Online only is not a bad option. Its very easy to move money around as needed. Any of the ones in the link below are good, but I use Marcus which has 4.5% APY. I make like $20 a month on $5k rn
https://www.forbes.com/advisor/banking/savings/best-high-yield-savings-accounts/
It's risk free with only online banks? I think I remember some online only banks recommended but I'm not familiar with how that worksYes, online or not it is FDIC insured
Check out Ally
Check out Ally
That's who I use
check out
https://www.nerdwallet.com/best/banking/savings-accounts
Credit unions will always have better interest than banks. Look into that insteadFalse. My local credit union is 0.30%, which is an absolute joke.
False. My local credit union is 0.30%, which is an absolute joke.You'll be lucky to get .1 at banks so whether that is a joke or not it is still better
You'll be lucky to get .1 at banks so whether that is a joke or not it is still betterYou mean aside from all the 4.5%+ examples listed already?
PraetorXyn posted... You mean aside from all the 4.5%+ examples listed already?And I can show you 100+ more that are less than .1. What's your point
And I can show you 100+ more that are less than .1. What's your pointI dont know what youre on about, as the context of this is that I responded to someone saying Credit Unions are always better with an example to the contrary. Always has a certain meaning. If hed said as a rule of thumb, I wouldnt have said anything.
Also some of those from that top 10 are known to be pretty bad Synchrony especially. I wouldn't recommend going with them
Savings accounts have negligible interest across the board.
I'm talking like hundredths of a percent.
If you wanna invest, check out a mutual fund. If you legit need a savings account for savings reasons, don't even worry about the rate.
Even basic ass Capitol One has a high yield savings account that gives I think 4.35%.
Savings accounts have negligible interest across the board.This guy knows whats up
I'm talking like hundredths of a percent.
It's just not what a savings account is for. A savings account is for putting money into an insured cookie jar so you can save up for a car or a down payment for a house or etc. If you wanna invest, check out a mutual fund. If you legit need a savings account for savings reasons, don't even worry about the rate.
This guy knows whats up
Sort of.Except for the "hundredths of a percent" thing not being even remotely true.
Schwab has a bank account that yields interest if you want something that has brick and mortar branches. It wont be for banking services, but still.
Why do you want to avoid online banks ?
Also for banks lets say Ally, how would/should I transfer money there from my existing savings account? I'll probably call them but it would be nice to know now from people hereYou would add your other account as a linked account in Ally, then just login to Ally and move the money. Could do it the other way around, but that makes less sense.
Just not being knowledgeable about them and thinking of needing an actual building to go to for in person help for whatever reason
Do you ever need to visit the physical bank of your current bank?
If no, then it doesnt matter. Imo:
Everyday personal checking/savings: online banks.
Lending needs: Credit union
Business banking: Physical banks.
And FYI, you can withdraw from any ATM and Ally will refund the fees they charge. There's a limit of like 6 (or 10?) times per month, but idk why you'd need to go to the ATM that much. I assume most online banks have similar things.