I finally switched from a basic savings account to a high-yield one

For years I kept my emergency fund in my regular bank's savings, which gave me like 0.01%. My cousin in Tampa kept telling me to move it, and last month I finally opened an account with Ally. The difference is crazy, I'm getting over 4% now on the same $5,000. It took maybe 30 minutes to set up the transfer. Anyone have other banks they like for this?

3 comments

Log in to join the discussion

Log In

3 Comments

the_tara7mo ago

Honestly, I was the same way for so long. I thought moving my money was a huge hassle and my local bank was fine. Seeing that extra interest hit my account each month totally flipped a switch for me. It's free money I was just leaving on the table out of laziness. I use Marcus now and it's the same deal, just a much better rate. That little push from your cousin makes all the difference.

7

josephbutler7mo ago

That hassle is real though, and it's not just moving the money. It's about trusting some online-only bank with your savings. What if you need a cashier's check fast, or have a problem? My local branch manager knows my name. That's worth a few bucks a month in lost interest to me.

7

lauras836mo ago

Yeah, I saw a whole article about that exact mental block.

2