Considering opening a new Savings account

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To My Credit
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Considering opening a new Savings account

Postby To My Credit » Sat Jun 25, 2016 12:18 pm

I'm considering opening a new Savings account. I currently have all my money at BoA and the interest rate they're offering (0.01%) is negligible. I'm with them basically because they're pretty much everywhere, but I realize what a waste of money that is and want to move most of my money somewhere else. Discover and American Express have relatively decent interest rates and I love their customer service, so I'm probably going to open a new Savings account with one of them. Discover has the slightly better interest rate, but, again, it's insignificant. Which would you recommend?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+


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CarefulBuilder14
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Re: Considering opening a new Savings account

Postby CarefulBuilder14 » Sat Jun 25, 2016 12:29 pm

To My Credit wrote:I'm considering opening a new Savings account. I currently have all my money at BoA and the interest rate they're offering (0.01%) is negligible. I'm with them basically because they're pretty much everywhere, but I realize what a waste of money that is and want to move most of my money somewhere else. Discover and American Express have relatively decent interest rates and I love their customer service, so I'm probably going to open a new Savings account with one of them. Discover has the slightly better interest rate, but, again, it's insignificant. Which would you recommend?

I'm pretty happy with Discover. I used promo code "Save4915" for a $100 bonus on a $10k deposit.

I'm slightly annoyed that it requires a separate login from my joint CC account.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

To My Credit
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Re: Considering opening a new Savings account

Postby To My Credit » Sat Jun 25, 2016 12:47 pm

CarefulBuilder14 wrote:I used promo code "Save4915" for a $100 bonus on a $10k deposit.

How long would you need to keep the $10,000 (or $15,000 as it seems to be right now) with them in order to get the bonus? I'm just wondering in case I have to move the money for whatever reason.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

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CarefulBuilder14
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Re: Considering opening a new Savings account

Postby CarefulBuilder14 » Sat Jun 25, 2016 12:59 pm

To My Credit wrote:
CarefulBuilder14 wrote:I used promo code "Save4915" for a $100 bonus on a $10k deposit.

How long would you need to keep the $10,000 (or $15,000 as it seems to be right now) with them in order to get the bonus? I'm just wondering in case I have to move the money for whatever reason.

I'm not sure. If the deposit requirement for the bonus has changed, then whatever my "holding period" terms are may not be yours. I'd only go under a $10k balance for a highly opportunistic stock or real estate investment, in which case losing $100 isn't a big deal.

I know I'm not going to need to go under $10k just because my checking account balance is getting low.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

To My Credit
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Re: Considering opening a new Savings account

Postby To My Credit » Sat Jun 25, 2016 6:45 pm

CarefulBuilder14 wrote:I'm not sure. If the deposit requirement for the bonus has changed, then whatever my "holding period" terms are may not be yours. I'd only go under a $10k balance for a highly opportunistic stock or real estate investment, in which case losing $100 isn't a big deal.

I know I'm not going to need to go under $10k just because my checking account balance is getting low.

Thanks for the information. I'll go with Discover for now. I can always make an American Express Savings account, too, if I want to.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: Considering opening a new Savings account

Postby TXviking » Sun Jun 26, 2016 2:00 pm

To My Credit wrote:I'm considering opening a new Savings account. I currently have all my money at BoA and the interest rate they're offering (0.01%) is negligible. I'm with them basically because they're pretty much everywhere, but I realize what a waste of money that is and want to move most of my money somewhere else. Discover and American Express have relatively decent interest rates and I love their customer service, so I'm probably going to open a new Savings account with one of them. Discover has the slightly better interest rate, but, again, it's insignificant. Which would you recommend?


I had the same problem with Chase, and moved my savings to Discover. Even at 0.95% APY the savings are negligible (I currently have $20K in that account), but at least it's a negligible amount measured in dollars rather than cents.

I was able to google around and find a $100 signup bonus for Discover. That expired at the end of April, but I suggest a Google to see if they offer something similar now. And not necessarily just offers directly from Discover; in many cases, these offers are only available when you follow a referral link from another organization.

(When I transferred money from Chase, I was limited to $10K at a time by Chase's wire transfer rules. And Chase's fraud department blocked two of the three transactions on the pretext that transferring money away from Chase was "suspicious". More like they didn't like losing me as a savings customer. I rewarded them by officially closing my savings account completely rather than leaving a small amount on deposit, but I still do my checking with Chase.)

TXviking
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Re: Considering opening a new Savings account

Postby TXviking » Sun Jun 26, 2016 2:03 pm

CarefulBuilder14 wrote:I'm slightly annoyed that it requires a separate login from my joint CC account.


I'm slightly surprised. I access my new Discover Savings account and my years-old Discover Open Roads credit card using the same login credentials; there's a drop-down menu at login time that lets me pick which portal to go to, but they also have an overview screen that lets me bounce from one to the other.

I love Discover's portal and customer service, btw. I've considered moving my checking to them as well, but that's a bigger pain, so I'd like a solid sign-up bonus to do that ($500+.) We'll see if they do that at some point in the future.

To My Credit
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Re: Considering opening a new Savings account

Postby To My Credit » Sun Jun 26, 2016 2:24 pm

TXviking wrote:I had the same problem with Chase, and moved my savings to Discover. Even at 0.95% APY the savings are negligible (I currently have $20K in that account), but at least it's a negligible amount measured in dollars rather than cents.
By my calculation, you should get $190 a year with that deposit which, while not great, is still something.

I was able to google around and find a $100 signup bonus for Discover. That expired at the end of April, but I suggest a Google to see if they offer something similar now. And not necessarily just offers directly from Discover; in many cases, these offers are only available when you follow a referral link from another organization.
There is an offer going around right now for a $15,000 deposit. That's what I'm going to go for.

(When I transferred money from Chase, I was limited to $10K at a time by Chase's wire transfer rules. And Chase's fraud department blocked two of the three transactions on the pretext that transferring money away from Chase was "suspicious". More like they didn't like losing me as a savings customer. I rewarded them by officially closing my savings account completely rather than leaving a small amount on deposit, but I still do my checking with Chase.)
Let's see how BoA treats me. I do want to keep an account with them to benefit with my cards, and almost everyone I deal with has a BoA account.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: Considering opening a new Savings account

Postby TXviking » Sun Jun 26, 2016 2:33 pm

I got $100 in exchange for a $15K deposit as well. The deal I got had no minimum period that deposit had to stay in (I asked about this point), but since I've kept it in there for several months, I'm not sure what would've happened if I'd withdrawn it right away..

And indeed, $190/yr is better than nothing, but it's still chump change. I guess I can consider it sufficient to cover two AF credit cards. (I currently have one with an AF — the CSP — and I'm considering an AmEx Gold Delta SkyMiles card at some point in the future.)

To My Credit
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Re: Considering opening a new Savings account

Postby To My Credit » Sun Jun 26, 2016 2:37 pm

TXviking wrote:I got $100 in exchange for a $15K deposit as well. The deal I got had no minimum period that deposit had to stay in (I asked about this point), but since I've kept it in there for several months, I'm not sure what would've happened if I'd withdrawn it right away.
I don't see a minimum period specified, but I plan on keeping the money in at least until I receive the bonus.

And indeed, $190/yr is better than nothing, but it's still chump change. I guess I can consider it sufficient to cover two AF credit cards.
Yeah, it isn't much, especially when you consider that you'll lose some of it in tax, but think of it this way. Over 30 years and as your savings increase, it's going to add up to something significant.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+



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