from time to time, so you might actually use the account later.

New to Rakuten? If you don’t have an account yet, you can open a new Rakuten account through my referral link for an extra $50 bonus after you spend your first $50 through the portal. You could make a purchase from eBay or select categories of merchants like Target or Sam’s Club.

Fine print:

Cash Back is only available for new Synchrony Bank accountholders who do not have any active Synchrony Bank deposit accounts and all funds deposited must come from an external source and not from any funds currently on deposit at Synchrony Bank. Rakuten member must click and apply directly through the Rakuten link, open a new Synchrony Bank High Yield Savings account and fund the account with a minimum of $1,000.00 within 55 calendar days of opening the account to qualify. Cash Back reward is limited to one per Rakuten member. Synchrony Bank account will be reviewed to determine eligibility for Cash Back. Account application is subject to approval by Synchrony Bank. Synchrony Bank reserves the right to discontinue or modify the terms of the Synchrony Bank High Yield Savings account promo at any time without prior notice.

The higher “Plus” tier of Sam’s Club membership (regularly $120 a year) now includes Walmart+ membership at no additional cost (regularly $98 a year but often discounted to $50 a year) once you link your two accounts (offical press release). They will refund any difference as well if you have both. I recently upgraded to Sam’s Club Plus membership because I value their free local delivery on $50+ orders. These days, I enjoy shopping for groceries on an app but the delivery costs are often high. Here’s my assessment of the situation right now:

• Costco still offers my favorite in-store experience, but the mark-up for delivery is 10% to 15% (depends on if you have Instacart+ membership) + tip for a total of 20%-30% markup. They just added other delivery options through Uber or Doordash, but it’s still too high of a total markup. On $200 of stuff, that’s $50 extra compared to doing it myself.
• Walmart is my favorite drive-up pickup experience. Their inventory management has improved, and they allow you to edit the cart right up until they pick it. They do a pretty good job on substitutions, and you can always just deny right at pickup and they will refund it for you.
• Sam’s Club is my go-to for bulk grocery delivery now. I used to prefer their pickup, but my Sam’s Club pickup tends to be a mess with very long wait times. Thankfully, Sam’s Club does not mark up their normal prices for delivery. With Plus, I can also get free delivery on $50+ orders (just have to pay tip). Sam’s Club prices are on average at least 10% cheaper on many of the bulk items that I buy, so I feel that paying for the tip is a fair price for the convenience. While I consider Uber Eats/DoorDash to be a private taxi for my burrito, here I can meal prep for entire week at a time with one delivery. The primary disadvantage here is that there are no substitutions if something is out of stock. Recently, Sams’s also added the ability to edit your cart again up until they pick it.

I didn’t pay for Walmart+ in the past, but now that I have both, let’s take a closer look at the combined perks of the two memberships:

Sam’s Club Plus

• 2% back on qualifying *in-club* purchases (up to $750/year). Note that you get the 2% back on in-club and pickup orders, but not delivery orders.
• Extra shopping hours (usually early 8am entry).
• Free local delivery on $50+ orders. You can add express delivery for $10 extra.
• Free shipping on $50+ online orders.
• Free Same-Day Pharmacy Delivery (must order by 2pm and live within 15 miles).
• Cheaper prices on select pharmacy prescriptions ($0 on the 10 below).

Here are the 10 generic medicines that are $0 with Plus. There is some overlap with Walmart $4 prescriptions but even at $4 a month, it can add up quickly to significant savings:

• Amlodipine – Brand Name: Norvasc
• Donepezil – Brand Name: Aricept
• Escitalopram – Brand Name: Lexapro
• Finasteride – Brand Names: Proscar, Propecia
• Lisinopril – Brand Names: Prinivil, Zestril
• Metformin – Brand Names: Glucophage, Glucophage XR, Glumetza, Riomet
• Montelukast – Brand Name: Singulair
• Pioglitazone – Brand Name: Actos
• Sertraline – Brand Name: Zoloft
• Vitamin D2 (Ergocalciferol) 50,000 IU – Brand Names: Drisdol, Calciferol

Walmart+

• Free local delivery on $35+ orders. Honestly, I’ve had a hard time getting this when they subcontract out the delivery and the pay is too low.
• Free shipping on online orders with no order minimum.
• Free Pharmacy Delivery with No Order Minimum.
• Free Paramount+ Essential or Peacock Premium (ad-supported), switchable every 90 days.
• Extra Gas Savings (up to 10 cents per gallon) at participating Exxon, Mobil, Walmart, and Murphy stations.
• 5% cash back at Walmart when using their OnePay credit card.

We now have the appetites of five adults in our household, so buying in bulk is key. What is your strategy for saving time and money on your everday grocery needs?