Alternatives to Ally for online savings account

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promethean-in-fla
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Alternatives to Ally for online savings account

Post by promethean-in-fla »

I've been satisfied with Ally for an FDIC-guaranteed online savings account. The rate is competitive, the website serves me well, and they allow account ownership by my revocable living trust. However, I need to invest more cash than the FDIC insurance coverage limit.

What other FDIC-guaranteed online savings accounts meet all three of the above reasons I'm satisfied with Ally -- good rate, good website, and account ownership by a revocable living trust? I think most do not allow ownership by a revocable living trust, but I only need one more.
aristotelian
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Re: Alternatives to Ally for online savings account

Post by aristotelian »

I've been happy with Marcus (Goldman Sachs). They are currently running a $100 bonus for $10k+ deposit plus 0.5% yield.
https://www.marcus.com/us/en/savings/osa-savingsbonus
calwatch
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Re: Alternatives to Ally for online savings account

Post by calwatch »

Alliant, although insured by the NCUA (the FDIC equivalent for credit unions), offers trust accounts and has a consistently good rate, which is currently higher than Ally: https://www.alliantcreditunion.org/inve ... t#features
OhioGozaimas
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Re: Alternatives to Ally for online savings account

Post by OhioGozaimas »

American Express National Bank recently raised their rate back up to 0.50%. AmEx Bank makes it easy to convert an account to RLT ownership on-line.

https://www.americanexpress.com/en-us/b ... d-savings/

(FYI, Marcus is often mentioned on BH as an ALLY alternative, but they don’t offer trust accounts.)
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Topic Author
promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

aristotelian wrote: Wed Jan 26, 2022 10:23 am I've been happy with Marcus (Goldman Sachs). They are currently running a $100 bonus for $10k+ deposit plus 0.5% yield.
https://www.marcus.com/us/en/savings/osa-savingsbonus
I checked them before posting. Unfortunately, according to the FAQ on their website, they do not allow ownership by a revocable living trust.
professor_americus
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Re: Alternatives to Ally for online savings account

Post by professor_americus »

Depending on structure of trust and number of beneficiaries, you might have more FDIC insurance than you think offhand. I was not aware of some of the nuances of FDIC coverage limits until recently. Just FYI in case new information for you.

https://www.fdic.gov/deposit/diguideban ... ocable.pdf
krappei
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Re: Alternatives to Ally for online savings account

Post by krappei »

calwatch wrote: Wed Jan 26, 2022 10:29 am Alliant, although insured by the NCUA (the FDIC equivalent for credit unions), offers trust accounts and has a consistently good rate, which is currently higher than Ally: https://www.alliantcreditunion.org/inve ... t#features
2nd this
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

OhioGozaimas wrote: Wed Jan 26, 2022 10:30 am American Express National Bank recently raised their rate back up to 0.50%. AmEx Bank makes it easy to convert an account to RLT ownership on-line.

https://www.americanexpress.com/en-us/b ... d-savings/

(FYI, Marcus is often mentioned on BH as an ALLY alternative, but they don’t offer trust accounts.)
Interesting. The after account opening name change almost looks like a software work-around. I found this list of requirements pertaining to doing a name change.

https://www.americanexpress.com/en-us/b ... onditions/
CuriousJoe
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Re: Alternatives to Ally for online savings account

Post by CuriousJoe »

Capital One 360 offers competitive rates too
Topic Author
promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

professor_americus wrote: Wed Jan 26, 2022 10:41 am Depending on structure of trust and number of beneficiaries, you might have more FDIC insurance than you think offhand. I was not aware of some of the nuances of FDIC coverage limits until recently. Just FYI in case new information for you.

https://www.fdic.gov/deposit/diguideban ... ocable.pdf
Thank you for posting this. Either I never knew it or I knew it a decade ago when I set up my living trust and forgot it. It does look vaguely familiar now that I read it.

Not sure I want full FDIC coverage of a balance dependent on a beneficiary list that is subject to change, but based on the current beneficiary list these FDIC rules do give me some breathing room to look for an institution to add to Ally for investment of cash with the principal guaranteed. It appears NCUA has similar rules for insurance coverage for accounts at credit unions.

They both have calculators for insurance coverage that handles revocable living trusts.

FDIC:

https://edie.fdic.gov/calculator.html

NCUA:

https://www.mycreditunion.gov/share-ins ... mator-home
Lastrun
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Re: Alternatives to Ally for online savings account

Post by Lastrun »

CuriousJoe wrote: Wed Jan 26, 2022 2:30 pm Capital One 360 offers competitive rates too
I have my accounts at Ally now, but was previously with Capital One. I had a good experience there and they have a good integrated savings and checking structure. Rates, while not at the top, were very competitive.

If it is just savings, I had accounts at Marcus and they were fine. I only left there for simplicity. When rates are good they tend to be a little higher than Ally.
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

CuriousJoe wrote: Wed Jan 26, 2022 2:30 pm Capital One 360 offers competitive rates too
I had them for years (in fact, starting back when it was ING Direct USA before Capital One acquired the bank) and dropped them after I discovered Ally and the post-Capital One acquisition bank kept lagging the rates at Ally a bit. I haven't followed their rates in more recent years.
Parkinglotracer
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Re: Alternatives to Ally for online savings account

Post by Parkinglotracer »

T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
calwatch
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Re: Alternatives to Ally for online savings account

Post by calwatch »

Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
T-Mobile doesn't do Payable on Death accounts, let alone anything complicated like entity accounts.
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anon_investor
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Re: Alternatives to Ally for online savings account

Post by anon_investor »

promethean-in-fla wrote: Wed Jan 26, 2022 9:58 am I've been satisfied with Ally for an FDIC-guaranteed online savings account. The rate is competitive, the website serves me well, and they allow account ownership by my revocable living trust. However, I need to invest more cash than the FDIC insurance coverage limit.

What other FDIC-guaranteed online savings accounts meet all three of the above reasons I'm satisfied with Ally -- good rate, good website, and account ownership by a revocable living trust? I think most do not allow ownership by a revocable living trust, but I only need one more.
Dunno if Discover does revocable living trusts but they have 0.5% APY now.
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3CheersforLkyJack
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Re: Alternatives to Ally for online savings account

Post by 3CheersforLkyJack »

Marcus does not allow revocable trust accounts. Found this out last year.
Parkinglotracer
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Re: Alternatives to Ally for online savings account

Post by Parkinglotracer »

calwatch wrote: Wed Jan 26, 2022 3:42 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
T-Mobile doesn't do Payable on Death accounts, let alone anything complicated like entity accounts.
Thank you
calwatch
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Re: Alternatives to Ally for online savings account

Post by calwatch »

anon_investor wrote: Wed Jan 26, 2022 3:48 pm
Dunno if Discover does revocable living trusts but they have 0.5% APY now.
Only for the money market account, which pays 0.05% less for high balance amounts, not online savings. https://www.discover.com/content/dam/df ... ustApp.pdf
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ApeAttack
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Re: Alternatives to Ally for online savings account

Post by ApeAttack »

Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Interesting. I use Ally simply to store part of my emergency fund and to occasionally transfer money to/from banks where I have direct deposit set up (I don't have direct deposit with Ally). The current interest rate is 0.5% at Ally.

From reading T Mobile's FAQ page, it seems like I can use T Mobile checking in a similar manner and get 1% APY.

https://www.t-mobilemoney.com/en/faq.html

Any catches I'm not seeing?
May all your index funds gain +0.5% today.
chw
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Re: Alternatives to Ally for online savings account

Post by chw »

Synchrony Bank has a pretty easy setup for Trust accounts with decent rates.
Nicolas
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Re: Alternatives to Ally for online savings account

Post by Nicolas »

I’ve used Synchrony bank for the last six years with three accounts and have had zero problems. I haven’t used a trust account though, only two individuals and one joint.
Galt guy
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Re: Alternatives to Ally for online savings account

Post by Galt guy »

ApeAttack wrote: Wed Jan 26, 2022 8:45 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Interesting. I use Ally simply to store part of my emergency fund and to occasionally transfer money to/from banks where I have direct deposit set up (I don't have direct deposit with Ally). The current interest rate is 0.5% at Ally.

From reading T Mobile's FAQ page, it seems like I can use T Mobile checking in a similar manner and get 1% APY.

https://www.t-mobilemoney.com/en/faq.html

Any catches I'm not seeing?
I haven’t found any, but there’s a low limit in how much you can move out in a day through ACH. Have been with them since it started, but I use it as a savings account. I make 10 small purchases during the month to get 4% on the first $3k, but I’m a T-Mo cell customer. The app is easy to use, and I keep my debit card disabled unless I’m making a purchase to reduce the risk of fraudulent purchases. The one drawback is it’s only for an individual, and I can’t add my spouse as a joint owner. I used to keep cash at Ally, but Ally is only paying half the rate, so …
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ApeAttack
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Re: Alternatives to Ally for online savings account

Post by ApeAttack »

Galt guy wrote: Wed Jan 26, 2022 11:38 pm
ApeAttack wrote: Wed Jan 26, 2022 8:45 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Interesting. I use Ally simply to store part of my emergency fund and to occasionally transfer money to/from banks where I have direct deposit set up (I don't have direct deposit with Ally). The current interest rate is 0.5% at Ally.

From reading T Mobile's FAQ page, it seems like I can use T Mobile checking in a similar manner and get 1% APY.

https://www.t-mobilemoney.com/en/faq.html

Any catches I'm not seeing?
I haven’t found any, but there’s a low limit in how much you can move out in a day through ACH. Have been with them since it started, but I use it as a savings account. I make 10 small purchases during the month to get 4% on the first $3k, but I’m a T-Mo cell customer. The app is easy to use, and I keep my debit card disabled unless I’m making a purchase to reduce the risk of fraudulent purchases. The one drawback is it’s only for an individual, and I can’t add my spouse as a joint owner. I used to keep cash at Ally, but Ally is only paying half the rate, so …
Thanks for the info. From their FAQ page it sounds like everything has to been done through an app (on a phone or tablet) rather than a browser (on a computer). Is that correct?
May all your index funds gain +0.5% today.
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

ApeAttack wrote: Wed Jan 26, 2022 8:45 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Interesting. I use Ally simply to store part of my emergency fund and to occasionally transfer money to/from banks where I have direct deposit set up (I don't have direct deposit with Ally). The current interest rate is 0.5% at Ally.

From reading T Mobile's FAQ page, it seems like I can use T Mobile checking in a similar manner and get 1% APY.

https://www.t-mobilemoney.com/en/faq.html

Any catches I'm not seeing?
I don't know if you would call it a catch, but I wonder how long they will be offering a rate so far above their competitors. Sounds like something unsustainable being subsidized short term for marketing purposes.
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

chw wrote: Wed Jan 26, 2022 8:52 pm Synchrony Bank has a pretty easy setup for Trust accounts with decent rates.
I looked through their trust account application, which looks thorough and well thought out while not requiring that I disclose the whole trust document to them, which I don't like doing.
feh
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Re: Alternatives to Ally for online savings account

Post by feh »

Our second savings account (after Ally) is at Synchrony.
jebmke
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Re: Alternatives to Ally for online savings account

Post by jebmke »

Been using AMEX for years. Fairly simple but I’ve always had ACH transfers execute in <= 1 business day. I mainly use it now to store my estimated tax payments for the upcoming year.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Parkinglotracer
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Re: Alternatives to Ally for online savings account

Post by Parkinglotracer »

Galt guy wrote: Wed Jan 26, 2022 11:38 pm
ApeAttack wrote: Wed Jan 26, 2022 8:45 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Interesting. I use Ally simply to store part of my emergency fund and to occasionally transfer money to/from banks where I have direct deposit set up (I don't have direct deposit with Ally). The current interest rate is 0.5% at Ally.

From reading T Mobile's FAQ page, it seems like I can use T Mobile checking in a similar manner and get 1% APY.

https://www.t-mobilemoney.com/en/faq.html

Any catches I'm not seeing?
I haven’t found any, but there’s a low limit in how much you can move out in a day through ACH. Have been with them since it started, but I use it as a savings account. I make 10 small purchases during the month to get 4% on the first $3k, but I’m a T-Mo cell customer. The app is easy to use, and I keep my debit card disabled unless I’m making a purchase to reduce the risk of fraudulent purchases. The one drawback is it’s only for an individual, and I can’t add my spouse as a joint owner. I used to keep cash at Ally, but Ally is only paying half the rate, so …
I just saw here on BH the fdic insurance t Mobile provides is thru another bank. I don’t know if that arrangement adds risk or not. I still have my X years of emergency cash there.
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martincmartin
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Re: Alternatives to Ally for online savings account

Post by martincmartin »

When I looked into bank accounts with a high APR, Nerd Wallet had a good article on it. But I noticed that some of them were "teaser" rates that might not be competitive in a years time, or 5 years time. As I didn't want to keep switching bank accounts every few years, I looked for one that had historically high APR. I decided to go with Vio Bank: https://www.viobank.com/online-savings-account

However, I never actually created an account there, as I decided to invest the money instead. So I don't have any actual experience with Vio. Still, thought I'd bring it to your attention.
evelynmanley
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Re: Alternatives to Ally for online savings account

Post by evelynmanley »

Not sure about Discover Bank and revocable trusts, but Discover savings accounts are now at .5% rate and are offering a $150-$200 bonus on new savings accounts:

https://www.depositaccounts.com/banks/d ... nk/offers/

I see a form for "Trust Application Kit" on their website:
https://www.discover.com/online-banking/forms-docs/

I left Ally recently (because they would not/could not set up 2FA security code for my account and their reps and tech team were useless) and transferred funds to Discover Bank savings account, .5% rate and $200 bonus (deposited within 3 days of opening my account). I much prefer their customer service to Ally, as well as the web interface. The only drawback compared to Ally is that Discover takes 3 days for ACH transfer, whereas Ally was always 1-day ACH transfer.
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

martincmartin wrote: Thu Jan 27, 2022 8:02 am When I looked into bank accounts with a high APR, Nerd Wallet had a good article on it. But I noticed that some of them were "teaser" rates that might not be competitive in a years time, or 5 years time. As I didn't want to keep switching bank accounts every few years, I looked for one that had historically high APR. I decided to go with Vio Bank: https://www.viobank.com/online-savings-account

However, I never actually created an account there, as I decided to invest the money instead. So I don't have any actual experience with Vio. Still, thought I'd bring it to your attention.
The information on this website does confirm a history of high rates on their High Yield Online Savings Account. Unfortunately, they don't allow account ownership by a revocable living trust. Their customer service personnel just confirmed that after I saw it on their website while on hold for them. You can make the trust a beneficiary payable on death, but the trust cannot own the account so the trustee provisions of my revocable living trust would not determine who controlled the account.

https://www.depositaccounts.com/banks/vio-bank.html
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

evelynmanley wrote: Thu Jan 27, 2022 8:19 am Not sure about Discover Bank and revocable trusts, but Discover savings accounts are now at .5% rate and are offering a $150-$200 bonus on new savings accounts:

https://www.depositaccounts.com/banks/d ... nk/offers/

I see a form for "Trust Application Kit" on their website:
https://www.discover.com/online-banking/forms-docs/

I left Ally recently (because they would not/could not set up 2FA security code for my account and their reps and tech team were useless) and transferred funds to Discover Bank savings account, .5% rate and $200 bonus (deposited within 3 days of opening my account). I much prefer their customer service to Ally, as well as the web interface. The only drawback compared to Ally is that Discover takes 3 days for ACH transfer, whereas Ally was always 1-day ACH transfer.
They are on par with Ally and some other options at the moment at 0.5% annual yield on their online savings account, but looking at their history it appears they have lagged Ally a bit, enough to offset the $200 bonus in about ten months on a $250k balance.
chw
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Re: Alternatives to Ally for online savings account

Post by chw »

promethean-in-fla wrote: Thu Jan 27, 2022 6:37 am
chw wrote: Wed Jan 26, 2022 8:52 pm Synchrony Bank has a pretty easy setup for Trust accounts with decent rates.
I looked through their trust account application, which looks thorough and well thought out while not requiring that I disclose the whole trust document to them, which I don't like doing.
I opened our Trust account at Synchrony a few years ago. If I recall, it was a pretty easy and seamless transaction to get the account opened and funded. It was by far the easiest account opening for a Trust that I encountered. I use Synchrony as a backup to Ally due to FDIC coverage limits for a family portfolio of assets.

I would also add that Synchrony Bank also offers 2FA for their accounts, which I always use with our financial accounts.
ridebikeseveryday
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Re: Alternatives to Ally for online savings account

Post by ridebikeseveryday »

promethean-in-fla wrote: Wed Jan 26, 2022 9:58 am I've been satisfied with Ally for an FDIC-guaranteed online savings account. The rate is competitive, the website serves me well, and they allow account ownership by my revocable living trust. However, I need to invest more cash than the FDIC insurance coverage limit.

What other FDIC-guaranteed online savings accounts meet all three of the above reasons I'm satisfied with Ally -- good rate, good website, and account ownership by a revocable living trust? I think most do not allow ownership by a revocable living trust, but I only need one more.
Have you looked at their "how to increase FDIC limits" page? Looks like if you add some beneficiaries to your revocable trust you'll increase coverage:

https://www.ally.com/bank/fdic/
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

ridebikeseveryday wrote: Thu Jan 27, 2022 11:27 am
promethean-in-fla wrote: Wed Jan 26, 2022 9:58 am I've been satisfied with Ally for an FDIC-guaranteed online savings account. The rate is competitive, the website serves me well, and they allow account ownership by my revocable living trust. However, I need to invest more cash than the FDIC insurance coverage limit.

What other FDIC-guaranteed online savings accounts meet all three of the above reasons I'm satisfied with Ally -- good rate, good website, and account ownership by a revocable living trust? I think most do not allow ownership by a revocable living trust, but I only need one more.
Have you looked at their "how to increase FDIC limits" page? Looks like if you add some beneficiaries to your revocable trust you'll increase coverage:

https://www.ally.com/bank/fdic/
Thanks. The FDIC (banks) and NCUA (credit unions) rules for insurance coverage of trusts were addressed in comments above that follow my original post.
FedGuy
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Re: Alternatives to Ally for online savings account

Post by FedGuy »

evelynmanley wrote: Thu Jan 27, 2022 8:19 amI left Ally recently (because they would not/could not set up 2FA security code for my account and their reps and tech team were useless) and transferred funds to Discover Bank savings account,
Does Discover have 2FA? If so, is it the full-fledged version with the 60 second code you get via app, or the half-[expletive deleted] SMS version?
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dual
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Re: Alternatives to Ally for online savings account

Post by dual »

Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Can anyone provide a TLDR list of the requirements to receive the 1%. Reading through the website it looks like you have to make 10 transactions a month. Is that correct? Are there limits on the maximum balance?
evelynmanley
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Re: Alternatives to Ally for online savings account

Post by evelynmanley »

FedGuy wrote: Thu Jan 27, 2022 8:50 pm
evelynmanley wrote: Thu Jan 27, 2022 8:19 amI left Ally recently (because they would not/could not set up 2FA security code for my account and their reps and tech team were useless) and transferred funds to Discover Bank savings account,
Does Discover have 2FA? If so, is it the full-fledged version with the 60 second code you get via app, or the half-[expletive deleted] SMS version?
Discover Bank savings account has 2FA. The options for receipt of code are text or phone.

In order to keep receiving the 2FA consistently, the customer has to check the "yes" option each time:

Would you like us to remember this computer?
Yes. This is my personal computer.
No. This is a public or shared computer.

This option is what Ally reps and tech team could never get to work on my Ally account, so I never got a security code, even if I logged in from a different device or location. So that's why I transferred to Discover, since they offered the same interest rate and also offered the bonus.
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dual
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Post by dual »

dual wrote: Thu Jan 27, 2022 9:56 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Can anyone provide a TLDR list of the requirements to receive the 1%. Reading through the website it looks like you have to make 10 transactions a month. Is that correct? Are there limits on the maximum balance?
I found this after search. Too many conditions for me.

Earn a High Rate (When Conditions Are Met)
Interest checking isn’t anything new. But if you shop around, you’ll find that many banks offer pitiful rates on these types of accounts.

One standout feature of the T-Mobile MONEY checking account is the ability to earn a market-leading interest rate -- that beats many other online checking accounts available nationwide.

Now:
It's possible to earn an even higher interest rate.

The catch:

There are three conditions that must be met.

You have to be a T-Mobile customer with a qualifying wireless plan in the United States.
You have to be depositing at least $200 into your account each month
You have to be registered for the T-Mobile perks program
And, this higher rate only applies to the portion of your balance up to $3,000. The lower interest rate applies to the remaining balance.


While the higher interest rate can help you reach savings goals sooner, these can be limiting conditions.

Ideally, you're already a T-Mobile customer that receives direct deposits of $200 or more per month -- because you're getting the maximum interest earnings from this account.
https://www.mybanktracker.com/checking ... ew-299274
FedGuy
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Re: Alternatives to Ally for online savings account

Post by FedGuy »

Thanks, evelynmanley!
calwatch
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Re: Alternatives to Ally for online savings account

Post by calwatch »

This is incorrect. There are no requirements to receive the basic 1%. The requirements are if you want to receive the 4% interest, up to $3,000 (and it has changed from direct deposit to ten debit transactions by the last business day of the month).
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

Concerning Alliant, I would rather not have to deal with a daily limit as low as $25k on ACH transfers. I link below to the Alliant website entry about this. A write-up on depositaccounts.com posted in 2015 says they lowered the daily inbound transfer limit to $25k from $100k.

https://www.alliantcreditunion.org/help ... or-per-day
richard.h.gao
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Re: Alternatives to Ally for online savings account

Post by richard.h.gao »

dual wrote: Thu Jan 27, 2022 9:56 pm
Parkinglotracer wrote: Wed Jan 26, 2022 3:36 pm T Mobile checking is paying 1% fdic insured

You don’t need to have t Mobile as a cell provider but if you do you get more.
Can anyone provide a TLDR list of the requirements to receive the 1%. Reading through the website it looks like you have to make 10 transactions a month. Is that correct? Are there limits on the maximum balance?
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William Million
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Re: Alternatives to Ally for online savings account

Post by William Million »

I like American Express Bank and Live Oak Bank. I do not like Marcus as they do not allow trusts and block account when you're abroad.
400bicycle
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Re: Alternatives to Ally for online savings account

Post by 400bicycle »

Can anyone share alternatives that allow free outgoing ACH to accounts belonging to a third party? Or free wires? My one complaint about Ally is that I cannot initiate outgoing ACH to third party accounts, I must send a wire, which costs $20.
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promethean-in-fla
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Re: Alternatives to Ally for online savings account

Post by promethean-in-fla »

I decided on Synchrony and have finished establishing and funding the account. Part way through that process, I did stop to evaluate their limits on ACH transactions, which I had not considered. Their ACH transaction size limits depend on age of the account and balance. The initial outgoing limit is lower than I would like, but I decided I could live with it until in 90 days the limit increases to a level high enough for me based on my balance. After 90 days, the outgoing ACH limit is $25k daily for an account with a balance below $100k and $100k daily for an account with a balance of $100k or more.

I considered Alliant for awhile since they were offering a slightly higher APY currently, but looking at their APY history versus Synchrony it appeared Synchrony had a slight advantage.
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