Best Banking Options (Savings/Checking)?

[Anonymous]

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?

[Kozmo]

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.

[AndySoCal]

I would look at  US Bank if in your area.

[DaveSignal]

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.

[Anonymous]

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@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.

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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?

[DaveSignal]

there is no way to know for sure.

[Repo-ed]

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.

[Revelate]

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!)  

[Anonymous]

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.

[Anonymous]

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@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.

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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.