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Recommendations for regular saving account

Posted: Sun Mar 15, 2020 3:05 pm
by ssn
Hello,
When we started working in US more than 6 years back, we (my wife & I) had opened direct deposit accounts in big banks (that's what respective employers wanted). However, they offer negligible interest rate on savings account. I would like to reconsider it. So 1) Is there any value in keeping the saving account with big banks? They have given us credit cards. 2) Are there alternatives to the big banks which can offer good interest rate (>1.5%), good customer service & safety?

My goal is to move cash where it would work for me, not for the bank. Keeping it in large bank certainly feels backwards.

I did lookup on internet and Ally Bank, Markus have mixed reviews.

-ssn

Re: Recommendations for regular saving account

Posted: Sun Mar 15, 2020 3:09 pm
by student
You can keep your current account and add an online account such as Ally, Marcus, American Express and Barclays.

Re: Recommendations for regular saving account

Posted: Sun Mar 15, 2020 3:11 pm
by obgraham
Ally has worked better than a brick bank for me. Never had an issue. Savings rate is okay, perhaps not the very highest available.

Re: Recommendations for regular saving account

Posted: Sun Mar 15, 2020 3:15 pm
by 02nz
Really any FDIC-insured savings account is fine, there's no much to distinguish them except for interest rate and promos. I've never really had to use customer service for any of them, so the brick and mortar banks (with their 0.01% interest rates) don't appeal to me unless they have a bonus.

People here like Ally - good website and service but typically not the highest rates. They're running a 1% bonus right now on up to $25K: viewtopic.php?f=10&t=307264

CIBC US has a $400 bonus if you deposit $50K. Website is very 1998, but it works. Discover and Capital One also run promos from time to time. Check here: https://www.doctorofcredit.com/best-ban ... nt_Bonuses

BTW I don't know why your employer would care about direct-depositing your pay into a big bank vs a small one. They input the ACH routing number and account number. That works the same whether it's JP Morgan Chase or some tiny bank.

Re: Recommendations for regular saving account

Posted: Sun Mar 15, 2020 5:05 pm
by ssn
Thank you o2nz.
As far as I can remember the employer had some kind of deal with the bank at the time.
I will definitely check-out the online banks which you have mentioned.
-ssn