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Is there a bank that has a no minimum savings acco...
# general
f
Is there a bank that has a no minimum savings account (meaning no fee if there’s a low balance), high interest rate, and zelle capability? Or am I asking for too much?
🧡 1
c
Online only banks such as Ally or the Capital One 360 account have that. Brick & Mortar banks do not.
f
I’m fine with it not being brick and mortar but what are the other pros and cons?
c
Cons of online only is that you can't deposit cash directly and theres no branch to go into and talk face to face to someone if you are having an issue. Neither have been an issue for me. I've used Ally for the last 4 years and I have a TD Checking account that requires a $100 minimum to avoid fees which I use as a passthrough for depositing cash.
f
And ally has zelle?
c
Yes. Pretty much all banks have zelle these days.
f
How does it work if I wanted to zelle from my own Bank of America account to my ally account?
c
If you could wait a day or two you could do a bank transfer instead of zelle. But you should be able to use zelle. You would just need to have a different zelle account for each. For example one could use a phone number and the other an email address, or just 2 different numbers.
f
Right so I’m trying to figure out a way to avoid the day or two for bank transfer.
m
Capital one.
f
Is capital one better than Ally?
t
I vote for Discover bank. I think their US based customer service is worth their weight in gold.
m
I use them both for different things. If there is a chance you'll ever need a physical cashiers check, use capital one. Else use ally
f
What are their interest rates?
m
Right now capital one is 4.3 and ally is 4.4 but it always changing.
If you need the money to sit without moving it around though(since there is no zelle) I recommend Marcus
Which has better rates
Capital one if you want the option to also have brick and mortar Ally if you don't need brick and mortar Marcus if you don't need to transfer quickly or often.
f
For the money that I don’t need to move around I use vanguards cash plus accounts.
m
If you need to add Zelle to multiple accounts you can add a period in your email address and if you use gmail it will still end up in the same inbox. Same for + at the end.
m
Yes I do that a lot!
f
Just make sure to remember which you use for which 😁
m
What is vanguard paying now? Im getting 5.05 with Marcus.
f
Only 4.7 🙁 but since I use vanguard for my investing anyway it’s easier for me to have all my sitting money in one place.
m
M1 has great investing and has a 5% savings 😉
With automated portfolio rebalancing.
f
I’m getting a headache just thinking about moving everything over to a different investment platform.
Funny how banking and investing used to be about the relationship with the bank and now it’s about how much of a hassle would it be to switch.
m
That's why nowadays they pay you to switch and do the process for you.
r
For CapitalOne, there is an option to deposit cash via walgreens or 7/11 cashier, its limited in amount. I did it recently and it was pretty straight forward. We have been using Ally as our main bank for years and very happy, but I also keep a small checking account with a local bank just in case. Ally also has free checks.
m
New thread please so others can join in!
👍 1
w
If this is your only bank, there are some more esoteric services that you may one day need that they don't offer. I once needed a Medallion signature guarantee (you can google it) which most physical banks offer, and many online (in my case Ally) do not.
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