I chose Discover because it's easy to use. I wanted the money in my savings to be available instantly, not have to wait 3 days for it to transfer, so I started with Ally. If you're not super familiar with finances/banks, would going with a tax exempt savings account end up hurting you in the long run? Discover or marcus I don't have experience with. In addition, Discover offers checkback checking. Even though Discover online savings accounts have many advantages, they do have some limitations. I've also heard of people opting for Discover for "political reasons" that have nothing to do with financial optimization; I've be interested in learning more about that as well. Rates are lower, but with my tax bracket it is about the same. I’m looking to start a HYSA and saw Discover had a bonus for depositing $15k and $25k. If you want the sign-up bonus, then go for it. Marcus is often among the top rates at online banks, but it has a relatively short history compared to Discover, which has been competitive in the game for much longer. Whether you are saving for travel or other short term goals (like a house downpayment), or just need to generally interact with your balance more often, Ally is definitely is the better and more user-friendly option. Ally vs. 2020-11-11T15:12:00Z The letter F. An envelope. Capital one’s new HYSA is pretty good too. I'd say go with Discover or Ally, a quarter of a percent of interest isn't going to matter much if you typically use your savings for an emergency fund and not stockpiling it year after year. Varo Bank has free online banking, high-yield savings, free ATM network and a full suite of budgeting tools. CIT has a lot of complexity from what I've read - account minimums, it may have a crappy website and terrible customer service (I haven't used it myself). I've thought about opening one there. I like to think of it this way. Discover Savings Account Review: Limitations. So the highest right now might not be the highest forever. Online access lets you log in anytime to check balances, transfer money, pay bills and more. Usually slightly higher than the rest. I've slowly stopped using any Discover service ever since they axed their CC benefits and rewards. Ally vs. Marcus vs. Wealthfront: How 3 of the most popular high-yield savings accounts stack up. Saving I was wondering if anyone here has had experience with more than one of the above listed banks, or any other banks offering competitive interest rates … Hi! You could also go with the one that have the best bonus for opening an account. For me, I use CIT as a long-term, "don't touch it" savings account (emergency fund + monthly long-term savings contributions) and Ally as a joint account to save for short-term travel goals. Although Discover Bank’s savings rates aren’t quite as high as some others we review here, it could be your best option if you want to tie your high-yield online savings account to a rewards checking account with access to a large national ATM network. I believe Ally has raised their savings rate at least once in the past 6 months. Discover Bank is a solid online bank with high APY rates and good customer service. The money is fdic insured in either account. Ally's fees are cheaper, although Ally charges for a returned deposit item, whereas Discover doesn't. AMEX also has pretty screamin’ APYs on their HYSA. The few times I've had to contact Discover I've always been blown away by their customer service. The first step is entering your personal information. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. You can trade stocks with Ally Invest though money doesn't transfer back and forth instantly. Ally Bank — 0.60% APY. Rates adjust slower, but still competitive. Discover Bank, on the other hand, offers a 1% Cashback Checking Account in addition to their High-Yield Savings Account and allows free instantaneous transfers between both accounts and unlimited free transfers to any external accounts linked through Discover's online dashboard. As for Ally, the website and experience is far better and transactions occur faster. Marcus is often among the top rates at online banks, but it has a relatively short history compared to Discover, which has been competitive in the game for much longer. First, the … What are the benefits of using a tax exempt savings account like this versus Ally or Marcus? I know Popular Direct seemed like they had the best rates - no checking or atm cards, but 2.35% in the savings account, and cd rates similar or better (for 5 years) than ally. Discover Bank vs Wells Fargo. Read our comparison chart below. CDs vs Savings Accounts. I like Ally's Bill Pay and really easy transfers between accounts from another bank. Ally Bank vs Discover Bank; TD Bank vs Ally Bank; Bottom Line. CDs vs Savings Accounts. High(ish) interest savings, and checking, and atm card. States Where The Citi High-Yield Savings Account Is Available Ally Savings (2%) and Ally 1 year CD (2.75%). Any thoughts on why I shouldn’t do this instead of Ally or Marcus? Discover Bank is an online bank with great savings and CD rates, an extensive network of free ATMs, and a free checking account that pays rewards. Fast to do it but each time you get a letter package sent welcoming you lol. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. Rates adjust moderately fast. When we followed up they asked for the promotion code. Keep in mind these rates move as the federal interest rate moves. Discover Bank offers some of the highest interest rates on the market. My point, it is not a lot of money. I was wondering if anyone here has had experience with more than one of the above listed banks, or any other banks offering competitive interest rates on high-yield savings accounts. Looking to transfer my savings from BOA to an online savings, estimated around 10k, and I start a new job Monday as well. Opening an account is easy with either bank - Discover Bank and Ally Bank allow you to open an account with a $0 minimum deposit and no monthly balance or hidden fees to worry about.In terms of interest rates for online saving accounts, Ally Ba… I have a credit card with Discover and their customer service is exceptional so I chose them because .15% isn't a huge loss for me. currently you can use bonus code "MG20" to get $150 or $200 bonus for depositing 15k or 25k, New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I recently tried CIT Bank and was very disappointed with their poor customer service, long hold times on the phone, slow transfers, etc. Not FDIC insured but I'm not concerned with Vanguard vanishing; they are pretty big. Visit Website. Other than that, the rate is the same currently between the two. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. I like the Discover account, but if you don't get the bonus, you might make more money with Citi's account and it's higher interest rate (2.36% vs 2.1%). Discover Bank vs. You earn 1% … Both Discover and Ally are customer-friendly when it comes to fees. CDs go up to 10-year terms and have a minimum deposit of $2,500. The bank also has some of the best savings rates on the market. How does it compare to Wells Fargo? My wife and I saw this last year and deposited 25k and they didn’t apply bonus. No min balance required. it allowed me to link a business checking account that didn't have my name in it, whereas Discover limits you to accounts that only have your name in it. But I didn't think the bump in 0.15% interest on my smaller emergency fund was the worth the "3 day transfer time" hassle. Right now, you can earn 0.50% APY. CIT Bank has the highest rate, but I've heard more "buzz" about Marcus by Goldman Sachs and Ally Bank. Ally Bank (FDIC #57803) is the online bank I use (I consider them the best online bank, which is why I use them) and I've been a fan of theirs for years. It has the largest mobile and ACH transfer limit. I would advise focusing on the experience of using them because when you need your emergency fund, you need it now. Their account has no minimum balance requirements, and no fees! Ally’s checking account earns interest at competitive rates, while Discover’s checking account is pretty unique in that it earns cashback rewards. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. It has some other policies like I think you aren't allowed to remove your money in the first 2 months? Website is easy to navigate. It just depends on what is most important to you and your savings goals. If it's to close to call, think about ease of use. I was reading about their savings yesterday and it seemed to not have a downside as there is no fee. Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards. Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days ; Access to 16,000 Chase ATMs and nearly 4,900 branches Link this account to your Chase checking account for Overdraft Protection. I transferred my money out of their within one week to Ally Bank and that external transfer went very quickly.
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