Recommendations for regular saving account

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
ssn
Posts: 14
Joined: Sat Jan 25, 2020 10:15 pm

Recommendations for regular saving account

Post 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
student
Posts: 5215
Joined: Fri Apr 03, 2015 6:58 am

Re: Recommendations for regular saving account

Post by student »

You can keep your current account and add an online account such as Ally, Marcus, American Express and Barclays.
obgraham
Posts: 1282
Joined: Mon Jan 28, 2013 7:30 pm

Re: Recommendations for regular saving account

Post 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.
02nz
Posts: 5728
Joined: Wed Feb 21, 2018 3:17 pm

Re: Recommendations for regular saving account

Post 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.
Topic Author
ssn
Posts: 14
Joined: Sat Jan 25, 2020 10:15 pm

Re: Recommendations for regular saving account

Post 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
Post Reply