My mom and dad have a bunch of money from a home sale sitting in a checking account earning no interest.
I’d like to get them set up with 4 online banks that offer a high interest savings account.
Since I’m a member of Alliant credit union (and have been very happy with them) I plan on
making this one of the accounts.
I’m also considering Ally and CapitalOne for others.
Do any of you have suggestions of any other (or better) options.
Banks don’t have the best interest, but you can shop around.
Here’s one place to start:
Ally, Barclays, Citizens, Sallie Mae, SFGI Direct,
Synchrony. I’d pass on CapOne
Currently Edward Jones is offering FDIC cds at pretty good rates. You can go to one of their offices instead of online.
OMG don’t talk to Edward Jones people they’ll put the voodoo curse on you and get you into some of their expensive investments or life insurance. I’ll bet those CDs are loss leaders! Get you in the store to buy beer and chips, sell gasoline at a loss.
And if you have to go into an office, it’s not online
I think it was Kathy Jones at Charles Schwab who got really pissed off at an Edward Jones rep because they were walking around her neighborhood knocking on doors and got into a conversation with her mentally impaired sister who had no business talking to anyone about money. Its just so shady and creepy I can’t believe they still do that, but they do.
You just have to learn to say no. I’ve had CDs with them before, you just firmly tell them up front that CDs are the only business you are doing. Wasn’t a problem. Their job is to sell products that they make money on, CDs aren’t really in that category.
5 or 6 years ago I opened checking/savings accounts at Ally. Been very happy with them. Easy to use web site. Ally lately has been very aggressive raising their savings interest.
Thank you everyone who responded.
I’ll take a look into your suggestions.