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Bank question?
Old 02-19-2015, 06:00 PM   #1
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Bank question?

I am looking for a bank where I can keep as a cash account that is not part of my main bank that is chase where I have investments at.

Goal is not to have the accounts linked to reduce the risk of someone getting access to my investment accounts and saving accounts.

Also don't want one that has a lot of fees.



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Old 02-19-2015, 06:15 PM   #2
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A local credit union? or cooperative bank? They usually have modest fees.
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Old 02-19-2015, 06:57 PM   #3
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I like https://www.banking.barclaysus.com/index.html for the 1% and https://www.tiaadirect.com/public/banking/ for the pretty darn good rate and better phone service. Barclays only allows 3 linked accounts, TIAA allows 5 or maybe more. TIAA also does comparatively cheap wire transfers ($20). You don't want linked accounts, so not relevant.
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Old 02-19-2015, 07:50 PM   #4
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I like Ally.
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Old 02-19-2015, 10:16 PM   #5
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I like Ally.
+1
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Old 02-19-2015, 11:13 PM   #6
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You got a couple for Ally.... but I would say almost any online bank will do what you want...


MMA and Savings Rates by Bankrate.com


If you want true checking, so you can write as many checks as you want... not as many choices with high rates...


Checking and Checking Rates in the United States-- Free search for the best checking rates
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Old 02-19-2015, 11:16 PM   #7
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I like https://www.banking.barclaysus.com/index.html for the 1% and https://www.tiaadirect.com/public/banking/ for the pretty darn good rate and better phone service. Barclays only allows 3 linked accounts, TIAA allows 5 or maybe more. TIAA also does comparatively cheap wire transfers ($20). You don't want linked accounts, so not relevant.
It could be used by OP opening any other fee free account at any other bank.
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Old 02-19-2015, 11:43 PM   #8
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Capitalone360 formerly ingdirect. Up to 15-20 savings accounts and 1 checking account. No fees, and mobile check deposits etc. no brick and mortar locations.

Decent interest rates. 0.8% interest rate
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Old 02-20-2015, 07:08 AM   #9
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If the OP wants checking and savings, Ally is a good choice. For savings only, try GE Capital Retail at 1.05 percent. Some others offer higher rates but have no history. In particular, I would avoid Mysavingsdirect from Emigrant Direct, which has a history of creating these high yield savings accounts and then dropping the rate substantially a few months later. I use www.depositaccounts.com for rates and bank reviews.
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Old 02-20-2015, 08:07 AM   #10
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For savings only, try GE Capital Retail at 1.05 percent. ..............................
I believe that is GE Capital at 1.05%.

The old GE Capital Retail, now called Synchrony BAnk, is at 1.00%. They also have a money market account at a slightly lower rate (0.85%) but you get to write a few checks/month. Since the rebranding/name change last yr, they seem to have improved rates/lowered fees&min. balances so I'm happy w/ them so far.

TIAA-direct seems to be a bit uncertain about whether they want to be in this biz or not. They've lowered rates significantly and more recently raised them. I've heard that they will be raising min opening balances next month. Not sure they would be my first choice.
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Old 02-20-2015, 08:41 AM   #11
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...

Goal is not to have the accounts linked to reduce the risk of someone getting access to my investment accounts and saving accounts.

...
Does this mean you do not want to make online transfers between the new bank and Chase, to protect the Chase investment accounts and savings from possible hackers at the new bank? That would probably exclude Ally and other online banks, I would think.

We have a Chase checking account and also a small local bank with checking and savings accounts and do not electronically move $ between them--we write a check on one to put $ into the other if we want to transfer money (a rare occurrence). We didn't set these up with a conscious decision to protect either from hackers worming their way through them.
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Old 02-20-2015, 08:49 AM   #12
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Oops. It's GE Capital. I have accounts with both, and my typing got disconnected from my brain.


The OP may find a local credit union with better rates. Out here, you can get 1.36 percent on a Provident CU checking account on up to $25k if you make at least 10 debit card transactions a month. If you pay by debit instead of credit card, this can make sense.




TIAA is difficult to deal with and cuts rates with no notice. I closed the account because of that.
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Old 02-20-2015, 09:16 AM   #13
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We keep most of our 5% cash allocation at Ally, but only for savings, earning 0.99% currently. Our banking is done using a Fidelity cash management account. We also have all our investments at Fidelity. But I don't worry too much about security since they offer real, hardware-based two-factor authentication, and have other guarantees against losses from unauthorized access. Even though there is still some risk, it is so low that other criteria like service, convenience, capability, and cost are much more important to me in the decision. We also keep $1500 parked in a Wells Fargo checking account (no fees) for those rare occasions when we need a brick-and-mortar type service not offered by Fidelity's CMA. Otherwise that account has no activity.
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Old 02-20-2015, 10:10 AM   #14
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If you do not want an online Bank, I would look around in your area for a "local bank". One with 3-15 branches that is FDIC insured. In other words a Bank that most of the rest of us never heard of. The local Banks provide better interest rates than the money center Banks. In my vicinity I am getting between .85 and 1.00% from local Banks for a Money Market provided the balance is above 25K. You may not do as well but I suspect it will be close. I also use GE Capital.
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Old 02-20-2015, 10:47 AM   #15
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If the OP wants checking and savings, Ally is a good choice. For savings only, try GE Capital Retail at 1.05 percent. Some others offer higher rates but have no history. In particular, I would avoid Mysavingsdirect from Emigrant Direct, which has a history of creating these high yield savings accounts and then dropping the rate substantially a few months later. I use www.depositaccounts.com for rates and bank reviews.
I used Emigrant Direct many many years ago... I think they were like others who were putting out teaser rates and telling you that it would drop after a certain amount of time.... when I did it they were upfront about the drop... so I did not think they were being sneaky.....
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Old 02-20-2015, 04:16 PM   #16
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Use Ally for separate online savings account (no fees, no minimum, .99% APY, FDIC). Easy to transfer funds between local CU and Ally. Ally is pretty good at following up all transactions with emails - start to finish of transaction.
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Old 02-20-2015, 09:20 PM   #17
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Use Ally for separate online savings account (no fees, no minimum, .99% APY, FDIC). Easy to transfer funds between local CU and Ally. Ally is pretty good at following up all transactions with emails - start to finish of transaction.

+1 my experience also


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Old 02-20-2015, 09:33 PM   #18
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Very few of my accounts know about each other.

Overdraft protection is not enabled on anything.

Any account that has an ATM card attached is limited in how much $$ it holds at any given time.
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