In pursuit of higher interest rates, I’ve decided to open a consumer account at Santander and at Ally.
As part of Santander’s extra20 program, you will get both an extra20 checking and savings account opened at once. You will receive $10 if you set up direct deposit of at least $1,500 per month and another $10 if you pay at least 2 bills using their website. The $20 will be deposited into your extra20 savings account at the end of each month.
Ally is currently offering a 0.86% APY with their savings account and free ATM withdrawals nationwide. My plan is to move any extra balance from Santander and into Ally to get the interest. Also I can withdraw from any ATM and the fees are reimbursed at the end of each month. Along with using their iPhone app to make any check deposits, I believe this plan covers all bases, with basic checking needs and high interest rates. I’ve been using this combination for more than a month so far and it’s been working well.
Another way to get more money is by opening an account at Apple Bank as they are currently offering a one time fee of $100 if you set up direct deposit. Apple Bank only has branches in New York state so this may not be feasible for many out there and I am not sure of their online only options. I did not notice any fine print for the minimum value of the direct deposit so if you can deal with the hassle, this may work. I have not opened an account since 2 banks are enough for me and the $100 does not seem worth the hassle. I’m currently trying to get out of debt and cannot afford to spread my money across more banks.
Have you been able to find any better rates or combinations? We’d love to hear your stories and advice!