Anyone use an Online Savings Account? Which is the best?

[Cowboy Brian]

With major banks offering joke rates for interest, I have moved most of my savings to an online bank account from Synchrony, which offers 1.85% APR and seems to be tied with Marcus (GSBank), Ally, and Barlcays for the highest rate. Does a solid job of adding some interest / ROI to the $150 of each check I set aside for cash savings.

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

 

[YosemiteSam]

Savings of Sam has the best rates. If you would like to use them, I can send you the deposit Paypal account for their services.

 

[Ranched]

With major banks offering joke rates for interest, I have moved most of my savings to an online bank account from Synchrony, which offers 1.85% APR and seems to be tied with Marcus (GSBank), Ally, and Barlcays for the highest rate. Does a solid job of adding some interest / ROI to the $150 of each check I set aside for cash savings.

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

https://us.cibc.com/en/personal/sav...B&gclsrc=aw.ds&dclid=CL3U89X4st0CFckbDAodfGIP

 

[Cowboy Brian]

https://us.cibc.com/en/personal/sav...B&gclsrc=aw.ds&dclid=CL3U89X4st0CFckbDAodfGIP

Wow. Seems too good to be true.

 

[lukin2006]

I use Tangerine (Canada) ... no service fees...

I get about 2%

For me, if I can avoid the service fees, I'm quite happy...

 

[Hoofbite]

I'm not sure I see much of a reason to put money into a savings account at one of the various banks. I mean, I guess if you want the ability to draw from it as needed it might be nice, but if that isn't the case you'd be better off with just dumping additional money into your retirement account.

 

[Cowboy Brian]

I'm not sure I see much of a reason to put money into a savings account at one of the various banks. I mean, I guess if you want the ability to draw from it as needed it might be nice, but if that isn't the case you'd be better off with just dumping additional money into your retirement account.

Agreed 100%, but I'm a year and a half into my career, I'm still building up the "emergency cash stash" of 3-6 months of expenses. I likely over contributed to my retirement accounts over the past two years, although being 24 with 55k in my 401k + IRA isn't bad shape to be in. However, in terms of liquidity, I have about ~900 in cash for emergency expenses, looking to increase it to about 8k and trying to find an account with the best APR to stash it.

 

[Ranched]

Agreed 100%, but I'm a year and a half into my career, I'm still building up the "emergency cash stash" of 3-6 months of expenses. I likely over contributed to my retirement accounts over the past two years, although being 24 with 55k in my 401k + IRA isn't bad shape to be in. However, in terms of liquidity, I have about ~900 in cash for emergency expenses, looking to increase it to about 8k and trying to find an account with the best APR to stash it.

Very smart. After you've accomplished your so called emergency cash, then you can start putting monies in stocks, bonds, IRA's....

It's always good to have cash set aside for emergencies so one doesn't get penalized from monies that are "tied up". Banks pay more on CD's than savings accounts as well. Best to call the bank you choose and speak to a consultant. Good luck young man.

 

[Ranched]

With major banks offering joke rates for interest, I have moved most of my savings to an online bank account from Synchrony, which offers 1.85% APR and seems to be tied with Marcus (GSBank), Ally, and Barlcays for the highest rate. Does a solid job of adding some interest / ROI to the $150 of each check I set aside for cash savings.

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

Forgot to tell you about this bank as well. Top rated online bank. With Cit you won't get penalized if you NEED to touch your CD. It offers CD's for one year at great rates.https://www.bankoncit.com/?eventCode=3002

 

[YosemiteSam]

It's always important to have a retirement account, but dumping all your extra money in a retirement account is not a good idea. Especially if you don't already own a home or something like that.

You always could need a large sum of cash in the future, though you should always be saving for retirement too. Saving all your money now for retirement is crazy talk though.

I've always found it's important to enjoy life while saving for retirement. I think most retirement planner will tell you the same thing. Spend some money on yourself and your family to ensure you have an enjoyable life. (just don't spend it all)

The four areas to focus on are:

• Spend on yourself / family to have a decent lifestyle that you can afford
• Save money for emergencies and large purchases
• Save money in a retirement account that you can't use without penalty and also receive interest or growth
• Investments which acts like a mix of saving and retirement.

 

[Rockport]

Just put all your money on @GORICO and his predictions and you'll never have to worry about your savings again.

 

[RustyBourneHorse]

Ally

 

[rags747]

At 24 you can certainly put all of your funds in the equity markets. All of your money needs to be growing...Every single dollar needs to be pulling its own weight, no lazy dollars allowed to just hang out freeloading. No better investment than the stock mkt in the long term which is what you have going for you. Find a top money man that you can trust if you do not have the knowledge yourself. Good luck...

 

[cwbyfn88]

Look into a whole life policy. I had a term life policy and upgraded it to whole life. The first 3-5 years you put into it. It builds cash value. You can then borrow against it and not be set back when you do. Get together with a financial advisor. It's never too early to save for retirement. But like you I don't want my money locked away. I work in a field where my career could end with one injury.