Author Topic: Savings account recommendations?  (Read 769 times)

italianant

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Savings account recommendations?
« on: October 31, 2018, 03:47:20 PM »
I currently have my EF in a brick and mortar savings account and have been reading that online saving accounts yield higher interest rates. I would love my EF to make even a bit more money sitting there... for whenever an emergency may arise :) What are your recommendations?

MDM

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Re: Savings account recommendations?
« Reply #1 on: October 31, 2018, 04:01:28 PM »
Use one of the online saving accounts that yield higher interest rates. 

CoffeeR

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Re: Savings account recommendations?
« Reply #2 on: October 31, 2018, 04:06:30 PM »
See here for some options:

https://www.bankrate.com/banking/savings/rates/

I like PurePoint Financial.


IsThisAGoodUsername

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Re: Savings account recommendations?
« Reply #3 on: October 31, 2018, 04:19:05 PM »
Ally: it's been good for me:
  • as an account hub to facilitate fund transfers between various banks (caution: online savings accounts are limited by Federal laws to 6 withdrawls/statement cycle)
  • and of course the 1.9% APY interest rate. It was 1.8 when I opened it a few months ago, but has gone up to 1.85 and now 1.9. I didn't have to do anything, it just went up for me automatically!
« Last Edit: October 31, 2018, 04:30:18 PM by IsThisAGoodUsername »

italianant

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Re: Savings account recommendations?
« Reply #4 on: October 31, 2018, 04:28:38 PM »
Use one of the online saving accounts that yield higher interest rates.

Right. I am asking for specific ones that are recommended.

MDM

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Re: Savings account recommendations?
« Reply #5 on: October 31, 2018, 04:34:06 PM »
Use one of the online saving accounts that yield higher interest rates.

Right. I am asking for specific ones that are recommended.
There's a link in Investment Order that has a current "top 10" (or top 14, as of today's version).

SwitchActiveDWG

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Re: Savings account recommendations?
« Reply #6 on: November 01, 2018, 08:33:23 AM »
I use Amex Personal Savings. 1.9% APY

Pizzabrewer

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Re: Savings account recommendations?
« Reply #7 on: November 01, 2018, 09:02:08 AM »
For a "set it and forget it" account you can't go wrong with Discover savings.  Current APY is 1.9% and you get a $150 or $200 signup bonus.

There are a number of accounts paying around 4% that require active management.  Usually they require a monthly deposit, 10-12 monthly charges on the debit card, etc., and have maximum balances on that high rate.  The one I'm using pays 4% on the first $15k balance, and .01% on anything over $15k. 

You can find all these options here:

https://www.doctorofcredit.com/high-interest-savings-to-get/

sisto

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Re: Savings account recommendations?
« Reply #8 on: November 01, 2018, 09:19:56 AM »
Chiming in to also recommend Ally. We also had all of our EF at our local CU earning next to nothing even with much of it in CD ladders. My wife likes to have a large stash of cash so Ally works for us to at least stay closer to inflation.

RWD

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Re: Savings account recommendations?
« Reply #9 on: November 01, 2018, 10:16:57 AM »
We have been using Ally for several years now and have been very happy with them.

I'm a red panda

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Re: Savings account recommendations?
« Reply #10 on: November 01, 2018, 10:32:26 AM »
We got an excellent joining bonus for Discover Savings Bank, and they have a good interest rate @ 1.9% APY

sargentd

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Re: Savings account recommendations?
« Reply #11 on: November 01, 2018, 11:56:40 AM »
I've been using Barclays for a couple years. APY is currently 2.05%

neo von retorch

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Re: Savings account recommendations?
« Reply #12 on: November 01, 2018, 12:11:14 PM »
I have Goldman Sachs "Marcus" and Ally. I've also had Synchrony.

Of them, I think I still like Marcus the best.
 - When you transfer in, it shows up on the first day of the transfer, but is not available for ~3 business days.
 - When you transfer out, it can hit your bank the next day after the transfer - this is clutch!

With Ally
 - When you transfer in, it doesn't "show up" until it's available, which is 3 business days after it leaves your other account
 - When you transfer out, it doesn't land in your other account until 3 days after it leaves your Ally account

The rates are all pretty close to each other, increasing alongside the Fed rate.

I currently have my money with Ally to try to get a 1% bonus - unfortunately I think I'll have about $6000 through the promotional period, or about $60. I may move back to GS Marcus after that. I'm not sure yet.

HamsterStache

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Re: Savings account recommendations?
« Reply #13 on: November 01, 2018, 01:04:39 PM »
I use and like Capital One 360 Money Market Savings, but hear good things about the others mentioned in this thread as well.

italianant

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Re: Savings account recommendations?
« Reply #14 on: November 01, 2018, 01:24:13 PM »
Thanks all! So far seeing Ally is well reviewed. In most of the links I looked over, they offer higher rates than 1.9% APY that Ally does (i.e. 2.25% at Citizens Access) Any particular reason I should go with one over the other? Or, should I be considering other factors other than the interest rate?

neo von retorch

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Re: Savings account recommendations?
« Reply #15 on: November 01, 2018, 01:57:43 PM »
Well, as I mentioned above, if you're using your savings as an Emergency fund, you can get your money about 3 days faster from Marcus than you can from Ally. If that's important to you, I'd strongly consider Marcus (currently 2.05%)

Pizzabrewer

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Re: Savings account recommendations?
« Reply #16 on: November 01, 2018, 05:53:13 PM »
I'd still advise Discover for the signup bonus in addition to the competitive interest rate.

Indexer

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Re: Savings account recommendations?
« Reply #17 on: November 01, 2018, 06:58:45 PM »
Keep it simple. Both of Vanguard's money markets are over 2%.

Federal = 2.11%
Prime = 2.21%

italianant

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Re: Savings account recommendations?
« Reply #18 on: November 01, 2018, 07:19:32 PM »
OK, my husband and I sat down and looked at everyone's advice and resources. We settled on Citizen's Access for the 2.25% interest rate that we plan to just let it sit. It really fits the bill in terms of not having to put much (*any*) effort towards it. We really liked Ally but we are not quite ready yet to move all of our accounts (checking, etc.) online yet. We also liked Discover with the bonus, but felt with our desire to "sit and forget" (until an emergency), it would yield more money in the long run.

Thank you! We have just started this journey less than a month ago and taking big baby steps already. I'm grateful for everyone's input and support in this community.