The quest for a new bank account

Lethedethius

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As I grow older and older I am seeking to make more $ with the $ I already have, hence the subject of this thread. I want to find the bank with the least hassle, and most APY I can get, does anyone have any recommendations? Has anyone done the banks that are strictly online? I see some offering 1.01 APY... That's awesome but I smell scam o.O
 
Note that the best recommendation (that I take) will result in me one day living in a castle (a previous post if you read my threads)
 
only ones I know are sterling bank and wells Fargo
not sure if in your area thou

but I would look up federal credit unions they specialize in that
 
only ones I know are sterling bank and wells Fargo
not sure if in your area thou

but I would look up federal credit unions they specialize in that

I bank with Sterling, and it's working pretty well for me. I'd look into it for sure if it's around your area.
 
JP Morgan Chase reported that they got hacked again with a huge data breach:
http://www.forbes.com/sites/larryma...s-about-massive-data-breach/?partner=yahootix

I don't even know where to start. You got the national, large regional, small, online banks...

Synchrony have one of the best APYs. Then there's Barclays, GE Capital, Ally Bank, CitiGroup, Capital One, USAA, Charles Scwab, Fidelity, various Credit Unions, CIT, JP Morgan Chase, Bank of America, Wells Fargo, US Bank, Bank of New York MEllon, HSBC, ING Corp, Fifth Third, SunTrust, E*Trade....

Online Banking can work, but you definitely want to be sure they're 1) a member of FDIC, and 2) don't screw you over on variable rates that can change at will, or without warning. The reason why online banks can over better rates than regular banks (Say Synchrony over Chase) is because they don't have the same amount of infrastructure/physical branches that they need to maintain, so their costs to run operations is significantly lower than a physical-based branch like US Bank, Chase, and Fifth Third.

Another thing to remember is that savings rates can vary based on the amount in the account AND what kind of savings account it is. In addition, just because a bank may have the best rate may not mean the best overall bank to go with. What's the point of earning $50 for every $10,000 saved per year if it costs you $45 a year to use that bank.

My advice on selecting the best bank:
1) Use the APY as the first set of criteria. Make a minimum APY to go by, say over 0.5% or higher
2) Low or no monthly fees or activity fees

Then sort:
3) Minimum Balance required?
4) High Balance - better saving accounts offered?
5) Online tools
6) Check writing ability (some places don't offer checks, others do, it varies)
7) Any other necessary or important feature the savings account should have
 
I would go with a credit union. been with a credit union for about 20 years and would never think about going with Big bank. Most of them just care about one thing. and that is profits, Most big have fees, hidden charges. Most credit unions have profits but most of those profits are poured back in for their members to get financing for homes, autos and other financial reasons. Credit unions usually have lower interest rates on loans. Plus higher interest for savings, money markets and IRA's
 

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