My husband and I had been loyal ING customers for years when Capital One bought them out. I didn’t want to make any rash decisions although I wasn’t the biggest fan of Capital One due to issues with our Capital One credit cards. I figured we would give them a try, and we did. However, I recently heard Ally Bank was offering 2.2% for their savings accounts with no minimum balance, etc. Capital One offers 1% unless you have their money market account, which pays 2%. Who knows how much money we’ve lost over the years.
I decided that I had enough of Capital One and their lower rates, and opened new accounts over at Ally for all of our savings account needs. We have sinking funds for car insurance, electricity (I budget a set amount each month and transfer the money to this account so we “pay” the same each month), and our escrow account. I also moved our emergency fund over. The process was very simple, and so far I love their website! It is so much more user friendly than Capital One’s. I hate how Capital One’s has the accounts in huge blocks and it isn’t always the easiest to figure out how to transfer money.
I did call Ally’s customer service for a question, and they were very helpful with their answer and they did inform me that they do perform a soft credit check when accounts are opened. I’m not the biggest fan of that, but not like there’s anything I can do about it, so it’s fine. I’m hoping we won’t need to use our credit for anything in the near future, so that’s good!
I love that Ally’s savings accounts pay 2.20% with no minimum balance and no maintenance fees. Like any savings account, you are limited to six withdrawals a month. It all seems so simple, and we’ve had our savings system set in place for so many years that I think we will love Ally and they will serve our needs well. I’ll be sure to let you all know if anything changes, but my biggest regret is that I didn’t do this many years ago!
Where do you keep your savings account?