TIL my bank's new high-yield savings rate is way lower than the online-only options

Honestly, I had to pick between my local Chase account at 0.01% and opening a new one with Ally Bank at 4.25%. I went with Ally last month and already earned over $50 in interest on my $15,000 emergency fund. Has anyone else made a switch like this and had a good or bad experience with the online bank's customer service?

2 comments

2 Comments

betty_ward6d ago

It's crazy how much money you leave on the table with the big banks. I moved my savings from Wells Fargo to a Capital One HYSA and the difference is night and day. The only downside is you can't walk into a branch, but their online chat has solved my issues faster than waiting in a teller line ever did.

gavin_burns496d ago

Totally agree. Forgot what a physical branch even looks like. The chat support is a game changer, solves stuff in minutes.