Any recommendations for a new grad to use as a savings account? There are so many options now, but interest rates are still abysmally low.
All 3 of mine have online savings accounts at Ally bank.
Fidelity or Charles Schwab. No fees, reimburse all ATM charges worldwide.
I have Ally. Love it.
My kids have accounts at Schwab. There is a bricks and mortar branch in Honolulu as well as near where each of them live. Love reimbursed ATM for them and no foreign transaction fees.
^^ditto. Charles Schwab for my kids
Our kids have Schwab accounts for the reasons others have stated.
I’d like to add that the service we have received over the years has been outstanding. Our particular brick and mortar branch has extremely smart and helpful people. They were especially knowledgeable and patient when my husband was trying to get our respective parents’ finances in order.
Do your kids actually use the brick and mortar place?
I haven’t been in a bank in years. 5 years at least.
Ally pays 1.35% on a regular savings account. My kids also have a checking and savings at Wells Fargo which pays basically nothing. Same with the savings account my S has at a credit union. It is easy to move money and out of Ally, though all three of my kids use Ally as a place to put money they won’t be needing.
What percent does Schwab pay on a savings?
@romanigypsyeyes - one of my kids uses the brick and mortar bank. She was the last of my kids to finally move her money to a online savings. When she puts money in her Scottrade account she walks in a check. Her siblings think she is crazy.
@mom60 Not crazy but definitely an outlier haha. We just deposit any checks via mobile apps. I guess if we regularly dealt with cash, that would be one thing, but we all pay with cards. I despise carrying cash. If we have to pay each other (like for dinner or something), we just use venmo or apple pay or whatever.
I like ally especially because it’s out of sight out of mind so I use it for savings… but can get money in a pinch if I need to.
I like going to the bank sometimes. They have lollipops every day and cookies on Fridays. They have a box to take documents you want to shred, and a coin counter that is free.
Take a look at Discover Bank, banking affiliate of the Discover Card.