topic Re: Best Banking Options (Savings/Checking)? in General Credit Topics

Best Banking Options (Savings/Checking)?

Anonymous — Thu, 19 Jul 2012 17:27:29 GMT

I'm not sure if this technically belongs here or not. Most banks now a days do a hard pull when you open a checking account, so I figured why not.

What do you guys think are some of the top banks out there for savings and/or checking? I am currently with a local bank, but their rates are pathetically low, so I'm looking to move my money elsewhere.

I really like USAA because of their clean and smooth layouts, and just professional looking overall. Their rates are a bit lower than I expected, however, with a max of 0.41% (I would fall in the 0.26% bracket anyways).

Ally has been another option I was looking at, but their website layout and funtionality isn't the best (or so I've read and heard). Their interest rates are hard to beat though being 0.84% regardless of your balance.

Has anyone had experience with either bank and would you recommend them, or possibly a different bank altogether?

Re: Best Banking Options (Savings/Checking)?

Kozmo — Fri, 20 Jul 2012 01:16:52 GMT

I know this isnt a "bank" per se but Amex online banking offer pretty high (compared to industry std) rate on savings. I wanna say its almost 1%....which is still pathetic but it beats .41% lol.

Re: Best Banking Options (Savings/Checking)?

AndySoCal — Fri, 20 Jul 2012 01:52:12 GMT

I would look at US Bank if in your area.

Re: Best Banking Options (Savings/Checking)?

DaveSignal — Fri, 20 Jul 2012 02:08:46 GMT

I don't think any bank offers an interest rate that you can really make money off of unless you have around $100,000 to put in your bank, but no one with that amount in savings would have it just in a bank account. Money market funds or any kind of investments that you can easily cash out if you need the money are a better way to go. USAA does have an option to open investment accounts on its website.

Re: Best Banking Options (Savings/Checking)?

Anonymous — Fri, 20 Jul 2012 08:54:20 GMT

@DaveSignal wrote:
I don't think any bank offers an interest rate that you can really make money off of unless you have around $100,000 to put in your bank, but no one with that amount in savings would have it just in a bank account. Money market funds or any kind of investments that you can easily cash out if you need the money are a better way to go. USAA does have an option to open investment accounts on its website.

I'm not really looking to make money, but I would like to at least earn some interest. There's a difference between 0.05% (current bank with money market) and 0.84% (Ally).

I'll take a look at AMEX online banking as well to the other poster.

EDIT: AMEX offers 0.85% for their high-yield savings accounts, not bad, not bad at all.

I'm still wondering if it would be worth taking a dip in interest to go with USAA if I plan on opening a CC with them later on. Would an existing savings account help at all?

Re: Best Banking Options (Savings/Checking)?

DaveSignal — Fri, 20 Jul 2012 10:52:48 GMT

there is no way to know for sure.

Re: Best Banking Options (Savings/Checking)?

Repo-ed — Fri, 20 Jul 2012 11:06:24 GMT

I was able to lock in 1% with Amex savings, earlier this year -- and to be honest, I really believe having that account prior to app'ing my Zync made the process of my GW to them and subsequent NPSL approval for my Zync card, happen.

Re: Best Banking Options (Savings/Checking)?

Revelate — Sat, 21 Jul 2012 15:19:57 GMT

There's no requirement for your checking to be in the same place as your savings.

I'd do two seperate solutions: USAA for checking (their interface is excellent, and their money transfer options are absolutely first rate and perhaps best in the industry), and then savings in whatever institution you want.

Fiscally speaking tons of money in a checking account isn't a great idea anyway (even though I've done that historically, stupid punk in my case), and some small fractional interest on what a typical checking balance should roughly be, is usually trivial (sorry MVV et al!)

Re: Best Banking Options (Savings/Checking)?

Anonymous — Fri, 20 Jul 2012 16:13:27 GMT

If you're going to do a Savings account, you're better off going smaller/community type banks... or Ally.

The bigger banks tend to squeeze the interest at the minimum possible.

You're other option is a Money Market account as long as you know you're not going to do transactions on it.

Some banks will have tiered options for a Savings account or a Money Market account as long as you keep certain levels of money in your account.

So it all depends on the type of liquidity you want (Savings vs CD) or the amount of money you'll be putting away.

I, personally, keep my checking with my savings and make sure that my checking has $200 over my monthly budget, just in case (Life happens).

But I have the option for mobile transfer or online transfer from one to the other. But as Revelate said, keeping the majority of your money in a non-interest bearing checking is wasting additional money. Even if it's .05% vs 0%, I'll take the .05% anyday.

Re: Best Banking Options (Savings/Checking)?

Anonymous — Fri, 20 Jul 2012 16:23:18 GMT

@Repo-ed wrote:
I was able to lock in 1% with Amex savings, earlier this year -- and to be honest, I really believe having that account prior to app'ing my Zync made the process of my GW to them and subsequent NPSL approval for my Zync card, happen.

Interesting, are the rates advertised at the moment locked in, or was that a special case? For instance, if I sign up now when the rate is 0.85%, is that locked in? Most banks offer variable interest rates, so there is a chance they could change. 1.00% would definitely be sweet, but it doesn't appear that's possible at the moment.

As to the poster saying stick locally, unfortunately none of my local banks offer any interest rates whatsoever. I currently have a money market account and are in the top bracket interest-wise and it's only 0.05%, which is pathetic to be honest. I can switch to a regular savings accounts with Ally, AMEX, USAA, etc and earn way more.

I love USAA's interface and apparently their customer service is second to none, but perhaps I could have a savings with one and a checking with them. I suppose I just like having everything in one place, haha. Comparing 0.26% (USAA) to .84/.85 with Ally or AMEX, however, it's hard to justify taking the lower interest just because USAA's website is so smooth and clean looking, but I am tempted.

Thanks for all the input thus far.

Re: Best Banking Options (Savings/Checking)?

Anonymous — Fri, 20 Jul 2012 16:25:13 GMT

@Anonymous wrote:
As to the poster saying stick locally, unfortunately none of my local banks offer any interest rates whatsoever. I currently have a money market account and are in the top bracket interest-wise and it's only 0.05%, which is pathetic to be honest.

Good lord.

That's beyond pathetic.

Re: Best Banking Options (Savings/Checking)?

Anonymous — Tue, 24 Jul 2012 05:01:51 GMT

So I've narrowed it down to a few choices.

Ally - 0.89% (no minimum balance)

American Express - 0.85% (no min bal)

Barclays - 1.00% (no min bal)

USAA - 0.26% ($10,000 min bal or it's 0.10%)

I just don't know if necessarily going for the highest interest is the best option. Barclays has been at a steady 1.00% for a while now, so I'm not too worried it will nose dive any time in the near future. Ally is very good as well.

I've heard some negatives about AMEX as in really long transfer times, putting holds on payments, and a horrible online banking interface. USAA probably has the best interface and customer service, but by far the lowest interest rate. If it was only lower by 0.10-0.15% I would think about doing it, but I don't know if it's worth losing so much in interest.

On the fence at the moment, ready to fall into any of the 4 yards.

Re: Best Banking Options (Savings/Checking)?

compassion101 — Wed, 25 Jul 2012 07:07:39 GMT

There are alot of banks that do offers for new customers. Last year I got $150 for opening a 5/3 bank account and my g/f got $100 for Chase. Those amounts generally trump the interest you might receive.

Re: Best Banking Options (Savings/Checking)?

OptimalFICO — Wed, 25 Jul 2012 08:15:55 GMT

mmmmmm wrote:

Ally - 0.89% (no minimum balance)

American Express - 0.85% (no min bal)

Barclays - 1.00% (no min bal)

USAA - 0.26% ($10,000 min bal or it's 0.10%)

~~~~~~~~

A couple more for your consideration:

Alliant Federal Credit Union: Savings 0.80% APY $5.00 min

Free High Rate Checking 0.75% APY No Min - Opt out of paper stmnts & 1 monthly elec. deposit

Salem Five (Must apply online for these at salemfivedirect.com)

~ Savings 0.75% APY (no min bal, no monthly fees)

~ Free eOne Checking 0.25% APY (no min balance, free first order checks, free online bill pay)

Free use of any ATM no matter the location (SalemFive will never charge an ATM fee and automatically reimburses fees other banks charge up to $15 per statement cycle)

Fee free debit card, with cash back rewards on all your non pin-based purchases

Note: Get $100 Visa Rewards Card (Qualify your new Salem Five account by completing two direct deposit transactions over $250 or six online bill pays or 20 debit transactions within 60 days.)

Note that both do hard inquiries prior to opening accounts. I like Ally's clean, simple interface and they are excellent for ACH transfers. I also periodically use Alliant's ACH transfers but some of their interface is less than sophisticated.

Also worth mentioning: TIAA-CREF new FSB (tiaadirect.com - will do hard inquiry)

High Yield Savings 1.25% APY (no min bal, no monthly fees)

Not currently accepting applications for new accounts as they move to next phase of pilot program.

Re: Best Banking Options (Savings/Checking)?

Anonymous — Wed, 25 Jul 2012 17:07:25 GMT

@compassion101 wrote:
There are alot of banks that do offers for new customers. Last year I got $150 for opening a 5/3 bank account and my g/f got $100 for Chase. Those amounts generally trump the interest you might receive.

After the first year though, then you're losing money, since they have such poor interest rates. I have about $15,000 saved, so with Barclays I would be making $150 a year off the bat, not including the daily compounded interest or the future deposits in to the account, which would only increase that number.

While it might seem great to get a bonus, it's very shortsighted. Thanks for the input though.

@OptimalFICO wrote:
@Anonymous wrote:
Ally - 0.89% (no minimum balance)
American Express - 0.85% (no min bal)
Barclays - 1.00% (no min bal)
USAA - 0.26% ($10,000 min bal or it's 0.10%)
~~~~~~~~

A couple more for your consideration:

Alliant Federal Credit Union: Savings 0.80% APY $5.00 min
                                                    Free High Rate Checking 0.75% APY No Min - Opt out of paper stmnts & 1 monthly elec. deposit

Salem Five (Must apply online for these at salemfivedirect.com)
     ~ Savings 0.75% APY (no min bal, no monthly fees)
     ~ Free eOne Checking 0.25% APY (no min balance, free first order checks, free online bill pay)
        Free use of any ATM no matter the location (SalemFive will never charge an ATM fee and automatically reimburses fees other banks charge up to $15 per statement cycle)
         Fee free debit card, with cash back rewards on all your non pin-based purchases
        Note: Get $100 Visa Rewards Card (Qualify your new Salem Five account by completing two direct deposit transactions over $250 or six online bill pays or 20 debit transactions within 60 days.)

Note that both do hard inquiries prior to opening accounts. I like Ally's clean, simple interface and they are excellent for ACH transfers. I also periodically use Alliant's ACH transfers but some of their interface is less than sophisticated.

Also worth mentioning: TIAA-CREF new FSB (tiaadirect.com - will do hard inquiry)
          High Yield Savings 1.25% APY (no min bal, no monthly fees)
          Not currently accepting applications for new accounts as they move to next phase of pilot program.

Have you had any experience with Barclays, they seem to offer the top interest rate at a steady 1.00%. I just don't know what their interface is like or CS.

Re: Best Banking Options (Savings/Checking)?

OptimalFICO — Thu, 26 Jul 2012 04:38:57 GMT

I've never had a relationship with Barclays sorry.

Re: Best Banking Options (Savings/Checking)?

MB2714 — Thu, 26 Jul 2012 04:44:45 GMT

Your best bet is to find a credit union as they are non-profit and generally offer higer savings, lower fees and lower loan rates. Most want you to establish a realationship and will pay more on accounts and many if you find another financial institution with a better rate you can just bring in proof and they will Match it. If you don't know how to join one google "" community credit union membership eligibility" for the state you live in. Many are community credit unions now and have open membership for all.

Re: Best Banking Options (Savings/Checking)?

OptimalFICO — Thu, 26 Jul 2012 05:01:24 GMT

Kalamazoo the person posting is referring to savings and checking account rates, not CDs. I haven't ever found seen any financial institution match interest rates on such savings and checking accounts, have you? In my experience, they usually do the matching on products like CDs. While it's true most credit unions have better rates than most banks, most are still pretty dismal and the person is looking for specific info to maximize interest while also optimizing her experience with the UI and CS. The Google tip is great, thanks.

Re: Best Banking Options (Savings/Checking)?

MB2714 — Thu, 26 Jul 2012 05:26:11 GMT

well my credit union pays 1.00% on checking accounts and 1.25 on 7 month cd and 2.50 on 60 month cd and 0.75 on clubb accounts if that helps. Money mkt rate between 0.40- 0.65

Re: Best Banking Options (Savings/Checking)?

Anonymous — Thu, 26 Jul 2012 05:31:41 GMT

@Kalamazoo2714 wrote:
well my credit union pays 1.00% on checking accounts and 1.25 on 7 month cd and 2.50 on 60 month cd and 0.75 on clubb accounts if that helps. Money mkt rate between 0.40- 0.65

Thanks for the numbers.

I believe I do have a credit union or two in town, however, their interest rates are pretty poor. It appears the 1.00% with Barclays or 0.89% with Ally is about as high as they are at the moment unless I went with a CD instead of just a savings/high yield savings account.

Probably go with Barclays due to the nice rate and it has been at a steady 1.00% for a while now (I've checked in the past). I just wanted to actually speak with someone who may have banked there before, haha. I always thought money market accounts were better than savings in terms of interest, but that doesn't appear to be the case with most banks.