Author Topic: Good Banks for Savings Accounts  (Read 4697 times)

ewilliams7

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Good Banks for Savings Accounts
« on: September 09, 2014, 08:39:37 AM »
Hi,
I am trying to determine who I should use for my savings (my emergency funds). I noticed that MMM uses Capital One, but I found that GE Capital Bank has a higher APY (0.95%) with no monthly fee and FDIC insured. I was wondering if anyone had any experience with them? All the reviews for savings accounts (not their credit cards), were high ratings. Do you think it would be better to go with Capital One or use the GE Capital Bank?

Thanks for your help!
Erin

neo von retorch

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Re: Good Banks for Savings Accounts
« Reply #1 on: September 09, 2014, 08:46:48 AM »
Erin,

The only downside I have found with GE Capital Bank Online Savings is that Mint.com does not aggregate those accounts. (It seems GE blocks Mint.) Have you heard of SmartyPig.com? It's 1% APY, works with Mint, and lets you separate funds into goals. The only "downside" with SmartyPig is that you cannot withdraw partial funds - you have to "close a goal" to withdraw the funds. For me, that's a good place to store Emergency Funds because I don't want to "sneak" money out of that account.

- Jason

NathanP

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Re: Good Banks for Savings Accounts
« Reply #2 on: September 09, 2014, 09:01:01 AM »
I have been using Ally Bank for 5+ years both for savings and checking. Benefits include:
  • interest rates are always competitive
  • smart phone app for check deposits
  • reimburse atm fees charged by other banks meaning you can use any atm you like
  • easy to use website

Even though my wife works at a national "mega" bank, she admits that Ally's products are much better than anything she offers even to her best (richest) customers.

Lis

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Re: Good Banks for Savings Accounts
« Reply #3 on: September 09, 2014, 10:10:07 AM »
I agree with Jason on GE Capital. I have a savings account and a CD ladder with them, and overall I'm happy with them (the one time I called in with a question they were quick to offer help and weren't pushy). But as an avid Mint user, it does kind of suck they don't connect. I manually update a generic bank account on Mint once a month with my figures from GE Capital, so it's not terrible.

That being said, I'm happy with GE Capital and would recommend them.

Gen Y Finance Journey

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Re: Good Banks for Savings Accounts
« Reply #4 on: September 09, 2014, 10:11:15 AM »
I second everything NathanP said about Ally. I love them.

Paul der Krake

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Re: Good Banks for Savings Accounts
« Reply #5 on: September 09, 2014, 10:40:09 AM »
We keep our respective emergency funds in an online savings account at Barclays US. It's 0.90% APY.

They're fine, nothing particularly great or awful.

Johnez

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Re: Good Banks for Savings Accounts
« Reply #6 on: September 09, 2014, 01:08:02 PM »
I'm actually considering Capital One 360 right now, 0.75% APY isn't too shabby. Thy are FDIC insured and advertise zero fees. I've read articles stating GE is trying to step away from financial products, are you guys concerned about that at all?

tarheeldan

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Re: Good Banks for Savings Accounts
« Reply #7 on: September 09, 2014, 01:45:14 PM »
A third vote for Ally here!

FuzzyFace

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Re: Good Banks for Savings Accounts
« Reply #8 on: September 09, 2014, 02:01:06 PM »
Because I don't tend to keep a high balance in my savings accounts, it actually worked out better for me go with Capital One 360 at 0.75% rather than someone around 1% because of the $25 opening balance they were giving out.

I believe they are now giving out $20.

nordlead

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Re: Good Banks for Savings Accounts
« Reply #9 on: September 09, 2014, 02:28:28 PM »
I also use Ally.

Honestly, The difference between 0.87% and 0.95% on a savings account that probably won't have more than a $20-30k doesn't make that much of a difference.

I'd go with whichever bank provides the better feature set. When I joined Ally they had the best interest rates (or maybe tied for it, it was good enough) and some of the best features. Since then they've slightly fallen off from the top, but I'm not going to switch banks to chase that last 0.08% since it'll likely swap again.

Gone Fishing

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Re: Good Banks for Savings Accounts
« Reply #10 on: September 09, 2014, 02:36:10 PM »
Check with local credit unions.  There are a few strings, not too bad though, and they are paying 1%.

MarciaB

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Re: Good Banks for Savings Accounts
« Reply #11 on: September 09, 2014, 10:39:53 PM »
I have my cash savings at MySavingsDirect.com, which is currently paying 1%. FDIC insured as well. Seems good to me.