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Old 06-25-2022, 06:25 AM  
HemiEd HemiEd is offline
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Banks

In gathering information about interest rate returns on savings I have stumbled onto a whole new concept to me.

Totally online banking? I have never heard of most of these outfits even though they say FDIC insured. Bask Bank? CIBC? LENDING Club?

https://www.bankrate.com/landing/sav...xoCsWMQAvD_BwE

Any of you have any experience with this? Our local banks are still not paying any interest on savings even though I am sure they have raised their interest rates on loans.
I still favor writing checks and putting them in the mail, but the Mrs. does everything on line, kinda scary to me.
My daughter pays everything with her phone, even more scarrier.
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Old 06-25-2022, 10:54 AM   #16
HemiEd HemiEd is offline
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Quote:
Originally Posted by Zebedee DuBois View Post
I've been using Ally online for a couple of years. It does all my bank needs (which are few). I get a good rate on Savings, better than the Credit Union I left - though it did drop during the past years - but it is rising again the last couple months.

I direct deposit there and pay bills online from there. No problems

The only drawback so far, is when I decided to cash in my coin jugs and the local banks declined unless I had an account. I finally found a small bank that did it.
Do you have a link to them? It didn't show up in my search.



Quote:
Originally Posted by BWillie View Post
What is the highest yielding savings and or checking account right now? Online or brick and mortat I dont care.
The link in my OP has the highest I have been able to find.



Quote:
Originally Posted by loochy View Post
Savings accounts are the #1 way to get your ass ripped by inflation
I would be interested to see what is not getting it's ass kicked by inflation right now that is legal. Except for the crypto currency, no way would I touch that stuff.

I think having some in several areas is the safest, thus the question.
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Old 06-25-2022, 11:01 AM   #17
Zebedee DuBois Zebedee DuBois is offline
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[QUOTE=HemiEd;16347603]Do you have a link to them? It didn't show up in my search.

https://www.ally.com/
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Old 06-25-2022, 12:03 PM   #18
markdis markdis is offline
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In UK they have Monzo. Completely online, you don't need to feel up or sign something, everything can be done in an app.
Gobank is another great options in USA. Many operations can be done online too. Customer service on this site works amazing and reacts very fast on all the complaints people have.

Last edited by markdis; 08-18-2022 at 07:24 AM..
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Old 06-25-2022, 12:18 PM   #19
TLO TLO is offline
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In UK we have Monzo. Completely online, you don't need to feel up or sign something, everything can be done in an app.
GOD DAMN RUSSIAN BOTS
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Old 06-25-2022, 12:42 PM   #20
DaFace DaFace is offline
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I personally use Discover for savings, which is currently at 0.90%, and Schwab for checking. Online-only banks aren't for everyone, but I love just depositing checks in the app, and I can use any ATM in the world for free. I do have a savings account with Chase that I keep $1k in just for the rare occasion when I need to do something crazy (like when I had to deposit $7500 in cash when I sold a car).

I personally wouldn't get TOO hung up on splitting hairs between online savings account rates, though. They change often, and the reality is that you're losing money to inflation in a savings account far faster than the difference between 0.1% and 0.9%.
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Old 06-25-2022, 01:25 PM   #21
neech neech is offline
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Originally Posted by BWillie View Post
I pay for everything in cash. Which is even scarier apparently to many businesses.
So you pay you gas, electric and water bill with cash then?
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Old 06-25-2022, 01:35 PM   #22
KC_Lee KC_Lee is offline
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Originally Posted by DaFace View Post
I personally use Discover for savings, which is currently at 0.90%, and Schwab for checking.
Got my savings with Marcus, finally back up to 1.0%. Not great but better than most bank savings account rates.
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Old 06-25-2022, 02:46 PM   #23
Jewish Rabbi Jewish Rabbi is offline
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Originally Posted by neech View Post
So you pay you gas, electric and water bill with cash then?
Don’t have to pay for that shit in section 8 housing bruh
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Old 06-25-2022, 04:34 PM   #24
BWillie BWillie is offline
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Originally Posted by neech View Post
So you pay you gas, electric and water bill with cash then?
Funny story. I actually have before. But not usually. There is a way you can pay your credit card bill with cash but its a pain in the ass.

I pay cash for my dining, groceries and such. I remember one time my car got fixed and was $3000. They refused to accept my cash as payment. Said they "can't take it". Cash is legal tender. It should be illegal to not accept as a payment.
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Old 06-25-2022, 06:02 PM   #25
BryanBusby BryanBusby is offline
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Old 06-25-2022, 06:20 PM   #26
chiefsncats chiefsncats is offline
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I’ve used CIT bank for a few years. Right now their savings connect account is 1.2% and free. Have never had issues. Usually one of the highest rates on savings.

https://www.cit.com/cit-bank/bank/sa...onnect-account
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Old 06-25-2022, 06:26 PM   #27
rtmike rtmike is offline
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I rubberband all my cash to my dick and pull it as I need.
Maybe that's why I'm broke.
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Old 06-25-2022, 07:05 PM   #28
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I think that narrative is under pressure since the stock market is achieving GIANT negative returns.
Can't argue, don't mind having a little more than usual on the sidelines these days. Vanguard MM fund is my savings acct.
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Old 06-25-2022, 07:43 PM   #29
BryanBusby BryanBusby is offline
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Maybe that's why I'm broke.
You're gonna be loaded once you start snorting some extenze, bro.
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Old 06-26-2022, 10:48 AM   #30
BigRedChief BigRedChief is online now
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FWIW, that's not exactly the same if you can also go down the street to the bank. These are 100% online, no physical locations.
I've not been in a bank except to sign mortgage paperwork in 20+ years. Just because the bank has brick and mortar locations. I'd say that qualifies as doing all my banking online.
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