I bank with BofA right now, and I detest the low APY. In addition, my card has been blocking internet purchases, so I have had to call customer service a few times. (The wait times are average—not horrible, but not very fast.) In an effort to move in the right path and receive more money back, I recently started a HYSA with Capital One.
I have only ever used checks maybe three times in my life, and I detest going to the bank. I enjoy using my phone to deposit checks. However, I do have some cash that I deposit once a year on average. Digital banks are fine in my opinion.
After conducting some investigation, Capital One, Everbank, and Ally have come up consistently as recommendations.
The lowest APY (0.10%) is offered by Capitol One, but as I currently have a savings account there, it could be easier for me to just move all of my money there.
Capitol One’s APY is the same as Ally’s, however it increases slightly (0.25%) if you save more than $15k.
APY at Everbank is 0.45%.
To choose which I should switch to or if you have any other choices, I wanted to hear about other people’s experiences and advice.
In addition, what should I do with my credit card if I transfer from BofA?
Is there a particular rationale for your preference for huge FIs?
The problem is that while most banks and credit unions are local or regional, most Redditors will not be aware of the thousands of banks and credit unions that exist.
Examine your surroundings. Finding your “wants” is quite simple.
You are seeking a new savings account with convenient phone deposits and a reasonable interest rate. Capital One (easier to move but lower rate), Everbank (higher rate but less familiar), and Ally (popular, decent rate but no branches) are all alternatives. Consider the mobile app features, ATM costs, and whether they offer any additional accounts you might be interested in. If you’re satisfied with your current credit card, read internet reviews and evaluate other options.