I have been looking for better savings accounts to hold my emergency fund funds. I have looked at Ally.com and Capital One 360 primarily.
After looking at them, Ally has 1% APY regardless of balance. Definitely better than what I am getting now.
Anybody have either of these (or others)? Thoughts and recommendations?
You mean that Ally Bank has 1.00% APY.
Ally is great. That's where I keep my savings.
Quote from: Joel on October 31, 2016, 03:59:50 PM
You mean that Ally Bank has 1.00% APY.
Ally is great. That's where I keep my savings.
Hey
@Joel,
I made that correction. Thanks.
I was wondering if it was a smart move. I'm slowly trying to get the most return for every dollar. Not going crazy, but trying to get a little bit wilder.
Cautiously though. Very cautiously. Lol.
Ally is a good place to start. Very easy interface to transfer money back and forth. It's the best interest rate available without any hoops to jump through.
NerdWallet suggests that Synchrony offer a slightly higher APY (1.05%) savings account but Ally is right up there.
https://www.nerdwallet.com/blog/banking/nerdwallets-best-savings-accounts/?bankingsidebar&bestsavings
If you're looking for a long term savings with a good interest rate, I'd choose either Ally or Barclays.
I personally have two accounts with Barclays. One "Dream Account" which has a 1.05% APY and then a normal savings which has a 1.00% APY. The only limitation is that you can only deposit a max of $1,000 per month into the Dream account, which is why I have the other savings so I can simply deposit any overflow into that account, so I will still be gaining the high interest rate.
Hope I helped, you can compare the accounts here! (https://www.banking.barclaysus.com/compare-accounts.html)
I have Ally.
Honestly, anything bank will probably be fine (up to the max protected by law).
Keep in mind that unlike a CD, the bank can change savings % at any time. So it might be worth looking at historical rates.
Might sign up for an Ally Bank savings account tonight. Our savings is sitting in our checking account since having a lump there gives us the best rate of all the account types at our credit union: 0.25%.
Quote from: asromzek on October 31, 2016, 07:22:33 PM
Might sign up for an Ally Bank savings account tonight. Our savings is sitting in our checking account since having a lump there gives us the best rate of all the account types at our credit union: 0.25%.
Done.
Just dumped my extra cash in an Ally savings account. Thanks all for the tip.
Opened mine this morning!
Opened the account last night, and the small verification deposits and withdrawal happened already this morning. Much faster than I've seen in the past. Account verified!
I've had Capital One 360 since it was ING. I am generally lazy about changing banks (I've wanted a new checking account for literally years). But I recently (last week) opened an online savings account at Discover in order to get a $100 sign up bonus (must deposit a total of $15K and have that amount in the bank when the process the bonuses). Their APY is 0.95%, so higher than Cap One 360's 0.75% but lower than Ally. But $100 bonus for leaving my money there through Feb 2017.
A browse on Reddit offers up Lake Michigan Credit Union (3%) and Mango Card (6%) as additional options. Both have limits and some hoops to jump through but you don't need to be local.
I've looked at the Lake Michigan one in the past. My issue with it is that it requires 10 debit card transactions per month. I only use mine to take cash out of the ATM and much prefer the security of using my credit card for purchases.
Quote from: Billy_McSkintos on November 01, 2016, 03:52:17 PM
A browse on Reddit offers up Lake Michigan Credit Union (3%) and Mango Card (6%) as additional options. Both have limits and some hoops to jump through but you don't need to be local.
@Billy_McSkintos I may open a Mango account and park $5k in it and transfer the earnings to Ally at the end of the year.
Would that be crazy?
Quote from: jeremiahsvow on November 01, 2016, 08:16:32 PM
Quote from: Billy_McSkintos on November 01, 2016, 03:52:17 PM
A browse on Reddit offers up Lake Michigan Credit Union (3%) and Mango Card (6%) as additional options. Both have limits and some hoops to jump through but you don't need to be local.
@Billy_McSkintos
I may open a Mango account and park $5k in it and transfer the earnings to Ally at the end of the year.
Would that be crazy?
I'd be careful with Mango. There used to be similar accounts at NetSpend and Brinks and one other company that this type of program was recently eliminated. It's expected that Mango is coming next. I only got 2 months of interest after setting up 8 different accounts with NetSpend and Brinks before they changed the terms.