Author Topic: Looking for better Savings Account(s)  (Read 1196 times)

Offline jeremiahsvow

Looking for better Savings Account(s)
« on: October 31, 2016, 02:51:08 PM »
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?
« Last Edit: October 31, 2016, 04:18:01 PM by jeremiahsvow »

Offline Joel

Re: Looking for better Savings Account(s)
« Reply #1 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.
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Offline jeremiahsvow

Re: Looking for better Savings Account(s)
« Reply #2 on: October 31, 2016, 04:20:57 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.

Offline Joel

Re: Looking for better Savings Account(s)
« Reply #3 on: October 31, 2016, 04:41:05 PM »
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.
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Offline Billy_McSkintos

Re: Looking for better Savings Account(s)
« Reply #4 on: October 31, 2016, 05:13:52 PM »
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
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Offline StoneCotton

Re: Looking for better Savings Account(s)
« Reply #5 on: October 31, 2016, 06:13:09 PM »
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!

Offline Alex

Re: Looking for better Savings Account(s)
« Reply #6 on: October 31, 2016, 06:43:59 PM »
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.
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Offline asromzek

Re: Looking for better Savings Account(s)
« Reply #7 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%.
/s implied, unless stated otherwise.

Offline asromzek

Re: Looking for better Savings Account(s)
« Reply #8 on: October 31, 2016, 07:32:43 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.
/s implied, unless stated otherwise.

Offline Bruce

Re: Looking for better Savings Account(s)
« Reply #9 on: November 01, 2016, 11:31:42 AM »
Just dumped my extra cash in an Ally savings account. Thanks all for the tip.

Offline jeremiahsvow

Re: Looking for better Savings Account(s)
« Reply #10 on: November 01, 2016, 12:37:15 PM »
Opened mine this morning!

Offline asromzek

Re: Looking for better Savings Account(s)
« Reply #11 on: November 01, 2016, 01:44:04 PM »
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!
/s implied, unless stated otherwise.

Offline jenmas

Re: Looking for better Savings Account(s)
« Reply #12 on: November 01, 2016, 03:47:54 PM »
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.

Offline Billy_McSkintos

Re: Looking for better Savings Account(s)
« Reply #13 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.
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Offline jenmas

Re: Looking for better Savings Account(s)
« Reply #14 on: November 01, 2016, 04:41:59 PM »
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.