- Centurion Member
- Posts: 257
- Joined: Sun Oct 14, 2012 10:22 pm
- Location: California
I use Ally as my primary bank; they have great (compared to big banks, but not quite the highest available among online banks) interest rates, no minimum balance or DD reqs, no maintenance fees, and services like bill pay, any ATM with all fees reimbursed, echeck deposit, and 24/7 live CS. Having no fees without minimum balance or a direct deposit on a checking account is huge, and their checking account pays the highest interest rate of any I know of without hoops (minimum DDs, debit card transactions per month, only giving the advertised rate to the first $X, etc.). You can do slightly better on the savings with banks that don't offer quite as many features, but its nice to have it at the same bank as checking for immediate transfers and free overdraft protection. The difference on savings is currently Ally offers 0.84% and some other banks offer up to 1.05%. But those same banks only pay 0.1%-0.2% on checking, while Ally pays 0.4%.
The only downside is you can't deposit cash, you can echeck deposit or mail in checks and money orders, you can transfer money in electronically from other accounts, and you can have a direct deposit, but no cash. The way to get around it is to have a savings account with a B&M bank with just enough balance to waive maintenance fees, then deposit the cash into that account and electronically transfer it free to Ally.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012