looking for a new (online) savings account home
looking for a new (online) savings account home
I like to keep some cash in an online savings account as a savings account for home repairs/car replacement/emergencies, etc. It fluctuates but it's generally in the $20-60k range.
For a long time we've been used emigrant direct because 10+ years ago it had good rates, and while it hasn't had competitive rates in a while the difference seemed too negligible to actually bother opening a new account.
However, now the gap between ED and other online banks seems to be growing and I am inclined to find a new home for my cash. Does anyone have a suggestion for an easy-to-deal-with and competitive rates option?
It doesn't have to be an online account but the only thing I really want out of it is a decent rate and the ability to fairly easily transfer money to and from two other bank accounts which we use for paychecks and bill paying.
Should I just go with Ally? Should I go with Capital One since they have are not just online but have a branch near us too? Is there some less obvious choice Bogleheads know about?
thanks
For a long time we've been used emigrant direct because 10+ years ago it had good rates, and while it hasn't had competitive rates in a while the difference seemed too negligible to actually bother opening a new account.
However, now the gap between ED and other online banks seems to be growing and I am inclined to find a new home for my cash. Does anyone have a suggestion for an easy-to-deal-with and competitive rates option?
It doesn't have to be an online account but the only thing I really want out of it is a decent rate and the ability to fairly easily transfer money to and from two other bank accounts which we use for paychecks and bill paying.
Should I just go with Ally? Should I go with Capital One since they have are not just online but have a branch near us too? Is there some less obvious choice Bogleheads know about?
thanks
Re: looking for a new (online) savings account home
I use GS Marcus...happy with rate and service
- Dan-in-Virginia
- Posts: 841
- Joined: Sat Apr 16, 2011 5:33 am
- Location: Virginia
Re: looking for a new (online) savings account home
I have found Ally to be pretty good. More services than GS.
Re: looking for a new (online) savings account home
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Last edited by Nicolas on Wed Sep 05, 2018 8:14 pm, edited 1 time in total.
Re: looking for a new (online) savings account home
I have been using SallieMae Bank, currently @ 1.75 for savings.
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- Joined: Tue Dec 03, 2013 8:05 am
Re: looking for a new (online) savings account home
It looks like Synchrony & Ally high yield savings interest rate is 1.75%.
The Vanguard Prime MM Fund current SEC yield is 2.04% & you can transfer between your bank checking account & the Prime MM fund in a day or 2. There is a $3,000 minimum to open the Vanguard Prime MM Fund.
I believe you can only transfer between the Vanguard Prime MM & one other bank/credit union account.
bill
The Vanguard Prime MM Fund current SEC yield is 2.04% & you can transfer between your bank checking account & the Prime MM fund in a day or 2. There is a $3,000 minimum to open the Vanguard Prime MM Fund.
I believe you can only transfer between the Vanguard Prime MM & one other bank/credit union account.
bill
Re: looking for a new (online) savings account home
I just went through this search. We ended up opening an account at Ally. Every time I called with questions, they were quick to answer. I never waited on hold more than a minute. Interest rate is good and we are FDIC covered.
Insert clever comment here...
Re: looking for a new (online) savings account home
Discover (same company that issues credit cards) is another good choice, also at 1.75% right now. They recently ran a promo offering $150 on a $15,000 deposit, no requirement on length of time. That's expired but they do these every so often I think.
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Re: looking for a new (online) savings account home
Sallie Mae currently 1.90%
Re: looking for a new (online) savings account home
When I read this post, I thought I had written the original post. I got an Emigrant Direct account a long time ago for the same reasons (also an ING account) and have been lazy in closing it and moving it to somewhere else with better rates. Partly because I have a small amount going to ED from my paycheck and that takes another form to fill out by my employer.
Thanks for posting this. Maybe I'll finally do something about it. Like the others have posted, Ally seems to be near the top right now. The other thing to consider is signing up bonuses. Some of the lower interest paying banks might provide a signup bonus that would compensate for the lower interest rate, at least for a year.
Thanks for posting this. Maybe I'll finally do something about it. Like the others have posted, Ally seems to be near the top right now. The other thing to consider is signing up bonuses. Some of the lower interest paying banks might provide a signup bonus that would compensate for the lower interest rate, at least for a year.
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If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
Re: looking for a new (online) savings account home
I also noticed how ED hasn't raised their interest rate at all and have quickly fallen behind.
Thanks for posting this as it has reminded me to switch out of ED and over to someone else providing a better interest rate!
Thanks for posting this as it has reminded me to switch out of ED and over to someone else providing a better interest rate!
Re: looking for a new (online) savings account home
I am completely satisfied with CapOne.
(I am not rate chasing)
(I am not rate chasing)
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Re: looking for a new (online) savings account home
I'm done rate chasing with online savings. Unless you have a LOT of money in them, small differences in rates don't matter that much to me.
Currently at Ally, earning 1.75%.
Currently at Ally, earning 1.75%.
"Optimum est pati quod emendare non possis." |
-Seneca
Re: looking for a new (online) savings account home
You will see a lot of replies in threads about this and honestly all of these online banks are good options.
Rather than just say the bank and rate, I will post my reasons for migrating everything to Ally.
Of all of the major options Ally offered the most complete package for MY personal needs, including (in no order):
1. Decent website
2. Good 24/7 customer service. Some of the banks mentioned above do not have 24/7 service.
3. Competitive rates. Although sluggish to raise, their rates are consistently in the top 1%, which is good enough for me. This is perhaps the biggest gripe for many with Ally, but as others have said, I don't need to rate chase.
4. Full product line ranging from ordinary checking to 5 year CDs. I don't use all of these, but it is nice to have them in one place. Many only offer a high yield savings and limited CDs, no checking.
5. Decent ACH times
6. Ability to designate a beneficiary on the accounts. This is the main problem with CapitalOne 360 and why I left there.
7. Low CD withdraw penalties. Last time I checked Marcus's was 270 days on a 1 year CD.
Rather than just say the bank and rate, I will post my reasons for migrating everything to Ally.
Of all of the major options Ally offered the most complete package for MY personal needs, including (in no order):
1. Decent website
2. Good 24/7 customer service. Some of the banks mentioned above do not have 24/7 service.
3. Competitive rates. Although sluggish to raise, their rates are consistently in the top 1%, which is good enough for me. This is perhaps the biggest gripe for many with Ally, but as others have said, I don't need to rate chase.
4. Full product line ranging from ordinary checking to 5 year CDs. I don't use all of these, but it is nice to have them in one place. Many only offer a high yield savings and limited CDs, no checking.
5. Decent ACH times
6. Ability to designate a beneficiary on the accounts. This is the main problem with CapitalOne 360 and why I left there.
7. Low CD withdraw penalties. Last time I checked Marcus's was 270 days on a 1 year CD.
Re: looking for a new (online) savings account home
With how they keep going up, I would not just sit with one forever, It is going to be a constant change. Just like life, better comes along and we will need to adapt
Re: looking for a new (online) savings account home
We use American express personal savings, and are very happy. Keeping up with ally at 1.75%.
Your best bet might be to find out who has the best bonus and go with them.
Your best bet might be to find out who has the best bonus and go with them.
- Mr. Potter
- Posts: 1048
- Joined: Wed Mar 18, 2015 7:50 pm
- Location: Undisclosed Lake, MN
Re: looking for a new (online) savings account home
I have had more online banks in the last 5 years than I should have, every 6 months there’s a good reason to switch and I did. IMO PurePoint or Live Oak Bank are great, if I had to choose just one it would be Live Oak Bank
Re: looking for a new (online) savings account home
set my mom up with GS Marcus recently for savings + CD's, very easy to use, easy simple clean interface, very solid rates, would highly recommend
"The best life hack of all is to just put the work in and never give up." Bas Rutten
Re: looking for a new (online) savings account home
Ally has been very easy to work with. Haven't found 0.10% worth the hassle to go somewhere else.
Doing nothing is doing something.
Re: looking for a new (online) savings account home
Thanks all. I don't feel the need to rate chase, but I am starting to take it a little personally that Emigrant Direct sees no need to even pretend to be competitive on rates, so maybe we'll switch to Ally.
Re: looking for a new (online) savings account home
Savings is 1.75%, MM = 1.90%
Re: looking for a new (online) savings account home
+1 I optimize everything in my financial life (to an irrational level) and used to rate chase so I’ve had every bank account under the sun. A couple years ago I consolidated everything with Ally since I thought they were the best and I haven’t looked back. I think it’s the best bank I’ve worked with and their rates have consistently be close enough to the best offered.
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- Joined: Wed May 14, 2008 4:11 pm
Re: looking for a new (online) savings account home
I have both Marcus (Goldman Sachs) and Synchrony. I definitely prefer Marcus for customer support and website. Who is better in rates varies by the week it seems. I believe Marcus is 1.8% and Synchrony is 1.75% today.