Aldeer.com Forums Alabama Deer Talk Aldeer General Forum Online banks you trust

I normally bank with Regions and have always had good luck with them, even though I hear some that aren’t happy. I opened a new Money Market a couple weeks ago and moved some cash to it, from another account. Bad thing is the interest it pays is laughable. Less than 2%. I hear of several folks that bank with online banks and have gotten away from the brick and mortar locations. Supposedly they are paying much higher interest. Somewhere around 4-5%, if they are telling the truth. The problem is I find it very hard to trust them and have no idea how to look for one, or identify a good one. Anyone in hear bank with any of them that you’d recommend? Pros and cons? Thanks

You could open a Fidelity account and link it to your main bank account, and deposit into one of their money market accounts. It will pay better interest, because its basically a government backed security.

It's the default fund when you open the account and fund it. You can transfer back and forth, although not is fast as if the money is in the same bank as your bank account. I think mine does next business day.

I actually direct deposit a little into my account every pay day, and then invest it in some mutual funds. It helps when the market is up, not so much when its down, but the MMA earns interest every month.

What’s the current interest rate it’s paying if you don’t mind me asking?

Like Lockjaw said, same is true for Vanguard

Been pleased with Ally

CIT (not citi) Bank

High yield savings account currently paying ~4%.

Been with them for 4 years and zero complaints.

3.33%

I used Ally for a couple years and never had a problem with them I just didnt need an extra account to manage so I closed that one out.

Check nerdwallet...they update their listing every month with the HYSA paying the most interest on accounts. Just need to watch the requirements to get the higher interest rate tier (but that's just about any bank...some have a minimum deposit amount, have a max # of withdrawals each month, have to have so many deposits each month, etc). Some even have "bonuses" if you keep the acct a certain length of time ($300 bonus at SoFi). Also have to watch to make sure there isn't a time limit on the high interest (some accts earn the high interest for 6 months, then revert to the bank's normal interest)

https://www.nerdwallet.com/banking/best/high-yield-online-savings-accounts

That said, I'm getting 3.25% on my checking acct at the credit union I use

I just bought a orchard sprayer from Oregon and a spider lift from somewhere in Texas. Just about all of it done online. Two banks i never heard of. One of them never called me one time, didnt even email me back untill the sprayer was bought and then just to docusign the loan. It all went very well but it was pretty nerve racking. I just spent $40k on a couple things ive never seen from people ive never met. This new age stuff is pretty crazy. Only thing i really know about these two places are their reviews online. Both are reputable dealerships. Both items should be delivered in the next couple days. I hope.

And Schwab, their SWVXX money fund is paying 3.51%.

You can open a savings account through Etrade that pays 4%. I had to so i can buy stocks a little quicker. When i sell something, i put the money in there untill i want to buy another stock.

I use Fidelity also. My rollover IRA is with Fidelity but I have Vanguard ETF in it for the investment. Fidelity has a good 2% cashback card. You can have as many accounts as you want. I have one for savings and one for spending both use a money market mutual fund.

7 day yield is 3.33%

Capital One money market is at 3.3%
It’s been easy to use.

Ford150 , do you have a Redstone FCU nearby? They are large, Huntsville based, have their own credit card and have a great , full service, online banking setup.

Are you still making 4%? My E*trade has dropped with each reduction of fed rate. It’s currently 3.5%.

That was also another reason I walked away from Ally. I didnt need the account anyway and the interest rate dropped when the Fed started cutting rates.

After a Fiasco with Wells, We got a money market account @ 4% now 3.5% and an operations account thru South State, It cost more to get a system they use for protection called Treasury Navigator that any checks or ACH payments outbound have to be approved on line. We have been very pleased with the system, we had a check intercepted in Atlanta that got washed 3 times and it was covered no problem. Wells Fargo made fraud extremely difficult, and we had to change all of our customers payables, which is very painful to do, but we did it over with South State and no problems since.

We use Ally for money market and CDs. Simple and good.