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Old 12-24-2015, 02:05 PM
 
Location: Charleston, SC
1,362 posts, read 765,884 times
Reputation: 2428

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One of my goals for 2016 is to setup a place to park the money above what's needed on a monthly basis. The local TD Bank pays about 0.01% (hardly worth the time to calculate). Looking to sweep the excess into an Ally or a Discover Bank which pays about 0.1% (10 times the national average -- WOO-HOO !!!). I'd keep enough at TD to meet the minimum balance reqts......but move the extra to the On-Line Bank.

I don't need a Phone App and ATM Fees would be a non-issue. Looks like Online Savings pays a bit more than Online Checking, which is fine with us.

I'm reading where Ally just added a bunch of Fees, and where Capital One 360 has poor Customer Service. Anybody have any experience with the other providers ??

Last edited by FiveLoaves; 12-24-2015 at 02:25 PM..
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Old 12-24-2015, 06:08 PM
 
10,812 posts, read 8,058,272 times
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Why is this a retirement post? Is there any checking and/or savings account that pays differently to retirees than to others?

That said, our American Express online savings/checking account pays .9%.
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Old 12-25-2015, 05:37 AM
 
Location: Central Massachusetts
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I think it is because we are active but.... this should be moved to personal finances.
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Old 12-25-2015, 08:07 AM
 
Location: Charleston, SC
1,362 posts, read 765,884 times
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I posted here because of the wide range of knowledge on this forum. I'm interested in setting up a "parking spot" for my RMD's which will be starting soon.
"If we have offended, think of this and all is mended"

I'll check into the AmEx Savings account but I seem to recall there are some fees attached.
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Old 12-25-2015, 08:14 AM
 
1,226 posts, read 1,258,991 times
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CIT bank usually has better rates than Discover. You can check bankrate.com for current rate information on various types of accounts.
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Old 12-25-2015, 08:45 AM
 
Location: Austin, TX
16,721 posts, read 40,978,113 times
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I have had great service from Ally Bank, they pay 0.6% on checking with minimum balance of $15k, or 0.85% on a Money Market account, which allows a limit of 6 checks each month with no penalty.

But for 1.5% interest on a checking account, up to $15K, look into https://www.independent-bank.com/per...-checking.html There are some requirements you have to meet such as using your debit card 12 times each month, but that's not too difficult to do.
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Old 12-26-2015, 07:19 AM
 
1,436 posts, read 721,064 times
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Also look at Barclays U.S. - they pay 1% on savings balance (no minimum to open last I checked) and they have not played the teaser game of giving a higher rate to open then lowering it after 90 days, etc.

I've been with them over 2 yrs now and have gotten a steady 1% the whole time - also, online transfers are quick and seamless. I've called once or twice with a question and they were very professional & knowledgeable about their products & terms.

They also have some good CD rates.
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Old 12-26-2015, 07:21 AM
bUU
 
Location: Georgia
11,881 posts, read 8,657,053 times
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Quote:
Originally Posted by golfingduo View Post
I think it is because we are active but.... this should be moved to personal finances.
Or better yet, folks referred to a recent thread there that discussed this topic: LINK
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Old 12-26-2015, 08:48 AM
 
Location: Charleston, SC
1,362 posts, read 765,884 times
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Hey thanks for the link to that other thread.....there is some great info on there.

Seems like other retirees were looking for the same things I was looking for, most likely for the same reasons.
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Old 12-28-2015, 02:14 PM
 
1,075 posts, read 1,117,388 times
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I have two, one at Sallie Mae Bank and one at GE Capital Savings Bank. I found them both on bankrate.com.
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