@randomguy1 wrote:
@TheFIGuy wrote:
@Anonymous wrote:I'm wary of the "Cash Management" accounts like SoFi Money, Chime, Varo, Robinhood, etc. that secure FDIC insurance by shuttling money to partner banks.
I tried out SoFi Money a while back due to the sign up bonus and I found it to be decent, but IMO not ready for prime time. The app had weird bugs. My card was misprinted with debris in the laminate and skewed printing. I had mixed results when linking with budgeting tools since the money is technically held in partner bank accounts.
If they receive a banking charter and work on the polish, I may give them another shot. In the meantime, I'd stick with a traditional checking account + HYSA.
I agree with you 100%
I use YNAB for budgeting, as the profile name states lol. I keep a large amount of money in my checking account so SoFi Money was a very good option for me as I currently use NFCU—(Navy Federal Credit Union) as my primary financial institution with .40-.45% APY checking account interest. SoFi Money current 1.60% APY attracted me like flys to light, but, the "Cash Management" aspect quickly killed the mood.
I'll be in the market for a good HYSA soon to diversity my emergency fund away from my main checking account but SoFi Money is to "New" right now and I'm hesitant to jump ship, a little pun on the water there.
Also, I'm pretty self-sufficient and rarely go to the bank if ever. But it's always nice to know I can show up and talk to a human in-person if something were to go wrong aboard NFCU.
My SoFi Money account is purely for Cash purposes. I use it as my ATM. There's only $500-$1000 in there emergency cash so it does the trick. 1.60 APY for this type of account is pretty good! (Cash Management)
Since I'm churning quite a bit of bank bonuses, I have a several options out there.
Wells Fargo - My main bank for years, interface is decent, app is decent. I move money between my accounts and this one quite a bit. They have next day ACH transfers for many of my accounts. 2 day in others. I haven't researched on why some are next day vs 2 day. Integrates with Zelle.
Chase - I really like Chase's GUI. I have both personal and business accounts. No issues with the App. Leaving this one open I get Chase prequal offers through here and I like having funds available where I have my credit cards available. Integrates with Zelle.
Citibank - Few fraud issues, website sucks, app is okay. However they have a high interest accelerated savings account (1.85 APY). It was closer to 2% when I first opened but has lowered when the Fed has reduced their rate. Integrates with Zelle.
US Bank - Website is okay, gui is not bad. Bill pay is okay. Will be keeping this at least until I open a credit card with them as they are a relationship bank. I was charged a check printing charge after opening my account even though they said it was free. A bit annoying since it was $33.05 but I sent them a secure message and they reversed the charge. It did take a couple days though. That is slower than I would like. Chase and Wells reply much faster.
Alliant - I like Alliant a lot. They have one of the better interfaces for a credit union. I am keeping this one as I refi'd with them and the process was rather easy. They do need to make their auto payments better with their app though. It is recommended to make payments online. Not Zelle friendly. No bonus, I am leaving this open as a credit union reliationship. Checking APY .40. Savings APY 1.65
PenFed - Not mobile friendly site. ACH transfers must be done online vs App. Not Zelle friendly. No bonus, I am leaving this open as a credit union reliationship. 1.60 Premium Savings APY
Discover - Nice GUI, nice app. Good cashback savings product and good savings account with a decent bonus. Pays out fast. Their app or website seem under maintenance quite often. There's quirks here and there but I'll be keeping them since I have a credit card with them. No fees. Savings APY 1.70%
Capital One - If you live by a Capital One Cafe and work from Cafes, it's a very nice perk. You get discounts on coffee and there's some free coffee days locally. I don't use this account much but it looks slick. Can't add external accounts via the app/
Chime - Looks slick but I prefer Sofi. The referrals have paid out handsomely for me though.
Regions - MEH. Will probably close it after my bank bonus posts and I meet their 90 days.
Varo - Similar to Chime. Good savings APY, zero fees, and good bonuses. I don't use them much but their UI is nice like Chime's and Sofi's. All very similar. APY on savings is 1.92% which is very good.
HSBC - App isn't half bad, very limited though. Must do a few things on the website which kinda sucks. Their APY is the best of all my accounts though. It is 2.05%, which is the best out of all I have. I have their Premier checking\savings. No Zelle though and their ACH transfers seem to take longer. Customer Service when opening the accounts lag and it's widely known. They go through quite an extensive fraud check. Might leave open due to the APY and it leaves me eligible for their Premier CC. Savings APY 2.05%
BBVA - Not a bad website and App. However they still charge for ACH transfers, WTH? Just opened to churn, I received a $15 quarterly fee for their savings account which I'm trying to get a refund for because they stated the account is fee free, I have a screenshot too. Will probably close it after my bank bonus posts and I meet their 90 days.
BB&T - Their app is okay. Not a fan of the website. I use it for Bill pay and will probably close it after my bank bonus posts and I meet their 90 days.
Such an informative summary! Thank you, @randomguy1!
Is the HSBC savings with 2.05% APY called the Direct Savings? Does it ever offer a SUB? I know the HSBC Premier Checking currently has a sign up bonus of $750 that I can qualify but the APY rate is pathetic.
Hoping to start a new account with long term relationship and trying to decide between Citi, WF, US Bank and HSBC.
