I think the very best deal out there for banks in at First Internet Bank (www.firstib.com).
First IB is a full service bank that provides checking, savings, car loans, mortgages, IRAs, CDs, etc. But they only have a single branch, their primary business is on the web. That keeps their costs way down. Some of the cool stuff:
1. 0.55% interest on checking
2. 0.80% interest on money market savings
3. $10 per month rebates on ATM charges at any ATM
4. Some of the highest rates in the country on CDs
5. Free Financeworks software (Essentially Quicken)
6. Postage paid envelopes for deposits
Altogether that should save you a good $200 a year versus some of the majors like Wells Fargo.
But I think maybe one of the best things is that since they actually do run a physical branch, you are not dealing with some call center based in India when you have a question. You talk to one of the bankers at their branch in Indiana. They answer the phone quickly and they know their stuff.
The downside? Cash deposits can be a bit of a pain, as with any web based bank.
Considering the combination of high rates, full service banking and free services, I think it's the best banking deal out there, maybe the best ever.
Best Banking Deal Ever!
August 28th, 2015 at 03:58 pm
August 28th, 2015 at 04:43 pm 1440780224
August 28th, 2015 at 05:30 pm 1440783040
August 28th, 2015 at 05:57 pm 1440784628
Joan no bank offers 4.01% on an FDIC insured savings account or CD, unless it's a teaser rates on the first, $500, etc. If they did, the bank would get literally a $1 trillion in deposits.
I think you both missed my point. If you have accounts with four different institutions, you may indeed save more money. But there is the cost and the hassle of dealing with that. I don't believe any single bank, credit union or broker has the same combination of low cost services, and interest on your savings. And if you do know another one, please share, I'd love to post about it. They aren't paying me a commission or something
August 28th, 2015 at 08:37 pm 1440794276
The bank I mentioned does offer 4.01% on $10,000 and below, but that is not applicable higher amounts. There are some ancillary requirements. I did not intend to communicate that it is a savings account, as it is a checking account.
https://www.fcnb.com/personal-checking.htm
I agree that institutions differ in what they offer.
Accounts at four institutions (3 banks, 1 credit union) are beneficial to me. It doesn't cost me much time at all. I will consolidate to fewer or even open more accounts if I see reason to.
August 29th, 2015 at 06:11 am 1440828679