High yield savings or checking?

[frugalone]

Hi folks,

I am looking for a high yield savings or checking account. I've heard Synchrony is pretty good, and right now their rates are higher than TIAA-CREF. I have my retirement fund with CREF and was strongly considering it. I need somewhere to put money for a future car purchase and don't want to do a CD.

I used to have an account with ING and when I found out they'd closed (after I closed my account) I guess it made me a bit cautious of online-only banks.

It would be great if said bank account had a no foreign transactions fees regarding debit cards, but that's not a deal breaker.

Does anyone have any suggestions? Thanks!

[kib]

I haven't found both. Ally is paying 1% on savings with no minimum balance (and you can also link a free checking account for easier access). Schwab has a no-foreign transaction fee and global atm fee reimbursement checking account, but no interest. ING just became Capital One 360, they didn't really "disappear". I had open accounts at the time and they just transferred with no change in terms. I still do most of my day to day banking with them, I love the feature that allows you to break your savings into separate accounts in an instant. They're paying .75% on savings.

[frugalone]

Ah, I hadn't known that about Capital One 360. I've heard good things about their credit cards having no foreign transaction fees. Thanks!

[kib]

I don't have the Capital One credit card, but I get offers through 360 for it, the one they offer me gives 1.5% back on all purchases. Don't know about the foreign transaction fee.

[frugalone]

As it turns out, Capital One still had my ING Direct information, so all it took was a quick phone call to get my new savings account set up. :)

[rodeosweetheart]

That is so cool, frugalone and kib, you are inspiring me to look into this!

Right now, it all just goes out the door, and .75 isn't much, but maybe it will keep things at zero, instead of banking at a loss.

[kib]

As it turns out, Capital One still had my ING Direct information, so all it took was a quick phone call to get my new savings account set up. :) Excellent! They do make it so easy, don't they? I've had accounts with them for about 14 years now and I don't think I have had a single problem, which is simply astonishing. And the customer service, at least the last time I called, was actually competent and helpful, a minor miracle.

[rosarugosa]

I moved from Capital One to Ally to Barclay. Barclay is paying 1% on savings, and their 5-year CDs are paying 2.25%.