Discover versus Goldman Sachs

[Anonymous]

This year I am going to withdraw my daughters savings out of our existing local credit union and put it in a high yield savings account. I also want to start an account for myself and do automated monthly deposits. Her amount isnt much, a little over 200.00. At our credit union you have to have a minimum of 250.00 to draw interest and the rate is not much. I am an existing customer at Discover and love their customer service and there also would be no hard inquiry to go with them, however I am also considering Goldman Sachs.Any input from members who have these banks as providers for investment products? Also, if I decided to go with GS would they do a hard inquiry? I see they are at 1.40%, a little higher than Discover. Thanks for any input!

[mongstradamus]

I think most of them are all the same for online savings accounts. Barclays, ally, GS, discover, and amex. The only issue you may have with GS or any of the banks is if you think they unfairly got bailed out in 2008. I personally  use ally for my cd and savings. Anything above 1.2% is good enough for me compared to the .03% i was getting from WF lol. 

[Anonymous]

I know right! I just called my local FCU and had my DD's money moved to my account (she is underage) and it hasnt drawn a penny! They werent too nice about it either, which is surprising. Maybe they have the, after-Christmas-blues lol. At any rate I'm excited about starting an account that will actually make money. Thanks for the input, I'll check out your suggestion as well.

[SkyCommander]

They're all kinda the same. Put money in and each month a little is added to it. I'm an existing Discover customer too and I have great experience with the savings account. I actually have two. IMO the slight rate difference you won't notice it unless you have a huge sum in cash sitting in it. 

[Anonymous]

The best place to park your DD's $200+ is DCU (Primary Savings that comes with membership) or Blue FCU (Accelerated Savings), both offers 5% APY to the first $1k balance, $10 donation to join DCU and $5 for Blue.

[Anonymous]

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@Anonymous wrote:
The best place to park your DD's $200+ is DCU (Primary Savings that comes with membership) or Blue FCU (Accelerated Savings), both offers 5% APY to the first $1k balance, $10 donation to join DCU and $5 for Blue.

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Yup,  I just openned a DCU account myself.  Had another 5% at max, so was looking for a new place to park.  There are a handfull of credit unions offering 4% or more, with 500-1000 max.  Figure I should be able to get about 4k in 5% accounts this spring.  What is that, about 200$ a year?  Not bad for an insured account.

[Anonymous]

What is DCU? Is it like Penfed? We bank at Celco FCU. It pays .15 but you have to have a minimum of 250.00 before it can accrue it. I was thinking today (after my bank closed of course), if they would charge a fee for an automatic transfer to the bank I choose. I am opening up two accounts, so I cant have a fee in there, that would negate any earnings. That wouldnt be considered as a wire transfer so I dont see why they would.

[Anonymous]

DCU = Digital Credit Union

[Anonymous]

https://www.dcu.org/personal-banking/savings-reg-shar.html

[Anonymous]

Another 5% option is Insight, which gives you 5% on the first 5k.

https://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/

It's a good choice for someone who wants a place to park cash that he expects will probably just sit there for a long time, e.g. a 5k emergency fund.  (The hope is that the emergency won't happen.)

Should a person want to explore other options for making money from savings and checking accounts, he may wish to look into the hobby of "bonus chasing."  One can typically make 1-2k a year (before taxes) by opening and closing bank accounts that have signup promotions.