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Best checking/savings account?

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  • Best checking/savings account?

    I currently have my checking and savings accounts with Wells Fargo but the interest rate is horrible. I am looking to setup an additional bank with higher rates. I'm thinking of an online bank to achieve this and keep the bulk of my money, but still keep WF open to pay some of the bills and for any in person stuff.

    That being said, what are some of the best checking & savings accounts with the highest yields? I currently just moved to Michigan if that affects anything.

  • #2
    I also bank with Wells Fargo, and we dropped the savings account a few years ago in favor of Synchrony Bank. Their saving account gets 1.05% APY and I can send money between accounts that post in 1-2 business days. I haven't regretted the switch.

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    • #3
      People seem to like Ally's savings at 1%...that's what WCI uses.  Savings are basically just for emergency cash, though.

      My checking is with USAA, love it, no problems, plus my CC, 529, and IRAs are with them, as are all my insurances and mortgage, so it all plays nicely together.  I'm not sure its checking is any better than anyone else's, though.

       

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      • #4
        I use Ally as well. 1% savings, no fees, no minimums. Debit card can be used pretty much anywhere and they reimburse the ATM fees (up to 6 transactions a month I believe, I don't use ATM that much). I kept my WF for checking, cash deposit ability, and safe deposit box.

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        • #5
          +1 for Ally Bank. Love it

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          • #6
            I have my emergency fund in a High-yield Savings Account with Synchrony Bank (formerly GE Capital). They pay 1.05% APY and also have these additional benefits. https://www.synchronybank.com/banking/why-us/loyalty/

             

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            • #7
              Another vote for Ally.  I ditched BoA for Ally.  No regrets.

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              • #8
                Ally is the place to go. Good rates, good online interface. Free ATMs (even the ones with really expensive withdrawal fees like in Vegas).

                When we switched 100% to Ally ~5 years ago I was worried that something might come up that would make me regret not being able to walk into a brick-and-mortar bank, but it never has.

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                • #9
                  Capital One 360 savings allows you to easily partition your savings account into mini "named" accounts (ie emergency fund, saving for a car in cash, house dp). psychologically i think that's helped my wife quite a bit instead of easily floating some savings to cover a cc bill or to have a better appreciation for where we are at with our goals

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                  • #10
                    Charles Schwab checking

                    Ally savings

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                    • #11
                      Check out MagnifyMoney.com

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                      • #12
                        +3 to Ally. I have local Wells Fargo accounts; I live 3 blocks away and it's convenient, but I only keep about $1,000 to $1,500 with WF.

                        I keep about 10x that with Ally for the 1% interest, free checks, and easy online bill pay.

                         

                        -PoF

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                        • #13
                          I have multiple accounts in multiple places for multiple purposes.

                          I keep more cash available than is generally advised, including CDs and checking account at local bank where I have personal and business accounts and am treated with excellent, personal service. If I have a question, issue, or request, it is handled by a person who knows me and whom I know and like.

                          I do have large stash also at Ally (savings) and Capital One 360 (savings), the latter linked to my children's debit card (Capital One "Money Card"). They have an excellent program, oriented to teens, to allow parents to conveniently monitor kids' spending and move money in and out of their accounts.

                          Oops, I almost forgot that I keep $10k each at Fidelity and Vanguard in the money market, money to use to buy on dips.

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                          • #14
                            How are Synchrony's fees? Also, how are the reward tiers set up? Must you meet both the dollar amount and the minimum tenure for basic silver and gold levels but either one for platinum and diamond? All help is appreciated.

                             

                            https://www.synchronybank.com/banking/why-us/loyalty/

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                            • #15
                              Another vote for Ally.  I also have six temporary brick-and-mortar bank accounts set up for bonus chasing.

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