Online savings account

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rafkg29
Posts: 29
Joined: Tue Oct 09, 2018 1:07 pm

Online savings account

Post by rafkg29 » Tue Jan 29, 2019 8:12 pm

I’ve been contemplating opening an online savings account. I’ve narrowed it down to two choices Marcus by Goldman Sachs with an interest rate of 2.25% and synchrony bank with an interest rate of 2.20%. My main concern is which one offers the best customer service, which one I can access money easier if needed be and overall experience? Anyone has dealt with one of these banks that could share their opinion?

mk1039
Posts: 38
Joined: Thu Jun 05, 2014 6:06 pm

Re: Online savings account

Post by mk1039 » Tue Jan 29, 2019 8:46 pm

don't know about the two you mentioned....but i have mysavingsdirect (2.40) & ally (saving 2.20/no penalty cd 2.30/14 month cd 2.85). in general, you setup ACH transfer online to add/remove money. incase of mySavingsDirect, you can only create ACH external bank link only from mySavingsdirect to your regular daily bank.

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fortfun
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Re: Online savings account

Post by fortfun » Tue Jan 29, 2019 9:17 pm

Another vote for Ally.

History_Prof
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Re: Online savings account

Post by History_Prof » Tue Jan 29, 2019 9:20 pm

Either Ally or Marcus. For just savings, I like Marcus. They have a 2.3% high yield saving and a 2.35% no penalty CD at the moment. I find that they are always about .05% higher than Ally. Ally is better if you also want a checking account and other services. The free incoming/outgoing wire transfers at Marcus can come in handy.

I've used the customer service at both and found them both quite good.

azianbob
Posts: 241
Joined: Tue Jan 15, 2019 6:53 pm

Re: Online savings account

Post by azianbob » Wed Jan 30, 2019 10:50 am

I believe Marcus will only take up to $250k, whereas Ally has no limit.

Greywolf
Posts: 19
Joined: Thu Jul 28, 2016 8:12 pm

Re: Online savings account

Post by Greywolf » Wed Jan 30, 2019 10:54 am

I have had a Synchrony High Yield Savings account (and also CD's) for over 3 years.
No Issues so far, easy to work with.

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tennisplyr
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Location: Sarasota, FL

Re: Online savings account

Post by tennisplyr » Wed Jan 30, 2019 3:24 pm

fortfun wrote:
Tue Jan 29, 2019 9:17 pm
Another vote for Ally.
+1
Those who move forward with a happy spirit will find that things always work out.

atlgenxennial
Posts: 38
Joined: Tue Jul 11, 2017 1:45 pm

Re: Online savings account

Post by atlgenxennial » Wed Jan 30, 2019 3:27 pm

I've had very good experience with Ally.

atdharris
Posts: 175
Joined: Wed Jan 02, 2019 3:18 pm

Re: Online savings account

Post by atdharris » Wed Jan 30, 2019 3:27 pm

I use American Express for my savings and Ally for my travel fund. Both are excellent, but Amex always has the best customer service.

Golf maniac
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Location: Florida

Re: Online savings account

Post by Golf maniac » Wed Jan 30, 2019 3:30 pm

+1 for Ally, very easy to deal with and move money around quickly.

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SlowMovingInvestor
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Joined: Sun Sep 11, 2016 11:27 am

Re: Online savings account

Post by SlowMovingInvestor » Wed Jan 30, 2019 3:35 pm

If I had to pick one among those two, I'd go with Marcus.

But my personal preference is for Purepoint which has 2.35% now, and typically has the best rate or close to it.

MikeG62
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Location: New Jersey

Re: Online savings account

Post by MikeG62 » Wed Jan 30, 2019 5:50 pm

tennisplyr wrote:
Wed Jan 30, 2019 3:24 pm
fortfun wrote:
Tue Jan 29, 2019 9:17 pm
Another vote for Ally.
+1
If you absolutely want to have the money in a bank, my vote is Ally (although I've never dealt with the two online banks you mention). I have used Discover Bank in the past (phased that one out last year) and still have a CD with Barclay's (once it matures I will phase that one out too).

What I am actually doing with my cash these days? 6-month Treasury bond ladder (yield around 2.50% + state tax benefit) and Fidelity Premium MM fund (current yield at 2.38%). If you do business with Vanguard, the yield on their prime MM fund is close to 2.50%. All of these options will return more than the online banks you are considering with ready access to cash if needed.
Real Knowledge Comes Only From Experience

tofutofu
Posts: 4
Joined: Tue Oct 02, 2018 5:32 pm

Re: Online savings account

Post by tofutofu » Wed Jan 30, 2019 6:08 pm

One more vote for Ally. It serves as my hub. Just last week I totally forgot about a big outflow transfer I scheduled weeks ago and that overdraft both my accounts. When I called them to get more detail, they ended up refunding the overdraft fee without asking.

Oakwood42
Posts: 204
Joined: Thu Dec 08, 2016 10:48 pm
Location: Philadelphia

Re: Online savings account

Post by Oakwood42 » Wed Jan 30, 2019 7:03 pm

rafkg29 wrote:
Tue Jan 29, 2019 8:12 pm
I’ve been contemplating opening an online savings account. I’ve narrowed it down to two choices Marcus by Goldman Sachs with an interest rate of 2.25% and synchrony bank with an interest rate of 2.20%. My main concern is which one offers the best customer service, which one I can access money easier if needed be and overall experience? Anyone has dealt with one of these banks that could share their opinion?
https://www.redneckbank.com/

3.00%

MikeG62
Posts: 2297
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Location: New Jersey

Re: Online savings account

Post by MikeG62 » Wed Jan 30, 2019 7:19 pm

Oakwood42 wrote:
Wed Jan 30, 2019 7:03 pm


https://www.redneckbank.com/

3.00%
It's 3.0% on balances up to $10,000. All amounts above that earn 0.5%.
Real Knowledge Comes Only From Experience

Triple digit golfer
Posts: 3875
Joined: Mon May 18, 2009 5:57 pm

Re: Online savings account

Post by Triple digit golfer » Wed Jan 30, 2019 7:32 pm

Another Ally vote.

cashmoney
Posts: 316
Joined: Thu Jun 29, 2017 11:15 pm

Re: Online savings account

Post by cashmoney » Wed Jan 30, 2019 7:36 pm

rafkg29 wrote:
Tue Jan 29, 2019 8:12 pm
I’ve been contemplating opening an online savings account. I’ve narrowed it down to two choices Marcus by Goldman Sachs with an interest rate of 2.25% and synchrony bank with an interest rate of 2.20%. My main concern is which one offers the best customer service, which one I can access money easier if needed be and overall experience? Anyone has dealt with one of these banks that could share their opinion?


I have Ally and Purepoint.Ally is great but I like Purepoint even better for customer service and there website.They start paying interest the day you initiate a transfer in from another account and currently they are paying 2.35 .They have also been quicker than Ally to raise rates.

Oakwood42
Posts: 204
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Location: Philadelphia

Re: Online savings account

Post by Oakwood42 » Wed Jan 30, 2019 10:00 pm

MikeG62 wrote:
Wed Jan 30, 2019 7:19 pm
Oakwood42 wrote:
Wed Jan 30, 2019 7:03 pm


https://www.redneckbank.com/

3.00%
It's 3.0% on balances up to $10,000. All amounts above that earn 0.5%.
Thank you for clarifying!

mikeyzito22
Posts: 248
Joined: Sat Dec 02, 2017 5:42 pm

Re: Online savings account

Post by mikeyzito22 » Wed Jan 30, 2019 10:14 pm

tennisplyr wrote:
Wed Jan 30, 2019 3:24 pm
fortfun wrote:
Tue Jan 29, 2019 9:17 pm
Another vote for Ally.
+1
Also, I love the 24/7 chat services. I can always get through to a human being if I need to and they are always there. Plus, anything that has Goldman Sachs attached to it just reminds me of some things.

H-Town
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Re: Online savings account

Post by H-Town » Wed Jan 30, 2019 10:16 pm

rafkg29 wrote:
Tue Jan 29, 2019 8:12 pm
I’ve been contemplating opening an online savings account. I’ve narrowed it down to two choices Marcus by Goldman Sachs with an interest rate of 2.25% and synchrony bank with an interest rate of 2.20%. My main concern is which one offers the best customer service, which one I can access money easier if needed be and overall experience? Anyone has dealt with one of these banks that could share their opinion?
Marcus, hands down.

Down vote on Ally.
Down vote on Synchrony.

Westwing
Posts: 30
Joined: Sun Nov 18, 2018 9:43 pm

Re: Online savings account

Post by Westwing » Wed Jan 30, 2019 10:17 pm

I like Ally bank also, but have you seen Arsenal CU in the St. Louis area advertising 24 month CD @3.25% check it out.
https://arsenalcu.com/rates/#panel-1

indexfund56
Posts: 61
Joined: Fri Aug 10, 2018 11:00 am

Re: Online savings account

Post by indexfund56 » Wed Jan 30, 2019 10:22 pm

Another vote for Ally. Been using them since ING Direct was taken over by Capital One and have never had an issue.

earlywynnfan
Posts: 74
Joined: Thu Nov 08, 2018 2:46 pm

Re: Online savings account

Post by earlywynnfan » Wed Jan 30, 2019 10:54 pm

Have had some money in CitizensAccess for a few months and have been quite happy. Only used customer service once and they were pleasant and helpful, it's mostly just me moving money back and forth between my CA account and my checking at a brick and mortar bank. They're at 2.35% now, too.

nix4me
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Joined: Sat Oct 13, 2018 9:32 am

Re: Online savings account

Post by nix4me » Wed Jan 30, 2019 11:00 pm

Vanguard prime money market - 2.48%

amindu
Posts: 117
Joined: Thu Aug 04, 2016 11:59 am

Re: Online savings account

Post by amindu » Wed Jan 30, 2019 11:05 pm

PNC Bank 2.35% easy to setup and transfer funds.

retiredflyboy
Posts: 209
Joined: Sun Dec 02, 2018 10:02 pm

Re: Online savings account

Post by retiredflyboy » Wed Jan 30, 2019 11:06 pm

I have used both and both worked well for me.
Facts are stubborn things. Everything works until it doesn’t.

mx711yam
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Joined: Thu Apr 11, 2013 9:51 am

Re: Online savings account

Post by mx711yam » Wed Jan 30, 2019 11:17 pm

Check out CIT.

pdavi21
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Re: Online savings account

Post by pdavi21 » Wed Jan 30, 2019 11:29 pm

Synchrony is fine, but customer service is terrible. Both Marcus and Synchrony have no checking accounts.

I will stay with Synchrony, but I would go Goldman if deciding today.
"We spend a great deal of time studying history, which, let's face it, is mostly the history of stupidity." -Stephen Hawking

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Elric
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Re: Online savings account

Post by Elric » Wed Jan 30, 2019 11:45 pm

I've been very happy with Ally. We (my wife and I) have a savings account with them, and we've had CDs with them in the past (and will use again if CDs are appropriate). Easy to get money in and out, good customer service.

Only interesting negative we've run into is because our account is for our revocable trust, they won't do paperless statements. They insist that they have to send out paper.
"No man is free who works for a living." | Illya Kuryakin

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Vulcan
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Re: Online savings account

Post by Vulcan » Thu Jan 31, 2019 12:10 am

Unquestionably Ally. Been banking with them for many years without a single issue. Consistently top savings rates and one of the best free interest bearing checking accounts available.
If you torture the data long enough, it will confess to anything. ~Ronald Coase

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Tamarind
Posts: 1865
Joined: Mon Nov 02, 2015 2:38 pm

Re: Online savings account

Post by Tamarind » Thu Jan 31, 2019 7:26 am

Ally has solid rates, convenient features, and the most consistently great customer service I've ever received from a financial institution. Front line phone reps are smart, responsive, and usually empowered to fix your issue.

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