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Savings Account Questions: Ally, Capital One 360, Discover, Sallie Mae, other?

TR0N 1,271 803 August 3, 2013 at 08:16 AM in Finance (3)
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I have an interest bearing checking account with my credit union, but I recently found out that everything above $10,000 is only earning .1% interest. (I get 3.25% for the first 5k, 1% until 10k) so I would like to move my extra cash to some other semi liquid vehicle.

Here are my questions:

1) I was looking at online savings accounts like the ones in the title. Does the slickdeals hive mind prefer one above all others?

2) Other than who has the best rate, do any of these have additional cool perks that I may not be aware of?

3) Are there ever any deals, like sign up bonuses for creating a savings account like there are for checking account ones? If so should I probably just wait for one?

25 Comments

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#2
I have ally, love it. No ATM fees anywhere, but I don't really use ATMs. And interest rates go up when you hit a certain value. Other than that, it's just a bank, never had a problem.

Chase bank is offering a bonus right now, I think.

chase link http://slickdeals.net/f/6167288-Chase-200-coupon-for-new-Checking-account-offer-ends-August-15-2013?v=1
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Last edited by hAvAAck August 5, 2013 at 07:39 AM
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#3
Ally and cap one have opening bonus but their rates and all rates suck. You did right by getting a highyield checking. If you can swing another HY checking at another institution you'd be better off than doing the 1% savings.

I've got CapOne (from ING days) and it's okay but the rates are not the best. If you want info on bonus, PM. Also check out money blogs that discuss bank bonus. google bank bonus or money blogs. I think bankrates.com has a full list as well.

You can chase a lot of these bonus but they mostly require DirectDeposit and it's time comsuning and they also do a hard pull so I'm not signing up any more. I'm putting my money into 4% yielding stocks like VZ, AT&T, and some REITS.
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#4
Quote from TR0N View Post :
I have an interest bearing checking account with my credit union, but I recently found out that everything above $10,000 is only earning .1% interest. (I get 3.25% for the first 5k, 1% until 10k) so I would like to move my extra cash to some other semi liquid vehicle.
Rewards checking accounts (these require a little work - have a small monthly DD, make X amount of debit card transactions or do a bill pay usually; requirements may vary)
The ones I'll list here either have open qualifications to become a member, or you can become a member by making a small 1 time donation to some charity or other organization
America's Credit Union, 5% up to 1k
Eli Lily CU, 4% up to 999.99
Consumer's Credit Union 3.09% up to 4999.99
Money One CU, 3.01% up to 10k
Inova Federal CU, 3% up to 20k

There's a lot more listed - these are just the top ones in terms of rates that have a way for anyone to join that I saw
http://www.depositaccounts.com/ch...ounts.html
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#5
I use American Express personal savings and really like it. It is purely a savings account and works well.
The high interest accounts usually have a lot of "gotchas" and are good for small amounts of money. If you have large amounts of money, a flat yielding account will work well as you get the benefit of yielding the rate across the top portion of the money in your account.
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#6
Ally is great much for the same reasons the above poster does. I've been with them for years and they've treated me well with their competitive rates, ATM fee reimbursements, and awesome mobile app.
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#7
Do banks typically do a soft or hard pull when you apply for a checking or savings account?
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#8
Quote from Dem Bums View Post :
Do banks typically do a soft or hard pull when you apply for a checking or savings account?

Varies. I'm seeing more hard pulls these days. Our institution currently does a hard pull. But you would never know unless you ask the specific institution.
Also we only pull of checking (most do). Savings doesn't usually require a credit inquiry. Every institution does their own thing on this.
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Last edited by eekthecat August 15, 2013 at 03:36 PM

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#9
I hate to bump an old thread but I'm now looking to move from my Capital One savings account. ATM its .50 % and I feel that there are better out there. Can someone direct me to where I can get accurate info on high yields savings account? Or is a money marketing account better? I just want to put my money to work that is all.
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#10
Quote from sushigaiden View Post :
I hate to bump an old thread but I'm now looking to move from my Capital One savings account. ATM its .50 % and I feel that there are better out there. Can someone direct me to where I can get accurate info on high yields savings account? Or is a money marketing account better? I just want to put my money to work that is all.
depositaccounts.com

Although savings accounts top out around 1%, there are much better rates on rewards checking accounts.
Some are at 3% if you don't mind a little monthly work. Mine is 2.5% and it's been great so far.

http://www.depositaccounts.com/ch...ounts.html
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#11
I have an american express savings and i think i am getting about .80% right now. I like it Smilie I went with Discover for a while, but they still came in lower then Amex
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#12
Sallie Mae is evil. Really. Check out their customer satisfaction feedback. Anyone but them.
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As the username says ...
#13
I haven't had any issues with my Sallie Mae savings account or credit card. The student loans are another issue though....
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#14
I have online accounts with Cap One, Ally, FNBO, and Emigrant Direct. I love Ally. FNBO and Ally are my best rates. Taking the long view, seems like FNBO tries to always stay in the top group of banks, while maybe not the highest all the time.

FNBO=First National Bank of Omaha

I like having four accounts active so that if one jumps out ahead, I can easily transfer funds. My four are good choices and have worked well for me over time. The Cap One used to be ING Direct, and I not sure if Cap One will eventually make big changes or not.
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Last edited by Jerrybaby March 9, 2014 at 11:44 PM
#15
I use Kasasa cash and earn 3% up to 10k.

To earn interest and ATM fee refunds each monthly qualification cycle:

Have at least 12 debit card purchases post and settle
Have at least 1 direct deposit or automatic payment (ACH) post and settle
Be enrolled and log into Online Banking
Be enrolled and receive eStatement notice

We just opened it 2 months ago and make small purchases to do the 12 a month. I'm currently setting up dd to add to the interest I'll make a month.

YMMV on the interest rate for each bank as well as their "terms"

Forgot to mention the terms I listed were for American Pride Bank In Macon GA
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