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Learning, Sharing, and Teaching => Investor Alley => Topic started by: FIREin2018 on March 24, 2019, 03:20:03 PM

Title: B&M banks with high interest rates?
Post by: FIREin2018 on March 24, 2019, 03:20:03 PM
my main bank is ally.com, an internet only bank.
my back up internet only bank is Discover.

my brick and motor (B&M) bank is Capital One incase i need to get a (free) notary or deposit cash.
i would like a 2nd B&M bank as backup.

Suggestions? (I live in VA)
Title: Re: B&M banks with high interest rates?
Post by: Proud Foot on March 25, 2019, 08:55:51 AM
What is the purpose you are wanting a b&m for? I know nothing of banks in VA but would suggest looking at a community/regional bank or a credit union. CU's typically pay more interest than an actual bank because of their ownership structure and non-profit status. If it is just to be able to deposit cash and get a free notary why not find a CU or regional bank that offers the benefits you want and then keep the minimum in a free account and not worry about interest rate?
Title: Re: B&M banks with high interest rates?
Post by: katsiki on March 25, 2019, 09:12:33 AM
Find a credit union or bank that offers Kasasa high interest checking options.  There are usually a few in every state.  You will have some debits to do every month bu that can be done through amazon or other easy options.
Title: Re: B&M banks with high interest rates?
Post by: katsiki on March 25, 2019, 09:14:20 AM
Here you go

https://www.depositaccounts.com/kasasa/

Lots of options in VA.  Not sure where you are, but you can surely find one.
Title: Re: B&M banks with high interest rates?
Post by: BrightFIRE on March 25, 2019, 02:34:20 PM
Quote from: FIREin2018? on March 24, 2019, 03:20:03 PM
my main bank is ally.com, an internet only bank.
my back up internet only bank is Discover.

my brick and motor (B&M) bank is Capital One incase i need to get a (free) notary or deposit cash.
i would like a 2nd B&M bank as backup.

Suggestions? (I live in VA)

What's the point? Notaries aren't so expensive that you need a 4th bank to have a "backup" "free" notary.

If you need to deposit cash, buy a money order and scan deposit it to your online account with your phone and their banking app. Seriously, I haven't had a B&M bank in 18 years.
Title: Re: B&M banks with high interest rates?
Post by: appleshampooid on March 26, 2019, 06:15:58 AM
Yeah 4 banks is pretty excessive. 2 seems more reasonable.

I have 1 online savings (Barclays) that I'm actively moving away from - no savings account there, just some old CDs. Instead I am using VMMXX in our Vanguard account; similar rates and easy to shift to investments when it gets too big.

Then a B&M in my town for when we need cash/other random in-person things. Technically still have our last B&M account too; I am keeping that one because it is the same bank that owns our mortgage. I split my DD so just enough goes into that account to make the payment every month, is simpler than any other option.