Online savings

Adobe / Eng
abcdxyz123

Adobe Eng

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Oct 1, 2018 25 Comments

I want to move my checking/savings out of chase(0.01% interest)

Looking at some higher interest savings accounts

Marcus - 1.9%
Barclays - 1.9%
Synchrony - 1.85%
Ally - 1.85%

What are the things to watch out for?
Your experience with either of above?

Thanks in advance !

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TOP 25 Comments
  • Adobe / Eng
    abcdxyz123

    Adobe Eng

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    OP
    Checking/saving accounts are for bills,daily payments etc. of course I have separate investment account. If u have 20k in such an account, then a interest rate of 1.8% means you get $30 per month. Why miss that??

    Apparently I have been missing it. Hence the post.
    Oct 2, 2018 3
    • Finale Inventory / Eng huHG50
      So the small point difference between each of these high savings rate accounts don't really matter because your time is worth more than the difference. Only reason to really spend time thinking about it is if it is something you'd like doing with your free time. I'd focus on the UI, features, and Customer support, not the 0.1% difference in interest rate.
      Oct 2, 2018
    • Finale Inventory / Eng huHG50
      Over 10 years with a principal of 20k compounding daily, the difference between 1.8% and 0.01% APY is $3924.23. the difference between 1.85% and 1.8% APY is $120.01. so I'd say it's worth it to switch from low to high interest, but doesn't really matter much for a 0.05% difference.
      Oct 2, 2018
    • Adobe / Eng
      abcdxyz123

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      Excellent points! Thanks 😊 Agree with your argument that time is worth more than small point differences.
      Oct 2, 2018
  • Cisco / IT vzIq77
    Put 6 months expenses in Ally savings and invest the rest in vanguard mutual funds such as VTSAX and VTIAX.
    Oct 1, 2018 1
    • Adobe / Eng
      abcdxyz123

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      I am doing the same - investing the rest in stocks etc.
      Oct 2, 2018
  • Collective Health / Eng SpoonMorn
    Do Ally. They let you make a bunch of different savings accounts if you want so you can set up funds for whatever you like. For example I have a savings account for emergency, vacations, fun, and new MacBook Pro.
    Oct 1, 2018 0
  • New / IT sxDz42
    Checking / savings account interest doesn't even cover the cost of inflation. Why bother moving the money for $10 more a year. Invest in stocks and bonds if you want to make money on idle money.
    Oct 1, 2018 2
    • Apple / Eng MakingIt
      Because it’s 10$ for doing a few clicks.
      Oct 1, 2018
    • Salesforce 2438ez
      And because bonds and stocks have risk associated with them. That’s why they come with higher (potential) returns.
      Oct 2, 2018
  • New / Eng xoxoyo
    Sallie Mae gives 2.5%. Their ux sucks on their website but who cares
    Oct 1, 2018 1
    • eBay CEbi00
      What is the website for Ellie Mae? Is it a savings account ?
      Oct 2, 2018
  • Illumina / Other
    Duderin0

    Illumina Other

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    For qualified people NFCU.org or the pentagon credit union have great rates on CDs
    Oct 1, 2018 0
  • SmartThings / Eng
    VqFg38

    SmartThings Eng

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    how much % people generally put in savings and how much in cash? I've about 140k in cash and hoping to buy my first home 1 or 2 yrs. Money is sitting in chase and wellsfargo saving, thinking where should I invest. Don't want to take risk of putting them into stocks.
    Jun 30 3
    • Amazon Aovy20
      Park your money in an online savings account with a reputable bank until you buy the house. Discover and American Express are good options.

      Don’t “park” money in stocks. You generally “invest” in stocks when your time horizon is sufficiently long enough (at least 5 years). Definitely don’t park money you need in 1-2 years in stocks.
      Jul 1
    • SmartThings / Eng
      VqFg38

      SmartThings Eng

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      VqFg38more
      What are your thoughts on moving them to wealthfront or betterment? I know there is insurance upto 1M but not sure how does that work in case anything goes wrong with economy. Is it safe to move all your life savings into these online saving accounts?
      Jul 6
    • Amazon Aovy20
      Not sure if wealthfront and betterment offer similar rate for parking your money. It is safe to park your life savings with online savings banks. Just make sure you pick a reputable name.
      Jul 10
  • LinkedIn Ipplou
    Using Marcus from past few months. Seems pretty fine to me.
    Oct 1, 2018 1
    • Apple / Eng MakingIt
      Been with GE capital turned Goldman Sachs bank turned Marcus for a few years. Their UI suck. But the rate is decent. Phone calls get answered. No complaint
      Oct 1, 2018
  • IBM Parmish
    Just invest in Google.
    Oct 1, 2018 1
    • Lyft fupaymee
      Bad advice. Leave it in one of the above or Diversify into s&p500 instead of goog.
      Sep 3
  • Verizon wcYz34
    Check American Express personal savings account - offers 2.10 APY
    Jan 3 0
  • Amazon Aovy20
    Discover savings also works.
    Oct 7, 2018 0
  • Adobe / Eng
    abcdxyz123

    Adobe Eng

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    OP
    Will pick one of Marcus or ally. Thanks
    Oct 2, 2018 0
  • Finale Inventory / Eng huHG50
    I've been happy with Ally for savings. Then I use Schwab for checking because of no ATM fees at any ATM. I have a chase savings with the $300 minimum in it just so I can have a physical location to deposit cash at if needed, then I transfer wherever I want it. I keep most of my money invested using WealthFront.
    Oct 1, 2018 0