CIT vs. ALLY vs. 360

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mikeyzito22
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Joined: Sat Dec 02, 2017 5:42 pm

CIT vs. ALLY vs. 360

Post by mikeyzito22 » Fri Sep 21, 2018 11:06 am

Hi,

I think I may already know the answer to this, however I would like to get the panel's advice. I put my emergency savings in CIT money market, which pays the amount of other Online Money Markets and it seems as if it is FDIC insured. Is there any reason to switch it to Capital One, Ally, or Amex Savings just because of the NAME RECOGNITION, safety, or convenience? I can access the CIT just fine online. Thank you Bogleheads and happy Friday.

Bhairston2018
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Re: CIT vs. ALLY vs. 360

Post by Bhairston2018 » Fri Sep 21, 2018 1:52 pm

Don’t really see a point of moving funds based on name recognition. Do you feel a less notable reputation may indicate bad banking practices ?

mikeyzito22
Posts: 79
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Re: CIT vs. ALLY vs. 360

Post by mikeyzito22 » Fri Sep 21, 2018 5:20 pm

Bhairston2018 wrote:
Fri Sep 21, 2018 1:52 pm
Don’t really see a point of moving funds based on name recognition. Do you feel a less notable reputation may indicate bad banking practices ?
That's sort of what I was thinking, or safety. I'm erring on the safety side primarily because I've been a credit union member since the beginning of time where I could talk to someone in an office. If there is no reason then I guess I should stay, unless the interest rates really change a lot?

Hockey10
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Location: Philadelphia suburbs

Re: CIT vs. ALLY vs. 360

Post by Hockey10 » Fri Sep 21, 2018 5:49 pm

I have had a CIT savings account for about 6 years. I also have had an Ally savings account for many years. Up until recently, CIT had a very clunky web site that was frustrating to use. But, they recently upgraded the site and it is now much better. Back in the days when their website was terrible, I had to call customer service a few times. Their customer service was excellent.

I would say today that Ally and CIT are comparable. Ally has more flair in their marketing and web site, but CIT gets the job done.

Bhairston2018
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Re: CIT vs. ALLY vs. 360

Post by Bhairston2018 » Fri Sep 21, 2018 6:16 pm

mikeyzito22 wrote:
Fri Sep 21, 2018 5:20 pm
Bhairston2018 wrote:
Fri Sep 21, 2018 1:52 pm
Don’t really see a point of moving funds based on name recognition. Do you feel a less notable reputation may indicate bad banking practices ?
That's sort of what I was thinking, or safety. I'm erring on the safety side primarily because I've been a credit union member since the beginning of time where I could talk to someone in an office. If there is no reason then I guess I should stay, unless the interest rates really change a lot?
If you go to https://www.depositaccounts.com/ you can check the financial health of the institution you’re looking at. Ally & CIT both have a financial rating of A and capital one has a rating for A+. It also shows the Texas ratio, deposits rating, and capitalization rating. Could be a starting point. I think you’re okay with either choice

rockylou
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Re: CIT vs. ALLY vs. 360

Post by rockylou » Fri Sep 21, 2018 7:07 pm

I got a mailing from CapitolOne today offering $500 bonus if deposit $50,000 or more. I have a synchrony high yield savings and I am wondering if worth moving the money. CapitolOne says paying 1.85%, which is the same as Synchrony. By the way, they are paying 2.65% for 13 month CD. I haven’t dealt with CapitolOne before. Thanks for any thoughts you might have

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fortfun
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Re: CIT vs. ALLY vs. 360

Post by fortfun » Fri Sep 21, 2018 8:18 pm

rockylou wrote:
Fri Sep 21, 2018 7:07 pm
I got a mailing from CapitolOne today offering $500 bonus if deposit $50,000 or more. I have a synchrony high yield savings and I am wondering if worth moving the money. CapitolOne says paying 1.85%, which is the same as Synchrony. By the way, they are paying 2.65% for 13 month CD. I haven’t dealt with CapitolOne before. Thanks for any thoughts you might have
I got the 500 bonus, closed the account, and transferred the money back to Ally plus the 500 bonus. Closed cap one. Easy money, why not?

BlackcatCA
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Re: CIT vs. ALLY vs. 360

Post by BlackcatCA » Fri Sep 21, 2018 8:28 pm

I have all three of these, but I’ll likely close CIT soon. Their no penalty CD rates are no longer competitive.

Ally is a superb hub account. It’s hard to find another with a better interface and ease of use. They keep their rate pretty competitive. The only downside is they don’t seem to offer any bonus for new accounts, but I’m very glad I opened it.

Like others Cap360 is a bonus play. I opened recently so still learning what they can do. One thing missing in their App is the ability to send secured email to ask questions, which is a common and useful feature in most other banks.

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Jerry55
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Re: CIT vs. ALLY vs. 360

Post by Jerry55 » Fri Sep 21, 2018 8:46 pm

I've been with CapitolOne 360 since it was ING some time ago, 10 + years.
I've moved around and have been in 2 or more online savings accounts, going back to 2000.
Even Banco Popular, which was paying close to 5% prior to 2008. The one thing I like about Capitol One 360 is that the 1.85%
is for it's MM account, so my funds aren't locked into a CD. I keep 10K in their regular acct, and am rotating funds into and out
of their MM acct into 6 month T-bills, paying a bit over 2%, however, no state taxes will be taken, so that's 5% more of the returns I keep.

I like the flexibility of not having to go into a CD, however, 6 month T-Bills aren't a lot of difference, cept for the state taxation. :greedy
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!

mikeyzito22
Posts: 79
Joined: Sat Dec 02, 2017 5:42 pm

Re: CIT vs. ALLY vs. 360

Post by mikeyzito22 » Fri Sep 21, 2018 9:47 pm

Hockey10 wrote:
Fri Sep 21, 2018 5:49 pm
I have had a CIT savings account for about 6 years. I also have had an Ally savings account for many years. Up until recently, CIT had a very clunky web site that was frustrating to use. But, they recently upgraded the site and it is now much better. Back in the days when their website was terrible, I had to call customer service a few times. Their customer service was excellent.

I would say today that Ally and CIT are comparable. Ally has more flair in their marketing and web site, but CIT gets the job done.
Thank you from the OP

bigdawgwill44
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Joined: Sun Sep 09, 2018 11:51 pm

Re: CIT vs. ALLY vs. 360

Post by bigdawgwill44 » Fri Sep 21, 2018 11:43 pm

Can you get checks or a debit card linked to these online accounts? Looking for a place to put my emergency fund and earn some interest while at it. But if an emergency comes up I’d like to access funds quickly via check or debit card.

AlphaLess
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Re: CIT vs. ALLY vs. 360

Post by AlphaLess » Fri Sep 21, 2018 11:50 pm

rockylou wrote:
Fri Sep 21, 2018 7:07 pm
I got a mailing from CapitolOne today offering $500 bonus if deposit $50,000 or more. I have a synchrony high yield savings and I am wondering if worth moving the money. CapitolOne says paying 1.85%, which is the same as Synchrony. By the way, they are paying 2.65% for 13 month CD. I haven’t dealt with CapitolOne before. Thanks for any thoughts you might have
Marcus is paying 1.9% in online savings.
"You can get more with a kind word and a gun than with just a kind word." George Washington

daveydoo
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Re: CIT vs. ALLY vs. 360

Post by daveydoo » Sat Sep 22, 2018 12:46 am

How old are you? CIT CD was a nightmare in the estate of a non-CA resident. CA is relentless (as many here know) and we had to go through a lot of extra steps to satisfy the state that the deceased was not a CA resident. (She had not even been to CA in 50 years and never lived within 2,000 mi of the state).

I vowed to never have any assets in Cali-based banks when I'm old.
"I mean, it's one banana, Michael...what could it cost? Ten dollars?"

Larry2623
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Re: CIT vs. ALLY vs. 360

Post by Larry2623 » Sat Sep 22, 2018 2:18 pm

Had Marcus but got offer from 360 for $500 to deposit 50k..free $500 so I am switching

Flyer24
Posts: 298
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Re: CIT vs. ALLY vs. 360

Post by Flyer24 » Sat Sep 22, 2018 7:10 pm

bigdawgwill44 wrote:
Fri Sep 21, 2018 11:43 pm
Can you get checks or a debit card linked to these online accounts? Looking for a place to put my emergency fund and earn some interest while at it. But if an emergency comes up I’d like to access funds quickly via check or debit card.
The Ally money market account has checks and a debit card. It pays .9%.

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