The Money Mustache Community
Learning, Sharing, and Teaching => Reader Recommendations => Topic started by: SmileAllDay on January 15, 2019, 11:53:33 AM
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I'm helping my wife put some order on her business income, and we've been reading Profit First. It essentially suggests having 6(!) accounts to bucket out your money. Although 6 seems a little excessive for my wife's operation, we want to open at least one online-only, no-fee checking account.
I have a CIT Bank account that I don't use, but it seems like a good choice. Does anyone have other/ better ideas for online-only banks?
I've heard Ally recommended but reading reviews it doesn't seem all it's cracked up to be.
Cheers.
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I've been happy with my account at Marcus by Goldman Sachs. No fees, no minimum balance, generally the highest or very close to the highest interest rate among comparable banks, no requirements to do a certain number of transactions per month, etc. If I initiate a transfer from Marcus, it shows up as pending in my checking account the next day, then as final the day after that.
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Awesome, I appreciate it J Dough!
I'll check it out, research the others, and respond on this if there's anything worth sharing :)
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I've used CapitalOne360 since they were ING Direct -- so maybe 15 years or so now. Very easy to deal with, easy to make those multiple accounts with no additional fees.
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I've used CapitalOne360 since they were ING Direct -- so maybe 15 years or so now. Very easy to deal with, easy to make those multiple accounts with no additional fees.
Same here. CapitalOne360 for everyday checking stuff (mailing checks, direct deposits, bill payments). I like that I can schedule a physical check for to be mailed for my rent. Sign lease, set up 12 payments, and never worry.
I also keep 1-2k in Charles Schwab for cash/ATM's. It refunds every ATM anywhere, even internationally. Otherwise I think there are only certain ATM's that CapOne has for free.
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I'm helping my wife put some order on her business income, and we've been reading Profit First. It essentially suggests having 6(!) accounts to bucket out your money. Although 6 seems a little excessive for my wife's operation, we want to open at least one online-only, no-fee checking account.
I have a CIT Bank account that I don't use, but it seems like a good choice. Does anyone have other/ better ideas for online-only banks?
I've heard Ally recommended but reading reviews it doesn't seem all it's cracked up to be.
Cheers.
Out of curiosity, what negative things have you heard about Ally?
I've been using them for years for savings with nothing bad to say so far, but I don't have any input if you want a checking account with a debit card or checks. The company does have a very easy online interface, quick transfers, and competitive savings interest rates (2.0% right now, I know there are others that are a little bit higher).
It looks like they have a checking account available, with ATM fee reimbursement and easy access, that I'm sure you could link to a savings account, but like I said, I've only used them for savings.
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I use Ally checking, $10 ATM refund charges plus they have a network, and savings, both are stupid simple to use.
Charles Schwab Checking for unlimited ATM refund worldwide
My Savings Direct savings 2.40 APY, stupid simple to use
Honestly, there are a ton of reviews about banks both good and bad, I think the three I use are the best for now.
I would check out depositaccounts.com
I heard good things with USAA if you qualify
N26 european bank should be opening up in the US in 1 or 2 quarters
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I use CapitalOne for a checking account. The website is easy to use, and ATMs are plentiful in North America (including Mexico and Canada). The only thing I can't do is deposit a paper check, but the phone app will do it with a photo.
For a savings account, I use "MySavings Direct" (which is a division of Emigrant Bank). I can recommend it only for the interest rate (currently 2.4%). Other than that, it absolutely sucks. Only one external ACH account allowed. I was unable to change the POD beneficiary without opening a new account. And I had to call them to get my 1099s. If you're willing to get a few tenths of a percent less, I'd go with Barclays US instead.
I haven't used Ally for a few years, but I had no problems with it.
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Excellent. Thanks for all the feedback. I'll let you all know where we land.
@chaskavitch A lot of users were scathing on NerdWallet. And while I take reviews with a pinch of salt, it's got a 2.5/5 out of 635 user reviews. The $10 fee for every outbound transfer after the sixth one turned me off, too.
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@Mtngrl and @therethere I went with the CapitalOne360, thanks a lot. Heads up: You can get a referral bonus next time you recommend it.
Although my wife may be forsaking ~1% interest, being able to open multiple accounts is exactly what we need for this Profit First thing we're trying to implement.
In case anyone's interested: The book basically suggests you bucket your business earnings twice a month into different accounts
Profit (5%), Tax (15%), Owner's Pay (50%), and Operating Expenses (30%).
Now to find a good business checking... :D
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I just opened a discover checking acct which gives cash back on debit card purchases i think up to 30 bucks a month.
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Excellent. Thanks for all the feedback. I'll let you all know where we land.
@chaskavitch A lot of users were scathing on NerdWallet. And while I take reviews with a pinch of salt, it's got a 2.5/5 out of 635 user reviews. The $10 fee for every outbound transfer after the sixth one turned me off, too.
@SmileAllDay , it sounds like the reviewer was confusing a money market account with a checking account. That's not an an Ally feature, 6 withdrawals a month is a requirement of regulation D.
https://www.depositaccounts.com/blog/personal-banking-101-money-market-accounts.html
I have a money market and CD's with Ally. The only quibble I had with checking is that they do not do international wire transfers.
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Thanks for clarifying @reeshau , and good to have a fellow Paddy on the forum! :)
The ability to open multiple accounts was the deal breaker in this instance, so I think the CapOne360 works out best for us.
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Only a recent immigrant, I'm afraid. I've just passed month 7, and except for the heart attack when I saw my Dublin rent, I'm loving it.
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We've used Ally for years as our "joint" account once we were married. So far has been no problems and they have good (relatively speaking) interest on savings right now.
That said we don't do anything fancy with the account so mostly just use to combine from our separate accounts to pay bills and such.
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Ally.
I moved from Capital One to Ally when Ally started beating them by a lot in rates. Now I'm too lazy to switch, but I also noticed that while Ally does not always have the #1 rates, it is almost always near the top. They don't seem to do the bait and switch thing with rollercoaster rates -- top of the tables to get accounts, then the bottom when they don't care. Rates are consistently good, usually just a hair behind whomever has decided to be the temporary market leader.
Also, great website and ease of use (e.g., can transfer $$ between checking and savings instantly with a couple clicks), good mobile app, good CD rates. All with one login.
Very happy with the experience and no plans to switch just for 0.2% or something in interest at this point.
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Don't use Ally if you plan to use it as your main account at ATMs when traveling overseas. Every single time I've traveled out of the US they have shut down my card, multiple times on the same trip. Despite detailing my travel plans over the phone and online. When you don't have a SIM card and only have wifi at occasional places, this is a huge PITA. Phone wait times were always 30+ minutes too which is near impossible on Skype with spotty wifi.
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Schwab for checking.
Synchrony, CIT, & Ally for money market or CD savings.
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Thanks everyone!
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Other options I would recommend from my experience are Alliant Credit Union (you can deposit cash via ATM) and Fidelity CMA (unlimited reimbursement and good MM fund).
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Cheers @dacalo ! If anyone has online only BUSINESS account suggestions, I'd be very grateful too. Hoping to close my Bank of America. Tired of giving them my money.