Savings accounts interest rates seem to be improving! We moved money to this account this weekend because of its 2.4% yield: https://www.mysavingsdirect.com/ (I have no affiliation with that bank, it’s just the best rate we found.)
Anybody else using a high-interest savings account we could all benefit from knowing about?
I’ve been thinking about Ally (not quite as high of a yield) – since it’s a one stop shop. Hoping to pull the trigger soon. Anyone else have feedback on Ally?
I’ve been using Ally for a couple of years and it’s been great. I highly recommend it. Fantastic customer service and the website is easy to use.
Thanks for sharing this one. I am always on the lookout for out for high interest savings accounts. The space is getting pretty competitive so I think we will be seeing higher and higher interest accounts in the near future. I am excited about Robinhood as they just announced they will soon be launching a 3% savings account which I will most definitely be taking advantage of once it launches.
I recently opened a savings account with Ally. It had the highest APY that I saw at the time. It’s been good so far. They allow for plenty of transfers per statement and partner with Zelle for immediate transfers.
That being said, hearing about 2.4% and 3% APY is changing my mind lol
@adam Maybe they will step up their game to compete! 
I hope so, @Theodora!
Ally used to carry the payments on our Nissan Sentra before my wife was rear ended and nearly killed back in December of 2015. We dealt with them for 2 1/2 years, and they were very easy to deal with. We’ve considered putting our money in the “high” interest savings accounts, but, like you, haven’t quite pulled that trigger yet. We’ve got a friend who is making more by putting his money into back taxes on small properties. He’s getting on average of 6-8% a year on his money compared to 1.75-2.25%. That’s quite a difference. Got to weigh your options and the risks though. I still might like the lower rates at something sure and FDIC insured like the savings account/CD
@averagejoe Thank you for sharing your insights! So glad your wife is ok!
I switched to Marcus for my emergency savings and I have been getting emails every few weeks to tell me the interest rate is going up. I started at 1.85% and got up to 2.25% in…maybe three months? I remember the days of a 5% interest rate…sigh!
Since this post, my Ally account shot up to 2.2%! I’m also seeing some bigger banks upping their game. Discover now has 2.10% APY savings account, which ain’t too bad.
Adam posted:
Since this post, my Ally account shot up to 2.4%! I’m also seeing some bigger banks upping their game. Discover now has 2.10% APY savings account, which ain’t too bad.
How are you getting 2.4% at Ally? Mine’s only 2.2% right now.
Vanessa posted:
Adam posted:
Since this post, my Ally account shot up to 2.4%! I’m also seeing some bigger banks upping their game. Discover now has 2.10% APY savings account, which ain’t too bad.
How are you getting 2.4% at Ally? Mine’s only 2.2% right now.
No, you’re right! That was a typo on my end. Ally upped their rates to 2.2%. I’ll edit my other post
Saw a great blog post on this recently: https://chiefmomofficer.org/20…s-of-accounts-today/
Is it easy to transfer money to an online savings account such as Ally or Marcus? How does the transfer work?
It is relatively easy. One takes and signs up for an account at the online bank of choice, fills out the requested information along with the amount to be transferred, and then there is usually a verification process, ie, the bank you’re transferring will put in two small transfers to your account at the regular bank that equal less than a dollar. After these two have cleared, they will allow you to have the transfer take place. It usually takes anywhere from 3 to 7 days to ensure that the transfer goes through and that the bank account is valid.
Does it charge for each transfer? @averagejoe
BJLEE, I have never heard of anyone being charged a fee unless they sign up for an account that requires a certain amount to avoid such fees.
Have any of you heard good things about Chime Banking? @averagejoe @moore.income
