The Money Mustache Community

General Discussion => Welcome and General Discussion => Topic started by: freeazabird on October 23, 2023, 07:15:48 PM

Title: Best places to bank in U.S.
Post by: freeazabird on October 23, 2023, 07:15:48 PM

What are the best places to bank in terms of great mortgage rates/fees? What about savings account rates?

Title: Re: Best places to bank
Post by: GilesMM on October 23, 2023, 08:41:26 PM

Here are some:


Loans (https://www.nerdwallet.com/mortgages/mortgage-rates?trk=nw_gn_6.0)


Savings (https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-8?bucket_id=Desktop2&gclid=CjwKCAjws9ipBhB1EiwAccEi1GYO5MiU0UatCZmpUa8QKyiomb9BCvYaXwGFB425dtPfDvRq_BkkmhoCHLMQAvD_BwE&gclsrc=aw.ds&mktg_body=2989&mktg_hline=19335&mktg_place=aud-1480543313194%3Akwd-793646272&model_execution_id=B2D5EAC5-01A6-4F5A-BBA4-B97E303036E4&nw_campaign_id=759685&utm_campaign=bk_mktg_paid_010123_savings_neutralintent_broad&utm_content=ta&utm_medium=cpc&utm_source=goog&utm_term=good+savings+account)

Title: Re: Best places to bank
Post by: jnw on October 24, 2023, 09:47:27 AM

I put most of my extra cash in Vanguard Federal Money Market (VFMXX) which is currently yielding around 5.3%.

Title: Re: Best places to bank
Post by: RetiredAt63 on October 24, 2023, 10:03:19 AM

Quote from: freeazabird on October 23, 2023, 07:15:48 PM

What are the best places to bank in terms of great mortgage rates/fees? What about savings account rates?

The answer for this varies massively depending on location.  Please put the name of the country you are asking about in the title - i.e.
[UK]Best places to bank
[USA]Best places to bank
[AUS]Best places to bank

Title: Re: Best places to bank in U.S.
Post by: mastrr on October 25, 2023, 05:36:40 PM

Mortgage rates/fees go for a local credit union. For savings account rates go to local credit union or online bank with a high yield.  Personally I have relationships with multiple banks:

Large National Bank with a lot of brick & mortar locations - I personally like walking physically into a bank and being able to obtain a certified check or other services.  I keep a small amount in this bank for quick access to cash.
Local Credit Union - Benefits of a credit union which typically has higher interest rates on savings accounts. Also there is more flexibility and lower rates when it comes to loans then the national banks.
Online Bank - I run my checking out of this bank and also is where a majority of my savings are due to the high interest rates.

I also think it would be smart to run your checking out of a local credit union or small local bank but that isn't currently part of my strategy.