Looking to park some cash for emergencies. Which one would you recommend? Ally - 2.1% WF - 2.57% Looks like WF is no brainer. Both are FDIC insured as well. Anything else I should be mindful of? Any other high yield savings/cash account would you recommend? Thanks much blind!
Definitely WF
I use wealthfront and it is pretty good so far!!
If WF were to go under, it might be painful to get your money since it is FDIC insured under multiple banks.
Marcus (Goldman Sachs), SoFi. But I use Wealthfront
Ally for simplicity of having full service bank features (bill pay, debit card,outbound wires for the occasional housing transaction) plus decent APY all in one place. the small difference in returns is worth the convenience. put the dollars you aren’t likely to spend in a 1 year CD the penalty is only 2 months interest.
Ally as they also have trading account with lower transaction rates.
Ally customer service sucks even by bank standards. There are other banks with online accounts in a similar range. Fidelity is not quite as high but much better customer service and right around 2%
Fidelity is not FDIC insured at 2%. only their cash management is which pays 0.4% you can get similar return at ally and guaranteed to get your money in a financial meltdown like in 2008 when money markets had considerable liquidity concerns. what customer service problems. ive had them since 2010 and certainly no issues. definitely not worse than my local credit union which has my vehicle loan
Lots of good info. Thanks everyone. Much appreciated!
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Thanks
CIT Bank dropped to 2.05% - I'm currently moving it to WealthFront