topic Re: Saving's Account Rates in Personal Finance

Saving's Account Rates

Anonymous — Fri, 23 Nov 2018 21:51:17 GMT

I currently bank with a "local" feeling- yet large bank and have always enjoyed the relationships I have with the banker's there. However, with rising interest rates, the savings rate I am seeing is miniscule on my accounts at this bank.

Do local banks in your area have higher interest rates for savings/money market accounts, or does that only seem to be your large national banks?

I would love to find a "local" bank that actually pay's decent returns on my money but it seems impossible to find.

I really don't have much interest in putting my money into CD's as I like to have my cash relatively liquid, as I plan on purchasing rental property once I find something that peaks my interest.. I just feel like there has to be something I can do to earn more on my money in the mean-time without having to switch to a large national bank that doesn't have any local branches to me in the rural area I live in.

Re: Saving's Account Rates

DaveInAZ — Fri, 23 Nov 2018 23:07:33 GMT

I also live in a rural area and in a rural area you're unlikely to find a local bank or credit union that pay decent interest on savings. Use a local bank/CU for the convenience of in branch banking but keep most of your savings elsewhere.

Doctor of Credit has a good list of banks/credit union with higher savings rates.

Also Bankrate.

Re: Saving's Account Rates

RonM21 — Sat, 24 Nov 2018 12:28:52 GMT

@DaveInAZ wrote:
I also live in a rural area and in a rural area you're unlikely to find a local bank or credit union that pay decent interest on savings. Use a local bank/CU for the convenience of in branch banking but keep most of your savings elsewhere.
Doctor of Credit has a good list of banks/credit union with higher savings rates.
Also Bankrate.

Dave, I don't live in rural area and I can say the same. I haven't seen banks around here come close to challenging the rates we are seeing out there. When you look at lists such as ones you named, it isn't even close most times, the rates you see on there compared to locally.

Re: Saving's Account Rates

Anonymous — Sat, 24 Nov 2018 19:17:12 GMT

There is also this site:

Depositaccounts

Re: Saving's Account Rates

Late2theGame — Sat, 24 Nov 2018 21:43:54 GMT

It doesn't exactly fit what you had in mind, but here is an idea....

1.) Keep your local institution, so you can still have your small bank feel.

2.) Open a savings from an institution like Cap1 which pays 1% on balances up to 10k and 2% on balances over 10k and below some outrageous cap. Or Marcus by Goldman's and Sachs that pays 2% on balances over $1.00 (the min bal.).

These are online institutions, and I know Cap1 partners with Sells allowing easier access to your money (there is a thread on that). Or you can link your bank account with test deposits and some time. I currently use 3 separate institutions and my local 1 is my small town feeling bank that I do most things thru to build relationships etc.. but I don't use them for money that's just going to sit and grow (not much of a relationship needed for that).

Re: Saving's Account Rates

Anonymous — Sun, 25 Nov 2018 00:32:50 GMT

Consider online Savings accounts: e.g. Citizens Access is paying 2.25%.

Re: Saving's Account Rates

SBR249 — Sun, 25 Nov 2018 16:02:10 GMT

I'd say your best bet is an online savings account. If all you are trying to do is to earn a decent return and access the money in a timely fashion, I think being at an institution with physical locations is not a requirement as long as you maintain an account at a bank with branches close by for accessing your money. My Discover Savings pays 2% interest and when I push an ACH, it generally shows up in my bank account within 1 business day with no holding period. Of course, it's not same day access but that's the price you pay for lower overhead

Otherwise, I'd say look into treasury bills and notes. They are generally considered to be liquid assets, there is a robust secondary market, you can get relatively decent returns, and you can buy for terms as short as 4 weeks.

Re: Saving's Account Rates

Anonymous — Sun, 25 Nov 2018 16:40:23 GMT

+1 to online savings. I use Barclays, currently at 2.05%, and transfers to my main bank account post the next day.

Re: Saving's Account Rates

Kforce — Sun, 25 Nov 2018 19:43:05 GMT

@Anonymous wrote:
+1 to online savings. I use Barclays, currently at 2.05%, and transfers to my main bank account post the next day.

+1, Lots of good online Savings/MM accounts.

Average APY is about 1.85 - 2.15%, with the higher about 2.25%

I have Barclays also, and have only good things to say.

Faster transfers, better web pages, a couple of features not available with other banks.

I closed Goldman Sacks, Capatal One 360, and Ally.

That said, all of them were OK, just not quite as good for my needs.

Most online accounts would be an improvement to low interest brick&mortar.

Some of the top tier interest account have minimum deposit, time account has to be kept open, or another string or two attached.

I like the larger, no games, banking accounts for the small interest difference

Re: Saving's Account Rates

Green456 — Sun, 25 Nov 2018 23:38:34 GMT

@Kforce wrote:
@Anonymous wrote:
+1 to online savings. I use Barclays, currently at 2.05%, and transfers to my main bank account post the next day.
+1, Lots of good online Savings/MM accounts.
Average APY is about 1.85 - 2.15%, with the higher about 2.25%
I have Barclays also, and have only good things to say.
Faster transfers, better web pages, a couple of features not available with other banks.
I closed Goldman Sacks, Capatal One 360, and Ally.
That said, all of them were OK, just not quite as good for my needs.
Most online accounts would be an improvement to low interest brick&mortar.
Some of the top tier interest account have minimum deposit, time account has to be kept open, or another string or two attached.
I like the larger, no games, banking accounts for the small interest difference

I am just curious. Why did you pick Barclay's over Ally, Marcus and 360?

Re: Saving's Account Rates

Kforce — Mon, 26 Nov 2018 02:34:53 GMT

@Green456 wrote:
I am just curious. Why did you pick Barclay's over Ally, Marcus and 360?

I found Barclays to have much faster transfers and not hold my money for 4 or 5 days.

If i push from my CU, it is there and available the next day (No hold).

The fine print says they can hold for 5 days but they have never done so for me.

My transfers are usually between 1,000 and 5,000.

Maybe if my transfers were larger or I did not have as much in the savings things would be different.

If i push from Barkclays to my CU, the same is true. (Next day no hold)

* Ally, Marcus and C1-360, all held my money for 4 or 5 days with the same amount in saving, same transfer amounts, and from the same CU account.

* This along with #2 prompted me to close a few accounts. Ally, Marcus , and C1-360.

I am old, stubborn and have a flip-phone with phone service that cost me $10 for 4 months, have little need for a smart phone and $50 month service. Not having a smart phone, I need the ability to use a scanner to deposit checks, of which I receive a few every month.

Ally and Marcus never had this feature, and C1-360 killed it 9 months ago.

This is when I started a search for a savings that I could deposit my checks by using a scanner.

Barclays was the winner.

I also like a a combo of CD'd and savings. Barclays was the winner when looking at both sides of the coin. Cd rates and savings at the same institution. Marcus was 2nd with combined rates and C1-360 3rd.

My interest rate has increased almost every month in the last 5-6 months, they don't just lock you in.

It changes with the market.

I found C1-360, slow to change earning rates. Marcus was good.

Re: Saving's Account Rates

iced — Mon, 26 Nov 2018 15:26:16 GMT

@Kforce wrote:
@Green456 wrote:
I am just curious. Why did you pick Barclay's over Ally, Marcus and 360?
1)
I found Barclays to have much faster transfers and not hold my money for 4 or 5 days.
If i push from my CU, it is there and available the next day (No hold).
The fine print says they can hold for 5 days but they have never done so for me.
My transfers are usually between 1,000 and 5,000.
Maybe if my transfers were larger or I did not have as much in the savings things would be different.
If i push from Barkclays to my CU, the same is true. (Next day no hold)
* Ally, Marcus and C1-360, all held my money for 4 or 5 days with the same amount in saving, same transfer amounts, and from the same CU account.
* This along with #2 prompted me to close a few accounts. Ally, Marcus , and C1-360.

2)
I am old, stubborn and have a flip-phone with phone service that cost me $10 for 4 months, have little need for a smart phone and $50 month service. Not having a smart phone, I need the ability to use a scanner to deposit checks, of which I receive a few every month.
Ally and Marcus never had this feature, and C1-360 killed it 9 months ago.
This is when I started a search for a savings that I could deposit my checks by using a scanner.
Barclays was the winner.
.
3)
I also like a a combo of CD'd and savings. Barclays was the winner when looking at both sides of the coin. Cd rates and savings at the same institution. Marcus was 2nd with combined rates and C1-360 3rd.

4)
My interest rate has increased almost every month in the last 5-6 months, they don't just lock you in.
It changes with the market.
I found C1-360, slow to change earning rates. Marcus was good.

I also use Barclays, mainly for reasons 1 and 4. They're reliable, the website works well (the mobile app is ok for checking balances but has some work to do) and they're consistently in the top bracket for interest rate. I've kept money with them around 5 years now, and there would be pockets of a month or two where some other bank would have a slightly higher rate, but then they'd adjust and be right back on the top.

I'm of course excluding rates from high-yeld accounts with strings attached (debit cards, maximum balance, etc).

Re: Saving's Account Rates

mongstradamus — Mon, 26 Nov 2018 16:43:12 GMT

I don't really use any of those options I do have an ally account as a backup , I use mostly my CU for savings and checking since its easier for me to transfer money when I have to that way. I use alliant their savings rates aren't always the highest, right now its at 1.95% , but there are no min so i am happy about that. Their checking is also .65%. So i don't have to worry too much about transferring from saving to checkign and waiting a day or two its instant since its in same institution from what i understand. They have cds also , their 5 year is ~3% i haven't checked recently , i don't have any of their cds. One of the final reasons i like them is for reimbursement on using any atm even if its not in their network.

I would say the only thing i wish they had was no ftf atm fees , but thats asking for a lot since i don't know too many places that waive that , i think charles schwab checking is the only one i know

Re: Saving's Account Rates

Anonymous — Wed, 28 Nov 2018 02:52:15 GMT

@Kforce wrote:
@Green456 wrote:
I am just curious. Why did you pick Barclay's over Ally, Marcus and 360?
1)
I found Barclays to have much faster transfers and not hold my money for 4 or 5 days.
If i push from my CU, it is there and available the next day (No hold).
The fine print says they can hold for 5 days but they have never done so for me.
My transfers are usually between 1,000 and 5,000.
Maybe if my transfers were larger or I did not have as much in the savings things would be different.
If i push from Barkclays to my CU, the same is true. (Next day no hold)
* Ally, Marcus and C1-360, all held my money for 4 or 5 days with the same amount in saving, same transfer amounts, and from the same CU account.
* This along with #2 prompted me to close a few accounts. Ally, Marcus , and C1-360.

2)
I am old, stubborn and have a flip-phone with phone service that cost me $10 for 4 months, have little need for a smart phone and $50 month service. Not having a smart phone, I need the ability to use a scanner to deposit checks, of which I receive a few every month.
Ally and Marcus never had this feature, and C1-360 killed it 9 months ago.
This is when I started a search for a savings that I could deposit my checks by using a scanner.
Barclays was the winner.
.
3)
I also like a a combo of CD'd and savings. Barclays was the winner when looking at both sides of the coin. Cd rates and savings at the same institution. Marcus was 2nd with combined rates and C1-360 3rd.

4)
My interest rate has increased almost every month in the last 5-6 months, they don't just lock you in.
It changes with the market.
I found C1-360, slow to change earning rates. Marcus was good.

Seriously! I was floored the first time I made a transfer and it posted the next day! And I totally agree about the interest rate and CD products. Their CD rates are right up there! Good to know about scanned deposits too, although all mine are direct deposit so far.

Re: Saving's Account Rates

DaveInAZ — Wed, 28 Nov 2018 15:58:32 GMT

@Kforce wrote:

2)
I am old, stubborn and have a flip-phone with phone service that cost me $10 for 4 months, have little need for a smart phone and $50 month service. Not having a smart phone, I need the ability to use a scanner to deposit checks, of which I receive a few every month.
Ally and Marcus never had this feature, and C1-360 killed it 9 months ago.
This is when I started a search for a savings that I could deposit my checks by using a scanner.
Barclays was the winner.
.

Not to go too far off topic, but I'm old & stubborn too and I resisted a smart phone for the longest time but got one a few years ago and very quickly loved it. I'm not a big talker and talking is the thing I use my smart phone for, I use it primarily as a hand held computer. So those unlimited talk plans have little benefit for me, I use Tracfone pre-paid - $20 for 3 months usage, and important to me in a rural area Tracfone uses Verizon which is the best network in my area. And as Tracfone is pre-paid no credit HP to activate. I have a scanner, but using the smart phone for mobile deposits is much, much easier.

And back on topic, I'm happy with Memory Bank, online only division of Republic Bank. 1.65% on checking and 2.25% on Money Market, and 1 day ACH pulls. I joined last spring for a $100 SUB, no longer available, and decided it was a keeper. I've had a Barclays card for several years but with their history of adverse action on accounts with no warning & little reason, plus their history of smerfing popular cards I don't trust them with my banking - they don't AA or smerf banking accounts (so far) but if they did that to my cards I sure as heck would not want to bank with them.