Accountant · Spring Lake, MI · Member since 2020 · 42 posts · 26 votes
Hey BP, I have been looking at a couple online savings accounts to park some money in. Ally savings rate is 0.60% if I am correct. I also saw Chime.com but didn't know how reliable it was. It's APY is 1.00% and it also has the Round Ups feature, where it rounds up a purchase and places it in your savings account. Kind of like Acorn investing, but for savings accounts. And When I Get Paid helps you automatically save a percentage of every paycheck. Let me know your thoughts! Thank you.
I recently was researching the same topic I found alot of good things about Ally but one other bank to look into is Amex. They offer a savings account (no checking) but due to the same APY and great customer service Amex offers I decided to put my money with them.Good luck with your research!
@Ben Zelenka I haven’t heard of Chime but we do personally use (and love) Ally. There’s some bank rating websites out there that you can use to help make a decision on which bank would work best for you. One thing we really love about Ally is that they have a “buckets” feature within the savings account which allows you to save/track for different goals within 1 account.
In my financial coaching practice, I’ve had some clients discontinue using apps like Acorn and round-up apps. While convenient you essentially give control of your money to these apps.
(P.S. please don’t take any of the above to be financial advice 😊)
I recently was researching the same topic I found alot of good things about Ally but one other bank to look into is Amex. They offer a savings account (no checking) but due to the same APY and great customer service Amex offers I decided to put my money with them.Good luck with your research!
I have been using Ally for several years and love it. When I started it had an APY of about 2.5 or so but with rate cuts now at 0.60 which is still better than my brick and mortar bank by a long shot. I know Marcus by Goldman sachs is also at 0.60 last time I looked on nerdwallet but I love Ally for the buckets feature.
@Michael Bivins Jr. I cant think of anything that has made me madder than Ally trying to defund an investment account. Omg I hated them when I had to do that.
That said, Ally’s banking is so good, I can’t quit them. I love the savings accounts.
@Ben Zelenka I like Discover, because I also use Discover card for purchases. Discover card pays cash back on any purchase and unlike some other cards, I can apply the cash immediately to my bill. Discover Bank is also 0.60% currently, but was over 2% at one point. I can manage the card and account through one app. I know Discover also runs sign up bonus, like $150 bonus for depositing $15,000 or $200 for $20,000. Google "Discover Bank Sign Up Bonus".
@Patrick Blanchard Hi Patrick I was reading what you said about Ally’s bucket feature. I too use Ally for saving and investing. How do you feel about their robo services? I’m currently investing in their tax optimized moderate portfolio for a large purchase. Just curious your thoughts on that. Thanks
@Ben Zelenka check out Kiplinger's magazine online site - it covers the whole gamut of online checking and savings accounts with the goog and the bad of each. Good luck!
@Landon Allen I have not personally used their managed portfolios and I am not Financial Advisor, so there's not much insight I can provide on specific investments. Sorry I couldn't be more help here!
If there's any money management (i.e. income, expenses, budgeting, saving, etc.) questions you have, happy to help where I can. Thanks!
For some of my saving I use the Yotta Saving app. It's relatively new but growing. They have a 0.20% APY and completely free to use. What makes them unique in the savings world is that they have a lottery type system that you get tickets for based on the amount that you have in your account every week. With their grand prize 10 million dollars every week. Their mission statement is to help people save more money & make the process fun. On their website they talk about the amount Americans spend on lottery tickets and used that as a basis for "why not get the same enjoyment and not spend the money." It's not geared towards investors by any means, just your average Americans, but the concept is pretty cool I thought.
This should link you to the app if you want to check it out. https://withyotta.page.link/G7F9dqmZ5XW7Ycma9