High Interest Savings Account
I'm looking to switch banks for my emergency fund. I currently have my emergency fund in a money market account at Capital One, formerly Capital One 360. These accounts are earning right around 2% interest. Every other account I have at Capital One - all checkings and savings - are owned by my living trust, but for some reason Capital One won't allow the money market account to be owned by my living trust. I've spent a year calling back to Capital One customer service every 2 months and the employees keep telling me Capital One has plans to support this in the future. I don't think they will actually support it any time soon. Not enough people are requesting it.
I formerly had a 2% interest savings account at Ally bank. But accounts owned in trust at Ally bank are not permitted to go paperless. I don't need a paper statement of my emergency fund nest egg floating around the mail every quarter. They wouldn't budge on their policy so I closed my account there and moved my money.
I'm looking for a new bank to move my high interest savings account. My requirements are:
1. FDIC insured.
2. Reliable YNAB linking. Capital One integration with YNAB has been so unreliable lately I'm thinking about moving ALL of my accounts from Capital One to a bank that integrates more reliably with YNAB, so frustrating.
3 Permits trust ownership of accounts.
4. Supports paperless account ownership for trust-owned accounts.
5. Has high interest (2% or higher)
6. No fees (or waivable fees with minimum balance)
7. No ACH limits. Like these.
8. No burdensome "security" obstacles. Like this.
I know my requirements aren't typical. It's hard to find answers because you can't easily search for some of these policies, it's more insider knowledge from people who title their accounts in trust. There doesn't seem to be a large contingent of us.
Please don't suggest I get a P.O. Box to solve the paper statement problem. I don't prefer to do business with banks that have such low regard for easily mitigated security concerns. I know I CAN solve this problem a number of ways, but I prefer to do business with a bank that doesn't create problems I need to solve at my own expense and inconvenience.
If any of you have a high interest savings held in trust at a bank you could suggest, I'd be most appreciative.
Most people around here probably aren't going to help you due to the Trust Ownership requirement. We just aren't going to be familiar with it.
FWIW, Capital One is my primary bank and has been since ING took over the netbank accounts a long time ago. I keep additional funds at Ally.
I also use Vanguard to store cash. The Money Market Funds are not FDIC insured, but they are only slightly less safe than FDIC insurance. There are no limits on withdrawals, though it's not quite as fast if you aren't using the base settlement fund money market since you have to wait for the fund to settle before you can withdraw the funds.
YNAB linking should be optional, not a requirement. I've been using YNAB 4.5 years and have never downloaded or imported a single transaction across 20-30 accounts.
In all honesty, I believe that Ally meets every one of your requirements except for getting rid of paper statements for trust accounts. If that is a deal breaker for you then so be it I guess. My wife and I have our savings in a trust at Ally and are very happy with them. The paper statements just go in the shredder when they show up, and hopefully Ally will get over that at some point. But it's certainly not enough to cause me to go looking for another bank.
Ivory Screwdiver said:
Our USPS mail handlers aren't as diligent as yours.
I'm having the same problem here in Canada. The frequency with which I receive mail not even remotely similar to my own address is evidence the Canadian postal system now exists simply to keep idiots employed and printers of pizza flyers in business. (Our overpaid postal carriers also deliver commercial flyers.) Worse, some of my mail just never arrives.
I now file an online complaint every single time I get a wrong piece of mail and register my concern over missing financial mail. Did I mention it was frequent?! The formal complaints seem to have done the trick. These reports have no doubt been a thorn in the boot of my mail carrier, but it has resulted in a little more diligence on his part.....although, he seems to now take passive-aggressive delight in cramming my mail in my box in such as way as to crumple envelopes and render flyers into packing materials. At least, it's MY crumpled mail and not someone else's. If his little fit of pique carries on, I plan to take a picture of my mail box contents and submit that too.
I'm channeling my inner Daffy.
I've done several searches here and couldn't find what I wanted, so I'm putting this under the relevant topic named thread.
I'm looking for somewhere that has a comparative list of high-yield online savings accounts, and lists positive and negative aspects. I have seen that some use Ally, or Capital One, and I just got an email about Amex Personal Savings.
NerdWallet has a nice list at https://www.nerdwallet.com/blog/banking/best-high-yield-online-savings-accounts/ but not a lot of detail in the list.
Bankrate has a good article and list at https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
Any other references?