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Discover.com Discounts, Deals and Coupon Codes

Ally Checking/Saving vs. Discover Checking/Saving

494 1,146 January 23, 2018 at 02:10 PM Get Discover.com Coupons
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Ally Checking: https://www.ally.com/bank/interes...g-account/
Ally Saving: https://www.ally.com/bank/online-...s-account/

Discover Checking: https://www.discover.com/online-b...K_CHECKING
Discover Saving: https://www.discover.com/online-b...NK_SAVINGS

I mainly use electronic statements, direct deposit, bill pay for credit cards, ATM withdrawals, and transfers between checking and saving and if they are FDIC insured...so which online bank do you recommend/prefer? Which one should serve as the primary account?
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19 Comments

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#2
i have chase as my primary since i have credit cards through them. DD goes there and pay bills from there. I sweep extra funds to a savings account with marcus by goldman sachs. rainy day fund is there and i park money there before moving it to vanguard for investment.

can't comment on the other aspects or banks. but i think they are all the same model.

https://www.marcus.com/us/en
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#3
I highly recommend Ally, been using them for years with no complaints. The only thing you might want to look into is ATM withdrawals, not exactly sure how that works since I don't use Ally for that. They have great rates, app and website are easy to use and it is easy to chat with customer service if needed.
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#4
I have checking and savings account with Discover. Awhile ago they were offering a cash bonus when you opened a savings account so I did that. I can use my debit card at many local ATM's without any fees including my local Walgreens which is my go to. They do pay interest on the savings and there is cash back when using the debit card attached to the checking account. No complaints at all.
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#5
I use Ally. 1.35% interest on savings. No complaints here.
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#6
Quote from ubiquitous
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I use Ally. 1.35% interest on savings. No complaints here.
I get an 11% dividend in NLY. Takes 3 days to settle out if you need cash. Just plan 3 days out.
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#7
is there anywhere i can look at more of a side by side comparison
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Quote from ghostofposterspast
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I get an 11% dividend in NLY. Takes 3 days to settle out if you need cash. Just plan 3 days out.
What's NLY?
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Quote from ubiquitous
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What's NLY?
It is an investment, a REIT to be more specific. Since this a conversation about checking and savings accounts it is irrelevant what it yields. It also happens to be down over 10% YTD.
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Quote from Rob_799
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It is an investment, a REIT to be more specific. Since this a conversation about checking and savings accounts it is irrelevant what it yields. It also happens to be down over 10% YTD.
REIT's are dangerous as anything.. I used to play with several years ago.. always high dividend. Dividend is factored into the value of the position itself.

I actually opened this because I saw their no penalty CD's with a higher interest rate.
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#11
Quote from Rob_799
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It is an investment, a REIT to be more specific. Since this a conversation about checking and savings accounts it is irrelevant what it yields. It also happens to be down over 10% YTD.
Which only matters if you are a short term trader. You don't trade REITs, you hold them for the dividend. NLY has been oscillating between $10-$12 for the last 5 years. In a fairly regular pattern. It bottoms in the winter, goes up in the spring, plateaus in the summer, starts to drop again in the fall. All the while giving a 11% dividend. It's bottom of the range load up time.
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Last edited by ghostofposterspast January 31, 2018 at 09:47 AM.
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Quote from DJPlayer
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REIT's are dangerous as anything.. I used to play with several years ago.. always high dividend. Dividend is factored into the value of the position itself.

I actually opened this because I saw their no penalty CD's with a higher interest rate.
Higher than 11%? Which CD is that?
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Quote from ghostofposterspast
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Higher than 11%? Which CD is that?
no it's more like 1.5% or something w/ a no withdraw fee.. Just saw it a couple days ago.

Now as for NLY (just as an example) it went Ex-Divided on Dec 28th. You had to own the position the day before. Dec 27th.

On Dec 27th it closed at $12.10
On Dec 28th it opened at $11.785.

The divided was .30 cents. (it dropped by almost exactly the dividend amount).

You'd be better off picking a solid position vs. seeking out something w/ dividends.

ex. NLY YTD is down -12.2%. In comparison the Dow Jones and S&P are up mid 5's

but that's only a month or so.. fair enough. Let's go back 5 years.

NLY -29.9% (plus of course your dividends)
Dow or S&P + 87%.

I know this REIT.. 6 or 7 years ago the Dividends were like .60+ then suddenly .55, then .45, then .40, then .35.. then .3. Anytime that dividend dropped you took a beating on the value of the position itself. Way back when the yields were 15%+ per year. Not so anymore.. Now granted NLY is probably the safest of the REIT's because it's huge compared to the rest.. but REIT's are just nerve racking as the model is making $ from the difference in long term vs. short term rates.

When rates rise and the gaps get closer REIT's don't perform as well..
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Quote from DJPlayer
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no it's more like 1.5% or something w/ a no withdraw fee.. Just saw it a couple days ago.

Now as for NLY (just as an example) it went Ex-Divided on Dec 28th. You had to own the position the day before. Dec 27th.

On Dec 27th it closed at $12.10
On Dec 28th it opened at $11.785.

The divided was .30 cents. (it dropped by almost exactly the dividend amount).

You'd be better off picking a solid position vs. seeking out something w/ dividends.

ex. NLY YTD is down -12.2%. In comparison the Dow Jones and S&P are up mid 5's

but that's only a month or so.. fair enough. Let's go back 5 years.

NLY -29.9% (plus of course your dividends)
Dow or S&P + 87%.

I know this REIT.. 6 or 7 years ago the Dividends were like .60+ then suddenly .55, then .45, then .40, then .35.. then .3. Anytime that dividend dropped you took a beating on the value of the position itself. Way back when the yields were 15%+ per year. Not so anymore.. Now granted NLY is probably the safest of the REIT's because it's huge compared to the rest.. but REIT's are just nerve racking as the model is making $ from the difference in long term vs. short term rates.

When rates rise and the gaps get closer REIT's don't perform as well..
NLY is only down -29.9% if you pick it from the high of 2013. If you picked it from the low, then it's actually up. Like I said, it's cyclic during the course of a year. If you graph it out long term, the price of NLY doesn't change much at all. 20 year ago, it traded for about $10. What does it trade for today? About $10. During all those years though, you got the dividend. Currently it's 11%. It's been over 20%. If you put that money back into NLY you get the power of compounding.

If you had put in $1,000 into NLY exactly 20 years ago to the day, you would have $10,764.98 today. That's with the recent drop in the stock price to the low end of it's $10-$12 range. That's about a 1000%. In the same time the DOW is up about 300%.

As for the stock price dropping by what the dividend is. That happens with every stock. So is it not worth owning dividend issuing stocks at all? I don't think so.
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#15
Quote from ghostofposterspast
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NLY is only down -29.9% if you pick it from the high of 2013.
2013-03-28 - 2018-01-31 = -5.59 -34.6% (I'm copying and pasting this... )

Quote :
If you picked it from the low, then it's actually up. Like I said, it's cyclic during the course of a year. If you graph it out long term, the price of NLY doesn't change much at all. 20 year ago, it traded for about $10.
But 16, 15, 14 and 13 years ago it traded for north of $20.

Quote :
What does it trade for today? About $10. During all those years though, you got the dividend. Currently it's 11%. It's been over 20%. If you put that money back into NLY you get the power of compounding.
for over 11 years (with a position only 20 years old) the average cost was over $15 per share.

Quote :
If you had put in $1,000 into NLY exactly 20 years ago to the day, you would have $10,764.98 today. That's with the recent drop in the stock price to the low end of it's $10-$12 range. That's about a 1000%. In the same time the DOW is up about 300%.
you quoted that extremely low price the first couple years.. which is extremely typical of REIT's.

10 yrs ago to the exact day.. -44.64%.
5 yrs = -29.02%
Inception = -17.33

Quote :
As for the stock price dropping by what the dividend is. That happens with every stock. So is it not worth owning dividend issuing stocks at all? I don't think so.
pretty much all the same. Dividends are factored in the price of the position. In general though.. what happens to REIT's as interest rates move higher.. they make less money. 90% must legally be returned to shareholders.. as they make less, dividends go down. As dividends go down.. value decreases.

Do you see interest rates going up.. or going down in the future. If the answer is up.. an REIT isn't where you want to be.
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