Author Topic: Best Checking/Savings Accounts?  (Read 5427 times)

Swat

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Best Checking/Savings Accounts?
« on: June 28, 2016, 08:15:07 PM »
I currently have my checking and savings accounts with Wells Fargo but the interest rate is horrible. I am looking to setup an additional bank with higher rates. I'm thinking of an online bank to achieve this and keep the bulk of my money, but still keep WF open to pay some of the bills and for any in person stuff.

That being said, what are some of the best checking & savings accounts with the highest yields? I currently just moved to Michigan if that affects anything.

katsiki

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Re: Best Checking/Savings Accounts?
« Reply #1 on: June 28, 2016, 08:41:31 PM »
I've had good luck with Alliant CU (http://www.alliantcreditunion.org/).

Since you're in Michigan, a  lot of folks recommend LMCU (https://www.lmcu.org/).

randymarsh

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Re: Best Checking/Savings Accounts?
« Reply #2 on: June 28, 2016, 09:23:33 PM »
I use Schwab as my main checking and they're great. Free checks, reimbursed ATM fees worldwide, nice mobile app, good phone agents. If you don't need cash deposits, I don't think they can be beat.

I don't worry about the yield because I don't keep much money in my checking account.

Another Reader

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Re: Best Checking/Savings Accounts?
« Reply #3 on: June 28, 2016, 09:51:58 PM »
www.depositaccounts.com

Ally has checking and savings, Barclays, Synchrony are also good options.  Goldman Sachs, which used to be GE Capital, also pays 1.05 percent.

madmax

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Re: Best Checking/Savings Accounts?
« Reply #4 on: June 29, 2016, 12:15:22 AM »
I've had good experience with Capital One. There is a large network of ATMs available and I like that it can generate a set of read only credentials for Mint.com

That being said, most deposit accounts are FDIC insured, I'd just go with the one that pays the highest rate.

MichaelB

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Re: Best Checking/Savings Accounts?
« Reply #5 on: June 29, 2016, 08:28:50 AM »
I use Barclay's for savings (1% is pretty damn solid in this environment), and a local credit union for checking.

seattlecyclone

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Re: Best Checking/Savings Accounts?
« Reply #6 on: June 29, 2016, 08:44:29 AM »
I've had online accounts since back in the early days when you could get 5% interest. Those days are gone. Now you're lucky to get 1% in a savings account, much less in checking.

Given the low-rate environment, consider convenience as well as yield. For example, Capital One 360 pays 0.20% on their checking account. If you keep an average of $5k in there, that's $10/year in interest. If they truly offer every service you would ever want out of a checking account, you might as well pick them. If a brick-and-mortar bank or credit union would provide services you value at even $11/year, ignore the interest and pick something else.

Vagabond76

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Re: Best Checking/Savings Accounts?
« Reply #7 on: June 29, 2016, 12:10:19 PM »
Gibsland Bank--4.1% on checking account balances up to $15k.

MichaelB

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Re: Best Checking/Savings Accounts?
« Reply #8 on: June 30, 2016, 06:39:58 AM »
4.1% for checking?? Are there any restrictions on transactions, or it just has to have a balance over $15k?

kpd905

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Re: Best Checking/Savings Accounts?
« Reply #9 on: June 30, 2016, 06:50:57 AM »
4.1% for checking?? Are there any restrictions on transactions, or it just has to have a balance over $15k?

The requirements:

Have at least 15 debit card purchases post and settle
Have at least 1 direct deposit or recurring ACH payment post and settle
Be enrolled and receive E-Statements

Biggest hurdle: A visit to one of our branches is necessary to complete the application process (only in Louisiana)
« Last Edit: June 30, 2016, 06:52:28 AM by kpd905 »

MichaelB

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Re: Best Checking/Savings Accounts?
« Reply #10 on: June 30, 2016, 07:02:56 AM »
4.1% for checking?? Are there any restrictions on transactions, or it just has to have a balance over $15k?

The requirements:

Have at least 15 debit card purchases post and settle
Have at least 1 direct deposit or recurring ACH payment post and settle
Be enrolled and receive E-Statements

Biggest hurdle: A visit to one of our branches is necessary to complete the application process (only in Louisiana)

Yep, that'll do it. If you could apply online, everyone would be dumping $15k into them as quickly as the word gets out. Also, I misread--it's 4.1% UP TO $15k, not 4.1% with a MINIMUM of $15k.

madmax

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Re: Best Checking/Savings Accounts?
« Reply #11 on: June 30, 2016, 09:13:24 AM »
There's also Lake Michigan Credit Union. They allow you to open a checking account online and give you 3% on balances upto 15K

The requirements are:

Direct deposit into any LMCU account
Minimum of 10 posted debit card purchases per month
Minimum of 4 logins to home banking per month
Sign up to receive eStatements/eNotices

AFAIK, ACH transfers count as direct deposit so an automated transfer into and out of the account should fulfill the requirements for direct deposit and Mint updates count as online logins.

SpareChange

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Re: Best Checking/Savings Accounts?
« Reply #12 on: July 01, 2016, 11:18:12 PM »
I've had online accounts since back in the early days when you could get 5% interest. Those days are gone. Now you're lucky to get 1% in a savings account, much less in checking.

Lol, yeah you just jogged my memory of having a savings account at GMAC bank (now Ally) earning over 5% back in the day. Not any more!