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this post was submitted on 06 Jul 2024
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Ally (GMAC) offers 0.1% interest on checking accounts and 4.2% on savings accounts. No monthly or yearly management fees just for having the account. Same kind of ATM sharing you’re talking about, but they will also reimburse me $10 a month in ATM fees which is really nice because how often do you really go to an ATM?
Credit unions are nice and definitely better in some senses, but the benefits I described I’ve not seen offered by any credit unions in my area. I’m curious what sort of interest rates you get.
That seems like a pretty awesome rate. I keep all my extra money in a HYSA so I never cared much about the CU rates, but you’re definitely beating my CU for anything over $2k. They give 5% for that but it drops sharply after the first 2k.
They have no physical locations, so if you need that kinda stuff, it’s a bad fit. If you don’t though, you get the savings passed along in a generally better than market rate.
Yeah, I don't imagine some of the online banks changing their operations, as places like Ally already provide a lot of cover for things like overdraft.
In that scenario it becomes another reason to not do business with JP.