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.

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  • In the US you are limited by federal regulation to 6 withdrawals per month from a savings account so you are stuck with that. 

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    • jenmas Thanks for the reply.  I'm aware of the limitation for quantity of withdraws, it's the amount restraint that I'm trying to avoid.  Vio Bank puts a hard limit of $2k per withdraw and $6k per month which is different than the 6 times per month requirement. 

      If I wanted to make 1 withdraw to move all my money in one transaction, that wouldn't be possible with Vio Bank.  I'd have to move it $2k at a time, not exceeding $6k per month until it was all moved.   That's the limitation I'm trying to avoid.

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  • 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.

    Like 2
    • nolesrule 

      Most people around here probably aren't going to help you due to the Trust Ownership requirement.

      I know.  I'm looking for few needles in a big haystack.  Understood that most people aren't the audience for this question.  If you're reading this, and you don't hold your accounts in trust, it's ok not to respond.

       

      YNAB linking should be optional, not a requirement. 

      I'm not sure if I got the tone of this statement, but it seems like you are saying all YNABers should be entering every transaction manually?  Preference for auto-import or even file-based import is hogwarsh?

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      • jenmas
      • jenmas
      • 1 yr ago
      • 1
      • Reported - view

      Ivory Screwdiver The official YNAB methodology is manual entry is the primary way to get your transactions entered into YNAB with import to be used as a backup/double check.

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 1 yr ago
      • Reported - view

      Ivory Screwdiver since there will be a limited number of transactions/transfers due to the nature of regulated savings accounts, manual entry just should not be an insurmountable hurdle. I could understand it being a requirement for a frequently used credit card or possibly a checking account, but with the limit of 6 draws per month, that's one transaction every 5 days. If you doubled it for deposits, which is probably high for a savings account in a single month, then we're still talking a transaction on average every 2-3 days.

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    • nolesrule I see the light now, thank you.  Manual entry is far superior to auto-importing.  The bank account I am seeking doesn't need to have any YNAB integration at  all.  

      Like 1
    • bobbucy
    • Tomato_Snow_237e7f17927
    • 1 yr ago
    • 1
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    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.

    Like 1
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 1 yr ago
      • 3
      • Reported - view

      bobbucy I was wrong. Someone here does have experience with Trust accounts. 👍

      Like 3
    • bobbucy 

      Thanks for the response, but my situation is different.  Our USPS mail handlers aren't as diligent as yours.  Regularly, statements for one household end up in another household's mailbox.  Even having a PO Box doesn't fix this, it happens at the PO boxes too.  I manage a PO box for our community association and we're constantly getting mail addressed to other PO boxes and being contacted at our website from other PO box owners who received mail addressed to our PO box.  

      The amount of money in my emergency fund is high enough that I don't want my neighbors knowing how much liquid cash I have sitting in an account.  

      Again, I know that not everyone has the same requirements/preferences as I do, so if you don't hold your accounts in trust, you have non-errant USPS mail handlers, you don't believe that FDIC insurance offers much value, you don't care about ACH limits because you don't foresee the need to move large amounts of money out of your account, you don't prefer YNAB direct import -- you don't have to respond to this question.  It's ok.  I appreciate that you read the question.

      I know that I'm looking for needles in a haystack.  

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 1 yr ago
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      Ivory Screwdiver If your neighbor find out how much money you have from looking at your statement, they will pay a fine or go to prison. It is illegal to open mail not addressed to you.

      Like 1
    • HappyDance
    • YNABing consistently since 2014
    • HappyDance
    • 1 yr ago
    • Reported - view
    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.

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      • jenmas
      • jenmas
      • 1 yr ago
      • Reported - view

      HappyDance My father and all of his brothers have the same first initial. Same last name. One time we got a Christmas card addressed to my uncle. It had my uncle's first and last name on it. It had his correct street address, city, state, and ZIP. The state that he lives in is a 5 hour drive from the state that we live in. The card was sent from someone in the state next to his (also a 5 hour drive from us).

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    • casner
    • Now retired, and figuring out transitions
    • casner
    • 1 yr ago
    • Reported - view

    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?

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      • WordTenor
      • I'm the oldest and the wittiest.
      • WordTenor
      • 1 yr ago
      • Reported - view

      casner Those are the two best sources. I’m sure there are plenty of others, but for someone who needed a quick comparison shop, those are the two most comprehensive and accessible. 

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      • jenmas
      • jenmas
      • 1 yr ago
      • Reported - view

      casner This site is pretty duplicative of the ones you listed, but I've used it in the past: https://www.depositaccounts.com/

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      • casner
      • Now retired, and figuring out transitions
      • casner
      • 1 yr ago
      • Reported - view

      jenmas And they do mention living trusts topic, so may have information for Ivory Screwdiver

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      • casner
      • Now retired, and figuring out transitions
      • casner
      • 1 yr ago
      • Reported - view
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