What financial institution do you use for savings?

[mommy2allyandaveri]

We have been very long time ING customers and it is now Capital One 360. I have been very unhappy since the change and today was the last straw. Their site is again down (down really often) and when I called about my account the recording says "we are unable to take your call, call during business hours". It's 10am PST on a weekday.

I'm done with them and need to move our funds. I'm hoping for something that has a "high" interest rate.

Something I do really like about the account is that although it's one account, I have it broken into about 10 different sub accounts if that makes sense. Savings, xmas, vacation, children, braces, sports, pets... stuff like that.

I should also add that when their web site is actually functional, it's pretty easy to transfer from checking into any of the sub accounts that I want.

Any suggestions from other budget minded like individuals?

Thanks!

 

[dina444444]

My savings account is with Ally. Their interest rate for a basic online savings account is 1.45% now. They have limit of 6 transactions per a month.

 

[MomToOne]

I use StarOne Credit Union, their interest rates are among the most competitive in the country and I have easier access to my money than an online-only bank. But that probably doesn't help you, since membership and locations (mostly Silicon Valley) are limited.

But I also keep a significant amount in Vanguard's Prime Money Market fund. Dividends run about the same as the most competitive online banks. And I can easily transfer money between my account there and StarOne within a few days. Yield this month was 1.48% (annualized).

I also keep a Chase checking account, just to have access to a bank literally right down the street. (I actually live about 120 miles from the nearest StarOne location these days so this is helpful.) But I keep no savings there - their rates for that are miserable!

 

[afan]

I second looking at local credit unions. Some only require that you live in the area. I get good interest on the first $500 of both my checking and savings because it has a higher rate vs that over $500.

 

[starry_solo]

For online, check out Discover (yes, it's the same company as the credit card) and Synchrony. They have pretty good interest rates for CDs and High Yield Savings.

 

[georgina]

I've been using Cap One since it was ING also. The main thing that keeps me there is that my kids' accounts are linked to mine still, so I can quickly transfer money to them if needed. Now that they are grown their regular checking accounts have been de-linked from mine, but we never did the cap one accounts. I have been considering Ally, I also got something from American Express recently about online savings with higher interest rates.

 

[robinb]

We use a credit union for our "cash flow" money and Fidelity for our savings in the stock market. The whole Fidelity thing worked like a champ last year. The last few weeks ... not so much.

 

[tvguy]

I keep my emergency money in a credit union. Just enough to pay in new car or replace my HVAC at home.
Everything else is with Wells Fargo or Wells Fargo Advisers.
I was with a Savings and Loan, that got bought up by a bank, that got bought up by Wells Fargo 22 years ago. I was prepared to move everything because I didn't think I would like Wells Fargo, but 22 years later they have been great. Great service, good return, and everything I could ever need, safe deposit box, travelers checks, cashiers checks, notary, foreign currency exchange....is free.

 

[meriface11]

My emergency fund is with Synchrony Bank and Marcus (by Goldman Sachs). Both online only and 1.55% and 1.5% interest respectively

 

[MickeyMouseCD524]

Emergency Funds are in Chase and then I keep savings in a brokerage account with Fidelity.

 

[wendow]

We also have Ally savings, and have for close to 10 years. Good rate for savings compared to others.

 

[jen7233]

I use a credit union checking for my main direct deposit and bill paying. I use USAA savings accounts for budgeting specific items, and have 5 different accounts for the specific budget items (Christmas, vacation, braces/big items (furniture/washing machine etc), annual bills, and car replacement). I opened them to get a better visual of the specific things I was saving for and there was no minimum I needed to keep in there, easy back and forth transfer though limited to six withdrawals yet an easy website to navigate. Easy to open and close. Not good interest rate though. Then I've got a mutual fund money market fund we use for shifting other non-retirement savings.

I'm thinking of closing up my USAA ones and just dropping everything into the mutual fund money market and using an Excel spreadsheet to "separate" budget items. Minus the Christmas account, I just can't part with that after starting it last year it really helped my sanity figuring out Christmas and seeing it separately. Not sure, still just maintaining things as they are until the end of the year then I'll decide.

 

[Gr8t Fan]

Not sure what state you’re in, but Southern Bank has an amazing offer of 3.01% on balances up to $15,000 available to residents of Illinois, Missouri and Arkansas (not 100% sure on Arkansas). It’s called a Kasasa account. You must make 12 debit card purchases a month and one electronic payment, but they pay double the interest rate of any bank I’ve found. I’ve been with them for 10 years now and have never had a problem with my account.

 

[CookieandOatmeal]

I bank with Capital One and have been since they were ING. I've never had issues getting on the site and love the functionality of the app. I use the app mostly as I can do that anywhere.

 

[gottalovepluto]

Sounds to me like easy is your top priority. I love Ally and have been with them for years. Website and app have been great for me. I can transfer between checking and savings instantly 24/7. That said if you want a slightly better rate Discover the last few months has consistently been 0.05% above Ally. Ally is running 1.45%, Discover 1.5% right now. I only had very limited banking experience with Discover and while it was fine it wasn't good enough to draw me away from Ally. (I also like my checking at Ally earning it's measly 0.10%, it's a baby amount all right but other banks have nasty requirements, like high minimum balances, in order to have a interest checking account.)

 

[gottalovepluto]

Emergency Funds are in Chase and then I keep savings in a brokerage account with Fidelity.

I'm curious why you keep the emergency funds in Chase? Have you considered changing? totally ok not to answer this!! FWIW (which may be nothing to you and that's totally fine we all have very individualized needs and desires, etc. I'm just sharing in case you didn't know about another option.) If it's money you don't touch but want instantly available in case of emergency I highly recommend Ally, set yourself up with an interest checking account and a savings account. Keep your Emergency Funds in the savings account, and a little something in the interest checking account to keep it open. If you ever need the Emergency Funds available for instant access transfer as much (or all if you have to) to your Ally checking account (happens immediately) and do anything you need to with the money. Also, there is no minimum balance so if you ever need to drain the account (obviously we always hope that never happens but just in case!) you won't be hit with fees like Chase will hit you with if you rely on maintaining the minimum balance to waive the fees. The interest may not be much, but it's a lot more than Chase and even a little bit of money earned adds up year after year

 

[MickeyMouseCD524]

I'm curious why you keep the emergency funds in Chase? Have you considered changing? totally ok not to answer this!! FWIW (which may be nothing to you and that's totally fine we all have very individualized needs and desires, etc. I'm just sharing in case you didn't know about another option.) If it's money you don't touch but want instantly available in case of emergency I highly recommend Ally, set yourself up with an interest checking account and a savings account. Keep your Emergency Funds in the savings account, and a little something in the interest checking account to keep it open. If you ever need the Emergency Funds available for instant access transfer as much (or all if you have to) to your Ally checking account (happens immediately) and do anything you need to with the money. Also, there is no minimum balance so if you ever need to drain the account (obviously we always hope that never happens but just in case!) you won't be hit with fees like Chase will hit you with if you rely on maintaining the minimum balance to waive the fees. The interest may not be much, but it's a lot more than Chase and even a little bit of money earned adds up year after year

Without getting to into. My fees and stuffed are waived.

 

[tvguy]

I'm curious why you keep the emergency funds in Chase? Have you considered changing? totally ok not to answer this!! FWIW (which may be nothing to you and that's totally fine we all have very individualized needs and desires, etc. I'm just sharing in case you didn't know about another option.) If it's money you don't touch but want instantly available in case of emergency I highly recommend Ally, set yourself up with an interest checking account and a savings account. Keep your Emergency Funds in the savings account, and a little something in the interest checking account to keep it open. If you ever need the Emergency Funds available for instant access transfer as much (or all if you have to) to your Ally checking account (happens immediately) and do anything you need to with the money. Also, there is no minimum balance so if you ever need to drain the account (obviously we always hope that never happens but just in case!) you won't be hit with fees like Chase will hit you with if you rely on maintaining the minimum balance to waive the fees. The interest may not be much, but it's a lot more than Chase and even a little bit of money earned adds up year after year

My son has an Ally savings account. I will have to mention the check account because getting funds in an emergency has been an issue for him without the checking account with them.

 

[gottalovepluto]

Without getting to into. My fees and stuffed are waived.

Gotcha! Rock-on then!!

 

[Kathryn Merteuil]

I keep a checking and savings account open at a local credit union to keep money. Yes I work at a bank, but the credit union offers superior products I do have a checking account at my own bank for my direct deposit. I just use my bank account for bills etc...